Annual Report 2010/11 - Sonova

More documents

Recommendations

Info

162 Company name Activity Domicile Share capital Local currency 1,000 Asia/Pacific Shares held by Sonova Holding Phonak Pty. Ltd. B Baulkham Hills (AU) AUD 750 100% Phonak (Shanghai) Co., Ltd B Shanghai (CN) CNy 20,041 100% Sichuan i-hear Co., Ltd. B Sichuan (CN) CNy 19,119 100% Unitron Hearing (Suzhou) Co., Ltd. C Suzhou (CN) CNy 46,249 100% Phonak India Pvt. Ltd. B Navi Mumbai (IN) INR 100 100% Phonak Japan Co., Ltd. B Tokyo (JP) JPy 10,000 100% Phonak Korea Ltd. B Seoul (KR) KRW 50,000 100% Unitron Hearing Korea Co., Ltd. B Seoul (KR) KRW 200,000 37.5% Phonak New Zealand Ltd. B Auckland (NZ) NZD 250 100% Phonak Operation Center Vietnam Co., Ltd. C Binh Duong (VN) VND 36,156,000 100% Description: A Holding/Finance: the entity is a holding or finance company. B Sales: the entity performs sales and marketing activities for the Group. C Production: this entity performs manufacturing for the Group. D Research: this entity performs research and development activities for the Group. 1) ZAR 400 3.4 Bank loans The acquisition of the Advanced Bionics Corporation was financed by Sonova Holding AG with a combination of existing cash and an underwritten senior credit facility in the amount of CHF 470 million. The senior credit facility is made in two tranches, a CHF 230 million term facility with a term of five years and a CHF 240 million amortizing loan with a term of three years, whereof CHF 200 million has been re-paid in the current financial year. Within the next twelve months CHF 40 mil lion will become due for repayment. 3.5 Reserve for treasury shares A reserve for treasury shares in the amount of CHF 5,305,993 (previous year CHF 26,353,024) was established which is equal to the cost price (see Note 3.1). No treasury shares are held by other Group companies (previous year CHF 1,538,863 included in the reserve for treasury shares of Sonova Holding AG). The decrease of the reserve for treasury shares in the amount of CHF 21,047,031 resulted from the sales of treasury shares by Sonova Holding AG and other Group companies.
3.6 Summary of changes in shareholders’ equity 1,000 CHF Share capital FINANCIAL STATEmENTS OF SONOVA HOLDING AG 163 General reserve Reserve from capital contributions Reserve for treasury shares Retained earnings Total shareholders’ equity Balance April 1, 2010 3,305 112,016 26,353 578,053 719,727 Dividend paid (79,195) (79,195) Capital increases (incl. share premium) from conditional capital 21 36,482 36,503 Reclass of reserve from capital contributions (79,573) 79,573 Decrease in reserve for treasury shares (21,047) 21,047 Net profit for the year 231,131 231,131 Balance March 31, 2011 3,326 32,443 116,055 5,306 751,036 908,166 During the financial year 2010/11, an additional 423,648 registered shares with a par value of CHF 0.05 each, or a total par value of CHF 21,182 were issued from the conditional capital (which was created for the purpose of an equity participation for key employees of the Sonova Group) for a total net consideration of CHF 36,503,258. In the financial year 2010/11, the conditional share capital with a par value of CHF 320,234 (6,404,675 shares) decreased by CHF 21,182 or 423,648 shares (previous year CHF 28,933 or 578,661 shares), thereby leaving CHF 299,051 (5,981,027 shares) for distribution. Based on the remaining conditional capital, a total of 1,725,184 (previous year 2,142,314) employee stock options were outstanding as of march 31, 2011, which can be exercised until February 2016 . With the new capital contribution principle effective as of January 1, 2011, Swiss companies are able to distribute additional paid-in capital in the form of dividends without Swiss withholding tax consequences to its shareholders. This requires companies to separately account for the reserves from capital contributions in a separate line within the legal reserves. Sonova Holding AG is building the capital contribution reserves in two steps in which the distributable legal and free reserves are allocated, the latter is subject to the shareholders approval. Share premiums received in 2010/11 have been directly allocated to the capital contribution reserve. The impact on the equity resulting from the capital contribution principle is shown in the appropriation of available earnings. The treasury share reserve differs from the treasury shares in the consolidated financial statements due to Warrant Appreciation Rights (WARs). Derivative instruments such as WARs are not recorded in the financial statements of Sonova Holding AG (off balance sheet transaction). 4. Notes to the income statement 4.1 Investment income This comprises dividends received from Group companies and other investments. 4.2 Taxes The tax expense consists of Swiss federal taxes on non-investment income (the company is exempt from income taxes in the canton of Zurich). The net income from investments exceeds the net profit in the current year and therefore, no income taxes are due.
Page 1 and 2:
THE HEARING CARE COMPANY All the So
Page 3 and 4:
highLightS & Key figureS - New sale
Page 5 and 6:
02 Foreword 06 Sonova Group 16 Hear
Page 7 and 8:
from 2002 to 2004 and subsequently
Page 9 and 10:
eaKinG barrierS - with talent and t
Page 11 and 12:
ON THE WAY TO BECOMING A GLOBAL HEA
Page 13 and 14:
and a global distribution network e
Page 15 and 16:
THE SONOVA GROUP No hearring loosss
Page 17 and 18:
Better hearing for people with norm
Page 19 and 20:
StraiGHt From real liFe - cowboy ha
Page 21 and 22:
THE HEARING INSTRUMENT MARKET - CON
Page 23 and 24:
THE PHONAK SPICE GENERATION - THE S
Page 25 and 26:
WIDE RANGE OF HEARING INSTRUMENTS T
Page 27 and 28:
LYRIC - THE “CONTACT LENS FOR THE
Page 29 and 30:
Sonova is investing heavily in the
Page 31 and 32:
Eight years later, Evelyn almost co
Page 33 and 34:
THE HEARING IMPLANTS SEGMENT In the
Page 35 and 36:
The considerable strategic importan
Page 37 and 38:
ABOUT ADVANCED BIONICS Advanced Bio
Page 39 and 40:
worKinG - and communicating safely
Page 41 and 42:
EMPLOYEES FOCUS ON PEOPLE One of th
Page 43 and 44:
ISO 9001:2000 and 13485:2003 certif
Page 45 and 46:
The key environmental data shown in
Page 47 and 48:
ENVIRONMENTAL MANAGEMENT AT THE ST
Page 49 and 50:
CAMBODIA - BETTER OPPORTUNITIES FOR
Page 51 and 52:
Better hearing - better success at
Page 53 and 54:
in critical moments. As a consequen
Page 55 and 56:
CrOSS-SHArEHOLDInGS Sonova Holding
Page 57 and 58:
BOArD Of DIrECTOrS The primary duty
Page 59 and 60:
Andy rihs Co-founder, non-executive
Page 61 and 62:
onald van der Vis non-executive mem
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 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 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 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
show all

Annual Report 2010/11 - Sonova

Create successful ePaper yourself

Delete template?

Save as template?