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Annual Report 2012 13 2012 Report Annual ANNUAL REPORT 2012 13 2012 REPORT ANNUAL ANNUAL REPORT 2012 13 WorldReginfo - 9631d156-9290-4b9f-b21c-1bc93918fa13 LEADERSHIP DRIVEN BY INNOVATION Sonova aims to be recognized as the innovation leader in the global hearing care market, so we constantly challenge the limits of technology. We base our leadership on a full pipeline of new technologies, products, and features – and prove it every day in close, productive relationships with hearing care professionals, who appreciate how our technological innovation creates tangible benefit for their clients. WorldReginfo - 9631d156-9290-4b9f-b21c-1bc93918fa13 HIGHLIGHTS – Sonova reached record sales in financial year 2012 /13 : Sales, at CHF 1,795 million, rose 10.8 % in Swiss francs and 7.4 % in local currencies. Both the hearing instruments and cochlear implants segment and all major regions contributed to the increase. – Consolidating our market leading position in hearing instruments: Despite a challenging market environment, sales in the hearing instrument segment grew by 4.9 % in local currencies, driven by continuing strong innovation and a global sales presence. EBITA margin rose by 100 basis points to 23.3 %, thanks to strict cost control and favorable currency development. – Break-even target reached in cochlear implants: Supported by an strong sales increase of 47.1 % in local currencies, the cochlear implant segment reached a key milestone, breaking even for the first time on a normalized basis. – Significant operational improvements, increased margins and strong cash flow: Normalized for one-off costs, EBITA was CHF 386 million, up 22.6 % in Swiss francs and 15.4 % in local currencies. Operating margin improved by 200 basis points to 21.5 %. Operating free cash flow rose 33 % to CHF 319 million. – Reported results affected by legacy events at Advanced Bionics: Reported 2012 / 13 EBITA of CHF 183 million fully accounts for a one-off provision increase to cover potential liabilities in the wake of a 2006 product recall of Advanced Bionics. – Substantially higher dividend proposed: Ending the year with a solid balance sheet and a strong positive net cash position, the Board of Directors proposes to the 2013 AGM a distribution of CHF 1.60 per share, an increase of 33 % over the previous year. SONOVA GROUP KEY FIGURES Reported Normalized performance performance in CHF m unless otherwise specified 2012 / 13 Change in % 2012 / 131) Change in % 2011 / 12 Sales 1,795.3 10.8 % 1,795.3 10.8 % 1,619.8 EBITA 182.8 (42.0 %) 386.4 22.6 % 315.2 EBITA margin 10.2 % 21.5 % 19.5 % EPS (CHF) 1.66 (55.3 %) 4.62 24.5 % 3.71 Operating free cash flow1) 318.6 33.0 % 318.6 239.5 ROCE2) 10.5 % 10.5 % 19.2 % ROE2) 7.2 % 7.2 % 17.5 % 1) Excluding one-off cost, mainly related to the increase of the product liability provision within the cochlear implants business (see Note 7 of the Consolidated Financial Statements). Balance sheet related key figures (including respective ratios) as reported. 2) For detailed definitions, please refer to “5 Year Key Figures”. WorldReginfo - 9631d156-9290-4b9f-b21c-1bc93918fa13 KEY FIGURES SALES BY REGIONS 2012/13 SALES BY PRODUCT GROUPS 2012/13 IGHLIGHTS H in % in % FIGURES KEY Switzerland 11 2 Premium 8 USA Hearing Instruments 37 14 22 Americas (excl. USA) Advanced EMEA (excl. Switzerland) Hearing Instruments Asia/Pacific Standard Hearing Instruments 4 38 Wireless Communication Systems Miscellaneous 24 Cochlear Implants 28 and Accessories 12 SALES in CHF m 1,700 1,600 1,500 1,400 1,300 EBITA EBITA 1,200 in CHF m margin in % 1,100 1,000 900 450 45 800 400 40 700 350 35 600 300 30 500 250 25 400 200 20 300 150 15 200 100 10 100 50 5 0 0 0 2008/09 2009/10 2010/11 2011/12 2012/13 2008/09 2009/101) 2010/11 2011/12 2012/132) OPERATING FREE CASH FLOW INCOME AFTER TAXES EPS in CHF m in CHF m in CHF 450 450 9.00 400 400 8.00 350 350 7.00 300 300 6.00 250 250 5.00 200 200 4.00 150 150 3.00 100 100 2.00 50 50 1.00 0 0 0 2008/09 2009/10 2010/11 2011/12 2012/13 2008/09 2009/101) 2010/11 2011/12 2012/132) 1) Restated based on finalization of the acquisition accounting of Advanced Bionics. 2) Excluding one-off cost, mainly related to the increase of the product liability provision within the cochlear implants business (see note 7 of the Consolidated Finacial Statements). WorldReginfo - 9631d156-9290-4b9f-b21c-1bc93918fa13 1 TABLE OF CONTENT 02 LETTER TO SHAREHOLDERS 06 STRATEGY AND BRANDS 26 CORPORATE SOCIAL RESPONSIBILITY 28 CORPORATE GOVERNANCE 44 COMPENSATION REPORT 52 FINANCIAL REVIEW 58 5 YEAR KEY FIGURES 60 CONSOLIDATED FINANCIAL STATEMENTS 104 FINANCIAL STATEMENTS OF SONOVA HOLDING AG INVESTOR INFORMATION (Back cover foldout) SONOVA ANNUAL REPORT 2012 / 13 WorldReginfo - 9631d156-9290-4b9f-b21c-1bc93918fa13 2 LETTER TO SHAREHOLDERS ON COURSE FOR OUR TARGETS – Our strategy, focused on profitable growth businesses and market- leading innovation, delivered strong progress in 2012 / 13. The company demonstrated that it is on track for its mid-term goals to achieve continu- ous growth in sales and earnings. DEAR SHAREHOLDERS, We are happy to report that the Sonova Group achieved solid sales growth in financial year 2012 / 13. Both the hearing instru- ments and the cochlear implants segments contributed to the increase. We are proud to present strong growth in earnings and cash flows, and a substantial expansion of margins on a normalized basis*. The accomplishments of this financial year demonstrate once again the combined power of our strong position in a growing global market and our untiring drive to innovate, creating advanced, attractive products that offer outstanding customer benefit. Most of all, the foundation of our success is the passion and ingenuity of our employees and their drive to bring the delight of hearing to ever more people. SOLID FINANCIAL RESULTS Sales for the year were CHF 1.795 million, a rise of 10.8 % in Swiss francs, or 7.4 % in local currencies. Hearing instruments sales grew by 8.2 % and cochlear implants by 52.3 %. Gross Robert F. Spoerry / Chairman of the Board of Directors profit was CHF 1.240 million, up 12.1 % from the previous year. Lukas Braunschweiler / CEO The operating profit (EBITA) excluding one-off items increased by 22.6 % over 2011 / 12 to reach CHF 386.4 million. The nor- malized financial results were in line with our targets. Sup- ported by a strong operating free cash flow of CHF 318.6 million, the net cash position reached CHF 185.8 million. PROVISION FOR PRODUCT LIABILITY CLAIMS In April 2013, Advanced Bionics was confronted with the verdict of a US District Court in Kentucky in a case brought by a patient who had a cochlear implant from Advanced Bionics that malfunctioned. The device in question was implanted in 2006; it formed part of a voluntary recall announced by Advanced Bionics in March 2006, more than three years before the company was acquired by Sonova. A jury awarded the plaintiff unexpectedly high punitive damages. After a compre- SONOVA ANNUAL REPORT 2012 / 13 WorldReginfo - 9631d156-9290-4b9f-b21c-1bc93918fa13 LETTER TO SHAREHOLDERS 3 hensive review, Advanced Bionics has decided to increase its Our cochlear implants business continues to extend into new provisions for such claims by CHF 198 million; this increase markets: we won a large government tender in China for the is reported with the results of financial year 2012 / 13. To first time after having served that country’s private market for provide more consistent insight into the operating performance a number of years. of the Group, this Annual Report generally refers to results that have been normalized for the effects of this one-off, non- STRENGTHENING GROUP MANAGEMENT recurring cost. We are convinced that the increased provision will protect the Group’s balance sheet from any further impact We have further strengthened Sonova’s management team. related to this potential pre-acquisition liability. Hartwig Grevener took up his post as CFO effective August 1, 2012. Andi Vonlanthen was promoted to the Management HEARING INSTRUMENTS – CONTINUING INNOVATION Board as Group Vice President Research and Development, effective April 1, 2012. In support of our growth strategy, we Our hearing instruments business saw sales growth of 4.9 % have further developed and expanded the Management Board. in local currencies, accelerating in the course of the year and strengthening Sonova’s position as global market leader. Our We have divided our international sales organization into three innovation strength was reflected in the high share of sales regions to improve our focus on local markets. Claude Diversi, generated by products introduced within the previous two previously the head of Phonak France, has been promoted to years. This applied across our whole product portfolio and to lead Phonak sales and distribution for Europe and South both our Phonak and Unitron hearing instrument brands. America. Paul Thompson has added responsibility for Phonak North America to his duties as Group Vice President Business Our technology platform approach lets us set a hard-to-match Development. And Chin-Hwee Lim has been appointed Vice pace of innovation. We took another decisive leap forward President Sales Asia Pacific, effective April 1, 2013. with the introduction of Phonak’s new Quest platform. Intro- duced in October 2012 and expanded in April 2013, it repre- We completed our leadership team development with the sents one of the most comprehensive launches for the Phonak appointment to the Management Board of Stefan Launer (Vice brand.
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