Printer Friendly

Currency effects to push down Sonova's revenue by 4% in FY 2010/11.

M2 PHARMA-October 12, 2010-Currency effects to push down Sonova's revenue by 4% in FY 2010/11(C)2010 M2 COMMUNICATIONS

12 October 2010 - Currency effects will burden the revenue of Swiss hearing aid company Sonova (VTX: SOON) by 4% in fiscal 2010/11, ending 31 March 2011, if the currency situation remains the same as it is now, chief executive officer Valentin Chapero said.

In the interview published today, Chapero said that the consequent negative currency effect on the company's earnings before interest and tax (EBIT) will be of 1%. The chief executive officer however did not want to disclose if the currency movements already pushed down Sonova's figures in the first half of fiscal 2010/11.

Chapero said that the company makes a big part of its costs in euro and US dollars. It employs 1,000 only in the USA and its operating costs there partly offset the weakness of the US currency.

Chapero confirmed Sonova's guidance for the whole fiscal 2010/11. The company expects revenue growth of between 8% and 10% in local currencies and a margin on earnings before interest, tax, depreciation and amortisation (EBITDA) of between 26% and 27%.

According to Chapero, the profitability will reach the upper expected boundary if the company's new products develop well on the market. He further said that Sonova will continue to invest in its innovation pipeline.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2010 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Pharma
Article Type:Financial report
Date:Oct 12, 2010
Words:240
Previous Article:Bavarian Nordic gets USD14m from US govt for freeze-dried vaccine development.
Next Article:Pfizer, King Pharmaceuticals enter into definitive merger agreement.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters