H2 was better than expectations, led by a sturdy show in wholesale, though retail and cochlear implants lost pace due to the ongoing pandemic. Higher volumes and ASPs bolstered EBITA, though these were partly offset by an increase in the allowance for bad debts. To ensure adequate liquidity, the share buy-back programme has been suspended and management has proposed a stock dividend. Given that Sonova’s sales run-rate for April 2020 was better than Demant’s, it could be a key bene
