Annual Report 2010/11 - Sonova

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16 HearinG inStrumentS – global market leader thanks to innovation and a broad product portfolio Cutting-edge technology, innovative service concepts, and strong brands: Sonova enables people with virtually every type and degree of hearing loss to hear better and live a fuller life. Sonova is extending its technological leadership with the Spice platform: – Chipset with 16 million transistors – 200 million processing operations per second – 1.5 Mbit memory – The premium Phonak Ambra device sets standards in terms of performance and speech intelligibility CRT (Canal Receiver Technology) is currently the fastest growing market segment for Behind-The-Ear hearing instruments. With the most comprehensive CRT portfolio in the industry, Sonova is well positioned to benefit disproportionately from this trend. THE MARKET LEADER IN FIGURES — 74% of sales are generated by products that are less than two years old. — Sales in financial year 2010/11: CHF 1,546 million. — Share of total Group sales: 96% Strongly positioned with 5 product groups: Phonak is introducing Lyric, the “contact lens for the ear”, also in markets outside the USA. Lyric is the first invisible hearing instrument that can be worn around the clock for up to four months at a time. The new product concept has the potential to revolutionize attitudes to hearing loss and hearing instruments. Unitron offers a comprehensive range of hearing instruments with a good price-performance ratio. Models with advanced features and CRT models at all price levels ensure that the entire market is fully covered. The young Sona brand represents an entirely new product and service concept with many advantages for hearing care professionals and end customers alike: immediate availability, easy storage, fast results. Sales in CHF: — First class hearing instruments: 398 million — Business class hearing instruments: 379 million — Economy class hearing instruments: 481 million — Wireless communication systems: 75 million — Miscellaneous products: 213 million
THE HEARING INSTRUMENT MARKET – CONTINUOUS GROWTH According to estimates, more than 9.5 million hearing instruments were sold worldwide last year. Europe, the Middle East and Africa (EMEA) account for roughly 45% of the global market, while around 35% of products are sold in the USA and 20% in the rapidly developing Asia/ Pacific region. Sonova is well established in the target markets of North America and Europe and is pursuing a clear growth strategy in the emerging markets. SALES BY SEGMENTS 2010/11 in % Hearing instruments Hearing implants The market for hearing instruments has been growing continuously for years – a trend that is expected to continue. Unit sales in the hearing instrument segment grew by an estimated 4–5% last year. Sonova estimates the long-term average growth in unit sales worldwide to be 4–7% per year. HEARING INSTRUMENTS PENETRATION RATE Penetration rate in %: 100 75 50 25 4 96 HEARING INSTRUMENTS One key growth driver is demographic development: as a result of population growth, longer life expectancy, an increase in average age, and exposure to noise pollution at work and in leisure time, an increasing number of people need a hearing instrument. In addition, an above-average increase in demand for hearing instruments is expected among the baby boomer generation in the coming years. The number of replacement purchases increases the older a person becomes, while more and more young people are being diagnosed with hearing loss. In the future, people will wear hearing instruments over a much longer period of their lives and will require a larger number of systems. Further potential lies in the relatively low penetration rate: only 20% of people in the industrialized countries who would benefit from a hearing instrument currently wear one. Penetration generally depends to a large extent on the degree of hearing loss: 70% of people with severe to profound hearing loss who can barely manage in everyday life without the assistance of technology wear a hearing system. The penetration rate is just under 50% for people with moderate hearing loss and only 10% for people with mild hearing loss. Emerging markets, including South America and Asia Pacific, increasingly become a growth driver as well. With the average income steadily rising in these regions, a continuously growing penetration rate can be expected in these markets in the coming years. 0 10% Hearing loss degree: mild moderate severe to profound Penetration rate of people in the industrial countries 50% 70% 17
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: StraiGHt From real liFe - cowboy ha
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
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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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