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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.

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Publication:M2 Pharma
Article Type:Financial report
Date:Oct 12, 2010
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