Q3 2020 Demant A/S Interim Management Statement Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas M. Jones - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I have 2 questions. I may have missed this. I apologize if I did. But could you give us some indication of the sort of underlying or end user, however you want to define it, EPOS growth in Q3 and perhaps how they compare to Q2 and Q1. And then the second question I had -- I mean if I look at your performance in H1 and your expected performance in H2, and I kind of ex out the IT incident and the contribution from EPOS, I guess at the start of the year, you would have expected to have seen your business grow. So if I compare what you're now looking at delivering this year versus that number, maybe 20%, 25% of your business has not materialized this year. Could you perhaps give us some sense from your perspective of how much of that number you think is business, that's kind of just lost to the industry forever. How much is business that you perhaps lost to competitor and how much is kind of business that's just sitting there on ice waiting to be captured by somebody, hopefully, but undoubtfully, somebody at some point over the next 12 to 24 months?

Question: Thomas M. Jones - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : And if that volume comes back at some point next year, it will come back at the same time for everybody, the market to market. So how quickly do you think you might need to ramp up distribution cost and marketing expenses? And are you still positioned well enough to do that?

Question: Thomas M. Jones - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Okay. Fair enough. And then on EPOS?

Question: Thomas M. Jones - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Sorry, I might have missed it in the call, but I just wondered if you could give us some indication of the kind of growth that you saw -- the underlying growth, sort of the end-user demand growth in that business in Q3 and how that compared to Q2 and Q1?

Question: Daniel Jelovcan - Mirabaud Securities Limited, Research Division - Analyst : My question was also on OTC. But -- so the other one is on the VA, you mentioned that you had some export issues. Can you elaborate a bit on that?