ANNUAL REPORT 2008/09 - Sonova
ANNUAL REPORT 2008/09 - Sonova
ANNUAL REPORT 2008/09 - Sonova
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Innovation was and remains the most important growth<br />
driver. Thanks to innovative product solutions, the company<br />
was able to grow in the last fi nancial year even during<br />
those months which were characterized by downward<br />
trends in the hearing instruments industry. The fi rst three<br />
quarters of the reporting period were weaker due to<br />
general economic factors. The stronger growth in the last<br />
quarter was driven by the launch of new products and<br />
helped also by the stabilization of the market. Further<br />
growth was achieved through entry into new markets such<br />
as Singapore and Turkey and the continuous expansion<br />
of our sales and distribution activities.<br />
All acquisitions undertaken in the fi nancial year under<br />
review were in the fi eld of hearing system sales and distribution.<br />
This also included the acquisition of retail companies<br />
in selected countries. Part of <strong>Sonova</strong>’s strategy is<br />
to secure and expand its distribution channels through<br />
Sales breakdown<br />
by product group:<br />
Oliver Walker<br />
the purchase of companies. During the reporting period<br />
<strong>2008</strong>/<strong>09</strong> the largest acquisition eff ects were seen in<br />
Europe and Americas, and to a lesser degree in the Asia/<br />
Pacifi c region. The extent of acquisitions was signifi -<br />
cantly greater than the average for previous years. In<br />
the reporting period the eff ect of acquisitions was 3.0%,<br />
while the annualization eff ect for the fi nancial year<br />
20<strong>09</strong>/10 is expected to be around 1.7%.<br />
Well-diversifi ed product portfolio<br />
Overall, a strong increase in sales of 10.8% in local currencies<br />
over the previous year was achieved. Thanks<br />
to above-average growth in business class hearing systems,<br />
there was a concentration of sales within this product<br />
group. Because the price level in business class is approximately<br />
the same as the overall average price level,<br />
the average price achieved for hearing systems fell only<br />
slightly.<br />
in CHF m <strong>2008</strong>/<strong>09</strong> 2007/08<br />
Product groups Sales Share Growth in local<br />
currencies<br />
Sales Share<br />
First class hearing systems 321 26 % (6.1) % 365 30 %<br />
Business class hearing systems 288 23 % 24.6 % 248 21 %<br />
Economy class hearing systems 380 30 % 18.1 % 344 29 %<br />
Wireless communication systems 82 7 % 13.0 % 78 6 %<br />
Miscellaneous 178 14 % 11.5 % 170 14 %<br />
Total sales 1,249 100 % 10.8 % 1,205 100 %<br />
CFO’S <strong>REPORT</strong><br />
55
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