Annual Report 2010/11 - Sonova

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ALL the SoundS of Life better hearing – better quality of life Communication is a megatrend and hearing is a fundamental part of it. Only those who hear and understand their environment successfully participate in our communicationbased society. As the technology and market leader in the hearing care industry, our aim is to provide people worldwide with better hearing and communication through a broad product offering, including hearing instruments and hearing implants. With our extensive technological expertise and comprehensive product portfolio, we are steadily advancing along the path of becoming the global hearing care company. “All the Sounds of Life” is the theme of this year’s Annual Report. On the following pages, you will find examples of how people use our technologies, and the quality of life they gain through our personalized hearing care solutions. I hope you enjoy this fascinating journey through the world of sounds. Alexander Zschokke Interim CEO
highLightS & Key figureS – New sales record of CHF 1,616.7 million: Sonova increased its sales by 13.3% in local currencies. – Growth across all regions: all geographic regions contributed in local currencies to the record sales figures. – Solid financial position: the Group has an equity financing ratio of 61.9% and net debt of CHF 111.3 million. – Negative impact of the temporary Advanced Bionics recall: EBITA went down to CHF 326.6 million, the EBITA margin to 20.2%. – Sonova emphasizes its technological leadership: 74% of sales were generated with hearing instruments that have been on the market for less than two years. – Substantial investments in innovation: investments in R&D totaled CHF 107.8 million, with a strong focus on future technologies. – Increase in workforce: headcount stood at 7,840 at the end of FY 2010/11, an increase of almost 1,000 resulting from both acquisitions and internal growth. – Creating a hearing care company: combined expertise and joint distribution channels between hearing instruments and hearing implants will ensure that more and more people have access to Sonova’s hearing solutions. SONOvA GROuP kEY FIGuRES in CHF m unless otherwise specified 2010/11 2009/10 2) Change in % Sales 1,616.7 1,500.3 7.8% EBITA 326.6 420.3 (22.3)% EBITA margin 20.2% 28.0% Cash-based basic earnings per share (CHF) 1) 4.27 5.61 (24.0)% Operating free cash flow1) 221.5 324.8 (31.8)% ROCE 1) 19.0% 23.0% ROE 1) 17.7% 18.9% 1) For detailed definitions, please refer to “5 Year key Figures”. 2) Restated based on finalization of the acquisition accounting of Advanced Bionics.
Page 1: THE HEARING CARE COMPANY All the So
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
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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,
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86 SUBSTANTIAl INVESTMENTS IN INNoV
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88 AdVANCEd BIoNICS RESUMES SAlES I
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90 5 year key Figures (Consolidated
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92 Consolidated Income Statements 1
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94 Consolidated Cash Flow Statement
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96 NoTeS To THe CoNSoLIdATed FINANC
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98 INveSTMeNTS IN JoINT veNTuReS In
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100 LeASING Assets that are held un
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102 SeGMeNT RePoRTING operating seg
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104 3.5 derivative financial instru
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106 3.7 Restatement of prior year
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108 Consolidated Changes in Equity
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110 5. segment information segment
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112 6. other expenses, net 1,000 ch
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114 Deferred tax assets and (liabil
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116 11. cash and cash equivalents 1
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118 14. other receivables and prepa
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120 the increase in property, plant
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122 1,000 cHf 31.3.2010 Cost Goodwi
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124 20. Provisions 1,000 cHf 31.3.2
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126 23. non-current financial liabi
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128 foreign currency sensitivity an
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130 the following table summarizes
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132 caPital RisK manaGement it is t
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134 the annual General shareholders
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136 28. Related party transactions
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138 Amounts recognized in the incom
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140 30. Employee share option and s
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142 The fair value of options/warra
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144 Changes in outstanding shares/R
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146 36. list of significant consoli
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148 REPORT OF THE STATuTORY AuDITOR
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150 Income Statements 1,000 CHF Not
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152 NOTES TO THE FINANCIAL STATEmEN
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154 Executive Equity Award Plan The
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156 Compensation to the management
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158 The following table shows the d
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160 Warrants EEAP 10 2) Warrants/ o
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162 Company name Activity Domicile
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164 Appropriation of Available Earn
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166 REPORT OF THE STATUTORy AUDITOR
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Disclaimer This report contains for
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Annual Report 2010/11 - Sonova

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