Annual Report 2010/11 - Sonova

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94 Consolidated Cash Flow Statements 1,000 CHF Notes 2010/11 2009/10 1) Income before taxes 260,106 246,457 Depreciation, amortization and impairment of tangible and intangible assets 16, 19 102,847 208,174 (Gain)/loss on sale of tangible and intangible assets, net (364) 861 Share of (gain)/loss in associates/joint ventures 17 (2,960) 769 Decrease in long-term provisions 1,996 2,177 Financial expenses, net 7 13,664 4,193 Unrealized exchange differences 4,282 5,927 Other non-cash items 18,518 137,983 19,473 241,574 Cash flow before changes in net working capital 398,089 488,031 Increase in trade receivables Decrease/(increase) in other receivables (18,420) (7,347) and prepaid expenses 6,756 (9,483) Increase in inventories (32,414) (24,813) Decrease in trade payables Increase in other payables, (15,419) (22,591) accruals and short-term provisions 30,962 37,464 Income taxes paid (24,912) (53,447) (33,536) (60,306) Cash flow from operating activities 344,642 427,725 Purchase of tangible and intangible assets (111,625) (89,876) Proceeds from sale of tangible and intangible assets 3,155 1,075 Cash consideration for acquisitions, net of cash acquired 27 (149,948) (626,142) Increase in other non-current financial assets (18,353) (16,340) Interest received and realized gain from financial assets 3,722 2,170 Cash flow from investing activities (273,049) (729,113) Free cash flow 71,593 (301,388) (Decrease)/increase in borrowings (207,737) 467,241 Proceeds from capital increases 36,503 30,417 Sale/(purchase) of treasury shares, net 21,529 (8,972) Dividends paid (79,404) (65,524) Interest paid and other financial expenses (7,030) (3,131) Cash flow from financing activities (236,139) 420,031 Exchange (losses)/gains on cash and cash equivalents (6,252) 573 (Decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning (170,798) 119,216 of the financial year 335,931 216,715 Cash and cash equivalents at the end of the financial year 165,133 335,931 1) Restated based on finalization of the acquisition accounting of Advanced Bionics (for details refer to Note 3.7). The Notes are an integral part of the consolidated financial statements.
Consolidated Changes in Equity 1,000 CHF Share capital Attributable to equity holders of Sonova Holding AG Share premium Retained earnings Translation adjustment CONSOlIDATED FINANCIAl STATEmENTS Treasury shares Hedge reserve Non- controlling interests Balance April 1, 2009 3,312 72,703 1,100,064 (81,814) (72,397) 0 4,755 1,026,623 Income for the period 1) 217,218 (586) 216,632 Other comprehensive income 1) 19,966 26,339 (2,057) 177 44,425 Total comprehensive income 1) 237,184 26,339 (2,057) (409) 261,057 Changes in non-controlling interests 817 817 Capital increase from conditional capital Capital decrease – 29 30,388 30,417 share buy-back program (36) (57,841) 57,877 Share-based payments 12,563 21 12,584 Sale of treasury shares 2,836 37,986 40,822 Purchase of treasury shares (44,278) (10) (44,288) Dividend paid (65,388) (136) (65,524) Balance March 31, 20101) 3,305 60,649 1,271,860 (55,475) (20,812) (2,057) 5,038 1,262,508 Balance April 1, 20101) 3,305 60,649 1,271,860 (55,475) (20,812) (2,057) 5,038 1,262,508 Income for the period 231,010 70 231,080 Other comprehensive income (6,126) (137,702) 196 (772) (144,404) Total comprehensive income 224,884 (137,702) 196 (702) 86,676 Changes in non-controlling interests Capital increase (683) 1,038 355 from conditional capital 21 36,482 36,503 Share-based payments 15,233 38 15,271 Sale of treasury shares 327 31,592 24 31,943 Purchase of treasury shares (9,127) (13) (9,140) Dividend paid (79,195) (209) (79,404) Balance March 31, 2011 3,326 112,691 1,416,866 (193,177) 1,6532) (1,861) 5,214 1,344,712 1) Restated based on finalization of the acquisition accounting of Advanced Bionics (for details refer to Note 3.7). 2) Includes derivative financial instruments on treasury shares. The Notes are an integral part of the consolidated financial statements. Total equity 95
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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
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Sonova is investing heavily in the
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Eight years later, Evelyn almost co
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THE HEARING IMPLANTS SEGMENT In the
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The considerable strategic importan
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ABOUT ADVANCED BIONICS Advanced Bio
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worKinG - and communicating safely
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EMPLOYEES FOCUS ON PEOPLE One of th
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ISO 9001:2000 and 13485:2003 certif
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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 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
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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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