Annual Report 2010/11 - Sonova
Annual Report 2010/11 - Sonova Annual Report 2010/11 - Sonova
148 REPORT OF THE STATuTORY AuDITOR ON THE CONSOlIDATED FINANCIAl STATEMENTS Report of the Statutory Auditor on the Consolidated Financial Statements 2010/11 to the Annual General Shareholders’ Meeting of Sonova Holding AG Stäfa REPORT OF THE STATuTORY AuDITOR ON THE CONSOlIDATED FINANCIAl STATEMENTS As statutory auditor, we have audited the consolidated financial statements of Sonova Holding AG, which comprise the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, consolidated changes in equity and notes (pages 92 to 147) for the year ended 31 March, 2011. Board of Directors’ responsibility The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) and the requirements of Swiss law. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards as well as the International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
CONSOlIDATED FINANCIAl STATEMENTS 149 Opinion In our opinion, the consolidated financial statements for the year ended March 31, 2011, give a true and fair view of the financial position, the results of operations and the cash flows in accordance with the International Financial Reporting Standards (IFRS) and comply with Swiss law. REPORT ON OTHER lEGAl REquIREMENTS We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence. In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists which has been designed for the preparation of consolidated financial statements according to the instructions of the Board of Directors. We recommend that the consolidated financial statements submitted to you be approved. PricewaterhouseCoopers AG Patrick Balkanyi urs Honegger Audit expert Audit expert Auditor in charge Zurich, May 10, 2011
- 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 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 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
CONSOlIDATED FINANCIAl STATEMENTS 149<br />
Opinion<br />
In our opinion, the consolidated financial statements for the year ended March 31, 20<strong>11</strong>, give a true and fair view of the<br />
financial position, the results of operations and the cash flows in accordance with the International Financial <strong>Report</strong>ing<br />
Standards (IFRS) and comply with Swiss law.<br />
REPORT ON OTHER lEGAl REquIREMENTS<br />
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence<br />
(article 728 CO and article <strong>11</strong> AOA) and that there are no circumstances incompatible with our independence.<br />
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal<br />
control system exists which has been designed for the preparation of consolidated financial statements according to the<br />
instructions of the Board of Directors.<br />
We recommend that the consolidated financial statements submitted to you be approved.<br />
PricewaterhouseCoopers AG<br />
Patrick Balkanyi urs Honegger<br />
Audit expert Audit expert<br />
Auditor in charge<br />
Zurich, May 10, 20<strong>11</strong>
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