ANNUAL REPORT 2008/09 - Sonova
ANNUAL REPORT 2008/09 - Sonova
ANNUAL REPORT 2008/09 - Sonova
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As of March 31, <strong>2008</strong>, the following currency contracts with the following notional and fair values<br />
were open:<br />
1,000 CHF Notional amount of forward contracts/derivatives<br />
94 CONSOLIDATED FINANCIAL STATEMENTS<br />
Due<br />
less than<br />
3 months<br />
Due 3<br />
months to<br />
1 year<br />
Due 1 year<br />
to 5 years<br />
Due more<br />
than 5 years<br />
Total Fair value<br />
Positive replacement values 61,479 10,500 71,979 3,206<br />
Negative replacement values 31,688 31,688 (28)<br />
Total 93,167 10,500 103,667 3,178<br />
Capital risk management<br />
It is the Group’s policy to maintain a strong equity capital base to support the further development of its<br />
business. <strong>Sonova</strong> Group maintains an unleveraged balance sheet which provides the Group the opportunity<br />
for further internal and external expansion in this dynamic industry. Further it is the Group’s policy to<br />
maintain a debt capacity which provides suffi cient fl exibility to realize strategic options. The Group aims<br />
to keep an “Investment Grade” level which results in an actual debt capacity of over CHF 750 million.<br />
However, as global fi nancial markets have not yet entirely eased around the balance sheet date, actual debt<br />
capacity was diffi cult to determine.<br />
The company targets a dividend pay-out ratio of around 20%.<br />
To maintain investor confi dence, without compromising the future development of the business, the Group<br />
initiated a share buy-back program in 2007. The program allows <strong>Sonova</strong> Group to return its cash not<br />
used for operations and funds generated from future free cash fl ows to its shareholders. Due to the solid<br />
fi nancial position of <strong>Sonova</strong>, this share buy-back program will not impact the fi nancial fl exibility for<br />
further internal and external expansion.<br />
25. Other long-term liabilities<br />
1,000 CHF 31.3.20<strong>09</strong> 31.3.<strong>2008</strong><br />
Long-term deferred income 12,255 8,997<br />
Retirement benefi t obligations 22,751 1,420<br />
Total 35,006 10,417<br />
Long-term deferred income relates to long-term service contracts with customers. Deferred income is<br />
recognized as a sale over the period of the service contract.<br />
The retirement benefi t obligation relates to defi ned benefi t plans. For details refer to Note 29.
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