Coloplast FY2022-23 - Financial - Results

Announcement no.
11/2023
9 November 2023
2022/23
Announcement of full-year financial results
1 October 2022 - 30 September 2023
Coloplast delivered Q4 organic growth of 8% and 28% EBIT margin1). Reported revenue in DKK grew 3% to 6,226 million,
impacted by unfavourable development in currencies
• Organic growth rates by business area: Ostomy Care 9%, Continence Care 6%, Voice and Respiratory Care 13%, Advanced
Wound Care 8% (Advanced Wound Dressings 12%), and Interventional Urology 5%.
• Continued good momentum across regions in Chronic Care. The Ostomy Care business in China posted double-digit growth,
as expected. Continence Care growth was driven by continued strong momentum in the intermittent catheters portfolio,
partly offset by a decline in sales in Collecting Devices, which was impacted by order phasing.
• Solid quarter in Voice and Respiratory Care, with continued good momentum in both laryngectomy and tracheostomy, as
well as some benefit from a lower baseline last year.
• Growth in Advanced Wound Dressings was driven by strong contribution from Europe, which includes benefit from the
resolution of the backorders situation, and continued good growth in China, as expected.
• Interventional Urology was up against a high baseline last year, with growth in the quarter mainly driven by Men’s Health in
the US, while order phasing in Emerging Markets detracted from growth.
• EBIT1) was DKK 1,714 million, a 6% decrease from last year. The EBIT margin1,2) was 28% against 30% last year, reflecting
mostly inflationary headwind on input costs and significant negative impact from currencies.
FY 2022/23 organic growth of 8% and 28% EBIT margin1). Reported revenue in DKK grew 9% to DKK 24,500 million
• Organic growth rates by business area: Ostomy Care 8%, Continence Care 7%, Voice and Respiratory Care 10% (8
months), Advanced Wound Care 7% (Advanced Wound Dressings 6%), and Interventional Urology 10%.
• EBIT1) was DKK 6,845 million, down 1% from last year. The EBIT margin1,2) was 28% against 31% last year, reflecting
inflationary headwind on input costs and an increase in operating expenses which includes DKK 219 million from
acquisition-related amortisation cost.
• ROIC after tax and before special items was 17% against 27% last year, negatively impacted by the Atos Medical and
Kerecis acquisitions. Diluted earnings per share (EPS) before special items decreased by 6% to DKK 22.46, due to a 4%
decrease in net profit, mostly impacted by an increase in net financial expenses as a result of the Atos Medical financing.
• The Board of Directors recommends a year-end dividend of DKK 16.00 per share, which brings the total dividend for the
year to DKK 21.00 per share, compared to DKK 20.00 per share last year.
Acquisition of Kerecis finalised on 31 August 20233)
• The equity capital raise related to the financing of the acquisition was completed on 30 August 2023. Coloplast issued 12.2
million new B shares, raising gross proceeds of approximately DKK 9.2 billion.
• For FY 2022/23, Kerecis delivered pro-rata revenues of DKK 772 million with revenue growth of around 50% and an EBIT
margin of around 6% (excluding PPA amortisation), in line with expectations.
FY 2023/24 financial guidance – organic revenue growth of around 8% and an EBIT margin of 27-28%
• The organic revenue growth assumes continued momentum across business areas and regions. Reported growth in DKK is
expected to be around 12% and includes around 4%-points impact from the acquisition of Kerecis (11 months) and limited
negative impact from currencies.
• The reported EBIT margin before special items is expected to be 27-28%. The EBIT margin includes around 100 basis
points dilution from Kerecis (incl. around DKK 100 million in PPA amortisation) and negative impact from currencies.
• Capital expenditures are expected around DKK 1.4 billion. The effective tax rate is expected to be around 22%.
“We deliver a solid set of numbers in 2022/23 with 8% organic growth and an EBIT margin of 28%, in line with our financial
guidance. We continue to take market share across all our business areas and maintain an industry-leading profitability level. I
would like to highlight our strong performance in Chronic Care, where we continue to deliver high-single digit growth despite the
negative impact on our ostomy business in China from Covid-19. This year, we also made good progress on innovation and
launched our new intermittent catheter Luja™. Finally, in Q4 we completed the acquisition of Kerecis, an emerging category
leader in the biologics wound care segment. With our strong core of businesses and the assets added to our portfolio through
acquisitions in recent years, I look forward to accelerating our long-term growth to 8-10%, while maintaining a long-term EBIT
margin of above 30%,” says Kristian Villumsen, President and CEO of Coloplast.
Conference call
Coloplast will host a conference call on Thursday, 9 November 2023 at 11.00 CET. The call is expected to last about one hour.
To actively participate in the Q&A session please sign up ahead of the conference call on the link here to receive an e-mail with dial-in details Register here
Access the conference call webcast directly here: FY 22/23 conference call
1) before special items of DKK 69 million in Q4 2022/23 and before special items of DKK 74 million in FY 2022/23.
2) before special items of DKK 36 million in Q4 2021/22 and DKK 471 million in FY 2021/22.
3) The terms of the transaction and the financial assumptions stated in Coloplast's stock exchange announcement no. 03/2023 regarding the acquisition of Kerecis are unchanged and can be
found here: Acquisition of Kerecis 1
Announcement no. 11/2023
9 November 2023
Financial highlights and key ratios

1 October 2022 – 30 September 2023, unaudited
Consolidated 2022/23 2021/22 2022/23 2021/22
12 mths 12 mths Change Q4 Q4 Change
Income statement, DKK million
Revenue 24,500 22,579 9% 6,226 6,059 3%
Research and development costs -872 -866 1% -231 -217 6%
Operating profit before interest, tax, depr. and amort. (EBITDA)
before special items 7,914 7,840 1% 1,991 2,073 -4%
Operating profit before interest, taxes and amortization (EBITA)
before special items 7,179 7,170 0% 1,803 1,900 -5%
Operating profit (EBIT) before special items 6,845 6,910 -1% 1,714 1,814 -6%
Special items -74 -471 N/A -69 -36 N/A
Operating profit (EBIT) 6,771 6,439 5% 1,645 1,778 -7%
Net financial income and expenses -746 -312 N/A -118 -166 -29%
Profit before tax 6,025 6,127 -2% 1,527 1,612 -5%
Net profit for the period 4,783 4,706 2% 1,229 1,230 0%
Revenue growth, %
Period growth in revenue, % 9 16 3 19
Growth break down:
Organic growth, % 8 6 8 5
Currency effect, % -2 4 -6 5
Acquired operations, % 3 6 1 9
Balance sheet, DKK million
Total assets¹⁾ 48,159 37,446 29% 48,159 37,446 29%
Capital invested 37,255 27,679 35% 37,255 27,679 35%
Net interest-bearing debt (NIBD) 18,660 18,091 3% 18,660 18,091 3%
Equity end of period 17,299 8,292 N/A 17,299 8,292 N/A
Cash flow and investments, DKK million
Cash flows from operating activities 4,226 5,099 -17% 1,881 2,140 -12%
Cash flows from investing activities -8,957 -11,759 -24% -8,302 -401 N/A
Investments in property, plant and equipment, gross -1,020 -927 10% -324 -308 5%
Free cash flow -4,731 -6,660 -29% -6,421 1,739 N/A
Cash flows from financing activities 5,265 6,591 -20% 6,469 -1,959 N/A
Key ratios
Average number of employees, FTEs 14,903 13,650 15,290 14,577
Operating margin (EBIT margin) before special items, % 28 31 28 30
Operating margin (EBIT margin), % 28 29 26 29
Operating margin before interest, tax, depr. and amort., (EBITDA
margin), % 32 33 32 34
Gearing ratio, NIBD/EBITDA before special items 2.4 2.3 2.4 2.2
Return on average invested capital before tax (ROIC), %²⁾ 21 35 21 26
Return on average invested capital after tax (ROIC), %²⁾ 17 27 17 20
Return on equity, % 59 64 41 63
Equity ratio, %¹⁾ 36 22 36 22
Net asset value per outstanding share, DKK 77 39 97% 77 39 97%
Share data
Share price, DKK 748 776 -4% 748 776 -4%
Share price/net asset value per share 9.7 19.9 -51% 9.7 19.9 -51%
Average number of outstanding shares, millions 213.9 212.5 1% 218.4 212.3 3%
PE, price/earnings ratio 33.7 35.0 -4% 34.2 33.5 2%
Pay-out ratio, %³⁾ 96.2 83.7 15% - -
Earnings per share (EPS), diluted 22.20 22.11 0% 5.47 5.79 -6%
Earnings per share (EPS) before special items, diluted 22.46 23.82 -6% 5.72 5.92 -3%
Free cash flow per share -22.1 -31.3 -29% 29.4 8.2 N/A
1) The opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer of the
intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price allocation. 2
This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. 2) Before special items. After special items, ROIC
before tax was 21% (2021/22: 33%), and ROIC after tax was 17% (2021/22: 25%). 3) This item is before special items, the pay-out ratio was 97.4 (2021/22: 90%).
All ratios contained in the table are described in the FY 2022/23 Annual Report under note 34.
9 November 2023
Update on strategic priorities

In September 2020, we announced our five-year strategy “Strive25 – Sustainable Growth Leadership”. Below are key highlights
on the progress made during the financial year 2022/23.
Growth Innovation
US Ostomy Care Luja™, a new male intermittent catheter with a Micro-
- Advanced our competitive position, with a market share hole Zone Technology
of 15-20% in 2022/23, from previously around 15%. - Launched in six markets, with positive feedback 1).
- Contract with Vizient, the largest Group Purchasing - Awarded reimbursement by the UK Drug Tariff.
Organisation in the US, extended until 30 June 2026. - Received a 510(k) clearance from the FDA in the US.
- Launch in the UK, the US, and other key markets
Kerecis acquisition completed on 31 August 2023 expected in H1 2023/24.
- Third acquisition during Strive25, part of our strategic - Product launch backed by two randomised controlled
ambition to build options for mid- and long-term growth clinical studies, showing significant improvement in
and value creation through M&A. bladder emptying with Luja2).
- An innovative company with a clinically differentiated
technology platform based on intact fish skin. Heylo, a novel digital leakage platform
- Strong strategic fit, providing Coloplast with a footprint in - Published the results of the first pivotal clinical study,
the attractive US-centric biologics wound care segment, showing improvement in quality of life and a 31%
and Kerecis with global infrastructure for expansion reduction in leakage.
beyond the US. - Reimbursement applications in Germany and the UK are
- Expected organic growth accretion of around 1%-point ongoing, product launch now expected in H1 2023/24.
as of 2024/25 and EPS accretion as of 2026/27.
Sustainability Operational efficiency

Improving products and packaging Global Operations Plan 5 and 6
- Reached our 2025 ambition for production waste - Automation programme led to a release of ~800 FTEs at
recycling, with 75% of the production waste being year-end 2022/23 compared to planned ~1,000 FTEs
recycled at the end of 2022/23. impacted by longer component lead times, with the
remaining FTEs expected to be released during 2023/24.
Reducing emissions - Ramp-up in Costa Rica continues, accounting for 7% of
- Scope 1 and 2 emissions decreased by 10% in 2022/23 produced volumes in 2022/23.
vs. base year 2018/19, positively impacted by energy - GOP6 launched, with new manufacturing facility in
efficiency improvements, phasing out of natural gas, and Portugal and procurement programme to drive cost
electrification. Progress was partly offset by integration efficiency as key initiatives.
of Atos Medical in sustainability performance metrics.
Global Business Support and IT landscape
Responsible operations – employee engagement - Solid progress on the Atos Medical integration, finalised
- Maintained high employee engagement score of 8.1 (out IT infrastructure integration and merger of a number of
of 10) in the bi-annual employee survey, ahead of the Atos Medical’s and Coloplast’s subsidiaries in one legal
healthcare industry benchmark of 7.6. entity. On track to deliver estimated run-rate operational
synergies of up to DKK 100 million.
1) Luja is a medical device for which CE-mark has been affixed. Product availability is subject to regulatory process of individual countries and is not guaranteed
2) Relevant clinical data on Luja is available via this link
3
9 November 2023
Sales performance
Organic growth for the full-year 2022/23 was 8%. Reported revenue in DKK was up by 9% to DKK 24,500 million. Exchange
rate developments decreased revenue by 2%-points, mainly related to the depreciation of GBP and several emerging markets
currencies against DKK. Revenue from acquisitions contributed 3%-points to reported growth and includes a four-months
impact from the acquisition of Atos Medical (October 2022-January 2023) and a one-month impact from the acquisition of
Kerecis (September 2023).
Organic growth in the fourth quarter was 8%. Reported revenue in DKK was up by 3% to DKK 6,226 million. Exchange rate
developments decreased revenue by 6%, mainly related to the depreciation of the USD and several emerging markets
currencies against DKK. Revenue from acquisitions contributed 1%-point to reported growth, related to the Kerecis acquisition.
Sales performance by business areas DKK million Growth composition (12 mths)
2022/23 2021/22 Organic Acquired Exchange Reported
(12 mths) (12 mths) growth operations rates growth
Ostomy Care 9,024 8,620 8% - -3% 5%

Continence Care 7,958 7,643 7% 0% -3% 4%
Voice and Respiratory Care 1,939 1,203 10% 52% -1% 61%
Advanced Wound Care 2,905 2,689 7% 3% -2% 8%
Interventional Urology 2,674 2,424 10% - 0% 10%
Revenue 24,500 22,579 8% 3% -2% 9%
DKK million Growth composition (Q4)

(Q4) (Q4) growth operations rates growth
Ostomy Care 2,300 2,253 9% - -7% 2%

Continence Care 2,014 2,030 6% - -7% -1%
Voice and Respiratory Care 489 446 13% - -3% 10%
Advanced Wound Care 780 688 8% 11% -6% 13%
Interventional Urology 643 642 5% - -5% 0%
Revenue 6,226 6,059 8% 1% -6% 3%
Sales performance by region DKK million Growth composition (12 mths)

(12 mths) (12 mths) growth operations rates growth
European markets 13,908 12,916 5% 3% 0% 8%

Other developed markets 6,480 5,775 9% 4% -1% 12%
Emerging markets 4,112 3,888 14% 1% -9% 6%
Revenue 24,500 22,579 8% 3% -2% 9%
DKK million Growth composition (Q4)

(Q4) (Q4) growth operations rates growth
European markets 3,504 3,380 4% - 0% 4%

Other developed markets 1,723 1,663 8% 5% -9% 4%
Emerging markets 999 1,016 21% - -23% -2%
Revenue 6,226 6,059 8% 1% -6% 3%
4
9 November 2023
Ostomy Care
Ostomy Care generated 8% organic Q4 organic growth was 9% and
2.3 billion
sales growth for the 2022/23 financial reported revenue in DKK increased by Reported revenue
year, with reported revenue in DKK 2% to DKK 2,300 million.
growing by 5% to DKK 9,024 million. in DKK for Q4
The SenSura Mio portfolio was the main
The SenSura® Mio portfolio was the growth contributor, followed by the
2022/23
main contributor to growth, with solid Brava range of supporting products. At
performance across the product range the product level, SenSura Mio Convex
was the main contributor to growth
which includes Convex, Concave and
driven by Europe, most notably the UK
Organic growth
Flat products. The Brava® range of
supporting products also made a solid and Germany, as well as the US. The
contribution to growth. At the product SenSura and Assura/Alterna portfolios
9%
level, SenSura Mio Convex was the main contributed to growth driven by 8%
growth contributor driven by Europe, in Emerging markets, most notably China
particular the UK and Germany, as well and LATAM. Revenue growth in the
as the US. The SenSura and Brava range of supporting products was
Assura/Alterna® portfolios continued to broad-based, with solid contribution Full-year Q4 22/23
contribute to growth in the Emerging from Europe, in particular Germany and
markets, where they are being actively the UK, the US and Emerging markets.
promoted, most notably LATAM.
Growth in the Brava range of From a geographical perspective, all
supporting products was driven by the regions contributed to growth, with
Reported growth
US and Europe, in particular Germany, broad-based growth in Emerging
and broad-based contribution from markets, led by China and LATAM, and
Emerging markets. solid contributions from Europe, led by
the UK, as well as the US.
5%
From a geographical perspective, all
China posted double-digit growth in the 2%
regions contributed to growth. In
Europe, growth was driven by solid quarter, as expected, and benefited Full-year Q4 22/23
contributions from key markets, such as from a lower baseline last year, as well
the UK and Germany. The US had as the normalised level of inflow of new
another solid year with continued patients.
market share gains. Growth in Emerging
markets was broad-based, led by FY 2022/23 ostomy care market
LATAM. The global market for ostomy care 26%
products was worth an estimated DKK
China delivered low single-digit growth
for the year, negatively impacted by
22-23 billion and is comprised of a bags
and plates category and a supporting
FY
Geographical 56%
COVID-19 and consumer sentiment, as products category. The annual market revenue split
expected. Despite this, Coloplast growth is estimated at 4-5%. Coloplast 18%
maintains its strong leadership position is the global market leader with a
in the ostomy care market. Sales market share of 35-40%.
returned to double-digit growth in H2,
European markets
following a normalisation in inflow of Around DKK 4 billion of the overall
Other developed markets
new patients to pre-COVID levels, while market are in the supporting products Emerging markets
the average value per patient remains category, growing 6-8%, where
below pre-COVID levels, impacted by Coloplast is the market leader with a
consumer sentiment. market share of 35-40%.
5
9 November 2023
Continence Care
Continence Care generated 7% organic Q4 organic growth was 6% and
2.0 billion
sales growth for the 2022/23 financial reported revenue in DKK decreased by Reported revenue
year, with reported revenue in DKK 1% to DKK 2,014 million.
growing by 4% to DKK 7,958 million. in DKK for Q4
Sales growth in the fourth quarter was
The SpeediCath® ready-to-use driven by strong performance across
2022/23
hydrophilic intermittent catheters were the SpeediCath portfolio, and more
the main drivers of revenue growth. specifically compact, standard, and
flexible catheters.
Sales growth in the SpeediCath portfolio Organic growth
was broad-based across standard,
compact, and flexible catheters, and Bowel Care continued to perform well
driven by the US and Europe, in and delivered a solid contribution to
particular France and the UK. growth, driven by strong growth in the
7%
SpeediCath Flex Set, a flexible US and solid performance in Europe, 6%
hydrophilic catheter with a new most notably Germany.
integrated sterile bag, has been
launched in nine markets and continues Collecting Devices detracted from Full-year Q4 22/23
to perform well. SpeediCath Navi, a growth in the fourth quarter, as sales of
hydrophilic catheter specifically Conveen® urine bags were impacted by
designed for emerging markets and phasing of orders.
lower priced developed markets, also
contributed nicely to growth. From a geographical perspective,
Reported growth
growth continued to be broad-based
Luja™, the new male intermittent with solid contribution from the US and
catheter with a Micro-hole Zone a good quarter in the Emerging markets 4%
Technology, has been launched in six region, led by LATAM. Europe also
markets, and is off to a good start with contributed to growth in the quarter,
positive customer feedback. driven by the UK, however, -1%
performance in the region was held Full-year Q4 22/23
Bowel Care made a solid contribution to back by the negative impact from
growth, driven by Peristeen® Plus in Collecting Devices.
Europe and the US.
FY 2022/23 continence care market
The global market for continence care 10%
Collecting Devices delivered flat growth
for the year as sales were negatively products, comprised of intermittent
impacted by backorders on Conveen® catheters, bowel care and collecting
urisheaths in H1 2022/23. devices, was worth an estimated DKK
17-18 billion. The annual market growth
26% FY
Geographical
From a geographical perspective, is estimated at 5-6%. Coloplast is the revenue split 64%
growth was driven by the US and global market leader with a market
Europe, in particular the UK. The share of 40-45%.
Emerging markets region also
contributed to growth, led by LATAM. The intermittent catheters category is
European markets
Markets with recent reimbursement the biggest category, accounting for
openings, such as Poland, Australia, around 75% of the continence care Emerging markets
Japan, and South Korea, continued to market, growing at a mid-single digit
perform well and posted double-digit rate. The collecting devices category
growth. accounted for around 20% of the
market, growing low-single digit. Bowel
care accounted for the remaining
around 5% of the market, with a high-
single digit growth rate.
6
* Luja is a medical device for which CE-mark has been affixed. Product availability is subject to regulatory process of individual countries and is not guaranteed
9 November 2023
Voice and Respiratory

Care 0.5 billion
Voice and Respiratory Care delivered Q4 organic growth was 13% and
Reported revenue
reported revenue of DKK 1,939 million reported revenue in DKK increased by in DKK for Q4
for the 2022/23 financial year. The 10% to DKK 489 million. Growth in the
Voice and Respiratory Care acquired quarter was driven by solid momentum 2022/23
growth contribution to Group reported in both Laryngectomy and
growth was 3%-points (four months Tracheostomy. Q4 growth also included
impact), with high-single digit underlying some benefit from a lower baseline last
growth. year. Organic growth
The organic growth for the period since Growth in Laryngectomy was high
13%
February 1, 2023 was 10%, with solid single-digit and continued to be driven
by growth in patients served in existing 10%
contribution from both Laryngectomy
and Tracheostomy. and new markets as well as an increase
in patient value driven by the Provox
Laryngectomy delivered high single-digit Life portfolio. Full-year Q4 22/23
organic growth. Growth was driven by
an increase in patients served in existing Tracheostomy and ENT delivered
and new markets and an increase in double-digit growth, with continued solid
patient value driven by the Provox® demand and positive impact from
Life™ portfolio, Atos Medical’s new forward integration in key European Acquired growth
personalised solution and product line markets and the US.
which has been launched in 16 markets.
impact
The Provox Life portfolio is designed to From a geographical perspective, all
optimise patients’ breathing ability under regions continued to contribute to
different circumstances, further enabling growth, driven by Europe, as well as
3%
24/7 use of Heat and Moisture solid contribution from Other developed
Exchangers (HMEs) for improved markets, driven by the US, and the
pulmonary health. Emerging markets region.
Full-year
Tracheostomy and ENT (Ear, Nose and FY 2022/23 laryngectomy and
Throat) posted double-digit organic tracheostomy market
growth, driven by solid demand and The global market for laryngectomy
positive impact from forward integration products was worth an estimated DKK 3%
in key European markets and the US. 1-1.5 billion, and the annual market
22%
growth is estimated at 8-10%. Coloplast
From a geographical perspective, all is the global market leader in
regions contributed to growth, led by laryngectomy, with a market share of FY
the biggest region Europe. The US also around 85%. The market remains Geographical
significantly underpenetrated with a revenue split
delivered a solid contribution to growth,
while the fastest growing region was large unserved patient population. The 75%
Emerging markets. low market penetration is due to lack of
clinical standards in existing markets,
low treatment compliance, and lack of European markets
reimbursement in emerging markets. Other developed markets
Emerging markets
The tracheostomy market was worth an
estimated DKK 4-6 billion, with an
annual growth rate estimated at 5-6%.
Coloplast’s global market share in the
tracheostomy market is around 10%.
7
9 November 2023
Advanced Wound Care

Advanced Wound Care generated 7% Q4 organic growth for Advanced
0.8 billion
organic sales growth for the 2022/23 Wound Care was 8%, while reported Reported revenue
financial year, with reported revenue in revenue in DKK increased by 13% to
DKK growing by 8% to DKK 2,905 DKK 780 million, impacted by the in DKK for Q4
million. The reported revenue includes aforementioned acquisition of Kerecis.
one month of impact (DKK 75 million)
2022/23
from the acquisition of Kerecis, which Advanced wound dressings in isolation
was completed on 31 August 2023. delivered 12% organic growth.
Growth in Q4 was driven by Europe and

Organic growth
Advanced wound dressings in isolation
delivered 6% organic growth for the Emerging markets. The backorder
situation, impacting mostly Europe, was 7% 8%
2022/23 financial year.
resolved in Q4, as expected, with limited
The Biatain® Silicone portfolio was the impact on sales in the quarter.
main contributor to growth. Biatain
Fiber continues to perform well and also Performance in Europe was driven by Full year Q4 22/23
contributed to growth. Germany and solid contribution from
the Biatain Silicone portfolio. In
From a geographical perspective, Emerging markets, growth was driven
growth was broad-based across Europe, by China and tender phasing in the
led by Germany, the US and Emerging Middle East region. China delivered Reported growth
markets, led by China. another good quarter, as expected, and
benefited from a lower baseline last 13%
China delivered a solid year, with flat year.
growth in H1 2022/23 due to COVID-19 8%
related restrictions. Growth improved in The Skin Care business contributed to
H2 2022/23, driven by a lower baseline growth in the quarter, while the
and normalisation of hospital activities, Compeed contract manufacturing Full-year Q4 22/23
following the lifting of the COVID-19 business detracted from growth due to
related restrictions. order phasing.
Skin Care, which is mostly a US hospital FY 2022/23 advanced wound care

business, and the Compeed contract market
21%
manufacturing both contributed to The global advanced wound care
growth in the year. The Compeed market was worth an estimated DKK
contract manufacturing grew double-
digit, driven by solid consumer demand.
41-44 billion, comprised of the
advanced dressings segment (DKK 26-
FY 50%
Geographical
28 billion) and the biologics segment revenue split
FY 2022/23 pro-forma revenue for (DKK 15-16 billion). The annual market 29%
Kerecis amounted to DKK 772 million, growth is estimated at 2-4% in
with growth of around 50%, in line with advanced dressings and 6-8% in
expectations. Revenue growth was biologics. Coloplast is the fifth largest
manufacturer in both segments, with a European markets
broad-based, with main growth
contribution from the hospital channel market share of 5-10% in advanced
Emerging markets
and surgical wounds. From a dressings, and around 5% in biologics.
geographical perspective, the US
accounted for the vast majority of both
sales and growth.
8
9 November 2023
Interventional Urology
Interventional Urology generated 10% Q4 organic growth was 5% and
0.6 billion
organic sales growth for the 2022/23 reported revenue in DKK came in at Reported revenue
financial year, with reported revenue in DKK 643 million, at a similar level to Q4
DKK growing by 10% to DKK 2,674 last year. in DKK for Q4
million. As expected, growth for the year
was front-end loaded, reflecting All business areas contributed to growth
2022/23
baseline dynamics which included a in the quarter, up against a high
lower baseline in H1 last year. baseline last year. Men’s Health was the
main contributor to growth, driven by
the Titan penile implants in the US.
Organic growth
Growth was broad-based across
business areas and geographies, with Endourology in Europe and Women’s
strong contribution from the Men’s Health in the US also contributed to
Health business in the US, driven by the growth.
Titan® penile implants. The Endourology 10%
portfolio, driven by Europe, and the From a geographical perspective, the 5%
Women’s Health business in the US, also main growth contributor in Q4 was the
made solid contributions to growth. US, followed by Europe, most notably Full-year Q4 22/23
France. Emerging markets detracted
From a geographical perspective, the from growth in the fourth quarter due to
US was the main growth contributor, order phasing.
followed by Europe, most notably
France. FY 2022/23 interventional urology
Reported growth
market
Coloplast has launched its first laser The global market for interventional
equipment, Thulium Fiber Laser (TFL) urology products in which Coloplast 10%
Drive, in key markets. The launch is off operates was worth an estimated DKK
to a good start with positive customer 18-20 billion. Around half of the
0%
feedback. interventional urology market is within
endourology, including around DKK 3 Full-year Q4 22/23
billion in the lasers segment, with the
remaining half of the market split almost
equally between men’s health, women’s
health, and bladder health. The annual
market growth is estimated at 4-6%. 10%
Coloplast holds a market share of
33%
around 15% and is the fourth largest
global manufacturer in the market. FY
Geographical
revenue split
57%
European markets
Emerging markets
9
9 November 2023
Earnings
Gross profit
Gross profit was DKK 16,328 million Income statement, DKK million 2022/23 Index
compared to DKK 15,529 million last
year and equivalent to a gross margin of Revenue 24,500 109
67%, compared to 69% last year. The Production costs -8,172 116
gross margin was negatively impacted Gross profit 16,328 105
by raw material price increases, higher
Distribution costs -7,518 111
energy cost, double-digit wage inflation
Administrative expenses -1,115 111
in Hungary, as well as ramp-up costs in
Costa Rica. The gross margin also Research and development costs -872 101
includes negative impact of around 40 Other operating income 56 76
basis points related to a one-off Other operating expenses -34 136
provision for a pay-back reform Operating profit (EBIT) before special items 6,845 99
implemented in Italy. Further, the gross Special items -74 N/A
margin included negative impact from Operating profit (EBIT) 6,771 105
currencies, mainly related to the
Financial income 191 161
depreciation of GBP and several
Financial expenses -937 217
emerging markets currencies against
DKK. Profit before tax 6,025 98
Tax on profit for the period -1,242 87
The above-mentioned negative drivers Net profit for the period 4,783 102
were only partly offset by positive
contribution from the inclusion of Atos
Medical, price increases, country and
product mix, as well as efficiency Costs to 30% last year, reflecting increased
savings from the Global Operations Plan Operating expenses amounted to DKK sales and marketing activities, as well as
5. Coloplast continues to have a strong 9,483 million. Excluding impact from travel, post COVID-19. Distribution costs
focus on offsetting the inflationary inorganic operating expenses from the were also impacted by higher logistics
pressure, with 80+ pricing projects Atos Medical acquisition (4 months) and costs and continued commercial
across regions and business areas. the Kerecis acquisition (1 month) investments in Interventional Urology,
operating expenses increased 5%, or consumer and digital initiatives, and
In Q4, gross profit was DKK 4,132 DKK 409 million from last year, as Atos Medical.
million, corresponding to a Q4 gross expected.
margin of 66% against 69% in Q4 last In Q4, distribution costs amounted to
year. The Q4 margin was impacted by The increase in operating expenses DKK 1,905 million, equal to 31% of
the above-mentioned drivers. including inorganic impact from Atos revenue, on par with the same period
Transportation and energy costs were a Medical and Kerecis was 10%. last year.
tailwind in the quarter, as expected,
driven by a decline in sea freight rates Atos Medical contributed with DKK Administrative expenses amounted to
and a government-imposed cap on 1,140 million to operating expenses in DKK 1,115 million, up DKK 110 million
electricity price levels in Hungary, the 2022/23 financial year, of which (11%) from DKK 1,005 million last year,
resulting in a one-off subsidy in Q4. Raw around DKK 210 million were primarily impacted by the inclusion of
material prices showed a positive trend amortisation costs. Kerecis contributed Atos Medical. Administrative expenses
in Q4, with a lower level of increases. with DKK 71 million to operating accounted for 5% of revenue against
The gross margin in Q4 included a expenses in the 2022/23 financial year, 4% in the same period last year.
negative impact from currencies, related of which around DKK 9 million were
to the depreciation of the USD and amortisation costs. The Q4 administrative expenses
several other currencies against DKK, amounted to DKK 279 million or 4% of
and appreciation of the HUF against Distribution costs amounted to DKK revenue against 5% in the same period
DKK. Around 75% of the company’s 7,518 million, a DKK 721 million (11%) last year.
production volumes are in Hungary. increase from DKK 6,797 million last
year and were impacted by the inclusion The R&D costs were DKK 872 million,
of Atos Medical. Distribution costs comparable to last year’s R&D costs of
amounted to 31% of revenue compared
10
9 November 2023
DKK 866 million. R&D costs amounted quarter was mostly impacted by the (7%) decrease from the same period
to 4% of revenue, on par with last year. aforementioned headwinds on last year, with an EBIT margin of 26%.
production costs. The EBIT margin in Q4
The Q4 R&D costs amounted to DKK included significant negative impact Financial items and tax
231 million or 4% of revenue, in line from currencies of around 240 basis Financial items were a net expense of
with the same period last year. points, related to the depreciation of the DKK 746 million against a net expense
USD and several other currencies of DKK 312 million last year.
Other operating income and other against DKK, and appreciation of the
operating expenses amounted to a net HUF against DKK. The net expense was impacted by
income of DKK 22 million, against a net interest expenses of DKK 614 million
income of DKK 49 million last year. FY 2022/23 pro-forma operating profit compared to DKK 156 million last year,
before special items and excluding due to the financing of the Atos Medical
Operating profit before interest, tax, amortisation for Kerecis amounted to acquisition. Net losses on balance sheet
depreciation and amortisation DKK 46 million, or around 6% of items of DKK 218 million, mostly driven
(EBITDA) and before special items revenue, in line with expectations. by the USD, and fees of DKK 81 million
EBITDA before special items amounted also contributed to the net expense. The
to DKK 7,914 million, a DKK 74 million Special items financial expenses were only partly
(1%) increase from DKK 7,840 million During the 2022/23 financial year, offset by financial income of DKK 191
last year. The EBITDA margin before Coloplast incurred special items million, driven by interest hedges of DKK
special items was 32% compared to expenses of DKK 74 million. The special 75 million.
35% last year. items expenses include DKK 200 million
final provision to cover settlements and The Q4 financial items were a net
In Q4, EBITDA before special items was costs in connection to the MDL cases in expense of DKK 118 million, compared
DKK 1,991 million, a DKK 82 million the US alleging injury from the use of to a net expense of DKK 166 million in
(4%) decrease from the same period transvaginal surgical mesh products, the same period last year, mainly driven
last year. The EBITDA margin before booked in Q3. Coloplast now considers by the financing of Atos Medical.
special items was 32% in Q4, against the MDL cases closed and any future
34% last year. cases will be considered part of normal The blended interest rate for the debt
operations of the Interventional Urology financing of Atos Medical was around
Operating profit (EBIT) before special business. The special items also include 3.3% at the end of 2022/23, impacted
items DKK 65 million related to integration by the adjustment of the variable
EBIT before special items amounted to costs for the Atos Medical acquisition interest rate on the 2-year bond issue.
DKK 6,845 million, a DKK 65 million and DKK 53 million in transaction costs
(1%) decrease from DKK 6,910 million related to the acquisition of Kerecis. The tax rate was 21%, compared to
last year. The EBIT margin before Finally, the special items expenses were 23% last year, positively impacted by
special items was 28% compared to partly offset by an income of DKK 244 the transfer of Atos Medical’s
31% last year. The EBIT margin was million related to reversal of the Intellectual Property. The tax expense
negatively impacted by the inflationary provision regarding Atos Medical US amounted to DKK 1,242 million against
headwinds on production costs and the billing compliance in Q3. DKK 1,421 million last year.
increase in operating expenses, mainly
distribution costs, which among other Special items in the fourth quarter were Net profit
include around DKK 219 million in an expense of DKK 69 million, which Net profit before special items was DKK
amortisation costs related to includes the full impact from the Kerecis 4,841 million, a DKK 228 million
acquisitions, mostly Atos Medical. transaction related costs and DKK 16 decrease from DKK 5,069 million last
Furthermore, the EBIT margin included million from integration costs related to year. Diluted earnings per share (EPS)
negative impact of around 60 basis the Atos Medical acquisition. before special items decreased by 6%
points from currencies, due to from DKK 23.82 last year to DKK 22.46.
unfavourable development across a Operating profit (EBIT) after special The decrease was a result of lower net
basket of currencies in the second half items profit compared to last year due to the
of the year. EBIT after special items was DKK 6,771 increase in financial expenses, driven
million, a DKK 332 million (5%) increase mostly by interest expenses related to
In Q4, EBIT before special items was from last year. The EBIT margin after the financing of the Atos Medical
DKK 1,714 million, a DKK 100 million special items was 28%. acquisition, as well as lower operating
(6%) decrease from the same period profit before special items.
last year. The EBIT margin before The Q4 EBIT after special items was
special items was 28% in Q4, against DKK 1,645 million, a DKK 133 million Net profit after special items was DKK
30% last year. The EBIT margin in the 4,783 million and diluted earnings per
11
9 November 2023
share (EPS) after special items were year. Capital expenditures were around Equity
DKK 22.20. 5% of revenue, on par with last year. Equity increased by DKK 9,007 million
compared to 30 September 2022 to
The Q4 net profit before special items Free cash flow DKK 17,299 million. Total
amounted to DKK 1,284 million, against As a result, the free cash flow was an comprehensive income for the period of
DKK 1,258 million last year. The diluted outflow of DKK 4,731 million compared DKK 4,075 million, share-based
Q4 earnings per share (EPS) before to an outflow of DKK 6,660 million in remuneration of DKK 58 million, and net
special items were down 3% from last the same period last year. Adjusted for effect of sale of treasury shares and loss
year to DKK 5.72. acquisitions, the free cash flow of exercised options of DKK 34 million
decreased by DKK 781 million (20%) were offset by payment of dividends of
The Q4 net profit after special items was from DKK 3,973 million to DKK 3,192 DKK 4,247 million.
DKK 1,229 million and diluted earnings million.
per share (EPS) after special items were To finance the acquisition of Kerecis,
DKK 5.47. Capital resources Coloplast completed an equity capital
At 30 September 2023, Coloplast had raise through an accelerated book-
net interest-bearing debt, including building process on August 30, 2023.
Cash flows and securities, of DKK 18,660 million, Coloplast issued 12.2 million new B
investments against DKK 18,091 million at 30 shares, in a directed issue and private
September 2022. The gearing ratio at placement, at an offer price of DKK 755
the end of the period was 2.4x EBITDA per new share, raising gross proceeds of
Cash flows from operating activities
(before special items). approximately DKK 9.2 billion.
Cash flows from operating activities
Coloplast’s largest shareholder, Niels
amounted to DKK 4,226 million, against
Coloplast is committed to deleveraging Peter Louis-Hansen, and family
DKK 5,099 million last year. The negative
and bringing the gearing ratio down to participated in the equity capital raise.
development in cash flows from
between 1x-2x EBITDA by 2024/25.
operating activities was driven by higher
Treasury shares
income tax paid, majority of which
At 30 September 2023, Coloplast’s
related to 2021/22 income driven by Statement of financial holding of treasury shares consisted of
interest hedging taxable upon realisation,
as well as increased interest payments
position and equity 3,539,528 B shares, which was 153,348
less than at 30 September 2022. The
related to the Atos Medical acquisition.
decrease was due to exercise of share
Increase in working capital also had Balance sheet
options.
negative impact on the cash flow, driven At 30 September 2023, total assets
by an increase in inventories due to a amounted to DKK 48,159 million, an
Return on invested capital (ROIC)
higher safety stock level on raw increase of DKK 10,713 million
ROIC after tax before special items was
materials, price increases, and an compared to 30 September 2022.
17% against 27% as of 30 September
increase in finished goods due to the
2022. The decrease was driven by the
transfer of production to Costa Rica. The Working capital was 26% of revenue,
acquisitions of Atos Medical and Kerecis.
above-mentioned negative drivers were compared to 25% at 30 September
only partly offset by higher operating 2022, driven by an increase in
profit. inventories and trade receivables.
Inventories increased by DKK 335
Investments million to DKK 3,522 million, impacted
Investments amounted to DKK 1,034 by an increase in safety stock on raw
million in the financial year 2022/23 or materials, price increases, and an
around 4% or revenue, compared with increase in finished goods due to the
DKK 1,126 million last year. Total cash transfer of production to Costa Rica.
flows from investing activities were a Trade receivables increased by DKK 375
DKK 8,957 million outflow, due to the million to DKK 4,315 million due to
acquisition of Kerecis, against a DKK phasing, while trade payables increased
11,759 outflow in the same period last by DKK 52 million to DKK 1,294 million.
year, due to the acquisition of Atos
Medical. Coloplast’s long-term working capital-to-
revenue ratio is unchanged and expected
Capital expenditures in 2022/23 to be around 24%.
amounted to DKK 1,241 million, a DKK
106 million increase compared to last
12
9 November 2023
Update on sustainability strategy and performance

FY FY
Priority Unit 2025 Ambition 2022/23 2021/22 Change
Improving products and packaging

Recyclable packaging4) % of total 90% 72% 72% 0%-p
Renewable materials in packaging4) % of total 80% 66% 65% 1%-p
Production waste recycling % of total 75% 75% 71% 4%-p
Reducing emissions
Scope 1 and 2 emissions % reduction 100% reduction by 20301) 3) 10% 8% 2%-p
Renewable energy use % of total 100% 78% 72% 6%-p
Electric company cars % of total 100% by 2030 8% 4% 4%-p
Scope 3 emissions (by 2030) % reduction per product 50% reduction by 20301) 3) 8% 9% -1%-p
Business travel by air % reduction 10% reduction1) 41% 55% -14%-p
Goods transported by air % of total < 5% of total 2% 3% -1%-p
Responsible operations
Lost time injury frequency4) Parts per million 2.0 2.6 2.5 0.1
Code of Conduct training % of white collars 100% 99% 100% -1%-p
Female senior leaders (VP+ level) % of total 40% by 2030 26% 21% 5%-p
Diverse teams % share of total teams 75% 54% 55% -1%-p
Employee satisfaction2⁾ Engagement score Above benchmark 8.1 8.2 -0.1
In FY 2022/23, Atos Medical was usability and sterility. In 2022/23, two Responsible operations
integrated into Coloplast’s sustainability projects were initiated with the aim of In FY 2022/23, lost time injury
agenda and the FY 2022/23 figures in developing more recyclable packaging frequency was 2.6 ppm, reflecting 70
the table reflect Group performance for intermittent catheters, without incidents. We are experiencing a higher
including Atos Medical. compromising on the functionality of the level of incidents post COVID-19 and
primary packaging, which ensures are working hard to address these to
Improving products and packaging product sterility and shelf life. reach our ambition of 2.0 ppm by 2025.
In FY 2022/23 we reached our 2025
ambition for production waste recycling Scope 1 and 2 emissions In 2022/23, an employee tragically lost
ahead of time, with 75% of the The absolute scope 1 and 2 emissions his life while at work at a Coloplast site.
production waste being recycled. The decreased by 10% in FY 2022/23, A thorough root-cause analysis of the
progress continues to be driven by compared to the base year 2018/19. accident has been completed, and we
Coloplast’s partnership with a recycling The reduction in absolute scope 1 and 2 have implemented actions to avoid a
manufacturer in Hungary, however, we emissions was positively impacted by similar incident in the future. Coloplast is
continue to look for new use cases of energy efficiency improvements, fully dedicated to ensuring a safe and
our production waste across sites, phasing out of natural gas, and healthy working environment for all our
particularly in Costa Rica. electrification, partly offset by the employees, and we regard this tragic
inclusion of Atos Medical and increased fatality as an unacceptable outlier.
Recyclable packaging and renewable emissions from company cars. Excluding
materials in packaging were on par with Atos Medical, scope 1 and 2 emissions
last year at 72% and 66%, respectively. decreased by 15% in FY 2022/23.
Today, our secondary and tertiary
packaging, such as retail boxes and Renewable energy use increased to
shipping boxes, already consist of 78% of the total energy use in FY
renewable materials and are recyclable. 2022/23, compared to 72% in FY
Efforts during the year and going 2021/22, and was also positively
forward will focus on primary packaging, impacted by the above-mentioned
which is often closely linked to the drivers.
clinical performance of our products,
providing key functionalities such as
1) From base year 2018/19. 2) Employee survey conducted twice a year. Latest industry benchmark from Q1 2022/23 was 7.6. 3) Target validated by Science-Based Targets initiative
(SBTi). 4) Figure for 2021/22 has been restated due to improved data quality. 13
FY 2022/23 figures include Atos Medical, except for ‘Diverse teams’ and ‘Employee satisfaction’.
9 November 2023
an EBIT margin ambition of more than War in Ukraine

Other matters 30%. Our growth levels require that we Coloplast continues to monitor the war
continue to develop our manufacturing in Ukraine closely. Our primary focus is
Positive effects on quality of life and footprint by establishing a new to keep our people safe and ensure our
31% reduction in leakage incidents manufacturing site of 20,000 m2 every around 100,000 users in Ukraine and
from Heylo™ two to three years to meet the Russia have access to products to
In August 2023, Coloplast published the increasing demand. Coloplast has manage their chronic conditions.
results of its first pivotal clinical study1 chosen Portugal as the location for the Coloplast complies with all sanctions
on Heylo, a new digital leakage next manufacturing site, due to its imposed by the EU, the UN, and the US.
notification system in Ostomy Care. proximity to key markets in Europe and
Heylo is designed for early leakage a stable supply of qualified labour. The Coloplast’s commercial activity in Russia
detection, to address the mental burden new site in Portugal will be 30,000 m2, has been reduced and the organisation
caused by fear of leakage. largest to date, removing the need to has been further downsized to around
build additional sites until 2029/30. The 30 employees. Revenue exposure to
The study, conducted in Germany with a investment level is expected to be Russia and Ukraine in 2023/24 is
total of 144 participants, showed that around DKK 700 million and the site is expected to be below 1% of group
using Heylo significantly improved expected to be operational as of 2026. revenues, with a negative growth
quality of life (QoL) and reduced the contribution in FY 2023/24.
burden of living with an intestinal Another key initiative in GOP6 is
ostomy, compared with Standard of managing input prices and cost Year-end dividend of DKK 16.00 per
Care. efficiency. To do so, Coloplast has share
initiated a company-wide procurement In addition to the half-year dividend of
The positive effects of Heylo on QoL programme, aimed at driving efficiency DKK 5.00, the Board of Directors
was further supported by a significant, by enabling transparency, simplification, recommends that the shareholders
31% reduction in leakage incidents and automation. attending the general meeting approve
outside the baseplate. a year-end dividend of DKK 16.00 per
Other initiatives from GOP6 include share. This brings the total dividend paid
For further information, please refer to: Building Resilience, to better cope with for FY 2022/23 to DKK 21.00 per share,
Effect of a Novel Digital Leakage the challenges of supply chains of today, compared to DKK 20.00 in 2021/22.
Notification System (Heylo) for Ostomy Atos Integration, and Standardised and
Care on Quality of Life and Burden of Digital, by creating a best-in-class Timetable for the year-end dividend
Living With an Intestinal Ostomy Coloplast Business Support System in 7 December 2023 – Declaration date
Global Operations. Furthermore, GOP6 8 December 2023 – Ex-dividend date
Global Operations Plan 6 will provide strong support for the 11 December 2023 – Value date
Since 2008, Coloplast has initiated commercial agenda and the significant 12 December 2023 – Disbursement
Global Operations Plans (GOPs) with the number of upcoming launches expected date
goal of supporting our continued growth in the second half of the Strive25
and an industry-leading profitability level strategic period.
through unparalleled efficiency in our
Global Operations. As a result of the initiation of GOP6, the
CAPEX-to-sales ratio is expected to be
As the current Global Operations Plan 5, around 5% for the remainder of the
focused on Automation and Strive25 period. The investment of
Diversification of the manufacturing around DKK 700 million related to the
footprint, ends in FY 2022/23, Coloplast new manufacturing site in Portugal is
is launching a new plan, Global expected to be evenly split over the
Operations Plan 6. GOP6 will cover the three years of the GOP6 period.
three-year period until FY 2025/26.
The long-term CAPEX-to-sales ratio
The current macroeconomic expectations of 4-6% per year are
environment, with significant inflationary unchanged.
pressure across cost categories,
especially raw materials and continued
wage inflation in Hungary, informed the
choice of key initiatives in GOP6.
The aim of GOP6 is to support
Coloplast’s long-term financial guidance,
with a growth ambition of 8-10% and
Heylo is a medical device for which CE-mark has been affixed. Product availability is subject to regulatory process of individual countries and is not guaranteed. 14
1) Link to clinical trial: Study Record | Beta ClinicalTrials.gov
9 November 2023
EBIT margin
Key assumptions The reported EBIT margin before
2023/24 Current macroeconomic and industry-
special items is expected at 27-28%,
and includes the following assumptions:
Financial specific trends, including an ongoing
widespread anti-corruption campaign in
a. Input costs development:
• Raw materials – mid single-digit
China, are continuously monitored and
guidance their potential impact on our business is
price increase
• Tailwind from total energy costs
evaluated on an ongoing basis. As such, of around DKK 100 million on
the financial guidance is subject to a the gross margin
Around 8% higher degree of uncertainty due to the
changing environment.
• Tailwind from freight cost
• Wages in Hungary – double-digit
Organic revenue growth
increase, similar to 2022/23
at constant exchange rates The addressable market in which
b. A one-off baseline benefit of around
Coloplast operates is expected to
40 basis points from the Italian pay-
27-28% continue growing at 4-5%.
back reform provision which was
included in the FY 2022/23 gross
Reported EBIT margin Revenue growth
margin
(before special items) Organic growth is expected around 8%
c. Prudent management of operating
in constant currencies. The guidance
costs, expected to grow below
assumes growth across business areas
Around 1.4 bn and regions to be largely in line with the
reported revenue in DKK (excluding
acquired growth)
Capital expenditure in DKK Strive25 ambitions, except for China.
d. Incremental investments at the
lower end of the Strive25 guidance
a. Chronic Care:
Around 22% • Improvement in growth in China,
(up to 2% of sales in incremental
OPEX investments)
Effective tax rate however, China is not expected e. Benefit from operational synergies
to return to the Strive25 related to integration of Atos
ambitions of double-digit growth, Medical on Coloplast infrastructure
due to continued impact from f. Negative impact from Kerecis of
average value per patient which around 100 basis points, which
Long-term financial remains below pre-COVID levels, includes around DKK 100 million in
impacted by consumer
guidance sentiment
PPA amortisation
g. Negative impact from currencies of
b. Advanced Wound Care is expected around 50 basis points
to deliver growth above the market
8-10% c. Interventional Urology is expected Special items of around DKK 50 million
Organic growth p.a. to deliver high-single digit growth in FY 2023/24, related to the
d. Voice and Respiratory Care is integration of Atos Medical.
above 30% expected to grow at 8-10%
EBIT margin beyond 2024/25 e. No current knowledge of significant Capex includes investments in the new
(at constant exchange rates) health care reforms; positive pricing manufacturing site in Portugal,
impact is expected. The expectation investments in new machines for
of long-term price pressure of up to existing and new products, IT and
The long-term organic growth guidance 1% annually is unchanged sustainability investments, as well as
includes around 1%-point accretion f. A stable supply and distribution of Atos Medical integration capex.
from Kerecis as of FY 2024/25. For the products across the company
remaining Strive25 strategic period Effective tax rate and tax payments
running until end of 2024/25, the EBIT Reported growth in DKK is expected to The effective tax rate is expected to be
margin is expected to remain be around 12% and assumes: around 22%, positively impacted by the
below 30% and assumes dilution of a. Contribution from the Kerecis transfer of Atos Medical Intellectual
around 100 basis points p.a. from acquisition is expected around 4%- Property (IP).
Kerecis (including PPA amortisation). points (11 months impact)
For financial assumptions on Kerecis, b. Limited negative impact from Following the IP transfer there will be an
please refer to: Kerecis acquisition currencies extraordinary net tax payment of DKK
2.5 billion in Q2 2023/24. The payment
will be offset by reduced tax payments
the following years.
15
9 November 2023
Dividend policy
Forward-looking Exchange rate
The Board of Directors intends to statements exposure
distribute excess liquidity to the The forward-looking statements in this
shareholders through dividends and announcement, including revenue and Our financial guidance for the 2023/24
share buybacks, with a target payout earnings guidance, do not constitute a financial year has been prepared on the
ratio of 60-80% of net profit. guarantee of future results and are basis of the following assumptions for
subject to risk, uncertainty and the company’s principal currencies:
assumptions, the consequences of
which are difficult to predict. OVERVIEW OF EXCHANGE RATES FOR
KEY CURRENCIES AGAINST DKK
The forward-looking statements are
based on our current expectations, GBP USD HUF
estimates and assumptions and are
provided on the basis of information Average exchange
rate 2021/22 878 688 1.97
available to us at the present time.
Average exchange
rate 2022/23 855 698 1.92
Major fluctuations in the exchange rates
Change in average
of key currencies, significant changes in exchange rates for
the healthcare sector or major 2022/23 compared
developments in the global economy with the same
period last year -3% 1% -3%
may impact our ability to achieve the
defined long-term targets and meet our
guidance. This may impact our Spot rate on
company’s financial results. 7 November 2023 859 697 1.97
Change in spot
rates compared
with average
exchange rate
2022/23 0% 0% 3%
Revenue is particularly exposed to

developments in USD and GBP relative
to DKK. Fluctuations in HUF against
DKK impact the operating profit
because a substantial part of our
production, and thus of our costs, are in
Hungary, whereas our sales there are
moderate.
EFFECT OVER 12 MONTHS OF A 10%

INITIAL DROP IN EXCHANGE RATES FOR
KEY CURRENCIES (DKK MILLION)
Revenue EBIT
USD -710 -220

GBP -350 -220
HUF - 130
16
9 November 2023
Statement by the Board of Directors and the Executive Management

The Board of Directors and the EU and additional Danish disclosure Furthermore, in our opinion, the
Executive Management have today requirements for interim reports of listed Management’s report includes a fair
considered and approved the interim companies. account of the development and
report of Coloplast A/S for the period 1 performance of the Group, the results
October 2022 – 30 September 2023. In our opinion, the interim report gives a for the period and of the financial
true and fair view of the Group’s assets, position of the Group.
The interim report which has neither liabilities and financial position at 30
been audited nor reviewed by the September 2023 and of the results of Other than set forth in the interim
company’s auditors, is presented in the Group’s operations and cash report, no changes have occurred to the
accordance with IAS 34 “Interim flows for the period 1 October 2022 – significant risks and uncertainty factors
financial reporting” as adopted by the 30 September 2023. compared with those disclosed in the
annual report for 2022/23.
Humlebæk, 9 November 2023
Executive Management
Kristian Villumsen Anders Lonning-Skovgaard Nicolai Buhl Andersen

President, CEO Executive Vice President, CFO Executive Vice President
Paul Marcun Allan Rasmussen

Executive Vice President Executive Vice President
Board of Directors
Lars Rasmussen Niels Peter Louis-Hansen Carsten Hellmann

Chairman Deputy Chairman
Annette Brüls Jette Nygaard-Andersen Marianne Wiinholt
Thomas Barfod Roland V. Pedersen Nikolaj Kyhe Gundersen

Elected by the employees Elected by the employees Elected by the employees
17
9 November 2023
Statement of comprehensive income

1 October – 30 September, unaudited
Consolidated 2022/23 2021/22 2022/23 2021/22

DKK million Note 12 mths 12 mths Index Q4 Q4 Index
Revenue 2 24,500 22,579 109 6,226 6,059 103

Production costs -8,172 -7,050 116 -2,094 -1,889 111
Gross profit 16,328 15,529 105 4,132 4,170 99
Distribution costs -7,518 -6,797 111 -1,905 -1,872 102
Administrative expenses -1,115 -1,005 111 -279 -276 101
Research and development costs -872 -866 101 -231 -217 106
Other operating income 56 74 76 17 15 113
Other operating expenses -34 -25 136 -20 -6 >200
Operating profit (EBIT) before special items 6,845 6,910 99 1,714 1,814 94
Special items 3 -74 -471 - -69 -36 -
Operating profit (EBIT) 6,771 6,439 105 1,645 1,778 93
Financial income 4 191 119 161 81 -29 <-200
Financial expenses 4 -937 -431 >200 -199 -137 145
Profit before tax 6,025 6,127 98 1,527 1,612 95
Tax on profit for the period -1,242 -1,421 87 -298 -382 78
Net profit for the period 4,783 4,706 102 1,229 1,230 100
Remeasurements of defined benefit plans -9 75 -2 -17

Tax on remeasurements of defined benefit plans 5 -19 4 2
Items that will not be reclassified to the income
statement -4 56 2 -15
Value adjustment of currency hedging 145 281 -58 -62
Transferred to financial items -114 164 -62 28
Tax effect of hedging -23 11 7 116
Currency adjustment of opening balances and
other value adjustments relating to subsidiaries -723 -409 577 -169
Tax effect of currency adjustment, assets in
foreign currency 11 -26 11 -26
Items that may be reclassified to income
statement -704 21 475 -113
Total other comprehensive income -708 77 477 -128
Total comprehensive income 4,075 4,783 1,706 1,102
DKK
Earnings per share (EPS) 22.21 22.14 5.47 5.79
Earnings per share (EPS), diluted 22.20 22.11 5.47 5.79
18
9 November 2023
Statement of cash flows

1 October – 30 September
Consolidated 2022/23 2021/22
DKK million Note 12 mths 12 mths
Operating profit 6,771 6,439

Amortisation 334 260
Depreciation 735 670
Adjustment for other non-cash operating items 7 -220 56
Changes in working capital 7 -893 -849
Ingoing interest payments, etc. 40 16
Outgoing interest payments, etc. -809 -378
Income tax paid -1,732 -1,115
Cash flows from operating activities 4,226 5,099
Investments in intangible assets -221 -208

Investments in land and buildings -7 -8
Investments in plant and machinery and other fixtures and fittings, tools and equipment -96 -41
Investments in property, plant and equipment under construction -917 -878
Property, plant and equipment sold 8 11
Investment in other investments -17 -2
Acquisition of subsidiaries -7,923 -10,633
Net sales/purchase of marketable securities 216 -
Cash flows from investing activities -8,957 -11,759
Free cash flow -4,731 -6,660
Increase in share capital 9,100 -

Dividend to shareholders -4,247 -4,041
Acquisition of treasury shares - -500
Sale of treasury shares and loss on exercised options 34 -119
Financing from shareholders 4,887 -4,660
Repayment of lease liabilities -244 -239
Financing through issuing long-term bonds - 16,367
Hedging gain - 521
Drawdown on credit facilities 622 -5,398
Cash flows from financing activities 5,265 6,591
Net cash flows 534 -69
Cash and cash equivalents at 1 October 414 448

Value adjustment of cash and bank balances -37 37
Cash and cash equivalents, acquired operations - -2
Net cash flows 534 -69
Cash and cash equivalents at 30 September 8 911 414
The cash flow statement cannot be derived using only the published financial data.
19
9 November 2023
Assets
At 30 September
Consolidated
DKK million Note 30.09.23 30.09.22¹⁾
Intangible assets 31,255 22,767

Property, plant and equipment 5,131 4,474
Right-of-use assets 848 677
Other equity investments 65 51
Deferred tax asset 884 674
Other receivables 39 31
Non-current assets 38,222 28,674
Inventories 3,522 3,187

Trade receivables 4,315 3,940
Income tax 532 336
Other receivables 273 383
Prepayments 384 293
Marketable securities - 219
Cash and cash equivalents 911 414
Current assets 9,937 8,772
Assets 48,159 37,446
¹⁾ The opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer
of the intangible assets to Coloplast A/S is considered an integral part of the transaction, and thus, a deferred tax step-up is recognised as part of the purchase price
allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million.
20
9 November 2023
Equity and liabilities

At 30 September
Consolidated
DKK million Note 30.09.23 30.09.22¹⁾
Share capital 228 216

Currency translation reserve -1,579 -910
Reserve for currency hedging 423 415
Proposed ordinary dividend for the year 3,595 3,185
Retained earnings 14,632 5,386
Equity 17,299 8,292
Provisions for pensions and similar liabilities 124 115

Provision for deferred tax 2,122 4,567
Other provisions 5 71 258
Bonds 6 11,558 16,359
Other payables 4 16
Lease liability 664 496
Prepayments 6 7
Non-current liabilities 14,549 21,818
Provisions for pensions and similar liabilities 7 6

Other provisions 5 186 347
Bonds 6 4,847 -
Other credit institutions 2,268 1,644
Trade payables 1,294 1,242
Income tax 4,229 1,342
Other payables 3,249 2,544
Lease liability 230 209
Prepayments 1 2
Current liabilities 16,311 7,336
Equity and liabilities 48,159 37,446
¹⁾ The opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer
allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million.
21
9 November 2023
Statement of changes in equity, current year

At 30 September
Consolidated Share capital Reserves

Currency Currency Proposed Retained
DKK million A shares B shares translation hedging dividend earnings Total
2022/23
Equity at 1 October 18 198 -910 415 3,185 5,386 8,292
Net profit for the period - - - - 4,657 126 4,783

Other comprehensive income - - -669 8 - -47 -708
Total comprehensive income - - -669 8 4,657 79 4,075
Increase in share capital - 12 - - - 9,088 9,100

Sale of treasury shares and loss on
exercised options - - - - - 34 34
Share-based payment - - - - - 58 58
Tax on share-based payment, etc. - - - - - -13 -13
Interim dividend paid out in respect of
2022/23 - - - - -1,062 - -1,062
Dividend paid out in respect of
2021/22 - - - - -3,185 - -3,185
Transactions with shareholders - 12 - - -4,247 9,167 4,932
Equity at 30 September 18 210 -1,579 423 3,595 14,632 17,299
Costs related to the capital increase amounts to DKK 111 million, which is offset against retained earnings.
22
9 November 2023
Statement of changes in equity, last year

At 30 September
Consolidated Share capital Reserves

Currency Currency Proposed Retained
DKK million A shares B shares translation hedging dividend earnings Total
2021/22
Equity at 1 October 18 198 -392 -41 2,979 5,406 8,168
Net profit for the period - - - - 4,247 459 4,706

Other comprehensive income - - -518 456 - 139 77
Total comprehensive income - - -518 456 4,247 598 4,783
Acquisition of treasury shares - - - - - -500 -500

Sale of treasury shares - - - - - -119 -119
Share-based payment - - - - - 51 51
Tax on share-based payment, etc. - - - - - -50 -50
Interim dividend paid out in respect of
2021/22 - - - - -1,062 - -1,062
Dividend paid out in respect of
2020/21 - - - - -2,979 - -2,979
Transactions with shareholders - - - - -4,041 -618 -4,659
Equity at 30 September 18 198 -910 415 3,185 5,386 8,292
23
9 November 2023
List of notes
Key accounting policies
1 Accounting policies
Profit and loss

2 Segment information
3 Special items
4 Financial income and expenses
Assets and liabilities

5 Other provisions
6 Bonds
Cash flows
7 Specifications of cash flow from operating activities
8 Cash and cash equivalents
Other disclosures
9 Contingent liabilities
10 Acquisitions
24
9 November 2023
Note 1
Accounting policies
The financial statements in this report is prepared in accordance with International Financial Reporting Standards as adopted by
the EU and additional Danish disclosure requirements for listed companies. The accounting policies for recognition and
measurement applied in the preparation of the financial statements in this report are consistent with those applied in the Annual
Report 2022/23.
Note 2
Segment information
Operating segments
The operating segments are defined on the basis of the monthly reporting to the Executive Leadership Team, which is
considered the senior operational management, and the management structure. Reporting to the Executive Leadership Team is
based on five operating segments: Chronic Care, Voice and Respiratory Care, Interventional Urology, Advanced Wound
Dressings and Biologics.
The segment Chronic Care covers the sale of ostomy care products and continence care products. The segment Voice and
Respiratory Care covers the sale of laryngectomy and tracheostomy products. The segment Interventional Urology covers the
sale of urological products, including disposable products. The segment Advanced Wound Dressings covers the sale of wound
and skin care products and the segment Biologics represents a new segment covering the sale of tissue-based products. The
segmentation reflects the structure of reporting to the Executive Leadership Team.
The shared/non-allocated comprises support functions (production units and staff functions) and eliminations, as these functions
do not generate revenue. While the costs of R&D for Interventional Urology, Voice and Respiratory Care and Biologics are
included in the segment operating profit/loss for that segment, R&D activities for Chronic Care and Wound and Skin Care are
shared functions which are included in shared/non-allocated. The shared/non-allocated costs also include PPA amortisation
expenditures related to Voice and Respiratory Care and Biologics. Financial items and income tax are not allocated to the
operating segments.
The Executive Leadership Team reviews each operating segment separately, applying their market contributions to earnings
and allocating resources on that basis. The market contribution is defined as external revenue less the sum of direct production
costs, distribution costs, sales costs, marketing costs and administrative expenses. Costs are allocated directly to segments.
Certain immaterial indirect costs are allocated systematically to the shared/non-allocated and the reporting segments.
The Executive Leadership Team does not receive reporting on assets and liabilities by the reporting segments. Accordingly, the
reporting segments are not measured in this respect, nor do we allocate resources on this background. No single customer
accounts for more than 10% of revenue.
25
9 November 2023
Note 2, continued
Voice and Advanced

Respiratory Interventional Wound
DKK million Chronic Care Care Urology Dressings Biologics Group
2022/23
Segment revenue:
Ostomy Care 9,024 - - - - 9,024
Continence Care 7,958 - - - - 7,958
Voice and Respiratory Care - 1,939 - - - 1,939
Interventional Urology - - 2,674 - - 2,674
Advanced Wound Care - - - 2,830 75 2,905
External revenue as per the
statement of comprehensive
income 16,982 1,939 2,674 2,830 75 24,500
Costs allocated to segment -7,173 -1,273 -1,727 -1,761 -66 -12,000
Segment operating profit/loss 9,809 666 947 1,069 9 12,500
Shared/non-allocated -5,655
Special items not included in segment operating profit/loss (see note 3) -74
Operating profit before tax (EBIT) as per the statement of comprehensive income 6,771
Net financials -746
Tax on profit/loss for the year -1,242
Profit/loss for the year as per the statement of comprehensive income 4,783
Voice and Advanced

Respiratory Interventional Wound
DKK million Chronic Care Care Urology Dressings Biologics Group
2021/22
Segment revenue:
Ostomy Care 8,620 - - - - 8,620
Continence Care 7,643 - - - - 7,643
Voice and Respiratory Care - 1,203 - - - 1,203
Interventional Urology - - 2,424 - - 2,424
Advanced Wound Care - - - 2,689 - 2,689
External revenue as per the
statement of comprehensive
income 16,263 1,203 2,424 2,689 - 22,579
Costs allocated to segment -6,677 -820 -1,564 -1,600 - -10,661
Segment operating profit/loss 9,586 383 860 1,089 - 11,918
Shared/non-allocated -5,008
Special items not included in segment operating profit/loss (see note 3) -471
Operating profit before tax (EBIT) as per the statement of comprehensive income 6,439
Net financials -312
Tax on profit/loss for the year -1,421
Profit/loss for the year as per the statement of comprehensive income 4,706
26
9 November 2023
Note 3
Special items
DKK million 2022/23 2021/22
Provisions for litigation about transvaginal surgical mesh products 200 300
Reversal of provision related to business combinations -244 -
Expenses related to business combinations 118 171
Total 74 471
Special items contain DKK 200 million further and final provision related to the MDL lawsuits in the US alleging injury from the
use of transvaginal surgical mesh products. See note 5 of the financial statements for more information.
Special items contain an income of DKK 244 million related to Atos Medical US billing compliance. The exposure and related
provision have been reassessed and the provision at 30 September 2023 was reduced to DKK 90 million.
Special items also include expenses related to business combinations (Atos Medical integration costs and costs related to the
acquisition of Kerecis). Transaction costs related to the Kerecis acquisition amounts to DKK 53 million.
Note 4
Financial income and expenses
DKK million 2022/23 2021/22
Financial income
Interest income 36 12
Fair value adjustments of forward contracts transferred from other comprehensive income 40 -
Fair value adjustments of cash-based share options 1 2
Interest hedges 75 27
Net exchange adjustments - 57
Hyperinflationary adjustment of monetary position 36 19
Other financial income 3 2
Total 191 119
Financial expenses
Interest expenses 169 40
Interest expenses, lease liabilities 24 16
Interest expenses, bonds 445 116
Fair value adjustments of forward contracts transferred from other comprehensive income - 191
Net exchange adjustments 218 -
Other financial expenses and fees 81 68
Total 937 431
27
9 November 2023
Note 5
Other provisions
Product liability case regarding transvaginal surgical mesh products
Since 2011, Coloplast, along with a number of other major manufacturers, has been named as a defendant in individual lawsuits
in various federal and state courts around the United States alleging injury resulting from use of transvaginal surgical mesh
products designed to treat pelvic organ prolapse and stress urinary incontinence. A multidistrict litigation (MDL) was formed in
2012 in the Southern District of West Virginia to consolidate federal court cases in which Coloplast is the first named defendant.
Since the first lawsuits were filed, Coloplast has been intent on disputing the current and any future litigation and has continually
considered which strategy and other steps may serve the company’s best interests.
Against this background, Coloplast has from the start reached settlements with groups of law firms. In 2017, Judge Joseph
Goodwin issued a court order stating that plaintiffs may no longer direct claims against Coloplast in the ongoing MDL. In 2019,
the remaining cases were remanded to the relevant Courts, and on 18 December 2020 the MDL was formally closed.
An additional expense of DKK 0.2 billion has been recognised in Q3 2022/23 to cover further costs to resolve the remaining
claims as the process takes longer than previously anticipated. The total amount recognised since the 2013/14 financial year for
expected costs of litigation in the USA amounts to DKK 6.35 billion including legal costs (before insurance cover of DKK 0.5
billion). With this, Coloplast considers the MDL lawsuits closed.
The remaining provision made for legal claims amounted to DKK 0.1 billion at 30 September 2023 (DKK 0.2 billion at 30
September 2022) plus DKK 0.1 billion recognised under other debt (DKK 0.3 billion at 30 September 2022). Liabilities are
classified as other debt when agreements are reached with the plaintiffs’ legal counsel and amounts and timing become known.
With reference to the prejudicial exemption in IAS 37, Coloplast will not disclose any further information about the assumptions
for the provision, including any details about current and the expected number of lawsuits and settled claims.
The disclosure of such information is believed to be detrimental to Coloplast in connection with the ongoing confidential
negotiations and could inflict financial losses on Coloplast and its shareholders.
28
9 November 2023
Note 6
Bonds
Bonds
Coloplast has in 2021/22 raised EUR 2.2 billion in debt financing through the issuance of senior unsecured notes in an
aggregate principal amount of EUR 2.2 billion under the Coloplast Euro Medium Term Note programme. The Notes are
unconditionally and irrevocably guaranteed by Coloplast. COLOCB1 Floating Rate Note carries a coupon adjusted quarterly.
COLOCB2 carries a fixed coupon for five years, and COLOCB3 carries a fixed coupon for eight years.
COLOCB2 and COLOCB3 can be redeemed at a market price fixed on the redemption date in relation to named EUR bonds
with similar maturity.
A pre-hedge was made with Interest swaps on COLOCB2 and COLOCB3 with mandatory breakage on the day the bonds are
issued to limit the financial risks. The gain of DKK 521 million has as per hedge accounting been set off in the equity and
transferred to the financial items during the lifetime of the bonds.
Short name Currency Amount, million Expiry date Coupon¹⁾

COLOCB1 EUR 650 19-05-2024 4.57
COLOCB2 EUR 850 19-05-2027 2.25
COLOCB3 EUR 700 19-05-2030 2.75
¹⁾ Fixed for COLOCB1 as per 17-08-2023. The coupon rate is set as 3M Euribor + 0.75%.
Note 7
Specifications of cash flow from operating activities
DKK million 2022/23 2021/22
Net gain/loss on divestment of non-current assets 3 7

Change in other provisions -281 -3
Other non-cash operating items 58 52
Adjustment for other non-cash operating items -220 56
Inventories -474 -540

Trade receivables -392 -351
Other receivables, including amounts held in escrow 11 -295
Trade and other payables etc. -38 337
Changes in working capital -893 -849
29
9 November 2023
Note 8
Cash and cash equivalents
DKK million 2023 2022
Bank deposits, short term 911 414

Cash and cash equivalents at 30 September 911 414
Note 9
Contingent liabilities
Other than as set out in note 5, the Coloplast Group is a party to a few minor legal proceedings, which are not expected to
influence the Group’s future earnings.
30
9 November 2023
Note 10
Acquisitions
In the financial year 2021/22 Coloplast acquired Atos Medical. See the Annual Report 2021/22 note 32 for further information
on the acquisition.
On 31 August 2023 Coloplast acquired all shares and voting rights of Kerecis HF and its subsidiaries at a cash consideration of
DKK 7,923 million.
About Kerecis
Kerecis develops, manufactures and sells patented fish-skin products for wound treatment that have regulatory approval in the
United States, Europe, and several other jurisdictions. The products are classified as medical devices and Kerecis operates and
develops product portfolios in the surgical, chronic and burn segment. The vast majority of Kerecis’ sales are in the US.
Kerecis is headquartered in Iceland and has around 550 employees globally.
Strategic rationale
The transaction gives Coloplast a unique opportunity to strengthen its presence in the advanced wound care market by entering
the fast-growing US-centric biologics wound care segment. The acquisition supports Coloplast to expand its position in the US
biologics market and in the mid- to long-term also in geographies outside of the US.
Transaction costs
In 2022/23, Coloplast incurred acquisition related costs of DKK 53 million, which has been recognised under special items in the
statement of comprehensive income.
Purchase price and contingent consideration

The total purchase consideration amounts to DKK 8,868 million, including cash consideration, deferred consideration and
contingent consideration.
Contingent consideration relates to a potential earn-out payment to the previous shareholders of Kerecis. The earn out
depends, exclusively, on two targets, revenue and EBITDA, measured from 1 October 2023 to 30 September 2024. Each of the
targets shall be subject to a maximum amount of 50% of the aggregated maximum earn out amount of USD 100m. Both
thresholds are mutual qualifiers and must both be met to trigger any earn-out payment.
Contingent consideration is measured at fair value and classified as a financial liability in Coloplast’s consolidated financial
statements. The liability is subsequently remeasured to fair value, with changes in fair value recognized in profit or loss.
The fair value of contingent consideration amounts to DKK 648 million at the acquisition date.
Fair value of acquired net assets and recognised goodwill

The fair value of the acquired net assets has been identified and goodwill recognised. Net assets, goodwill and contingent assets
and liabilities recognised at the reporting date are preliminary. Adjustments may be applied to the purchase price allocation for a
period of up to 12 months from the acquisition date in accordance with IFRS3.
Intangible assets consist of customer relationships (DKK 324m) and patent and trademarks (DKK 2,835m). Customer
relationships consist of access to In-patients (private offices and hospitals) and out-patients (private clinics). Patent and
trademarks consist of developed technology (production know how and patents) and the corporate trademark, Kerecis. The fair
value of acquired trade receivables is DKK 179 million. Trade receivables have only been subject to insignificant write-downs.
After recognition of identifiable assets and liabilities at fair value, goodwill related to the acquisition amounts to DKK 6,184
million. Goodwill is mainly related to the expertise and knowhow of the acquired workforce. It will not be deductible for tax
purposes.
31
9 November 2023
Note 10, continued
Details of the purchase consideration, the assets and liabilities recognised as a result of the acquisition are as follows:
Fair value at date of

acquisition
DKK million (31/08/2023)
Assets identified at fair value:

Customer relationships 324
Patents and trademarks 2,835
Property, plant and equipment 19
Right-of-use assets 11
Deferred tax assets 17
Inventories 35
Trade receivables and other receivables 179
Cash and cash equivalents 194
Total assets 3,614
Liability identified at fair value:

Lease liabilities 11
Corporate tax 6
Trade and other payables 253
Deferred tax liability 660
Total liability 930
Total net assets acquired 2,684

Goodwill 6,184
Consideration transferred 8,868
Payable consideration -103

Contingent consideration -648
Acquired cash -194
Cash consideration paid 7,923
Earnings impact
In 2022/23, Kerecis is recognized in consolidated net revenue at DKK 75 million and in consolidated operating profit before
special items at DKK 0 Million, which includes around DKK 9 million PPA amortization costs. If the acquisition had occurred on 1
October 2022, consolidated pro-forma revenue and operating profit before special items for the period ended 30 September
2023 of the acquired Group would have been approximately DKK 772 million and DKK 46 million excluding amortizations of
intangibles recognised in the acquisition (DKK 103 million).
Kerecis activities is presented as a new operating segment for the Coloplast Group.
Fair value measurement

Material net assets acquired for which significant estimates have been applied in the fair value assessment have been
recognised using the following valuation techniques:
32
9 November 2023
Note 10, continued
Customer relationships
Customer relationships have been valued using the income-Multi-period Excess Method (MEEM), by which the present value of
future cash flows from recurring contract customers expected to be retained after the date of acquisition has been valuated
using a WACC of 11.9% as discount rate. The main input drivers in the MEEM model used are the estimated future retention
rate and net cash flow of the acquired contract customer base. These inputs have been estimated based on Management’s
professional judgement from analysis of the acquired customer base, historical data and general business insight.
Patent and trademarks

Technology has been measured by applying the income-based relief from royalty method to the revenue stream. The discount
rate applied is 10.9% which is deemed a fair reflection of the risk comprised in the technology, which is well protected and
unique for the industry.
The corporate trademark, Kerecis, is valued by applying the income-based relief from royalty method, where the royalty rate is
based on benchmark study of valuations from former transactions with similar assets. The discount rate applied is 11.9% which
is deemed a fair reflection of the risk comprised in the corporate trademarks.
Trade receivables and payables

Trade receivables and trade payables have not been fair value adjusted as the current provisions are sufficient in terms of
potential losses based on historical information.
33
9 November 2023
Income statement, quarterly

Unaudited
Consolidated 2022/23 2021/22

DKK million Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue 6,226 6,108 6,061 6,105 6,059 5,849 5,502 5,169

Production costs -2,094 -2,085 -2,034 -1,959 -1,889 -1,801 -1,721 -1,639
Gross profit 4,132 4,023 4,027 4,146 4,170 4,048 3,781 3,530
Distribution costs -1,905 -1,866 -1,882 -1,865 -1,872 -1,813 -1,620 -1,492
Administrative expenses -279 -262 -277 -297 -276 -270 -264 -195
Research and development costs -231 -216 -209 -216 -217 -222 -222 -205
Other operating income 17 13 17 9 15 30 15 14
Other operating expenses -20 -6 -5 -3 -6 -12 -4 -3
Operating profit (EBIT) before special
items 1,714 1,686 1,671 1,774 1,814 1,761 1,686 1,649
Special items -69 28 -20 -13 -36 -20 -381 -34
Operating profit (EBIT) 1,645 1,714 1,651 1,761 1,778 1,741 1,305 1,615
Financial income 81 37 42 31 -29 79 50 19
Financial expenses -199 -141 -232 -365 -137 -149 -68 -77
Profit before tax 1,527 1,610 1,461 1,427 1,612 1,671 1,287 1,557
Tax on profit for the period -298 -338 -306 -300 -382 -382 -307 -350
Net profit for the period 1,229 1,272 1,155 1,127 1,230 1,289 980 1,207
DKK
Earnings per share (EPS) before special
items 5.72 5.88 5.51 5.36 5.92 6.14 6.00 5.80
Earnings per share (EPS) 5.47 5.99 5.44 5.31 5.79 6.07 4.61 5.67
Earnings per share (EPS) before special
items, diluted 5.72 5.88 5.51 5.35 5.92 6.13 5.99 5.78
Earnings per share (EPS), diluted 5.47 5.98 5.44 5.31 5.79 6.06 4.60 5.66
34
9 November 2023
Five-year financial highlights and key ratios
Income statement, DKK million 2022/23 2021/22 2020/21 2019/20 2018/19

Revenue 24,500 22,579 19,426 18,544 17,939
Research and development costs -872 -866 -755 -708 -692
Operating profit before interest, tax, depr. and amort. (EBITDA) 7,840 7,369 6,947 6,705 5,807
Operating profit before interest, taxes and amortisation (EBITA) before special
items 7,179 7,170 6,484 6,013 5,707
Operating profit (EBIT) before special items 6,845 6,910 6,355 5,854 5,556
Special items -74 -471 -200 - -400
Operating profit (EBIT) 6,771 6,439 6,155 5,854 5,156
Net financial income and expenses -746 -312 78 -388 -128
Profit before tax 6,025 6,127 6,233 5,466 5,028
Net profit for the year 4,783 4,706 4,825 4,197 3,873
Revenue growth
Annual growth in revenue, % 9 16 5 3 9
Growth breakdown:
Organic growth, % 8 6 7 4 8
Currency effect, % -2 4 -2 -1 1
Acquired operations, % 3 6 0 - 0
Balance sheet, DKK million

Total assets¹⁾ 48,159 37,446 15,841 13,499 12,732
Capital invested 37,255 27,679 11,576 9,864 8,748
Net interest-bearing debt 18,660 18,091 2,112 1,162 539
Equity at year end 17,299 8,292 8,168 7,406 6,913
Cash flows and investments, DKK million

Cash flows from operating activities 4,226 5,099 5,290 4,759 4,357
Cash flows from investing activities -8,957 -11,759 -2,011 -901 -591
Investments in property, plant and equipment, gross -1,020 -927 -919 -846 -617
Free cash flow -4,731 -6,660 3,279 3,858 3,766
Cash flows from financing activities 5,265 6,591 -3,176 -3,857 -3,714
Key ratios
Average number of employees, FTEs 14,903 13,650 12,578 12,250 11,821
Operating margin (EBIT margin) before special items, % 28 31 33 32 31
Operating margin (EBIT margin), % 28 29 32 32 29
Operating margin before interest, tax, depr. and amort. (EBITDA margin), % 32 33 36 36 32
Gearing ratio, NIBD/EBITDA before special items 2.4 2.3 0.3 0.2 0.1
Return on average invested capital before tax (ROIC), %²⁾ 21 35 58 59 62
Return on average invested capital after tax (ROIC), %²⁾ 17 27 45 46 48
Return on equity, % 59 64 70 66 65
Equity ratio, %¹⁾ 36 22 52 55 54
Net asset value per outstanding share, DKK 77 39 38 35 33
35
9 November 2023
Share data 2022/23 2021/22 2020/21 2019/20 2018/19

Share price, DKK 748 776 1,007 1,004 825
Share price/net asset value per share 10 20 26 29 25
Average number of outstanding shares, in million 214 213 213 213 212
PE, price/earnings ratio 34 35 44 51 45
Dividend per share, DKK³⁾ 21.0 20.0 19.0 18.0 17.0
Payout ratio, %⁴⁾ 96 84 81 91 86
Earnings per share (EPS), diluted 22.20 22.11 22.63 19.67 18.18
Free cash flow per share -22 -31 15 18 18
Key ratios have been calculated and applied in accordance with the Recommendations and Financial Ratios issued by the Danish Society of Financial Analysts.
1) The opening balance for goodwill has been adjusted due to changes in the purchase price allocation of Atos Medical Group, as a result of the subsequent transfer
allocation. This resulted in an increase in goodwill of DKK 2,490 million and an increase in deferred tax liability of DKK 2,490 million. 2) This item is provided before
special items. After special items, ROIC before tax was 21%/33%/57%/61%/60%, and ROIC after tax was 17%/25%/44%/47%/46%. 3) The figure shown for the
2022/23 financial year is the proposed dividend. 4) This item is before special items. After special items, the payout ratio is 97%/90%/84%/91%/93%.
36
9 November 2023
Our mission
Making life easier for people
with intimate health care needs
Our values
Closeness... to better understand
Passion... to make a difference
Respect and responsibility... to guide us
Our vision
Setting the global standard
for listening and responding
For further information, please contact

Investors and analysts Press and media Address
Anders Lonning-Skovgaard Peter Mønster Coloplast A/S
Executive Vice President, CFO Sr. Media Relations Manager Holtedam 1
Tel. +45 4911 1111 Tel. +45 4911 2623 DK-3050 Humlebaek
Email: dkpete@coloplast.com Denmark
Aleksandra Dimovska Company reg. (CVR) no. 69749917
Senior Director, Investor Relations
Tel. +45 4911 1800 / +45 4911 2458 Website
Email: dkadim@coloplast.com www.coloplast.com
Kristine Husted Munk

Senior Manager, Investor Relations
Tel. +45 4911 1800 / +45 4911 3266
Email: dkkhu@coloplast.com
This announcement is available in a Danish and an English-language version. In the event of discrepancies, the English version
shall prevail.
Coloplast was founded on passion, ambition, and commitment. We were born from a nurse’s wish to help her sister and The Coloplast logo is a
the skills of an engineer. Guided by empathy, our mission is to make life easier for people with intimate healthcare needs. registered trademark of
Over decades, we have helped millions of people to live a more independent life and we continue to do so through Coloplast A/S. © 2023-11
innovative products and services. Globally, our business areas include Ostomy Care, Continence Care, Advanced Wound All rights reserved Coloplast A/S,
Care, Interventional Urology and Voice and Respiratory Care. 3050 Humlebaek, Denmark.
37

Coloplast FY2022-23 - Financial - Results

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Coloplast FY2022-23 - Financial - Results

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Announcement no.

Financial highlights and key ratios

Update on strategic priorities

Sustainability Operational efficiency

Ostomy Care 9,024 8,620 8% - -3% 5%

DKK million Growth composition (Q4)

Ostomy Care 2,300 2,253 9% - -7% 2%

Sales performance by region DKK million Growth composition (12 mths)

European markets 13,908 12,916 5% 3% 0% 8%

DKK million Growth composition (Q4)

European markets 3,504 3,380 4% - 0% 4%

Voice and Respiratory

Advanced Wound Care

Growth in Q4 was driven by Europe and

Skin Care, which is mostly a US hospital FY 2022/23 advanced wound care

Update on sustainability strategy and performance

Improving products and packaging

an EBIT margin ambition of more than War in Ukraine

Revenue is particularly exposed to

EFFECT OVER 12 MONTHS OF A 10%

USD -710 -220

Statement by the Board of Directors and the Executive Management

Humlebæk, 9 November 2023

Kristian Villumsen Anders Lonning-Skovgaard Nicolai Buhl Andersen

Paul Marcun Allan Rasmussen

Lars Rasmussen Niels Peter Louis-Hansen Carsten Hellmann

Annette Brüls Jette Nygaard-Andersen Marianne Wiinholt

Thomas Barfod Roland V. Pedersen Nikolaj Kyhe Gundersen

Statement of comprehensive income

Consolidated 2022/23 2021/22 2022/23 2021/22

Revenue 2 24,500 22,579 109 6,226 6,059 103

Remeasurements of defined benefit plans -9 75 -2 -17

Total comprehensive income 4,075 4,783 1,706 1,102

Statement of cash flows

Operating profit 6,771 6,439

Investments in intangible assets -221 -208

Free cash flow -4,731 -6,660

Increase in share capital 9,100 -

Net cash flows 534 -69

Cash and cash equivalents at 1 October 414 448

Intangible assets 31,255 22,767

Inventories 3,522 3,187

Assets 48,159 37,446

Equity and liabilities

Share capital 228 216

Provisions for pensions and similar liabilities 124 115

Provisions for pensions and similar liabilities 7 6

Equity and liabilities 48,159 37,446

Statement of changes in equity, current year

Consolidated Share capital Reserves

Net profit for the period - - - - 4,657 126 4,783

Increase in share capital - 12 - - - 9,088 9,100

Equity at 30 September 18 210 -1,579 423 3,595 14,632 17,299

Statement of changes in equity, last year

Consolidated Share capital Reserves

Net profit for the period - - - - 4,247 459 4,706

Acquisition of treasury shares - - - - - -500 -500

Equity at 30 September 18 198 -910 415 3,185 5,386 8,292