Annual Report 2010/11 - Sonova

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136 28. Related party transactions 1,000 CHF 2010/11 2009/10 2010/11 2009/10 2010/11 2009/10 Management Board Board of Directors Short-term employee benefits 8,817 8,518 1,971 1,342 10,788 9,860 Share-based payments 4,289 4,889 1,922 1,930 6,211 6,819 Total 13,106 13,407 3,893 3,272 16,999 16,679 The total compensation to the Management Board for the reporting period 2010/11, as shown above, relates to eight current members and three members that left the Management Board during the period. During the financial year 2010/11, two members joined the Management Board. The total compensation to the Management Board for 2009/10 related to nine then current members and one member that retired from the Management Board during the period. The total compensation to the Board of Directors for the reporting period 2010/11, as shown above, relates to eight current members (previous year seven members). In addition to the ordinary compensation of the Management Board 2010/11 (for further details refer to ‘Compensation to the Management Board’ in Sonova Holding AG’s financial statements 2010/11), the short-term employee benefits include the contractual compensation in connection with the resignation of Dr Valentin Chapero Rueda and Oliver Walker in the amount of CHF 2.1 million payable in the financial year 2011/12. There is a consultancy agreement between John J. Zei, a member of the Board of Directors and the Group, for specific assignments on behalf of the Group which are beyond his role as a member of the Board of Directors. In the reporting period 2010/11, a total amount of CHF 72,644 was paid by the Group for the consultancy services provided under this contract. In the previous year 2009/10, the Group finished the construction of a new high-technology manufacturing center on a site next to the Group’s headquarters in Stäfa, Switzerland. The factory was built by the general contractor R-Estate AG. The land belonged to ARim AG and has been purchased by the Group. Both R-Estate AG and ARim AG are fully owned by Andy Rihs, a member of the Board of Directors of Sonova Holding AG. The terms for purchasing the land and constructing the factory are identical to those that would have been stipulated in an agreement with an independent third party. The purchase price for the land was CHF 5.2 million, all of which was paid to ARim AG in the financial year 2009/10 and 2008/09. The amount paid to R-Estate AG for the construction of the factory (excluding interior work) was CHF 20.1 million, of which CHF 0.6 million have been paid in the reporting period (CHF 19.5 million have been paid in the previous financial years). Effective October 23, 2007 the Group entered into a lease contract with ARim AG (annual lease payment of CHF 0.3 million). In addition, as of November 2010, the Group entered into another lease contract with ARim AG (annual lease payment of CHF 0.2 million). For additional information regarding transactions with associates refer to Note 17 and Note 18. Transactions between the Group and the various post-employment benefit plans for the employees of the Group are described in Note 29. Further information in accordance with Swiss law relating to remuneration and ownership of shares and options of the Board of Directors and the Management Board can be found in Note 2.5 of the financial statements of Sonova Holding AG. Total
29. Employee benefits CONSOlIDATED FINANCIAl STATEMENTS 137 Sonova Group’s retirement plans include defined benefit pension plans, primarily in Switzerland but also in several other countries. These plans are both funded and unfunded and are accounted for as defined benefit plans according to IAS 19, based on recent actuarial valuations. The results of the plans are summarized below: Amounts recognized in the balance sheet CHF 1,000 31.3.2011 31.3.2010 Present value of funded obligations (197,709) (166,278) Fair value of plan assets 193,460 167,890 Net present value of funded plans (4,249) 1,612 Present value of unfunded obligations (1,018) (1,033) Total (liabilities)/assets, net (5,267) 579 Amounts in the balance sheet: liabilities (5,267) (1,180) Assets 1,759 Actuarial loss/(gain) recognized in other comprehensive income CHF 1,000 2010/11 2009/10 Actuarial loss on obligations 5,799 532 Actuarial loss/(gain) on plan assets 1,215 (23,870) Actuarial loss/(gain) recognized in other comprehensive income 7,014 (23,338) Cumulative actuarial loss recognized in equity CHF 1,000 2010/11 2009/10 Recognized actuarial loss at beginning of period 6,156 29,494 Actuarial loss/(gain) charged for the year 7,014 (23,338) Cumulative actuarial loss recognized in equity 13,170 6,156
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THE HEARING CARE COMPANY All the So
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highLightS & Key figureS - New sale
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02 Foreword 06 Sonova Group 16 Hear
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from 2002 to 2004 and subsequently
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eaKinG barrierS - with talent and t
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ON THE WAY TO BECOMING A GLOBAL HEA
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and a global distribution network e
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THE SONOVA GROUP No hearring loosss
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Better hearing for people with norm
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StraiGHt From real liFe - cowboy ha
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THE HEARING INSTRUMENT MARKET - CON
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THE PHONAK SPICE GENERATION - THE S
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WIDE RANGE OF HEARING INSTRUMENTS T
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LYRIC - THE “CONTACT LENS FOR THE
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Sonova is investing heavily in the
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Eight years later, Evelyn almost co
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THE HEARING IMPLANTS SEGMENT In the
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The considerable strategic importan
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ABOUT ADVANCED BIONICS Advanced Bio
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worKinG - and communicating safely
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EMPLOYEES FOCUS ON PEOPLE One of th
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ISO 9001:2000 and 13485:2003 certif
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The key environmental data shown in
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ENVIRONMENTAL MANAGEMENT AT THE ST
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CAMBODIA - BETTER OPPORTUNITIES FOR
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Better hearing - better success at
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in critical moments. As a consequen
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CrOSS-SHArEHOLDInGS Sonova Holding
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BOArD Of DIrECTOrS The primary duty
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Andy rihs Co-founder, non-executive
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onald van der Vis non-executive mem
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AuDIT COMMITTEE The members of the
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Alexander Zschokke Interim CEO, GVP
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Dr Hans Leysieffer GVP research & D
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COmPenSatiOn and SharehOldingS - co
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The shares/rSus have a blocking per
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COMPEnSATIOn TO MEMBErS Of THE MAnA
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SHArEHOLDInGS Of MEMBErS Of THE BOA
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The following table shows the detai
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CHAnGES Of COnTrOL AnD DEfEnSE MEAS
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COMPEnSATIOn rEPOrT inveStOrS at SO
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develOPing SPeeCh CaPaBilitieS - mo
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82 Financial Review - setting the c
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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 114 and 115: 110 5. segment information segment
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 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
Page 164 and 165: 160 Warrants EEAP 10 2) Warrants/ o
Page 166 and 167: 162 Company name Activity Domicile
Page 168 and 169: 164 Appropriation of Available Earn
Page 170 and 171: 166 REPORT OF THE STATUTORy AUDITOR
Page 173 and 174: Disclaimer This report contains for
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Annual Report 2010/11 - Sonova

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