Annual Report 2010/11 - Sonova

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caPital RisK manaGement
it is the Group’s policy to maintain a strong equity capital base and an unleveraged balance sheet to support the further
development of its business. the Group aims to keep an “investment grade” rating which results in an actual debt capacity
of around cHf 1 billion.
the company targets a dividend pay-out ratio of between 20 and 25%.
25. other long-term liabilities
1,000 cHf 31.3.2011 31.3.2010
long-term deferred income 15,587 14,167
Retirement benefit obligations 5,267 1,180
Total 20,854 15,347
long-term deferred income relates to long-term service contracts with customers. deferred income is recognized as a sale
over the period of the service contract.
the retirement benefit obligation relates to defined benefit plans. for details refer to note 29.