ANNUAL REPORT 2008/09 - Sonova

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3. Notes to the balance sheet 3.1 Marketable securities Marketable securities include, among other items, 881,309 treasury shares (previous year 1,228,975) purchased for a total consideration of CHF 74,534,573 (previous year CHF 130,930,877). At March 31, 2009, these shares had a market value of CHF 60,634,059 (previous year CHF 111,959,623). Of the total 881,309 treasury shares, 718,500 shares were purchased by the company as part of the share buy-back program. During the fi nancial year 2008/09 1,129,645 treasury shares at an average price of CHF 83.83 have been purchased, while 82,311 treasury shares at an average price of CHF 100.06 have been disposed of. 3.2 Other receivables Included are, in particular, amounts due from the Swiss Federal Tax Authority in respect of recoverable withholding taxes on dividends and interest income. 3.3 Loans to Group companies Of total loans, 27% are denominated in Canadian dollars, 24% in Euros, 23% in US dollars, 18% in Swiss francs, 6% in Australian dollars, and 2% in other currencies. 3.4 List of signifi cant investments Company name Activity Domicile Share capital Local currency 1,000 126 FINANCIAL STATEMENTS OF SONOVA HOLDING AG Shares held by Sonova Holding AG Switzerland Phonak AG A, B,C,D Stäfa CHF 2,500 99.3 % Phonak Communications AG B,C,D Murten CHF 500 100 % Phonak Hearing Systems AG B Stäfa CHF 100 100 % Indomed AG A Zug CHF 1,000 100 % Indomed Hearing Systems GmbH B Stäfa CHF 20 100 % Europe (excluding Switzerland) Hansaton Akustische Geräte GmbH B Wals-Himmelreich (AT) EUR 450 100 % Phonak Belgium NV A,B Dilbeek (BE) EUR 15,311 100 % Phonak Holding GmbH A Fellbach-Oeffi ngen (DE) EUR 153 100 % Phonak Danmark A/S B Frederiksberg (DK) DKK 17,300 100 % Phonak Ibérica S.A.U. B Alicante (ES) EUR 7,000 100 % Phonak France SA B Bron-Lyon (FR) EUR 305 100 % Phonarium Szolgáltató Kft. B Budapest (HU) HUF 5,000 49 % Phonak Italia Srl B Milan (IT) EUR 1,040 100 % Phonak B.V. B Vianen (NL) EUR 227 100 % Phonak AS B Oslo (NO) NOK 900 100 % Phonak Polska Sp. Z o.o. B Warsaw (PL) PLN 100 100 %
Company name Activity Domicile Share capital Local currency 1,000 Shares held by Sonova Holding AG Phonak CIS Ltd. B Moscow (RU) RUB 4,000 100 % Phonak Isitme Cihazlari Pazarlama ve Ticaret AS B Istanbul (TR) TRY 500 60 % Phonak AB B Stockholm (SE) SEK 200 100 % Unitron Hearing AB B Stockholm (SE) SEK 100 100 % Phonak Group Ltd. B Warrington (UK) GBP 2,500 100 % Americas National Hearing Services Inc. B Victoria (CA) CAD 7,500 100 % Phonak Canada Ltd. A,B Mississauga (CA) CAD 88,694 100 % Phonak Mexicana S.A. de C.V. B México D.F. (MX) MXN 50 100 % Unitron Hearing, Inc. B Plymouth (US) USD 46,608 100 % Asia/Pacifi c Phonak Pty. Ltd. B Baulkham Hills (AU) AUD 750 100 % Phonak (Shanghai) Co., Ltd B Shanghai (CN) CNY 20,041 100 % Sichuan i-hear Co., Ltd. B Sichuan (CN) CNY 19,119 100 % Unitron Hearing (Suzhou) Co., Ltd. C Suzhou (CN) CNY 46,249 100 % Phonak India Pvt. Ltd. B Navi Mumbai (IN) INR 100 100 % Phonak Japan Co., Ltd. B Tokyo (JP) JPY 10,000 100 % Unitron Hearing Korea Co., Ltd. B Seoul (KR) KRW 200,000 37.5 % Phonak New Zealand Ltd. B Auckland (NZ) NZD 250 100 % Phonak Operation Center Vietnam Co., Ltd. C Binh Duong (VN) VND 8,796,000 100 % Rest of world Lukatit Investments 14 (Pty) Limited B Fourways North (ZA) ZAR 01) 100 % Description: A Holding/Finance: The entity is a holding or fi nance company. B Sales: The entity performs sales and marketing activities for the Group. C Production: This entity performs manufacturing for the Group. D Research: This entity performs research and development activities for the Group. 1) ZAR 400. 3.5 Reserve for treasury shares A reserve for treasury shares in the amount of CHF 74,534,573 (previous year CHF 130,930,877) was established which is equal to the cost price (see Note 3.1). The decrease in the amount of CHF 56,396,304 resulted from the capital decrease of CHF 142,787,142 and the purchase of treasury shares of CHF 86,390,838. FINANCIAL STATEMENTS OF SONOVA HOLDING AG 127
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ANNUAL REPORT 2008/09 PIONEERS IN H
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AT A GLANCE Key Figures in 1,000 CH
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CONTENT 2 CHAIRMAN’S FOREWORD 4 C
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Andy Rihs and explain the advantage
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Dr. Valentin Chapero Rueda systems
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FINANCIAL YEAR 2008/09 SOLID GROWTH
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espectively in local currencies. Fi
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A hearing system helps children wit
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Given the unchanged megatrends, Son
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prehensive portfolio of hearing sys
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Naída IX Nios micro iSense The wir
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SUSTAINABILITY SUSTAINABLE COMMITME
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Professional development: the key t
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Sonova has a Group-wide set of supp
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Phonak’s SoundRecover technology
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Group structure Operational Group s
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Shareholders Registered shareholder
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The following overview shows the sh
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Shareholders’ participation right
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Heliane Canepa Member, non-executiv
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Work methods of the Board of Direct
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Paul Thompson GVP Corporate Develop
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Alexander Zschokke GVP Marketing Ha
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Auditors Duration of the mandate an
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CORPORATE GOVERNANCE 49
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CONTENT FINANCIAL REPORT 54 CFO’S
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Innovation was and remains the most
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Sonova Group consolidated cash fl o
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Reported performance 2007/08 2) Und
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Consolidated Balance Sheets Assets
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Consolidated Statements of Recogniz
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The Group is currently assessing th
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the carrying amount is increased or
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Leasing Assets that are held under
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Segment reporting A business segmen
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Held-to-maturity investments Held-t
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Page 81 and 82: 1,000 CHF 2007/08 Europe Americas A
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Page 85 and 86: Diluted earnings per share 2008/09
Page 87 and 88: The carrying amounts of trade accou
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Page 91 and 92: 1,000 CHF 31.3.2008 Cost Goodwill S
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Page 95 and 96: Market risk Exchange rate risk The
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Page 101 and 102: Assets and liabilities resulting fr
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Page 105 and 106: Amounts recognized in the income st
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Page 109 and 110: Summary of outstanding and exercisa
Page 111 and 112: Share Purchase Plan (granted 2005,
Page 113 and 114: 34. Exchange rates The following ma
Page 115 and 116: Company name Activity Domicile Shar
Page 117 and 118: Opinion In our opinion, the consoli
Page 119 and 120: Balance Sheets Assets 1,000 CHF Not
Page 121 and 122: 2.4 Risk assessment Sonova Holding
Page 123 and 124: in CHF 2007/08 Fixed fee Attendance
Page 125 and 126: Payments to former members of the B
Page 127 and 128: Shareholdings of the Management Boa
Page 129: Warrants EEAP 08 2) Options EEAP 07
Page 133 and 134: Appropriation of Available Earnings
Page 135 and 136: Opinion In our opinion, the fi nanc
Page 137 and 138: Unitron Hearing B.V. Ir. D.S. Tuijn
Page 139 and 140: Disclaimer This report contains for
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ANNUAL REPORT 2008/09 - Sonova

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