Annual Report 2010/11 - Sonova
Annual Report 2010/11 - Sonova Annual Report 2010/11 - Sonova
110 5. segment information segment infoRmation By Business segments until the acquisition of advanced Bionics in the financial year 2009/10, the group was active in one operating segment. with the acquisition of advanced Bionics as of december 30, 2009, the group entered into a new business segment (hearing implants) which is reported separately to the group’s chief operating decision maker. the financial information that is provided to the group’s chief operating decision maker (ie. chief executive officer), which is used to allocate resources and to assess the performance, is primarily based on the sales analysis (by product groups and regions) as well as the consolidated income statements, balance sheets and cash flow statements for the individual segments. hearing instruments: this operating segment includes the companies that are active in the design, development, manufacture, distribution and service of hearing instruments and related products. Research and development is predominantly centralized in switzerland and canada. Production of hearing instruments is concentrated in three production centers in switzerland, china, and vietnam. technologically advanced production processes are performed in switzerland, whereas standard assembly of products is conducted in asia. most of the marketing activities are steered by the brand marketing departments in switzerland, canada, and the united states. the execution of marketing campaigns lies with the sales organizations in each market. the distribution of products is effected through sales organizations in the individual markets. the distribution channels of the group in the individual markets vary depending on the sales strategy and the characteristics of the countries. hearing implants: this operating segment includes the companies that are active in the design, development, manufacture, distribution and service of hearing implants and related products. Besides the acquired company advanced Bionics which provides cochlear implant systems, the segment also consists of Phonak acoustic implants. Phonak acoustic implants, located in switzerland, is developing a middle ear implant. Research and development, production as well as marketing activities of advanced Bionics are predominantely centralized in the united states. the distribution of products is effected through sales organizations in the individual markets. 1,000 chf 2010/11 2009/10 2010/11 2009/10 1) 2010/11 2009/10 2010/11 2009/10 1) hearing instruments hearing implants eliminations total segment sales 1,545,890 1,475,058 70,915 25,248 1,616,805 1,500,306 Intersegment sales (15) (90) (105) Sales Operating profit before acquisitionrelated amortization and impairment 1,545,875 1,475,058 70,825 25,248 1,616,700 1,500,306 (EBITA) 371,661 428,100 (45,039) (7,824) 326,622 420,276 Segment assets 1,873,647 1,891,070 433,573 507,220 (404,274) (555,811) 1,902,946 1,842,479 Unallocated assets2) 268,698 481,547 Total assets 2,171,644 2,324,026 1) Restated based on finalization of the acquisition accounting of advanced Bionics (for details refer to note 3.7). 2) unallocated assets include cash and cash equivalents, other current financial assets (excluding loans), investments in associates/joint ventures, employee benefit assets, and deferred tax assets.
consolidated financial statements 111 Reconciliation of reportable segment profit 1,000 chf 2010/11 2009/10 1) EBITA (as per segment reporting) 326,622 420,276 acquisitionrelated amortization (20,312) (12,301) Impairment 2) (35,500) (156,556) financial costs, net (13,664) (4,193) share of gain/(loss) in associates/joint ventures 2,960 (769) Income before taxes 260,106 246,457 1) Restated based on finalization of the acquisition accounting of advanced Bionics (for details refer to note 3.7). 2) impairment in the financial year 2010/11 and 2009/10 relates to the segment “hearing implants.” entity-wide disclosuRes Sales by product groups 1,000 chf 2010/11 2009/10 first class hearing instruments 398,015 378,075 Business class hearing instruments 378,420 352,992 economy class hearing instruments 481,274 460,504 wireless communication systems 75,056 74,843 Miscellaneous 213,110 208,644 Total hearing instruments 1,545,875 1,475,058 hearing implants 70,825 25,248 Total sales 1,616,700 1,500,306 Sales and selected non-current assets by regions 1,000 chf 2010/11 2009/10 2010/11 2009/10 1) country sales 2) selected noncurrent assets 3) switzerland 41,279 45,426 176,931 205,497 eMea (excl. switzerland) 596,777 582,697 270,730 201,795 United states 595,564 546,583 647,052 632,598 americas (excl. Usa) 246,965 196,372 151,834 172,182 asia/Pacific 136,115 129,228 55,434 43,581 Total Group 1,616,700 1,500,306 1,301,981 1,255,653 1) Restated based on finalization of the acquisition accounting of advanced Bionics (for details refer to note 3.7). 2) sales based on location of customers. 3) total of property, plant and equipment, intangible assets and investment in associates/joint ventures. as common in this industry, the sonova group has a large number of customers. there is no single customer who accounts for more than 10% of total sales.
- Page 63 and 64: AuDIT COMMITTEE The members of the
- Page 65 and 66: Alexander Zschokke Interim CEO, GVP
- Page 67 and 68: Dr Hans Leysieffer GVP research & D
- Page 69 and 70: COmPenSatiOn and SharehOldingS - co
- Page 71 and 72: The shares/rSus have a blocking per
- Page 73 and 74: COMPEnSATIOn TO MEMBErS Of THE MAnA
- Page 75 and 76: SHArEHOLDInGS Of MEMBErS Of THE BOA
- Page 77 and 78: The following table shows the detai
- Page 79 and 80: CHAnGES Of COnTrOL AnD DEfEnSE MEAS
- Page 81 and 82: COMPEnSATIOn rEPOrT inveStOrS at SO
- Page 83: develOPing SPeeCh CaPaBilitieS - mo
- Page 86 and 87: 82 Financial Review - setting the c
- Page 88 and 89: 84 SALES in CHF m EBITA in CHF m 1,
- Page 90 and 91: 86 SUBSTANTIAl INVESTMENTS IN INNoV
- Page 92 and 93: 88 AdVANCEd BIoNICS RESUMES SAlES I
- Page 94 and 95: 90 5 year key Figures (Consolidated
- Page 96 and 97: 92 Consolidated Income Statements 1
- Page 98 and 99: 94 Consolidated Cash Flow Statement
- Page 100 and 101: 96 NoTeS To THe CoNSoLIdATed FINANC
- Page 102 and 103: 98 INveSTMeNTS IN JoINT veNTuReS In
- Page 104 and 105: 100 LeASING Assets that are held un
- Page 106 and 107: 102 SeGMeNT RePoRTING operating seg
- Page 108 and 109: 104 3.5 derivative financial instru
- Page 110 and 111: 106 3.7 Restatement of prior year
- Page 112 and 113: 108 Consolidated Changes in Equity
- Page 116 and 117: 112 6. other expenses, net 1,000 ch
- Page 118 and 119: 114 Deferred tax assets and (liabil
- Page 120 and 121: 116 11. cash and cash equivalents 1
- Page 122 and 123: 118 14. other receivables and prepa
- Page 124 and 125: 120 the increase in property, plant
- Page 126 and 127: 122 1,000 cHf 31.3.2010 Cost Goodwi
- Page 128 and 129: 124 20. Provisions 1,000 cHf 31.3.2
- Page 130 and 131: 126 23. non-current financial liabi
- Page 132 and 133: 128 foreign currency sensitivity an
- Page 134 and 135: 130 the following table summarizes
- Page 136 and 137: 132 caPital RisK manaGement it is t
- Page 138 and 139: 134 the annual General shareholders
- Page 140 and 141: 136 28. Related party transactions
- Page 142 and 143: 138 Amounts recognized in the incom
- Page 144 and 145: 140 30. Employee share option and s
- Page 146 and 147: 142 The fair value of options/warra
- Page 148 and 149: 144 Changes in outstanding shares/R
- Page 150 and 151: 146 36. list of significant consoli
- Page 152 and 153: 148 REPORT OF THE STATuTORY AuDITOR
- Page 154 and 155: 150 Income Statements 1,000 CHF Not
- Page 156 and 157: 152 NOTES TO THE FINANCIAL STATEmEN
- Page 158 and 159: 154 Executive Equity Award Plan The
- Page 160 and 161: 156 Compensation to the management
- Page 162 and 163: 158 The following table shows the d
consolidated financial statements <strong>11</strong>1<br />
Reconciliation of reportable segment profit 1,000 chf <strong>2010</strong>/<strong>11</strong> 2009/10 1)<br />
EBITA (as per segment reporting) 326,622 420,276<br />
acquisitionrelated amortization (20,312) (12,301)<br />
Impairment 2) (35,500) (156,556)<br />
financial costs, net (13,664) (4,193)<br />
share of gain/(loss) in associates/joint ventures 2,960 (769)<br />
Income before taxes 260,106 246,457<br />
1) Restated based on finalization of the acquisition accounting of advanced Bionics (for details refer to note 3.7).<br />
2) impairment in the financial year <strong>2010</strong>/<strong>11</strong> and 2009/10 relates to the segment “hearing implants.”<br />
entity-wide disclosuRes<br />
Sales by product groups 1,000 chf <strong>2010</strong>/<strong>11</strong> 2009/10<br />
first class hearing instruments 398,015 378,075<br />
Business class hearing instruments 378,420 352,992<br />
economy class hearing instruments 481,274 460,504<br />
wireless communication systems 75,056 74,843<br />
Miscellaneous 213,<strong>11</strong>0 208,644<br />
Total hearing instruments 1,545,875 1,475,058<br />
hearing implants 70,825 25,248<br />
Total sales 1,616,700 1,500,306<br />
Sales and selected non-current assets by regions 1,000 chf <strong>2010</strong>/<strong>11</strong> 2009/10 <strong>2010</strong>/<strong>11</strong> 2009/10 1)<br />
country sales 2) selected<br />
noncurrent<br />
assets 3)<br />
switzerland 41,279 45,426 176,931 205,497<br />
eMea (excl. switzerland) 596,777 582,697 270,730 201,795<br />
United states 595,564 546,583 647,052 632,598<br />
americas (excl. Usa) 246,965 196,372 151,834 172,182<br />
asia/Pacific 136,<strong>11</strong>5 129,228 55,434 43,581<br />
Total Group 1,616,700 1,500,306 1,301,981 1,255,653<br />
1) Restated based on finalization of the acquisition accounting of advanced Bionics (for details refer to note 3.7).<br />
2) sales based on location of customers.<br />
3) total of property, plant and equipment, intangible assets and investment in associates/joint ventures.<br />
as common in this industry, the sonova group has a large number of customers. there is no single customer who accounts<br />
for more than 10% of total sales.
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