Annual Report 2010/11 - Sonova

4. changes in group structure
consolidated financial statements 109
in the financial year 2010/11 the group entered into several business combinations which were individually not significant.
the companies acquired are in the business of distributing hearing instruments. while in most of the acquisitions 100% of
the share capital was acquired, the group also entered into three business combinations where the group previously held
an equity investment (step up acquisitions). for these acquisitions, the previously held equity share was revalued to fair
value, considering any fair value adjustments in the income statements (included in financial result).
in addition to the companies acquired, the group established new sales organizations in the hearing implant business in
turkey (aB turkey) and australia (aB australia) and in the hearing instrument business in taiwan (Phonak taiwan).
in the financial year 2009/10 the group entered into two main business combinations, acquiring in each case 100% of the
share capital. as of december 30, 2009, the group acquired advanced Bionics corporation, ca, usa. advanced Bionics is
a global leader in developing and manufacturing cochlear implant systems.
as of January 6, 2010, the group acquired insound medical inc., newark, usa. insound medical is the manufacturer of
lyric, an innovative, totally invisible, extended­wear hearing solution for those with mild to moderate hearing loss.
insound medical has commercially marketed lyric in the u.s. since 2008.
in addition, the group acquired several small entities which are in the business of distributing hearing instruments.
the effect of the acquisitions for the financial year 2010/11 and 2009/10 is disclosed in note 27.