Annual Report 2010/11 - Sonova
Annual Report 2010/11 - Sonova Annual Report 2010/11 - Sonova
90 5 year key Figures (Consolidated) in 1,000 CHF unless otherwise specified 2010/11 Restated 2009/10 1) Sales 1,616,700 1,500,306 change compared to previous year (%) 7.8 20.1 Gross profit 1,118,681 1,058,597 change compared to previous year (%) 5.7 22.1 in % of sales 69.2 70.6 Research & development costs 107,760 87,034 in % of sales 6.7 5.8 Sales & marketing costs 498,589 402,626 in % of sales 30.8 26.8 Operating profit before acquisition-related amortization and impairment (EBITA) 326,622 420,276 change compared to previous year (%) (22.3) 26.7 in % of sales 20.2 28.0 Operating profit (EBIT) 270,810 251,419 change compared to previous year (%) 7.7 (22.6) in % of sales 16.8 16.8 Income after taxes 231,080 216,632 change compared to previous year (%) 6.7 (23.8) in % of sales 14.3 14.4 Number of employees (average) 7,291 5,933 change compared to previous year (%) 22.9 16.1 Number of employees (end of period) 7,840 6,843 change compared to previous year (%) 14.6 28.2 Net cash 5) (111,287) (126,029) Net working capital 6) 158,190 144,363 in % of sales 9.8 9.6 Capital expenditure (tangible and intangible assets) 7) 111,457 89,272 Capital employed 8) 1,455,999 1,388,537 in % of sales 90.1 92.6 Total assets 2,171,644 2,324,026 Equity 1,344,712 1,262,508 Equity financing ratio (%) 9) 61.9 54.3 Free cash flow 10) 71,593 (301,388) Operating free cash flow 11) 221,541 324,754 in % of sales 13.7 21.6 Return on capital employed (%) 12) 19.0 23.0 Return on equity (%) 13) 17.7 18.9 Basic earnings per share (CHF) 3.50 3.32 diluted earnings per share (CHF) 3.47 3.28 Cash-based basic earnings per share (CHF) 14) 4.27 5.61 dividend per share (CHF) 1.20 15) 1.20 1) Restated based on finalization of the acquisition accounting of Advanced Bionics (for details refer to Note 3.7). 2) All changes compared to previous year are based on the underlying performance 2007/08. 3) Restated as a result of initial application of IFRIC 14. 4) Excluding one-off costs for the prohibited acquisition of the GN ReSound Group. Balance sheet and cash flow as reported. 5) Cash and cash equivalents + other current financial assets (without loans) – short-term debts – other current financial liabilities – non-current financial liabilities. 6) Receivables (incl. loans) + inventories – trade payables – current income tax liabilities – other short-term liabilities – short-term provisions. 7) Excluding goodwill and intangibles relating to acquisitions. 8) Total assets – cash and cash equivalents – other current financial assets (without loans) – trade payables – other liabilities – provisions – tax liabilities.
Reported 2009/10 2008/09 2) Reported performance 2007/08 3) Underlying performance 2007/08 3)/4) 2006/07 1,500,306 1,249,197 1,204,779 1,204,779 1,072,796 20.1 3.7 12.3 12.3 23.8 1,058,427 867,218 841,584 841,584 732,075 22.0 3.0 15.0 15.0 26.7 70.5 69.4 69.9 69.9 68.2 87,034 77,377 76,454 76,454 67,590 5.8 6.2 6.3 6.3 6.3 402,626 340,312 309,200 309,200 278,978 26.8 27.2 25.7 25.7 26.0 420,106 331,778 331,737 339,752 283,643 26.6 (2.3) 17.0 19.8 32.6 28.0 26.6 27.5 28.2 26.4 406,753 325,014 326,743 334,758 279,765 25.1 (2.9) 16.8 19.7 31.5 27.1 26.0 27.1 27.8 26.1 354,813 284,110 274,140 305,196 242,875 24.9 (6.9) 12.9 25.7 40.0 23.6 22.7 22.8 25.3 22.6 5,933 5,108 4,351 4,351 3,813 16.1 17.4 14.1 14.1 20.4 6,843 5,339 4,746 4,746 4,023 28.2 12.5 18.0 18.0 17.3 (126,029) 227,689 311,647 311,647 296,480 177,011 152,355 107,890 107,890 96,313 11.8 12.2 9.0 9.0 9.0 89,272 75,985 55,892 55,892 31,242 1,534,387 798,934 608,207 608,207 547,215 102.3 64.0 50.5 50.5 51.0 2,409,257 1,426,560 1,273,928 1,273,928 1,263,392 1,408,358 1,026,623 919,854 919,854 894,687 58.5 72.0 72.2 72.2 70.8 (301,388) 79,003 219,392 219,392 144,542 324,754 176,285 255,835 255,835 231,533 21.6 14.1 21.2 21.2 21.6 34.9 46.2 56.6 57.9 56.3 29.1 29.2 30.2 33.6 32.0 5.41 4.35 4.09 4.55 3.64 5.36 4.33 4.04 4.50 3.59 5.60 4.43 4.09 4.55 3.63 1.20 1.00 1.00 1.00 0.75 9) Equity in % of total assets. 10) Cash flow from operating activities + cash flow from investing activities. 11) Free cash flow – cash consideration for acquisitions, net of cash acquired. 12) EBIT in % of capital employed (average). 13) Income after taxes in % of equity (average). 14) Excluding the amortization of acquisition-related intangibles, impairment and unwinding effect of the discount on acquisition-related earn-out payments, net of tax. 15) Proposal to the Annual General Shareholders’ Meeting of June 21, 2011. FINANCIAl REVIEW 91
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90<br />
5 year key Figures (Consolidated)<br />
in 1,000 CHF unless otherwise specified <strong>2010</strong>/<strong>11</strong><br />
Restated<br />
2009/10 1)<br />
Sales 1,616,700 1,500,306<br />
change compared to previous year (%) 7.8 20.1<br />
Gross profit 1,<strong>11</strong>8,681 1,058,597<br />
change compared to previous year (%) 5.7 22.1<br />
in % of sales 69.2 70.6<br />
Research & development costs 107,760 87,034<br />
in % of sales 6.7 5.8<br />
Sales & marketing costs 498,589 402,626<br />
in % of sales 30.8 26.8<br />
Operating profit before acquisition-related amortization and impairment (EBITA) 326,622 420,276<br />
change compared to previous year (%) (22.3) 26.7<br />
in % of sales 20.2 28.0<br />
Operating profit (EBIT) 270,810 251,419<br />
change compared to previous year (%) 7.7 (22.6)<br />
in % of sales 16.8 16.8<br />
Income after taxes 231,080 216,632<br />
change compared to previous year (%) 6.7 (23.8)<br />
in % of sales 14.3 14.4<br />
Number of employees (average) 7,291 5,933<br />
change compared to previous year (%) 22.9 16.1<br />
Number of employees (end of period) 7,840 6,843<br />
change compared to previous year (%) 14.6 28.2<br />
Net cash 5) (<strong>11</strong>1,287) (126,029)<br />
Net working capital 6) 158,190 144,363<br />
in % of sales 9.8 9.6<br />
Capital expenditure (tangible and intangible assets) 7) <strong>11</strong>1,457 89,272<br />
Capital employed 8) 1,455,999 1,388,537<br />
in % of sales 90.1 92.6<br />
Total assets 2,171,644 2,324,026<br />
Equity 1,344,712 1,262,508<br />
Equity financing ratio (%) 9) 61.9 54.3<br />
Free cash flow 10) 71,593 (301,388)<br />
Operating free cash flow <strong>11</strong>) 221,541 324,754<br />
in % of sales 13.7 21.6<br />
Return on capital employed (%) 12) 19.0 23.0<br />
Return on equity (%) 13) 17.7 18.9<br />
Basic earnings per share (CHF) 3.50 3.32<br />
diluted earnings per share (CHF) 3.47 3.28<br />
Cash-based basic earnings per share (CHF) 14) 4.27 5.61<br />
dividend per share (CHF) 1.20 15) 1.20<br />
1) Restated based on finalization of the acquisition accounting of Advanced Bionics (for details refer to Note 3.7).<br />
2) All changes compared to previous year are based on the underlying performance 2007/08.<br />
3) Restated as a result of initial application of IFRIC 14.<br />
4) Excluding one-off costs for the prohibited acquisition of the GN ReSound Group. Balance sheet and cash flow as reported.<br />
5) Cash and cash equivalents + other current financial assets (without loans) – short-term debts – other current financial liabilities – non-current financial<br />
liabilities.<br />
6) Receivables (incl. loans) + inventories – trade payables – current income tax liabilities – other short-term liabilities – short-term provisions.<br />
7) Excluding goodwill and intangibles relating to acquisitions.<br />
8) Total assets – cash and cash equivalents – other current financial assets (without loans) – trade payables – other liabilities – provisions – tax liabilities.
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