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Barn 41

Consigned by Trackside Farm (Tom Evans), Agent for Liberation Farm (Rob Whiteley), et al. Hip No.


Foaled March 22, 2008
Sadler's Wells El Prado (IRE). Lady Capulet Medaglia d'Oro.. Bailjumper Cappucino Bay.. Dubbed In
BAY COLT Cipayo Fitzcarraldo.. Stall Only Speeding Star (ARG). (1995) Tough Critic Gemini (ARG). Bellatrix
By MEDAGLIA D'ORO (1999). Black-type winner of $5,754,720, Travers S. [G1] (SAR, $600,000), etc. His first foals are 3-year-olds of 2009. Sire of 251 foals, 106 starters, 7 black-type winners, 48 winners of 88 races and earning $5,477,042, including Rachel Alexandra (to 3, 2009, $1,798,354, BlackBerry Preakness S. [G1] (PIM, $660,000), etc.), Gabby's Golden Gal (3 wins at 3, 2009, $349,405, Acorn S. [G1] (BEL, $180,000), etc.), Payton d'Oro ($222,710, Black-Eyed Susan S. [G2] (PIM, $90,000), etc.). 1st dam SPEEDING STAR (ARG), by Fitzcarraldo. 4 wins at 2 and 3, 100,390 pesos, in Argentina, Gilberto Lerena [G1], 2nd Carrera de las Estrellas [G1], General Luis Maria Campos [G2], 3rd Jorge de Atucha [G1]; winner at 5, $47,268, in N.A./U.S. (Total: $147,677). Dam of 5 other registered foals, 5 of racing age, including a 2-year-old of 2009, 2 to race. 2nd dam GEMINI (ARG), by Tough Critic. Unraced. Dam of 4 winners, including-SPEEDING STAR (ARG) (f. by Fitzcarraldo). Black-type winner, above. SHEBELONGSTOYOU (f. by Belong to Me). 3 wins at 2 and 3, $204,140, Without Feathers S. (MTH, $36,000), 2nd Monmouth Breeders' Cup Oaks [G3] (MTH, $40,000), Raging Fever S.-R (AQU, $10,110), 3rd Cotillion H. [G2] (PHA, $33,000). 3rd dam Bellatrix, by Good Manners. 2 wins in Argentina, 2nd Premio Irlanda-G3, Premio Japon-G3, Premio Ricardo y Ezequiel Fernandez Guerrico-G3. Sister to ASTROLABIO (ARG), Alioth. Complete race records not available. Dam of 4 foals known to race, all winners, including-ESPACIAL. 6 wins in Argentina, Premio Miguel Cane [G2], Premio Benito Villanueva [G2], Premio Japon [G3], Premio Irlanda [G3], etc. Sire. Sputnik. 6 wins in Argentina, 3rd Premio Vicente Centurion. Sire. 4th dam VESPER, by Aristophanes. 4 wins at 3 and 4 in Argentina. Complete race records not available. Dam of 4 known winners-ASTROLABIO (ARG). 3 wins at 3 in Argentina, Premio Paraguay [G3], etc.; 5 wins, 5 to 8, $70,857, in N.A./U.S., Edina H. (CBY, $11,050), etc. Bellatrix. Black type-placed winner, above. Alioth. 2 wins in Argentina, 3rd Premio Jose B. Zubiaurre. Sire. Good Star. 2 wins in Argentina. Granddam of Acapulco Star [G1]. Lyre. Unraced. Dam of 1 foal known to race-ROYAL MARTIAL. 12 wins, 3 to 8 in Argentina, Gran Premio Joaquin V. Gonzalez-International [G1], Premio Capital [G2], etc. Sire. Engagements: Breeders' Cup. Foaled in Kentucky. (KTDF).

KEE 9/09


March 23 May 6 August 17 November 9 February 2012
Financial reports and other news from Doro is published on the corporate website,, in Swedish and English.
Doro AB is a public limited liability company head- quartered in Lund, Sweden. Denna rsredovisning finns ven i svensk version. All values are expressed in Swedish krona (SEK m or SEK). Unless otherwise stated, figures in parentheses relate to the 2009 fiscal year. In the event of any difference between this version and the Swedish original Annual Report, the Swedish shall govern. This Annual Report was published on the companys website ( on March 2, 2011. Printed copies are distributed to shareholders and other stakeholders on demand. Doro AB in corporation with RHR/CC, Doro AB 2011.
Shareholder contact Jrme Arnaud, President and CEO +05 Annette Born, CFO +62
DORO AB RSREDOVISNING 2010 Org. nr. 556161-9429
DORO AB ANNUAL REPORT 2010 Corporate registration number 556161-9429
Successful concept for growth

2007 2008

Jrme Arnaud appointed CEO. Implementation of new strategy: to become a niche company focusing on seniors need for simple communication. Launch of several models targeting seniors. Strong growth in Care Electronics. Group net sales:
International expansion; progress for Care Electronics in both Europe and the US. Growth:
Sales reaching SEK 632.8 m and the millionth mobile phone is sold. Growth:

346.3m +5% 51



Care Electronics net sales:

Financial overview

2010 Income/net sales, SEK m Operating profit/loss, (EBITDA), SEK m Operating profit/loss, (EBIT), SEK m Profit/loss after financial items, SEK m Profit/loss for the period, SEK m Operating margin (EBIT), % Return on average capital employed, % Return on average shareholders equity, % Equity/assets ratio, % Cash flow from current activities, SEK m Liquid assets (incl. unused credit), SEK m Number of employees (average), number Earnings per share after tax, SEK Reported shareholders equity per share, SEK

Please see page 32 for financial definitions.
2009 492.6 38.1 26.7 25.0 22.8 5.4 52.0 46.7 29.1 64.4 51.1.30 3.54
2008 362.5 3.6 8.2 10.1 11.5 2.3 neg. neg. 17.6 21.4 28.0.66 1.73
632.8 63.1 47.0 46.4 57.1 7.4 80.1 60.4 36.0 80.4 121.2.99 6.35
Significant events by month 2010
March Doro announces a distribution agreement with 20:20 Mobile to strengthen its presence in Spain. 20:20 Mobile has a strong presence in Spain and will provide retail channels all over the country with Doros popular mobile phones. Approximately 200 retail stores will be available to Doros mobile phones. (A) April As of April, Frances third-largest mobile operator, Bouygues Telecom, will sell Doros most successful mobile telephone, Doro PhoneEasy 410gsm. (B) Doro launches two of its easy-to-use mobile phones, Doro PhoneEasy 341gsm and Doro PhoneEasy 410gsm, in cooperation with Latin Americas leading mobile operator Claro, with 3.3 million subscribers in Chile. (C) June A retail agreement with the leading mobile operator Orange UK. The first Doro handset to be available on the Orange network is the stylish Doro PhoneEasy 410gsm in matt-black. (D) August Significant retail agreement with Frances second-largest mobile operator, SFR Vodafones French market partner. The company has elected Doros top-selling mobile, Doro PhoneEasy 410gsm, to further bolster its product offering specifically for the senior customer. (E) Two of Doros most popular models Doro PhoneEasy 338gsm and 345gsm will be sold through the Vodafones network in Germany. (F) Extended cooperation with 20:20 Mobile, Europes leading distributor of mobile phones and accessories, by signing a significant international distribution deal. 20:20 Mobile will be distributing Doros award-winning range of easy-to-use mobile phones into new key markets. (G) September Partnership with the Orange Group through a retail agreement with Orange Switzerland. The company has selected Doro PhoneEasy 410gsm to further support its product offering to customers looking for an easy-to-use mobile phone. (H) October Doro and Canadas leading operator Rogers Communications Inc. announced a partnership agreement. As a result, Doro Phone-Easy 410gsm will now be available exclusively in Roger Wireless stores across Canada. (I) December Doro and New Zealands second-largest operator, TelstraClear, have initiated a partnership. TelstraClear is a wholly owned subsidiary of Australias leading telecommunications company, Telstra Corporation Limited, which has 400,000 customers. (J)

Extended international footprint
Over the year, Doro extended its international presence, securing partnership agreements in new markets including Canada, Chile and New Zealand. At the same time, we increased our market access in existing markets through agreements with additional operators. In Canada, the distribution agreement we signed with nationwide operator Rogers Wireless was greatly aided by the

Brand and marketing

In 2010 we significantly increased investing in the Doro brand, mainly through television advertising campaigns. Over the summer and in the run up to Christmas, we broadcasted television spots in all of the Nordic countries, as well as in France, the UK and Germany. The Doro brand and products also attracted substantial media attention in all of the countries where we are present.

Sales SEK m, 20082010

EBIT SEK m, 20082010

-20 -40

2010 Q1
Cash flow SEK m, 20082010

Rolling 12 months

Value for investors
With its progress over the year and the completion of the turnaround of the organization, Doro achieved earnings per share of SEK 2.99 and a strong operating margin of 7.4 percent for 2010 as a whole. It is with pride that we can state that the Doro share has been a highly attractive investment throughout a period of considerable economic uncertainty. Over 2010, the share price rose from SEK 11.00 to SEK 31.20. At the same time, Doro continues to pursue a strategy of expansion requiring substantial short-term reinvestment but that is designed to generate considerably enhanced returns later on.


Doro continues to offer a substantial growth proposition. With a worldwide senior population (aged 65 and up) of 518 million, we see a potential market of 56 million units plus replacement sales. In the countries where we already operate, we believe we can reach 1520 percent of the population aged above 65 in cumulative sales over the next three to five years. With current penetration levels of close to 10 percent in the Nordic region and 1 to 2 percent in the UK, France and Germany, there is considerable room for growth even in our most established markets. Added to this is the potential for growth in our emerging markets and those we have yet to enter, such as Italy, most of Latin America, India, Russia and other parts of Eastern Europe. To benefit from this potential, we will continue to invest in our product offering but also in the brand and in general awareness of easy-to-use devices. As we progress, others will inevitably be attracted to the segment and we view such competition as positive since it boosts general awareness of the category and helps the market grow, albeit at the cost of fiercer competition. During 2011, we will launch 3G products not because seniors demand 3G functions but because an increasing number of large-scale operators are phasing out their GSM networks or have only built capacity for 3G products. We will also add a camera function, as, in our consumer studies, this ranked fourth among desired features.

To be able to offer our customers the right products, we work systematically and efficiently to acquaint ourselves with and chart the needs of the end-user.
Developing new products based on the needs of the end-user while maintaining focus on efficient production and logistics solutions.
Doros Care Electronics products are the result of extensive research, an understanding of our end-users and our cooperation with experts in various areas. Doro keeps the end-user in mind from an early stage. Using various methods to compile information on how mobile phones are used, Doro has gained insight and knowledge.
Telecom Target 65+ Easy/Plus
Establishing and strengthening the Doro brand through marketing and developing offering services through various partnerships.
Doro offers both customers and end-users a complete value chain, from a product developed according to the end-users requirements regarding feel and simplicity, via a competent sales organization to services, support and guarantees.
Brand identity Innovation and improved ease of use Category leadership World-wide presence
Broadening our network of retailers and partners both geographically and in terms of categories.
Sales in more than 30 countries on five continents.

Understanding is the key

Extensive market surveys involving thousands of seniors around Europe provide us with a broad picture of how seniors use their mobile phones and what trends exist. Qualitative research methods, focus groups and in-depth studies provide us with a deeper understanding of attitudes. Partnership with the Royal National Institute of Blind People (RNIB) and the Royal National Institute for Deaf People (RNID) in the UK and with the Norwegian organization Enklere liv (Simpler Life).
Inclusive Design Based on its awareness and knowledge of trends and attitudes, Doro partners with specialists in various areas of expertise over many years to develop its easy-to-use products. One example is Ergonomidesign. The concept of inclusive design entails giving everyone equal opportunity to participate in society, regardless of cognitive, physical or socio-cultural considerations.
Technological development
Doro is a member of the global sector organization GSM Association and the European development organization Mobile Alley. In January 2011, Doro also became a member of the Continua Health Alliance, the international organization for the standardization of mHealth products and services part of the tele-health area. Doros participation continues, together with well-known universities, as an industrial partner in one of the EUs

programs, the Vicon project*, to strengthen the unions competitiveness. Doros design has received numerous awards in recent years. We are careful to protect our designs. The strong protection in the EU is complemented with a similar protection in major markets. Doros mobile phones have been approved by the laboratories from AT&T, GCF, Orange and Vodafone.
Strong brand and partnerships
During 2010, we strengthened our efforts to clarify and communicate what Doro represents. Investments have been made in market communication, partly to support establishment in new markets and partly to enhance brand awareness in the more mature markets. Market activities intensified with, among other activities, television and, in certain cases, internet campaigns in Sweden, Norway, Germany, Ireland and Belgium, which contributed to increased sales and strengthened brand awareness.
In cooperation with retailers, Doro has gained a clear position both in the stores and their sales materials, further strengthening our position. Doro has established partnerships with organizations including Mondial Assistance in France, Alertacall in the UK, Senior Citizen Home Safety Association in Hong Kong and Touring Medical in Belgium. Services are an interesting area of development that complements our product offering well. Consequently, tele-health represents a natural step for Doro, representing an extension of services that Doro already offers.
Strengthened international footprint
Doro continued to strengthen its network of partners by signing agreements with large, well-known operators and retail chains. During 2010 Doro signed 10 new agreements with operators all around the world (see map on pages 45).
Shanghai Expo 2010 Swedens contribution to the 2010 worlds fair was a tribute to the Spirit of Innovation which improves the Swedish urban environments and living standard and demonstrates the importance of communicaiton in todays technological world. The pavilion showcased fifty examples of Swedish ingenuity, including the popular Doro PhoneEasy 410gsm.
Picture from Sweden Expo 2010
* Virtual User Concept for Inclusive Design of Consumer Products and User Interfaces (VICON) is a project within the EUs seventh framework program, also known as FP7.
Doro generates added value by taking a central role as a product-developing and value-adding organization between manufacturers and retailers.
Doro offers both customers and end-users a complete value chain, from a product developed according to the end-users requirements regarding feel and simplicity, via a competent sales organization to services, support and guarantees. The complete chain of offering places high demands on Doro. During the year, Doro has been working to further streamline operations at all steps as the mobile telecommunications market has considerably shorter lead times than the traditional telecom market. Production planning and component supply is the focus. During the year a Group-wide business system and new product database were implemented, which facilitates purchasing and planning. By standardizing certain components such as adapters and boxes, production as well as logistics has been made more efficient. New customers entail new requirements. For stocks, this means that some products go through the central warehouse

Doros market

Doros market is for quality, easy-to-use mobile phones that make everyday life easier for seniors and people with minor functional impairments. Doro operates within a relatively new niche market, although demographic trends and increasing interest in easy-to-use mobile phones show this market to be expanding. Doro holds a strong position in the Care segment in its established markets, such as the Nordic region, and expects to hold about 10 percent of that market within the space of three to five years. In France, the UK and Germany, Doro currently holds about 1 percent of the market. Competitors include Alcatel, Emporia and ZTE. Over the year, Doro has continued to increase its geographical presence by extending its partner and retailer network and the Group now has a strong customer portfolio including operators, retailers and larger department store chains. For an account of Doros geographical expansion, see pages 45. Sales in the Home Electronics segment have declined in recent years, partly as a consequence of Doros strategy to establish a more focused product range. In addition sales to certain customers is being discontinued. Doros Home Electronics business unit is now a profitable operation with positive cash flow, having achieved a turnaround from its loss-making position in 2009. The business unit operates in a market characterized by price pressure and a number of manufacturers offering similar products. Doro enjoys a favorable market position in the Nordic countries, where fixed-line telephony products are sold to private individuals and companies seeking easy-to-use quality products. Home Electronics is also developing a new product range that builds on the expertise and lessons derived in the development of the Care range. The new range will be launched under the name Comfort.

Market and development

Today, an average of 60 percent of the worlds population have a mobile phone and in the richer countries, there are 109 mobile phones per 100 inhabitants2). This also reflects the trend whereby an increasing number of people are rejecting traditional telephony in favor of IP and mobile telecommunications solutions3). Global sales of mobile phones continue to increase. During 2010, 31.8 percent more mobile phones were sold than in 20094). Gartners forecasts indicate volume growth of 10 percent in the global market in 2011. In addition to Nokia, there are a number of other global manufacturers of mobile phones, including Samsung, LG, RIM and Apple. The overarching trend in mobile telecommunications involves smart phones from manufacturers such as Apple, offering advanced functions and mainly targeting different groups than Doros phones do. During 2010, smart phones accounted

Doro had 5,900 shareholders according to the 2010 year-end shareholders register published by Euroclear Sweden AB. Foreign investors held about 22 percent of the shares. The number of shares in Doro AB at year-end 2010 amounted to 19,107,631 shares. Doros market capitalization as of December 31, 2010, was SEK 596 m. The single largest owner since 2006 has been Originat AB with 10 percent of capital and votes on December 31, 2010. There were no other shareholders representing at least one tenth of the number of votes in the company.

Nominating procedure

The Annual General Meeting decides on the members of the companys Nomination Committee. The Nomination Committees task is to submit proposals for Board members and auditors and their fees as well as fees for work on the Board committees to the next Annual General Meeting, at which the Board and auditors are due to be elected. The Nomination Committee also proposes the chair of the AGM. The Nomination Committee consisting of Tedde Jeansson (Originat AB), Arne Bernroth (Nordea Bank) and Bo Kastensson (Chairman) were elected at the Annual General Meeting held on March 25, 2010. Tedde Jeansson is the Chairman of the Nomination Committee.
The Code is applicable to all companies which are listed on the Nasdaq OMX Nordic Exchange, Stockholm. The aim is to improve corporate governance in listed companies and foster trust in companies both among the general public and in the capital market. The Code is based on the comply or explain principle, which means that it is possible to deviate from the Code provided that an account is given of the chosen alternative solution and the reasons for the deviation. The Code is available on the website

Board of Directors

The Board of Directors of Doro AB consists of the CEO and four other members elected by the Annual General Meeting. A more detailed presentation of each member is given on page 27.

Board meetings

The Board held nine meetings in 2010, two times at Doros premises in Lund, Sweden, one time at Doros premises in

Governance culture

Shareholders Annual General Meeting External audit Board of Directors Governance environment External regulations Companies act Stock exchange Swedish Code of Corporate Governance President Group Management Group Internal regulations Articles of Association Rules of procedure for the Board Policies Nomination Committee

Presence at Audit committee 3/3 2/3 3/3 3/3
Remuneration 300,000 100,000 100,000 100,000
Member of Board since 2007
Position related to the Company Independent Independent Independent Independent Dependent
Positions related to Owners Independent Independent Independent Dependent Independent
The Boards report on internal control for the financial year 2010
According to Swedish Law for corporate governance, the Board must ensure that the Company has good internal control and remains informed about and evaluate the functioning of the Companys system for internal control. In addition, the Board shall produce a report showing how internal control regarding the financial statements is organized and, if there is no internal audit, evaluate the need for such a function and justify their position. further develop and enforce the Groups control routines and to implement the internal control for dealing with critical business matters. Those responsible for the process at different levels are responsible for implementing the necessary controls regarding the financial statements. In the annual accounts and reporting processes there are controls pertaining to valuation, accounting principles and estimates. The continual analysis made of the financial statements, together with the analysis made at Group level is very important for ensuring that the financial statements do not contain any material misstatements. The Groups controller plays an important role in the internal control process, having the responsibility for the financial statements from each unit being correct, complete and on time.

Control environment

Control environment with the aim of creating and maintaining a working control environment, the Board has established a number of fundamental documents that are important for financial statements. These specifically include the Boards approved agenda, instructions for the President and the committees. The primary responsibility for enforcing the Boards instructions regarding the control environment in the daily routines resides with the President. He reports regularly to the Board as part of established routines. Furthermore, there will be reports from the Companys auditors. The internal control system also builds on a management system that is based on the Companys organization and methods of running the business, with clearly defined roles, areas of responsibility and delegated authorities. The controlling documents also play an important role in the control structure e.g. policies and guidelines.
Information and communication
Doro works together with the IR Company RHR/CC that aims to promote completeness and correctness in financial reports released to the stock market. Through regular updates and messages, the employees concerned are made aware of, and have access to, information about changes to accounting principles and reporting requirements or other released information. The organization has access to policies and guidelines. The Board receives financial reports monthly. The external information and communication is notably governed by the Communication Policy, which describes Doros general principles for the release of information.

Risk Assessment

The Group carries out an ongoing risk assessment for identifying material risks regarding the financial statements. With regards to the financial statements, the main risk is considered to comprise material misstatements in the accounts e.g. regarding book keeping and the valuation of assets, liabilities, income and expenses or other discrepancies. Fraud and losses through embezzlement are a further risk. Risk management is built into each process and different methods are used for evaluating and limiting risks and for ensuring that the risks that Doro is exposed to are managed in accordance with determined policies, instructions and established follow-up routines. The purpose of this is to minimize possible risks and promote correct accounting, reporting and the release of information.

Follow up

Doros adherence to the adopted policies and guidelines is followed-up by the Board and the Executive management. The Companys financial situation is discussed at each Board meeting. The Boards Remuneration and Audit Committees play important roles with regards to for example, remuneration, financial statements and internal control. Before publication of Interim Reports and Annual Reports, the Board reviews the financial statements. Doros management conducts a monthly follow-up of results with analyses of deviation from budget, forecast and previous years. All monthly accounts are discussed within the Management Team. The external auditors tasks include an annual review of the internal control in Group subsidiaries. The Board meets with the auditors two times each year, partly to go through the internal controls and partly, in specific cases, to give the auditors additional tasks to undertake specifically targeted internal controls. Against this overall background, the Board does not consider it necessary to establish a special internal audit. Lund, March 2, 2011 The Board of Doro AB Please find additional information on Articles of Association Information from previous Annual General Meetings (notification, minutes etc.) Annual Report Presentations

Control Activities

These are intended for managing the risks that the Board and the management consider to be significant for the business, the internal control and the financial statements. The control structure partially consists of clear roles within the organization which facilitate effective distribution of responsibilities for specific control activities with the aim of discovering and, preventing the risk of errors in the reports in time. Such control activities can be clear decision making and decision processes for major decisions such as larger investment, divestments, agreements, analytical follow-ups etc. An important task for Doros staff is also to implement,

Shareholders equity and liabilities, SEK m SHAREHOLDERS EQUITY Restricted equity Share capital 19,107,631 shares, quota value SEK 1 Revaluation reserve Other allocated capital Non-restricted equity Share premium reserve Profit/loss brought forward Profit/loss for the year Total shareholders equity Provisions Provisions for guarantees Other provisions Total provisions CURRENT LIABILITIES Interest-bearing liabilities Liabilities to credit institutions Liabilities to Group companies Total interest-bearing liabilities Non interest-bearing liabilities Accounts payable trade Prepayments Liabilities to Group companies Other liabilities Accrued expenses and prepaid income Total non interest-bearing liabilities TOTAL SHAREHOLDERS EQUITY AND LIABILITIES Pledged assets Contingent liabilities 13 83.4 0.1 35.3 5.1 81.4* 205.3 359.9 191.5 30.3 2.0 29.3 1.2 34.7* 97.5 204.5 215.0.0 15.0 15.0 8.4 24.6 33.22 24.4 0.0 24.4 5.9 1.0 6.9 14.2 22.2 48.1 115.2 14.2 43.9 21.7 67.19.1 0.5 55.5 19.1 0.5 55.5 Note 2010 2009
Changes in shareholders equity Parent Company
Changes in shareholders equity 2010, SEK m Shareholders equity December 31, 2008 Profit for the year New Share Issue Cost of Share Issue Merger differences Total changes in shareholders equity not reported in the income statement Shareholders equity December 31, 2009 Total result Shareholders equity December 31, 2010 19.1 0.5 55.5 14.2 1.7 19.1 4.1 4.1 0.5 55.5 14.2 14.2 1.7 14.5 0.3 4.1 4.1 22.2 48.1 25.9 Share capital 17.4 Revaluation reserve 4.6 Statutory Share premium reserve reserve 55.5 Losses brought forward 48.0 21.7 Total shareholders equity 29.5 21.7 16.2 0.3 0.0 15.9 67.1 48.1 115.2
Cash flow statement Parent Company
SEK m Profit/loss after financial items Adjusted for items not in cash flow Changes in allocations Depreciation and write downs Liquidation profit subsidiary Other items not in cash flow Cash flow from current activities before changes in working capital Change in working capital Change in stocks Change in receivables Change in non-interest-bearing liabilities Cash flow from current activities INVESTMENT ACTIVITIES Acquisition of intangible fixed assets Acquisition of tangible fixed assets Cash flow from current activities FINANCING ACTIVITIES New Share Issue Change in non interest-bearing liabilities Cash flow from financing activities Cash flow for the year Liquid assets at start of year 1) Liquid assets at end of year

Not 3 Intra-Group transactions
Of the Parent Companys invoicing, SEK 0 m (45) relates to subsidiaries. Invoicing from subsidiaries to the Parent Company amounted to SEK 52.2 m (40). Invoicing between subsidiaries amounted to SEK 0 m (5).
Not 4 Rental and leasing agreements
Costs for operational rental and leasing charges during the year amounts to SEK 3.7 m (3.5) for the Group and SEK 1.8 m (1.6) for the Parent company. Agreed future rental and leasing costs fall due for payment as shown below. The Group Rental and leasing agreements Within 1 year Within 2 to 5 years Later than 5 years Total 2010 3.3 7.2 0.0 10.2.9 6.6 0.0 9.1.8 3.4 0.0 5.2 Parent Company 2009 1.3 2.0 0.0 3.3
Not 5 Employees Average number of employees
Number Parent Company Norway United Kingdom France Hong Kong Total 61 Of whom men 60 Of whom men 5 40
Staff absence and health risks
Staff absence as a percentage of ordinary work time in Sweden. 2010 Age Up to Over 50 Men Women All employees Total absence 0.7 1.3 0.0 0.5 1.6 1.0 Of which over 60 days 0.0 0.0 0.0 0.0 0.0 0.Total absence 0.4 1.7 0.3 0.2 3.8 1.0 Of which over 60 days 0.0 0.0 0.0 0.0 0.0 0.0

Health risks

No serious work-related injuries have occurred during 2010 and 2009 at any Doro site, which have led to an absence of over 60 days.
Salaries and remuneration
Salaries, remuneration, social charges and pension cost have appeared with the following amounts: The Group 2010 Salaries and other remuneration 41.7 41.7 Payroll overheads excluding pension costs 11.2 11.2 Pension costs of which premium-based 4.3 4.3 4.3 Pension costs for the managing directors of the subsidiaries amounted to SEK 0.2 m (0.3). 2009 39.3 39.3 11.2 11.2 3.5 3.5 3.18.6 18.6 5.9 5.9 3.1 3.1 3.1 Parent Company 2009 18.5 18.5 6.5 6.5 2.1 2.1 2.1
Gender of senior managers
2010 total Board Group Management whereof situated in: Parent Company Norway France Women % 2009 total Women % 20 20
Salaries and remuneration including board fee breakdown between board managers, CEO and other employees
2010 Board and CEO Sweden Norway United Kingdom France Hong Kong Total 2.6 0.0 0.0 1.5 0.0 4.1 Other employees 16.0 4.0 4.1 10.4 3.1 37.Board and CEO 1.8 0.0 0.0 1.5 0.0 3.3 Other employees 17.4 3.8 3.2 9.7 2.8 36.9

Management remuneration (SEK k)
The Board 2010 Chairman of the Board Other Board members Total
* Fees to other Board members amounted to SEK 100 k (100) each.

Fees 600

Pension 0

Other remuneration 0

Total 600
Senior Executives 2010 Jrme Arnaud (CEO) Other senior executives Total

*) Concerns Doro SAS.

Salary 2,308 4,179 6,487

Bonus 1,186 1,168 2,354

Pension 228* 1,006 1,234

Other remuneration 231

Total 3,791 6,515 10,306
The Board 2009 Chairman of the Board Other Board members Total
* Fees to other Board members amounted to SEK 100 T (100) each.
Senior Executives 2009 Jrme Arnaud (CEO) Other senior executives Total

Salary 2,132 3,921 6,053

Bonus 513 1,133 1,646

Pension 248* 712 960

Other remuneration 225

Total 2,969 5,915 8,884

Pension schemes fr senior executives are all premium-based with premiums of SEK 1.2 m (1.0) paid. Principles Fees are paid to the Chairman and other Board members in accordance with decisions made by the AGM. Remuneration to the CEO and other senior executives comprises a basic salary, variable remuneration, other benefits (primarily a company car) and pension premiums. The balance between basic salary and variable remuneration should be in proportion to the executives responsibilities and authorities. There are 4 (4) other members of the management team. Average number of senior executives in the management team in 2010: 5 (5). Comments to the table The annual salary to the CEO, Jrme Arnaud, consists of a fixed salary of SEK 2,308 k (2,132). Bonus The maximum bonus is 50 percent of the fixed salary. This refers to earned bonus. The bonus is linked to profits and sales growth. The bonus is normally paid out during the year after it is earned. The maximum cost of the bonus to senior executives must not exceed SEK 5.0 m SEK (5.0). In 2011 will bonus be paid out of SEK 2.4 m (1.6) for 2010 results. Pensions The retirement age for the management and CEO of the Group is 65 and pensions are usually paid in accordance with the general pension plan plus full remuneration for the entire amount of salaries according to the ITP/ITPK plans. All pension benefits are irrevocable,i.e. not dependent on continued employment. The period of notice for senior executives is in line with LAS (the Employment Protection Act), or a maximum of 12 months. No agreements have been signed concerning pension commitments or the equivalent, more than is mentioned in the periods of notice mentioned above, whether for board members or senior executives. Notice If notice is served by the company or by the CEO himself, the period of notice is one year. The CEO has the right to salary over 12 months during the period of notice. No severance pay will be paid if notice is given by CEO. Other senior executives have agreement of salary during notice between 3 and 9 months. Nominations and decision-making processes These procedures are explained in the Directors Report. Share-related compensation No member of the board or senior executive receives any compensation relating to shares (options, convertible debentures or similar) issued by Doro or the main owner. Options There are no remaining options to be issued to senior executives.

Note 22 Other allocations
Other allocations concerns three ongoing disputes in Doro SAS. One with a former employee and two regarding unpaid receivables. The Group Other allocations Opening balance Amount released New allocations Unutilized amount cancelled Closing balance 2010 2.7 0.7 0.0 0.6 1.3.2 1.3 0.8 0.0 2.7 Parent Company 2010 1.0 0.4 0.0 0.6 0.1.1 0.9 0.8 0.0 1.0
The Group Doubtful accounts receivable, change Opening balance Expected customer losses 2010 4.7 0.7 0.3 0.7 0.0 4.3.7 1.0 0.2 0.2 0.0 4.7
Disputes Doro has outsourced its production to external suppliers in Asia. Disputes could arise with suppliers because they do not deliver products that have the agreed quality, functionality or delivery time. Historically Doro has had few of these disputes.
Confirmed customer losses Amount cancelled Translation differences Closing balance Other receivables Other receivables are not yet due.
LIQUIDITY RISK The Group is in debt of SEK 0.0 m (8.4) that fall due for payment within 12 months. The fluctuation in comparison to last year is explained by the fact that Doro does not use factoring anymore. In addition, the Group had an semi-annual credit contract with Nordea that was closed/shifted during 2010 to Handelsbanken (two year credit contract). Utilized bank overdraft facilities stood at SEK 0.0 m (0.4). The bank overdraft limit is SEK 32.0 m. Volumes of bank overdrafts and letters of credit are adapted to Doros seasonal fluctuations in product flow and their need for financing. Doro has ongoing dialogues with the bank. Covenants for sales and EBIT are stated in the credit contract. Sales and EBIT must not deviate more than a certain percentage. The risk of insufficient credit is considered small. The Groups liquidity consists of cash at bank of SEK 89.5 m (40.4). Surplus liquidity is partly put into financial instruments but also allocated to the business. CURRENCIES Foreign currency management is concentrated to the finance department at Doro AB which buys and sells currencies within the framework for established risk limits. The main currency risk in Doro relates to that Doro has income and costs in different currencies. Products are primarily contracted and paid in USD and sales are mainly made in EUR,GBP and the Nordic currencies. Until August 2008, no currency hedging was undertaken by Doro but as the USD started a rapid appreciation the Board decided to hedge 50 percent of the remaining USD outflow in 2008 with a fixed EUR/USD forward contract. As from December 2008, the Board approved a structured treasury policy with the purpose to reduce short term risk exposure from having income and costs in different currencies (see more information on the treasury policy in the Director's Report on pages 2025). As of spring 2009 forecasted flows are quarterly hedged to 100 percent. Transaction exposure MARKET RISKS Doro is primarily active with telephony and is affected by many market risks. The risks that can affect Doros business appear in the comments below. This arises when income from sales and costs for purchases are in different currencies. Doro has large exposure because a lot of products are purchased in USD and income from most sales is in local currencies. The exception is sales to markets where Doro does not have its own subsidiaries, where both the income and costs are mainly in USD, and to some major European customers.



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