Annual Report 2010/11 - Sonova

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76 InfOrMATIOn POLICy As a publicly listed company, the Sonova Group pursues an open and active information policy. A governing principle of this policy is to treat all stakeholders alike and to inform them at the same time. It is our aim to inform our shareholders, employees, and business partners in the most direct, open, and transparent way possible about our strategy, our global activities, and the current state of the company. An investigation carried out by the law firm Homburger confirmed, among other things, breaches of the ad-hoc publication requirement in financial year 2010/2011. In response to this finding, the Board of Directors created a task force to establish improved internal processes and ensure compliance with them in order to prevent these failings occurring again. All publications are made available to all shareholders, the media and the stock exchange at the same time. All shareholders entered in the share register automatically receive an invitation to the General Shareholders’ Meeting and to order a copy of the Annual report of Sonova Holding AG. The financial report is drawn up in line with International financial reporting Standards (IfrS). The website of the Sonova Group also contains information on the company results, as well as current investor presentations. The Investor relations Program covers presentations of annual and interim results, presentations on the latest product launches, meetings with investors and analysts in major financial centers, visits to the research & Development department and Production at Stäfa (Switzerland), and presentations at broker-sponsored industry conferences. InSIDEr TrADInG POLICy In order to prevent insiders from benefiting from confidential information, the Board of Directors has issued guidelines on how to deter corporate insiders from making use of confidential information. The Board of Directors has established blocking periods to prevent insiders from trading in shares and options of Sonova Holding AG during sensitive phases. According to the Articles of Association, the decision to implement such a black-out period lies jointly with the CEO and CfO. As part of the investigation by the law firm Homburger, a failure was also detected in the runup to the profit warning with regard to the black-out period. The Task force deployed has also taken on this issue.
COMPEnSATIOn rEPOrT inveStOrS at SOnOva’S weBSite – important information CAPITAL STruCTurE AnD SHArEHOLDEr rIGHTS Share data www.sonova.com/en/investors/sharedata Shareholder structure www.sonova.com/en/commitments/corporatebodies/pages/ shareholderstructure.aspx restrictions on shareholder rights www.sonova.com/en/commitments/corporatebodies/pages/ shareholderparticipationrights.aspx regulations and principles Articles of Association Organizational regulations rules on Board Operations and Procedures Committee Charters Code of Conduct Supplier Principles www.sonova.com/en/commitments/regulationsprinciples financial information Corporate & ad hoc news Annual reports Semi-Annual reports Ir presentations www.sonova.com/en/investors Information on the General Shareholders’ Meeting Invitation and agenda General Shareholders’ Meeting presentations General Shareholders’ Meeting minutes www.sonova.com/en/investors/ generalshareholdersmeeting Ir online news service Ir news Service www.sonova.com/en/about/pages/newsletter.aspx Contact and order form Ir Contact form Order form for Annual reports www.sonova.com/en/about/pages/contactorder.aspx fInAnCIAL CALEnDAr June 21, 2011 General Shareholders’ Meeting of Sonova Holding AG at Zurich Hallenstadion, Zurich-Oerlikon november 16, 2011 Publication of Semi-Annual report as of September 30, 2011 Media and Analysts Conference May 2012 Publication of Annual report as of March 31, 2012 Media and Analysts Conference June 2012 General Shareholders’ Meeting of Sonova Holding AG at Zurich Hallenstadion, Zurich-Oerlikon COnTACTS Sonova Holding AG Investor & Corporate relations Laubisrütistrasse 28 8712 Stäfa Switzerland Phone +41 58 928 33 33 fax +41 58 928 33 99 E-mail ir@sonova.com Website www.sonova.com Director Investor & Corporate relations Dr Holger Schimanke Assistant Investor & Corporate relations nicole Müller Share register ShareCommService AG Verena Deil Europastrasse 29 8152 Glattbrugg Switzerland Phone +41 44 809 58 53 fax +41 44 809 58 59 77
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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
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: CHAnGES Of COnTrOL AnD DEfEnSE MEAS
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
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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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