ANNUAL REPORT 2008/09 - Sonova

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CHAIRMAN’S FOREWORD WELL-PLACED TO DEAL WITH FUTURE CHALLENGES “Our strategy of consistently focusing on innovation and continuing to expand our sales and distribution capacities has once again paid off during the past fi nancial year.” The fi nancial year 2008/09 was aff ected by the global fi nancial and economic crisis and its negative impact on stock markets. Sonova’s share price could not escape these eff ects. I am glad to report, however, that despite the diffi cult economic climate the Sonova Group managed to perform well and achieve an organic growth of 7.8%. Thus we were able to comfortably outperform the average growth of the hearing instrument industry, further expand our market share and become the world’s biggest producer of hearing systems according to sales. Our profi t - a bility, with an EBITA margin of 26.6%, is also a major achievement in this challenging environment. This result not only highlights the strength of our fi nancial performance, but also shows that we have once again achieved our goal of providing hearing solutions to an increasing number of people, thereby improving their quality of life. The key to our success lies in the high performance of our products as well as our sustainable investments in research and development. In our role as an innovation and technology leader we are continuously improving the functionality of our systems in order to optimize the ben- 2 CHAIRMAN’S FOREWORD efi ts for end users. We help people with hearing loss to carry on with their lives normally and also to signifi cantly improve their quality of life. Even if some people may take up to ten years before deciding to purchase a hearing instrument, there is ultimately no alternative for anyone suff ering from hearing loss. The products we off er are not luxury consumer goods, but medical technology products that bring genuine value. For this reason, the hearing instrument industry is comparatively unaff ected by swings in the eco nomic cycle. The hearing system market still holds enormous potential. The main growth drivers include demographic changes, such as the ‘Baby Boom’ generation, and the continuous rise in life expectancy. Another important factor is the rapid rate of growth in emerging markets. However, by far the biggest potential for future growth lies in the low penetration rate of hearing instruments, which in industrialized countries is currently only around 20%. In other words, only one in fi ve people suff ering from hearing loss actually wears a hearing system. Our stated goal is to make more people aware of the importance of good hearing
Andy Rihs and explain the advantages of hearing systems. For example, the positive reaction to Phonak’s Hear the World ini tiative from the media and renowned international personalities is a clear indication that we are on the right track. We are also making the necessary investments to create ideal conditions for our future sustainable growth. In June 2008, we started the construction of a new manufacturing and technology center at our headquarters in Stäfa. This should come on stream at the start of 2010. This building will accommodate the sophisticated production processes for the entire Group and all technologically advanced assemblies and components will be manufactured there. This major investment highlights Sonova’s commitment to Switzerland as a business location. Our strategy of consistently focusing on innovation and continuing to expand our sales and distribution capacities, combined with proactive cost management, has once again paid off during the past fi nancial year. We will there- fore continue to pursue this strategy consistently. I am convinced that this positions us well to deal with future challenges and to achieve our goals. I would like to take this opportunity to extend my sincere thanks to all our shareholders for their trust, loyalty and interest in our company. I would also like to express my gratitude to our employees, who now number above 5,000 worldwide, for their hard work and dedication. Their contribution is vital to the success of the Sonova Group. Thanks also to all our loyal customers, reliable suppliers and other partners for their ongoing support. Andy Rihs Chairman of the Board of Directors CHAIRMAN’S FOREWORD 3
Page 1 and 2: ANNUAL REPORT 2008/09 PIONEERS IN H
Page 3 and 4: AT A GLANCE Key Figures in 1,000 CH
Page 5: CONTENT 2 CHAIRMAN’S FOREWORD 4 C
Page 9 and 10: Dr. Valentin Chapero Rueda systems
Page 12 and 13: FINANCIAL YEAR 2008/09 SOLID GROWTH
Page 14 and 15: espectively in local currencies. Fi
Page 16: A hearing system helps children wit
Page 19 and 20: Given the unchanged megatrends, Son
Page 21 and 22: prehensive portfolio of hearing sys
Page 23: Naída IX Nios micro iSense The wir
Page 26 and 27: SUSTAINABILITY SUSTAINABLE COMMITME
Page 28 and 29: Professional development: the key t
Page 30 and 31: Sonova has a Group-wide set of supp
Page 32: Phonak’s SoundRecover technology
Page 35 and 36: Group structure Operational Group s
Page 37 and 38: Shareholders Registered shareholder
Page 39 and 40: The following overview shows the sh
Page 41 and 42: Shareholders’ participation right
Page 43 and 44: Heliane Canepa Member, non-executiv
Page 45 and 46: Work methods of the Board of Direct
Page 47 and 48: Paul Thompson GVP Corporate Develop
Page 49 and 50: Alexander Zschokke GVP Marketing Ha
Page 51 and 52: Auditors Duration of the mandate an
Page 53 and 54: CORPORATE GOVERNANCE 49
Page 57 and 58:
CONTENT FINANCIAL REPORT 54 CFO’S
Page 59 and 60:
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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view to determining employee benefi
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1,000 CHF 2007/08 Europe Americas A
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8. Taxes 1,000 CHF 2008/09 2007/08
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Diluted earnings per share 2008/09
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The carrying amounts of trade accou
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Tangible assets (buildings, plant a
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1,000 CHF 31.3.2008 Cost Goodwill S
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Earn-out provisions include the pre
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Market risk Exchange rate risk The
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1,000 CHF 31.03.2008 Due less than
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26. Movements in share capital Issu
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Assets and liabilities resulting fr
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28. Related party transactions 1,00
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Amounts recognized in the income st
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30. Employee share option and share
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Summary of outstanding and exercisa
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Share Purchase Plan (granted 2005,
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34. Exchange rates The following ma
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Company name Activity Domicile Shar
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Opinion In our opinion, the consoli
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Balance Sheets Assets 1,000 CHF Not
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2.4 Risk assessment Sonova Holding
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in CHF 2007/08 Fixed fee Attendance
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Payments to former members of the B
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Shareholdings of the Management Boa
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Warrants EEAP 08 2) Options EEAP 07
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Company name Activity Domicile Shar
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Appropriation of Available Earnings
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Opinion In our opinion, the fi nanc
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Unitron Hearing B.V. Ir. D.S. Tuijn
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Disclaimer This report contains for
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ANNUAL REPORT 2008/09 - Sonova

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