INTERVIEW DANIEL SENNHEISER AND DR. ANDREAS SENNHEISER
STORIES
ART AND SOUND OF TOMORROW
DISCOVERING THE ULTIMATE SOUND EXPERIENCE
SOUND OF THE THIRD DIMENSION
GOD IN THE BOTTLE TOP
ANNUAL REPORT 2015
IMPRINT
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CONTENTS
The tireless pursuit of perfect sound − a quest marked by curiosity, passion for the latest technology
and a vibrant culture of innovation. Having a keen understanding of what our customers want and
translating revolutionary ideas into groundbreaking products − all in the name of an extraordinary
listening experience. Consistently pushing the boundaries of what is possible to shape the future
of the audio industry. Never standing still, but always leading the way.
SHAPE THE FUTURE OF AUDIO
This is our vision, to
But what does the future of audio look like? We asked Hamburg-based artist Sven Meyer this
question. He answered by transforming spoken words into vivid patterns, shaped by waves
of water. Over the following pages you can see the results of this interpretation, with more
information on Sven Meyer’s art on page 20.
Shaping the future of the audio industry − this is Sennheiser’s
aim. In this interview, Daniel Sennheiser and Dr. Andreas
Sennheiser, co-CEOs of the company, take stock of the financial
year 2015, offering insight into the strategy and providing an
outlook for 2016. A discussion about the perfect sound, the
emotional impact of 3D sound and crossing artistic boundaries.
In the financial year 2015, Sennheiser succeeded in significantly
increasing its turnover once again. What were the decisive
factors behind this success?
Andreas Sennheiser: For one thing, we tapped into new regions
and markets, such as South Korea and Latin America. We also
focused on existing major markets. At the same time, we
succeeded in developing many innovative products, such as the
evolution wireless D1 and AVX.
“WE REFUSE TO WAIT AROUND TO SEE WHAT THE FUTURE WILL BRING. WE’RE SHAPING IT OURSELVES INSTEAD.”
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Daniel Sennheiser: The changeover in radio frequencies for
wireless microphones in Japan also led to a marked rise in
turnover. And here in our domestic market in Germany, we grew
by more than 10 percent, once again significantly expanding our
already strong market position.
What are the impulses driving Sennheiser in 2016?
Andreas Sennheiser: We aim to shape the future of the audio
industry. That’s why we will bring this claim − “Shape the
Future of Audio” − to life in specific and exciting ways in 2016.
We are convinced that the audio industry is on the verge of
experiencing a renaissance. For customers, new formats and
new ways of producing and consuming music continue to
emerge − technologies that we have been researching for many
years already. At Sennheiser, we refuse to wait around to see
what the future will bring. We’re shaping it ourselves instead.
Daniel Sennheiser: As the leading audio specialist, it is therefore
our responsibility to develop solutions that are fit for the future
together with customers. After all, if you claim to be a leader,
you also need to have vision. You have to show customers where
the future is headed. We have all of the necessary skills and
expertise to do just that. This aim gets to the heart of “Shape
the Future of Audio”.
Andreas Sennheiser: At the same time, we are focused on our core
business, which we continue to develop further. It not only includes
audio expertise, but also other areas such as manufacturing,
wireless technologies, after-sales service and distribution.
Daniel Sennheiser: We have a well-balanced strategy. It gives
us the freedom to say that not every one of our assumptions
absolutely has to be correct. At the same time, we have the
security of reaching our objectives all the same.
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How exactly are you implementing your vision “Shape the
Future of Audio”?
Daniel Sennheiser: Through innovative products. This includes
the virtual-reality microphone, for example, that we presented
as part of our new AMBEO technology program. It will mark the
beginning of a large number of AMBEO products in the years
ahead. These innovations also include the HE 1 headphones,
which are a milestone that will probably still resonate in
20 years’ time.
Andreas Sennheiser: The HE 1 is a great example. Our passion
for excellence was at the heart of its development. We wanted
to prove to ourselves that we could once again create the best
headphones in the world. And it is precisely this passion that
also drives “Shape the Future of Audio”. The aim is to outdo
ourselves and go one step farther. Apart from Sennheiser, our
customers also benefit in the end, as the expertise we gain will
prove to be of crucial help to us in developing new products.
You mentioned AMBEO. Can you explain what it is all about?
Andreas Sennheiser: We are linking our vision of breaking down
the boundary between reality and playback with AMBEO. The
objective is to use 3D technology to translate the emotional
impact of sound into reality − just as if listeners were to
experience those feelings directly. To achieve this, we are in the
process of developing products in four core areas: recording,
mixing, processing and playback. Our virtual-reality microphone
will be the first official AMBEO product. As soon as it is ready for
mass production this year, it will have a considerable impact on
the future of virtual-reality content. And it will be followed by
more AMBEO products. Prepare to be amazed.
Visitors at Art Basel have the opportunity to experience AMBEO
up close and personal right now. You aim to build a bridge
between art and sound with appearances at this series of art
fairs. Why is Sennheiser involved in this area?
Daniel Sennheiser: Presenting our vision at Art Basel was an
important decision. Art is always looking for new levels of
understanding, though it ultimately remains unattainable. We
are doing the same thing by striving for the perfect sound. It is
less about reaching the goal and more about the journey.
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Andreas Sennheiser: Art can also help us to remain curious.
Whatever awaits us at Art Basel or in the “Future Audio Artist
Program”, we will take advantage of the opportunities to
entertain different perspectives and cultivate our sense of
creative dissatisfaction. It is this very dissatisfaction that has
always made our company strong.
You have been collaborating with sound artists for years. What
was the deciding factor for the “Future Audio Artist Program”?
Daniel Sennheiser: Sound artists face a major challenge: Their
pieces are not included in most collections, since they are difficult
to exhibit and sell. Nevertheless, this art harbors such great
potential. That interests us. With our expertise and technology,
we therefore want to support these artists to sound out the
boundaries of what is possible. We are very excited to see what
comes out of it. One thing is for certain, however: We will gather
a wealth of stimuli and momentum on this collaborative journey
for new ideas.
How do you personally imagine the future of sound?
Daniel Sennheiser: The future of sound will be much more
nuanced, much more individual than it is today. I will no longer
have to go to a big studio. Instead, I will simply record wherever
I am. The same will hold true for playback. People will be able to
listen to music or audio anywhere, at any time. In the best-case
scenario, I will only need a small amount of hardware, which will
be incredibly intuitive to operate.
Andreas Sennheiser: What’s more, this greater emphasis on
the individual will also lead to a deeper emotional resonance.
If I have the opportunity as an artist to make a recording in
a rose garden instead of some dull studio, that will change
the feeling. In terms of playback, I can also perfectly tailor
the music to my taste. As a result, the emotional depth of the
experience is disproportionately greater than playing a normal
CD. Innovative ideas for the future like these are what drives us
each and every day.
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The major names of the international art scene have been
meeting at Art Basel for more than 40 years, preparing the
stage for new artistic impulses, ideas and developments. That
makes it the perfect location for Sennheiser to present its
vision “Shape the Future of Audio” in 2016.
The launch kicked off in March at Art Basel in Hong Kong, where
the audio specialist presented its vision at a booth that was a
work of art in its own right: A collage consisting of components
of select Sennheiser products adorns the outer wall. Painted
white, these intricate parts highlight Sennheiser’s attention to
detail. White sound waves on the outer shell give visitors a
foretaste of the sound experience that awaits them inside,
where videos are presented by Sennheiser showing well-known
sound artists, their projects and their vision for the sound of
tomorrow. Visitors are thereby transported from visual art into
the future of audio.
In a darkened chamber, guests are able to discover two products
that will shape the future of audio − the high-end HE 1
headphones and the AMBEO 3D audio system. Both highlights
plunge listeners right into the heart of the music. Every detail
The “Future Sound Cube” from Sennheiser at Art Basel in Hong Kong
ART AND SOUND OF TOMORROW
that the musicians have included in the recording is audible and
tangible, making it an experience unto itself.
Pushing the artistic envelope, fostering creativity and forging
new paths − these are the objectives of the “Future Audio Artist
Program”, an initiative established by Sennheiser to provide
innovative sound artists with new opportunities for creative
development. “We aim to encourage young artists to dare to
experiment with audio in their art,” Daniel Sennheiser says.
As part of the program, Sennheiser is sponsoring three artists
to each create an installation. The company supports them by
providing state-of-the-art audio equipment. In addition, these
talented young artists are given the opportunity to present their
pioneering works of sound art at Art Basel. “An opportunity like
this would be almost unimaginable for young artists without the
program,” says Jenny Falckenberg, the founder of the Hamburg-
based art agency Unique Art Concepts, who was responsible for
selecting the initiative’s jury members. The jury, which consists
of Daniel Sennheiser, the renowned curator Prof. Dr. h. c. Walter
Smerling and the well-known collector Daniela Hinrichs, is
responsible for judging the artworks and choosing an overall
winner for each of the three Art Basel shows. The first artist
invited by the jury is Zimoun from Switzerland. At Art Basel in
Basel, Zimoun is presenting the installation that he created as part
of the “Future Audio Artist Program” inside a shipping container.
He has lined the walls, floor and ceiling of the space and equipped
them with hundreds of small mechanical sound generators. Via
these mechanical systems, paper bags are set in motion, causing
them to make sounds. In addition to exploring the wide range of
sound properties exhibited by materials, such as the thin paper,
Zimoun also plays with the simplicity of mechanical systems in his
art − systems that can still develop a great degree of complexity.
Walter Smerling is looking forward to the works of sound art
created through the program and, above all, expects to see the
artists produce new sources of inspiration for the world of
audio. He explains: “The ear is sometimes closer to the brain −
and therefore the world of feeling and emotion − than the eye.
As a result, the fusion of visual art and acoustics can present a
fascinating challenge. It’s exciting to be a part of this and have
a hand in determining the path forward.”
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The jury of the “Future Audio Artist Program”: Daniel Sennheiser, Daniela Hinrichs and Prof. Dr. h. c. Walter Smerling (from left to right)
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Gregory Porter is one of the most successful jazz stars in the
world. In this interview, he sits down to talk with Axel Grell,
portfolio manager for high-end products at Sennheiser, about
his favorite music, excellence and the incomparable sound
experience of the HE 1.
We meet Porter at Palais Liechtenstein in Vienna. Porter puts
on the headphones and looks off into the distance, listening
to the music with great concentration.
Gregory Porter, what did you just listen to?
Gregory Porter: I listened to Nat King Cole and Natalie Cole
with the song “Unforgettable”. I’ve heard it countless times
before, but this is the first time that I’ve experienced the song
like this. Nat King Cole’s voice sounds so close, so intimate,
as if he were sitting on my shoulder. I’d like to listen to my
entire music collection with these headphones.
Axel Grell, did the Sennheiser engineers have a specific genre
of music in mind when they developed these headphones?
Axel Grell: The headphones are suitable for any type of music.
When it comes to jazz, the playback quality is especially good
with these headphones, since they are able to reveal every
DISCOVERING THE ULTIMATE SOUND EXPERIENCE
The HE 1 has made a believer out of Gregory Porter: “It’s a wonderful product”
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dimension of this complex music. The quality of the sound
is also reflected in the product’s design, which boasts only
exceptional, long-lasting materials.
Gregory Porter: It’s a wonderful product. The weight is just
right, and the quality is impressive. One thing in particular
really struck me: The process of warming up and revealing
the actual headphones is a slow and delicate one. It reminds
me of putting a record on the record player. As a result, you
perceive the music with a greater awareness.
How important is excellence in your work?
Gregory Porter: People invest their time listening to my music. It
therefore goes without saying for me that I want to honor that
and deliver the best I have to offer. I want to make sure the
music that comes out of headphones like these is also perfect.
Does high-end listening represent the future in the audio industry?
Gregory Porter: There’s a major difference between playing
music on your cell phone and on a high-quality system.
Whenever I write a song, I try to create a sense of intimacy.
My aim is to eliminate everything that could come between
me and the listener − including objects such as headphones. I
seek a direct path to the ears of my listeners.
Axel Grell: Many people notice that when it comes to music,
there is a lot more to discover if you listen to it in uncompressed
form and with high-end equipment. The aim is for listeners to
pick up on the emotions that the artist intends to convey.
Mr. Porter, what songs would you like to listen to with these
headphones?
Gregory Porter: I would like to listen to a few classical pieces
and jazz from the 1930s. Trying out these headphones is like
going on a journey filled with exciting discoveries.
Redefining the boundaries of audiophile sound
With the HE 1, successor to the legendary Orpheus, Sennheiser
has developed new high-end headphones that deliver an
unprecedented sound experience. The electrostatic headphone
system combines a unique amplifier concept with select
materials and workmanship of the highest quality. A frequency
range that exceeds human auditory perception and the lowest
total harmonic distortion value ever measured for an audio
playback system are just some of the technical features of this
milestone product.
The HE 1 provides an unprecedented sound experience with the highest degree of playback precision and unique spatiality
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From music recordings or broadcast applications to the field of
gaming, Sennheiser is paving the way for the future of audio
technology with the AMBEO brand − and changing the way we
perceive sound forever thanks to 3D immersive audio.
Composer, producer and musician Simon Franglen, who is
known for his work on Titanic, Avatar and the latest “James
Bond” film Spectre, swears by three-dimensional sound.
“Whenever I mix audio in 3D, it strikes me how much more
clearly I can hear what is happening within a given track,”
he says enthusiastically. “The additional playback dimension
gives the individual voices and instruments room to breathe
in a way that a flat stereo mix will never be able to. 3D
audio provides listeners with a completely new listening
experience,” he adds. This is made possible through a miking
technique that positions the recording microphones at each
corner of an oversized cube. This recording technique not
only immerses listeners in the music itself, but also enables
them to hear every detail of the arrangement. It opens up
new soundscapes, even for seasoned professionals like Simon
Franglen. “I have been able to discover so much more than I
could with a stereo or mono mix, even with pieces that I truly
Since 2016, Sennheiser has brought together its efforts in the field of 3D immersive audio under the AMBEO brand
SOUND OF THE THIRD DIMENSION
thought I knew inside and out. When you’ve heard it once, it
changes music forever,” Franglen says.
As a pioneer, Sennheiser has been active in the field of 3D audio
for a number of years. Since 2016, the audio specialist has been
pooling its efforts in the AMBEO technology program, which
promises to create entirely new possibilities for recording, mixing,
processing and playback. “3D audio will permanently change
the future of audio technology, and it will do so across a wide
range of areas, from virtual-reality gaming to music recordings
and broadcast applications,” Dr. Andreas Sennheiser says.
In early January 2016, Sennheiser gave visitors at the Consumer
Electronics Show the opportunity to experience AMBEO 3D audio
in a special 9.1 listening room. The audio specialist presented
original works recorded in 9.1 as well as upmixes of classic
music recordings at the world’s largest trade fair for consumer
electronics. Visitors were also invited to bring their own music
tracks. A Sennheiser algorithm then created a 9.1 upmix of
these tracks so that guests could listen to their favorite songs in
breathtaking 3D audio quality.
The gaming specialists from Soulpix are already taking advantage
of Sennheiser’s 3D audio expertise for their virtual-reality game,
EDEN. Thanks to a proprietary Sennheiser algorithm, it is easy to
localize the noises and sounds in the game, transporting players
into an imaginary − though extremely realistic − soundscape.
“The 3D sound-rendering engine used in EDEN allows for a
seamless cross-fade between real sounds and virtual sources,”
Andreas Sennheiser explains. “Engines such as these are the
future of 3D sound in augmented-reality applications,” he adds.
To record sound for virtual-reality productions, Sennheiser is
also collaborating with producers of VR content to develop a
new virtual-reality microphone. The microphone records audio
in three dimensions, making it a powerful tool for upcoming
VR productions.
“With AMBEO, our aim is to take 3D immersive audio to the next
level,” Andreas Sennheiser says. “In doing so, we are making it
possible for our customers to experience the future of audio up
close and personal and to have a hand in shaping it themselves,”
he adds.
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There is no doubt for Dr. Andreas Sennheiser: “3D audio will permanently change the future of audio technology”
Prototype of the virtual-reality microphone that records sound in three dimensions
Hamburg-based musician Sven Meyer designed KYMAT − an
installation and live show that visually renders sound. He used
this technology to illustrate the vision “Future of Audio” for
Sennheiser by directing the sound waves of the three words,
spoken aloud, at a bottle top filled with water. With the help
of a special camera, Meyer recorded the patterns that were
subsequently created, turning sound into something that can
be experienced in an entirely new way.
Mr. Meyer, sound art in a water-bottle top − could it get much
smaller than that?
The size is perfect for my purposes. The waves react perfectly
to the frequencies that I send through the water. The focus is
on aesthetics at a macro level.
Does every sound look good?
Definitely not. Many sounds just create chaos in the water,
which is why I work with a frequency generator. I can use it
to create ice crystals, floral patterns and mandalas in a much
more targeted manner. I often use long, deep bass sounds.
Sound artist Sven Meyer with his KYMAT installation
GOD IN THE BOTTLE TOP
Does the world really need KYMAT?
We perceive sound with greater awareness if we can see it at
the same time. My visual rendering is not the translation of a
machine − it comes straight from nature itself. I send a certain
frequency into water, which creates a shape that suddenly
calls to mind animals, snow and even the division of cells.
Cymatics researchers therefore claim that these images reveal
nature’s structure.
Water as the source of life, as the substance that centers all
of us?
Human beings are made up of 70% water. If a certain frequency
creates a beautiful form in a bottle top, it must have a positive
effect on humans, too. That is the origin and outcome of KYMAT.
You experimented for two and a half years without knowing
whether the concept would work. Honest answer: Did you ever
consider giving up?
There was a lot of fiddling and tinkering, I admit. But I had
a goal, a vision. And then one day I had my “aha” moment:
the first perfectly formed mandala. It was magical. Today I can
predict what frequencies will produce cool images. But I can
also improvise and surrender to surprise.
Does KYMAT represent a dream come true for you?
I’ve been making music my entire life, and I’ve always
preferred helping people to chill out rather than getting them
up on their feet and dancing. At home, I have gongs, sitars and
a Hammond organ. I’m a walking hippie cliché, even if I don’t
mean to be at all. I’m blending spirituality with science. The
result is KYMAT, or God in a bottle top.
A brief history of cymatics
The German physicist Ernst Chladni wrote about the phenomenon
of the sound figure more than 200 years ago. In order to make
sound visible, he sprinkled fine sand onto metal plates, and set
the plates into vibration with the help of violin bows and tuning
forks. Doing so resulted in impressive figures reminiscent of ice
crystals. Swiss natural scientist Hans Jenny further developed
the technique and named it cymatics, which is derived from the
Old Greek word for wave. Nowadays, thousands of cymatics
enthusiasts meet at conventions to philosophize about the
aesthetics of sound.
Artist Sven Meyer used his KYMAT technology to visually render the sound of “Future of Audio” when spoken for Sennheiser
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OVERVIEW OF THE FISCAL YEAR
REPORT OF THE SUPERVISORY BOARD
MANAGEMENT REPORT OF THE SENNHEISER GROUP
PRINCIPLES
BUSINESS MODEL
GOALS AND STRATEGY
ECONOMIC REPORT
OVERALL BUSINESS DEVELOPMENTS AND DEVELOPMENT OF THE INDUSTRY
BUSINESS DEVELOPMENT OF THE SENNHEISER GROUP
TURNOVER BY REGION
TURNOVER BY BUSINESS DIVISION
POSITION OF THE SENNHEISER GROUP
RESEARCH AND DEVELOPMENT ACTIVITIES
DEVELOPMENT IN NUMBER OF EMPLOYEES
POST-BALANCE-SHEET-DATE EVENTS
OUTLOOK, RISK AND OPPORTUNITIES REPORT
OUTLOOK
RISK REPORT
OPPORTUNITIES REPORT
CONSOLIDATED FINANCIAL STATEMENTS 2015
CONSOLIDATED BALANCE SHEET
CONSOLIDATED PROFIT AND LOSS STATEMENT
CONSOLIDATION
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25OVERVIEW OF THE FISCAL YEAR
The Sennheiser Group continued its growth path. In 2015, the
company generated turnover of €682.2 million – up €47.4
million, or 7.5 percent, from the previous year. Around €355.2
million was attributable to the EMEA region. The group
generated €179.8 million in the Americas region and €147.2
million in the APAC region.
The Americas region was the main growth driver in 2015, with a
17.5 percent increase year on year. The APAC region also posted
significant gains, with turnover growth of 11.0 percent, and the
EMEA region grew moderately by 1.7 percent.
Turnover in the Professional Systems Division amounted to €347.0
million, whereas the Consumer Electronics Division generated
turnover of €335.2 million.
Compared to the previous year, the Sennheiser Group’s earnings
declined to €30.3 million. This is largely due to the sharp increase
in other operating expenses, for example for global marketing
campaigns.
The Sennheiser Group again increased its investments in
research and development year on year by 8.5 percent to €46.9
million. A total of 354 employees were employed on R&D activities
(previous year: 338).
On an annual average, the Sennheiser Group had 2,704
employees, up 4.0 percent on the previous year. They were
employed equally in Germany (1,382) and abroad (1,322). The
number of trainees around the world continued to remain high
at 76.
The fiscal year was marked by a series of product launches, such
as the D1 wireless digital microphone series for live music and
AVX for video journalists in the Professional Systems Division, or
the second generation of the MOMENTUM headphone family in
the Consumer Electronics Division.
26 REPORT OF THE SUPERVISORY BOARD
Ladies and Gentlemen,
In fiscal year 2015, the Supervisory Board addressed the
situation, development and strategic focus of the Sennheiser
Group on an ongoing and comprehensive basis. In accordance
with our responsibilities, we closely supported management
over the course of the year and offered advice at all times. The
cooperation was marked by transparent and candid dialogue.
Management informed us, on an ongoing and regular basis,
of developments relating to the results of operations, the
risk situation of the group and other relevant issues. The
Supervisory Board has thoroughly examined and approved,
without reservation, the Consolidated Financial Statements and
the Management Report.
The Supervisory Board comprised four members in fiscal year
2015: In addition to myself, these were Prof. Dr. Jörg Sennheiser,
Andreas Dornbracht and Johann Soder.
In fiscal year 2015, the Supervisory Board convened four times
to fulfil its responsibilities. Dr. Andreas Sennheiser, Daniel
Sennheiser, Peter Callan, Peter Claussen, Thomas Weinzierl
and Steffen Heise (since April 1, 2015) were members of the
Executive Management Board in the reporting year.
The Sennheiser Group ended fiscal year 2015 successfully with
another significant increase in turnover. The company was able
to further solidify its market position and underscore its goal of
being one of the world’s leading audio specialists, which in turn
confirms the Sennheiser Group’s strategic focus. In this context,
the progress achieved in becoming a connected company –
a company where employees work in an integrated manner, act
on a connected basis and develop the best solutions for customers
using a global and cross-departmental approach – is worth
pointing out. The Supervisory Board is supporting this process of
transformation and thinks management is on the right track.
27REPORT OF THE SUPERVISORY BOARD
The successful business development is largely attributable to
the employees of the Sennheiser Group, to whom we would like
to express our special thanks. Their dedication, ingenuity and
passion for the pursuit of perfect sound are what defines our
company and makes it strong.
We started the current year with this in mind, and 2016 will also
be characterized once more by numerous product innovations
that will enthrall our customers around the world. We look
forward to embarking with them on this path towards the future.
On behalf of the Supervisory Board
Wedemark, April 2016
Dr. Ing. Frank Heinricht
Chairman of the Supervisory Board of
Sennheiser electronic GmbH & Co. KG
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BUSINESS MODEL
Audio specialist Sennheiser is one of the world’s leading
manufacturers of headphones, microphones and wireless
transmission systems. The group researches, develops,
produces and sells products for both professionals and
consumers, and is accordingly divided into the Professional
Systems and Consumer Electronics Divisions.
Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany,
is the parent company. The globally active group has its
own production sites, which are located in Wennebostel
(Germany), Tullamore (Ireland) and Albuquerque (USA).
In Wennebostel, Sennheiser chiefly manufactures wireless
and wired microphones, microphone capsules, monitoring
systems and headsets, as well as high-end headphones and
conferencing technology. The plant in Albuquerque specializes
in the production of wireless headphones and wireless
microphone and monitoring systems, whereas the Tullamore
facility manufactures headphones, headphone transducers and
loudspeakers. The product management, marketing, purchasing
and product development for the consumer electronics business
are located in Germany, the USA and Singapore.
The core business also includes sales and services for the
product portfolio. These activities are fulfilled by Sennheiser’s
19 sales subsidiaries and long-standing trading partners in
more than 50 countries.
In addition to Sennheiser electronic GmbH & Co. KG, the
Sennheiser Group has comprised studio microphone and monitor
specialists Georg Neumann GmbH since 1991 and the joint
venture Sennheiser Communications A/S, which specializes in
headsets for PCs, offices and call centers, since 2003. Sennheiser
Streaming Technologies GmbH, a competence center for
innovative streaming solutions, joined the group in 2014. The
record label Sennheiser Media AG, based in Urdorf (Switzerland),
focuses on promoting young, up-and-coming artists.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
PRINCIPLES
Members of the Executive Management Board 2015: Peter Callan, Peter Claussen, Dr. Andreas Sennheiser, Daniel Sennheiser, Steffen Heise and Thomas Weinzierl (from left to right)
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GOALS AND STRATEGY
Sennheiser’s goal is to develop and expand leading positions in
its business segments that also strengthen its core business.
Essentially, Sennheiser therefore focuses on offering a high-
quality and efficient product portfolio that is completely tailored
to users’ needs and includes winning innovations. In order to
get products ready for launch more quickly, the audio specialist
leverages internal research and development skills and in-
house production capacities. The objective is to constantly tap
into new markets, both geographically and in the form of new
business areas.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
PRINCIPLES
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OVERALL BUSINESS DEVELOPMENT AND
DEVELOPMENT OF THE INDUSTRY
Overall business development
In the fiscal year, the global economy was not particularly
dynamic, and the outlook continued to deteriorate. One reason
was that growth in emerging markets decelerated again. This
was especially true of China and of oil- and commodity-producing
countries. In addition, tension within financial markets weighed
down the entire global economy. Both the US export industry
and oil-exporting nations came under pressure, primarily due to
the appreciation of the US dollar.
The favorable euro exchange rate, on the other hand, had
a positive effect on the export sector in the euro area. The
purchasing power of private households in the region increased
and supported the domestic economies. This was due to the
low inflation rate related to the drop in oil prices, as well as low
interest rate levels. The German labor market benefited from
this in particular and developed positively as a consequence.
Development of the industry
The German electrical and electronics industry continued to
recover in 2015. Exports in the sector increased by 6.7 percent to
€174.1 billion, hitting an all-time high. In particular, an increase
in exports to the US was registered, whereas China dropped
back to second place in the ranking of leading importer nations.
In the reporting year, the sector increased turnover by
3.7 percent to €178.0 billion. This is reflected in the moderate
increase in production volumes, capacity utilization and number
of employees.
BUSINESS DEVELOPMENT OF THE SENNHEISER GROUP
The Sennheiser Group ended fiscal year 2015 with a significant
increase in turnover, achieving a new record. Compared to
the previous year, total turnover grew by €47.4 million, or
7.5 percent, to €682.2 million.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
ECONOMIC REPORT
31MANAGEMENT REPORT OF THE SENNHEISER GROUP
ECONOMIC REPORT
2013
590.5
+1.0%
634.8
2014
+7.5%
2015
+7.5%
682.2
400
450
550
€ millionsChange from previous year, in percent/in € millions
600
650
+€47.4m
2012
584.4
+10.0%
531.4
2011
+13.5%
0200
500
700
TURNOVER
32
TURNOVER BY REGION
The positive development in turnover in 2015 was primarily
driven by strong growth in the Americas region (North, Central
and South America). The group generated turnover of €179.8
million in this region, which corresponds to an increase of €26.8
million, or 17.5 percent, on the previous year. The appreciation
of the US dollar against the euro during the course of the year
made a particular contribution to this.
The development in the APAC region (Asia and Australia)
also boosted growth at the Sennheiser Group. The company
generated turnover of €147.2 million in this region – up €14.6
million, or 11.0 percent, from the previous year. Japan – where
the government subsidized the refitting of wireless microphone
systems following the sale of the previously used frequencies –
was one reason for this. The subsidies ended in the first quarter
of 2016.
In the EMEA region (Europe, Middle East, Africa), growth was
moderate. Turnover amounted to €355.2 million, which equates
to an increase of €6.0 million, or 1.7 percent. The development in
the region was largely undermined by the impact of the Ukraine
conflict and the escalation of the crisis in Syria. These events
not only accelerated the depreciation of the ruble against the
euro, but also limited the room for maneuver on the Russian
sales market. Also, the sudden decoupling of the Swiss franc
from the euro at the beginning of the fiscal year limited growth
opportunities in Switzerland.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
ECONOMIC REPORT
33
EMEA
AMERICAS
179.8355.2
APAC
147.2
+11.0%
+1.7%+17.5%
MANAGEMENT REPORT OF THE SENNHEISER GROUP
ECONOMIC REPORT
TURNOVER BY REGION
Turnover per year in € millionsChange from previous year
Turnover 2015 in € millionsChange from previous year, in percent
147.1
2013
153.0
2014
179.8
2015
+€26.8m
342.1
2013
349.2
2014
355.2
2015
+€6.0m
101.3
2013
132.6
2014
147.2
2015
+€14.6 m
34
TURNOVER BY BUSINESS DIVISION
The Professional Systems Division generated turnover of €347.0
million in fiscal year 2015, which corresponds to a year-on-year
increase of €34.2 million, or 10.9 percent. In the Live Performance &
Music and Broadcast & Media segments, the division saw especially
strong growth.
Greater demand from Japan for the high-end systems Digital 9000
and the 5000 series continued unabated throughout 2015. The
measures implemented by Sennheiser in 2014 to optimize
production capacities and inventories substantially helped the
company to maintain its high capability to deliver these systems.
The Consumer Electronics Division generated turnover of €335.2
million in 2015. At €13.2 million, or 4.1 percent, growth was
somewhat more moderate compared to 2014. The Call Center &
Office segment, which continued its positive trend and gained
32.6 percent compared to 2014, was the main driver of turnover.
The new models of the MOMENTUM product family, such as
MOMENTUM Wireless, made a particular contribution to the
positive development of turnover.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
ECONOMIC REPORT
35MANAGEMENT REPORT OF THE SENNHEISER GROUP
ECONOMIC REPORT
TURNOVER BY BUSINESS DIVISION
€682.2m
€335.2m 49.1%
€347.0m 50.9%
+4.1%+10.9%
PROFESSIONAL SYSTEMS CONSUMER ELECTRONICS
Total turnover 2015
Share of total turnover, in € millions/in percent
Change from the previous year, in percent
36
POSITION OF THE SENNHEISER GROUP
Net earnings position
The Sennheiser Group’s net earnings declined by €20.3 million
year on year to €30.3 million before taxes in 2015. Material
and personnel costs, which grew slightly disproportionately
to turnover growth, negatively impacted the net earnings
position. The interest rate change effect alone weighed down
the valuation of pension obligations by €8.2 million. Global
marketing campaigns supported the consistent market presence
and led to an increase in other operating expenses.
Investments
Investments in fixed assets of the Sennheiser Group amounted
to €14.7 million and related largely to the implementation of
the strategy to expand the product portfolio.
The group’s investments in property, plant and equipment came
to €12.8 million in fiscal year 2015.
Net asset position
At €431.8 million, total assets of the Sennheiser Group as of
December 31, 2015, were €21.8 million, or 5.3 percent, higher
compared to December 31, 2014. While receivables and other
assets increased moderately and proportionately compared to
turnover growth, by €4.3 million, inventories were reduced by
€12.4 million thanks to efficient inventory management. These
developments are correspondingly reflected in the increase in
cash and cash equivalents.
Due to the ongoing decline in interest rates, pension provisions
reported a €10.8 million increase to €90.6 million. The decline in
other provisions by €2.0 million was largely due to the reduced
profitability. The increase in trade payables by €8.2 million to
€54.8 million results from purchases for business activities in
the fourth quarter of 2015.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
ECONOMIC REPORT
37
RESEARCH AND DEVELOPMENT ACTIVITIES
The creation of innovative products that are geared toward
customers’ needs and can be produced economically is the
objective of research and development activities at Sennheiser.
These activities are conducted between four research and
innovation centers:
Sennheiser Audio Labs in Waldshut-Tiengen (Germany), with a
focus on digital signal processing (DSP) and 3D audio
Sennheiser Innovation in Zurich (Switzerland), specialized in
trend research, design and the development of scenarios and
innovative future concepts for the entire group
Sennheiser Technology & Innovation in San Francisco (USA),
for 3D audio, speech processing and sound control sensors; the
center cooperates closely with partners in Silicon Valley
Sennheiser Consumer Electronics in Singapore, which is responsible
for product development based on current consumer trends
Thanks to the Innovation Campus in Wedemark, which was
officially opened in 2015, the audio specialist has the most
state-of-the-art innovation center in the sector. The company
thereby underscores its objective of substantially shaping the
future of the audio industry.
Around the world, 354 employees were involved in research
and development (previous year: 338). In 2015, the
Sennheiser Group’s expenditure on related activities increased
by 8.5 percent year on year to €46.9 million. The research
and development expenses in relation to turnover amounted
to 6.9 percent. In the reporting year, the Sennheiser Group
applied for 31 new patents. Overall, the company holds patents
for 160 of 253 inventions (patent families).
Research
Sennheiser pursues corporate research goals in all business
segments. In the field of acoustics and transducers, for example,
the company successfully developed product-related prototypes
for innovative transducers and the required manufacturing
technology in the reporting year.
Other activities in the field of wireless transmission systems were
aimed at evaluating the potential of existing and future mobile
telecommunication systems for professional and semiprofessional
wireless microphone systems, among other things. In addition,
Sennheiser also examined entirely new approaches in digital
wireless systems. This primarily involved improving immunity
against interference combined with customer-oriented scalability
and significantly less space requirement.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
RESEARCH AND DEVELOPMENT ACTIVITIES
38
The Sennheiser Group’s 3D audio activities are brought together
under the AMBEO brand name. The objective is to offer customers
a completely new immersive experience of sound. For this
purpose, Sennheiser is building up a product portfolio that covers
the entire signal chain, from recording, to mixing and processing,
to reproduction.
Development
With the launch of the D1 product series for live music and AVX
for video journalists, the Professional Systems Division expanded
its wireless microphone portfolio with new digital systems in the
first half of the year. By using the 2.4 GHz frequency range for D1
and 1.9 GHz range for AVX, the microphone systems are future-
ready and can be used in most countries without any licensing.
In the second half of the year, the division focused more intensely
on the TeamConnect Wireless and TeamConnect Ceiling product
families, which – together with the SpeechLine Digital Wireless
microphone system – round out the portfolio of professional
meeting solutions.
The Consumer Electronics Division started fiscal year 2015 with
several product launches at the CES in Las Vegas (USA), one of
the world’s largest trade fairs for consumer electronics. This
included the RS line, for example: digital wireless headphone
systems that are characterized by increased speech intelligibility
and are suitable for home movie viewing and audio. Sennheiser
developed the RS 195 together with the Fraunhofer Institute for
Digital Media Technology. A focus of the cooperation was taking
into account the needs of people with slightly impaired hearing.
In this division, Sennheiser launched the second generation of the
MOMENTUM headphone family, including MOMENTUM Wireless.
A special feature is the foldable stainless steel headband for easier
handling on the go. In addition, the new models offer wireless
Bluetooth® technology and NoiseGard™ active noise cancellation.
Integrated near field communication (NFC) technology allows
the user to connect accordingly equipped playback devices to
MOMENTUM Wireless at the push of a button.
Another focus of development activities in the Consumer
Electronics Division were preparations for the product launch
of the HE 1 in summer 2016. This headphone system is a
continuation of the success story of the legendary Orpheus
from 1991 and combines audiophile sound quality with unique
details that underscore Sennheiser’s leadership in audio: All
materials, including Carrara marble, platinum and gold, support
the product’s acoustic performance.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
RESEARCH AND DEVELOPMENT ACTIVITIES
39
* patent families
INVESTMENTS
+8.5%SHARE OF TURNOVER: 6.9%
46.9 m
31 NEW PATENT APPLICATIONS
IN 2015
INVENTIONS AND PATENTS
253
DIFFERENT INVENTIONS*
160INVENTIONS* WITH ISSUED
PATENTS
EMPLOYEES
354 IN RESEARCH AND DEVELOPMENT
RESEARCH AND DEVELOPMENT CENTERS
SWITZERLANDTrend research,
innovative future concepts
and design
USA 3D audio,
speech processing and sound control sensors
GERMANY3D audio and digital
signal processing SINGAPORE Product life cycle,
customer retention and product development
MANAGEMENT REPORT OF THE SENNHEISER GROUP
RESEARCH AND DEVELOPMENT ACTIVITIES
RESEARCH AND DEVELOPMENT
€
40
DEVELOPMENT IN NUMBER OF EMPLOYEES
The Sennheiser Group employed an average of 2,704 people in
2015. This corresponds to a 4.0 percent increase. The number of
trainees worldwide totaled 76, the same level as the previous
year. At the end of the year, the number of employees at the
Sennheiser Group was 2,747 (previous year: 2,707).
An average of 51 percent of all employees worked for companies
in Germany and 49 percent for companies abroad. Personnel
expenses rose by 9.7 percent in total, including a significant
increase in additions to pension provisions.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
DEVELOPMENT IN NUMBER OF EMPLOYEES
2,70462%MEN
38%WOMEN
WOMEN IN MANAGEMENT26%
EMPLOYEES AVERAGE NUMBER OF EMPLOYEES IN 2015
76 TRAINEES WORLDWIDE
GERMANY
1,382ABROAD
1,322
EMPLOYEES
41MANAGEMENT REPORT OF THE SENNHEISER GROUP
DEVELOPMENT IN NUMBER OF EMPLOYEES
+104 employees
Number of employeesChange from previous year in percent
2013
2,542
+9.1%
2012
2,329
+6.7%
2014
2,600
+2.3%
2,000
2,400
2,600
2,800
0
2,200
2011
2,183
+3.1%
2,704
+4.0%
2015
DEVELOPMENT IN NUMBER OF EMPLOYEES
42
POST-BALANCE-SHEET-DATE EVENTS
Since December 31, 2015, no significant events have occurred
that are of material importance to the net earnings position,
financial position and net asset position of the Sennheiser Group.
OUTLOOK
The situation of the electrical and electronics industry in Germany
Overall, the Sennheiser Group expects to see stable development
in the electrical and electronics industry in 2016. The business
climate remains positive, albeit slightly more subdued compared
to the previous year. The ZVEI (Zentralverband Elektrotechnik- und
Elektronikindustrie), Germany’s central association of the electrical
and electronics industry, forecasts moderate sales growth of
2 percent for the industry in the current year. The uncertain
development of the global economy and various crises, not only
within the euro area, are having a significant impact. Declining
order intake and a growing bottleneck in available specialists
will further squeeze production volumes. The Sennheiser Group
therefore regards the ZVEI’s forecast as realistic.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
POST-BALANCE-SHEET-DATE EVENTS // OUTLOOK, RISK AND OPPORTUNITIES REPORT
43
Outlook for future development
Global economic growth will remain modest in 2016. Although
declining commodity prices and macroeconomic stimulus measures
are having a positive impact, ongoing risks due to the depreciation
of currencies and the low interest rate policy, especially in the euro
area, continue to exist. The development of BRIC nations, which
account for a considerable share of global trade, and a rise in the
number of political crises are additional factors.
It should be pointed out that adverse effects in individual
regions are offset by positive effects in other markets thanks
to the Sennheiser Group’s global nature. The group’s structural
expansion will continue to contribute to this balancing effect
moving forward. This includes not only expanding operating
sales activities, but also tapping into additional strategic
business fields.
Outlook for turnover and results of operations
Due to the high share of the Sennheiser Group’s turnover
accounted for by the US and Asian markets, additional turnover
growth can be expected. This will be supported by numerous
new innovative products and technologies.
In fiscal year 2015, the consolidation of structures and procedures
in both divisions also made business processes more dynamic.
This is strengthened by the fact that the processes at Sennheiser
are systematically focused on markets and customers.
In the short term, the volatility of the euro against other major
global currencies will continue to have the biggest impact on the
results of operations of the Sennheiser Group. The company is
working towards ensuring that the current depreciation of the
euro does not entail a disproportionate increase in costs and
therefore anticipates a positive development in the results of
operations in 2016.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
OUTLOOK, RISK AND OPPORTUNITIES REPORT
44
RISK REPORT
Risk management system
In fiscal year 2015, the Sennheiser Group further strengthened
the risk management process. In compliance management,
for example, the company made substantial progress: The
company-wide intranet has had a dedicated area on this topic
since November 2015. In addition to the description of the
objectives and tasks of individual roles, this platform now offers
web-based training for all employees of the Sennheiser Group
on a binding basis.
The IT organization of the group has also made a significant
contribution to the issue of compliance. A corresponding IT
guideline, which includes measures to prevent the loss or theft
of data, entered into effect in 2015.
With the introduction of an initiative management system,
Sennheiser has enhanced the transparency of its initiatives
and projects in order to deploy its resources in a more targeted
manner, with a particular view to achieving strategic and
economic targets. Ideas that have minimal relevance to the
overall success of the company can therefore be identified more
quickly and adjusted if necessary.
Risks
Due to the global network of procurement and distribution
channels, the Sennheiser Group is exposed to the typical risks of
globally operating companies. With the increasing complexity
of national and international regulations in technology and
approval, export/import and data protection, new risks arise,
especially in product conformity, which the company responds
to with suitable measures.
The company further pursued the measures derived from the
evaluation of risk from defaulting suppliers and the analysis
of interruption risks. No other risk potential was identified in
this respect.
Fluctuation in the trading currencies relevant to the Sennheiser
Group had a substantial impact on the results of operations
of the group. However, the effects generally offset each other
thanks to counteractive effects and compensatory transactions
in procurement and sales in the same currency.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
OUTLOOK, RISK AND OPPORTUNITIES REPORT
45
Wedemark, April 2016
On behalf of the Executive Management Board of
Sennheiser electronic GmbH & Co. KG
Daniel Sennheiser and Dr. Andreas Sennheiser
CEOs of Sennheiser electronic GmbH & Co. KG
OPPORTUNITIES REPORT
Right now, the creative industry is increasingly focusing on
new technologies in virtual and augmented reality, as well as
360-degree videos. In this market environment, there are huge
opportunities for the new 3D audio experience that Sennheiser’s
AMBEO brand will offer. AMBEO will comprise the recording,
mixing, processing and reproduction of 3D immersive audio,
offering Sennheiser the opportunity to expand its business field.
Thanks to increased efforts in recent years to position the
Sennheiser brand in the premium segment, the company is
becoming increasingly attractive for large and well-known
cooperation partners. Sennheiser reviews all queries on a highly
selective basis so as to enter a cooperation that is promising for
both parties.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
OUTLOOK, RISK AND OPPORTUNITIES REPORT
46
2015 IN €
11,939,046.76
50,285,219.64
1,949,503.73
64,173,770.13
103,954,814.00
146,392,683.94
98,075,957.49
348,423,455.43
5,609,853.61
13,561,137.48
431,768,216.65
A. FIXED ASSETS
I. INTANGIBLE ASSETS
II. PROPERTY, PLANT AND EQUIPMENT
III. FINANCIAL ASSETS
B. CURRENT ASSETS
I. INVENTORIES
II. RECEIVABLES AND OTHER ASSETS
III. CASH AND CASH EQUIVALENTS
C. ACCRUALS AND DEFERRALS
D. DEFERRED TAXES
PREVIOUS YEAR IN €
12,831,821.06
51,943,982.26
1,932,595.80
66,708,399.12
116,340,928.61
142,103,598.12
65,252,416.36
323,696,943.09
5,375,464.85
14,216,840.22
409,997,647.28
ASSETS
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2015
47
2015 IN €
93,819,096.63
152,244,870.45
185,523,749.19
180,500.38
431,768,216.65
A. EQUITY
B. PROVISIONS
C. LIABILITIES
D. ACCRUALS AND DEFERRALS
PREVIOUS YEAR IN €
81,412,932.15
143,447,702.50
185,079,295.62
57,717.01
409,997,647.28
LIABILITIES
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2015
48 CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED PROFIT AND LOSS STATEMENT FOR FISCAL YEAR 2015
2015 IN €
682,213,399.20
2,111,387.22
2,350,849.44
686,675,635.86
73,889,303.50
760,564,939.36
274,890,703.40
201,523,672.35
17,092,150.17
231,902,876.72
–4,828,962.03
10,534,136.49
19,792,438.20
1. SALES REVENUE
2. INCREASE IN THE INVENTORY OF FINISHED AND SEMI-FINISHED PRODUCTS
3. OTHER OWN WORK CAPITALIZED
4. OTHER OPERATING INCOME
5. RAW MATERIALS AND CONSUMABLES
6. PERSONNEL COSTS
7. DEPRECIATION
8. OTHER OPERATING EXPENSES
9. FINANCIAL RESULT
10. TAXES
11. NET PROFIT FOR THE YEAR
PREVIOUS YEAR IN €
634,849,658.91
12,062,789.22
2,993,702.91
649,906,151.04
31,696,362.28
681,602,513.32
254,316,191.05
183,683,145.52
15,615,741.56
172,153,963.01
–5,212,275.29
15,943,932.04
34,677,264.85
49
1 Profit transfer agreement with Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany.2 Included in the annual financial statements of Sennheiser New Mexico LLC, Albuquerque, USA.3 Included in the annual financial statements of Sennheiser Australia Pty Ltd., Chatswood, Australia.
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
SIZE OF HOLDING IN PERCENT
CURRENCY SHARE OF CAPITAL IN THOUSAND UNITS
FULL CONSOLIDATION
SENNHEISER ELECTRONIC GMBH & CO. KG, WENNEBOSTEL, GERMANY – EUR 5,200
– GEORG NEUMANN GMBH, BERLIN, GERMANY 100.0 EUR 8001
– K + H VERTRIEBS- UND ENTWICKLUNGSGESELLSCHAFT MBH, WEDEMARK, GERMANY 100.0 EUR 251
– SENNHEISER AUDIO LABS GMBH, WEDEMARK, GERMANY 100.0 EUR 251
– SENNHEISER CONSUMER ELECTRONICS GMBH, WEDEMARK, GERMANY 100.0 EUR 12,1911
– SENNHEISER NEW MEXICO LLC, ALBUQUERQUE, USA 100.0 USD 5,000
– SENNHEISER MANUFACTURING USA CORP., ALBUQUERQUE, USA 100.0 USD 2
– SENNHEISER BONDHOLDING COMPANY LLC, ALBUQUERQUE, USA 100.0 USD 2
– SENNHEISER GLOBAL OPERATIONS GMBH, WEDEMARK, GERMANY 100.0 EUR 3,501
– SENNHEISER AUDIO OOO, MOSCOW, RUSSIA 100.0 RUB 3,340
– SENNHEISER AUSTRALIA PTY LTD., CHATSWOOD, AUSTRALIA 100.0 AUD 0
– SENNHEISER NEW ZEALAND LTD., AUCKLAND, NEW ZEALAND 100.0 NZD 3
– SENNHEISER BELUX B.V.B.A., ZELLIK, BELGIUM 100.0 EUR 150
– SENNHEISER (CANADA) INC., POINTE-CLAIRE, CANADA 100.0 CAD 230
– SENNHEISER ELECTRONIC ASIA PTE. LTD., SINGAPORE 100.0 USD 338
– SENNHEISER ELECTRONIC CORPORATION, OLD LYME, CT, USA 100.0 USD 2
– SENNHEISER ELECTRONICS (BEIJING) CO., LTD., BEIJING, CHINA 100.0 CNY 6,856
– SENNHEISER ELECTRONICS INDIA PRIVATE LIMITED, HARYANA, INDIA 100.0 INR 70,000
– SENNHEISER FRANCE SAS, IVRY-SUR-SEINE, FRANCE 100.0 EUR 305
– SENNHEISER HONG KONG LTD., HONG KONG, CHINA 100.0 HKD 10
– SENNHEISER JAPAN K.K., TOKYO, JAPAN 100.0 JPY 90,000
– SENNHEISER MEXICO S.A. DE C.V., MEXICO CITY, MEXICO 100.0 MXN 215
– SENNHEISER NEDERLAND B.V., ALMERE, NETHERLANDS 100.0 EUR 182
– SENNHEISER NORDIC A/S, COPENHAGEN, DENMARK 100.0 DKK 1,000
– SENNHEISER (SCHWEIZ) AG, URDORF, SWITZERLAND 100.0 CHF 1,000
– SENNHEISER UK LTD., MARLOW, UK 100.0 GBP 210
– SENNHEISER MEDIA AG, URDORF, SWITZERLAND 100.0 CHF 100
– SENNHEISER STREAMING TECHNOLOGIES GMBH, WEDEMARK, GERMANY 100.0 EUR 251
– SENNHEISER VERTRIEB UND SERVICE GMBH & CO. KG, WEDEMARK, GERMANY 70.0 EUR 1,000
PARTIAL CONSOLIDATION
SENNHEISER COMMUNICATIONS A/S, COPENHAGEN, DENMARK 50.0 DKK 2,000
IMPRINT
PUBLISHER SENNHEISER ELECTRONIC GMBH & CO. KG, WEDEMARK, GERMANY
DESIGN DESIGNAGENTEN, HANNOVER, GERMANY
PRODUCTION DIE QUALITANER, DÜSSELDORF, GERMANY
SOUND PATTERNS SVEN MEYER, HAMBURG, GERMANY
EDITING/IMPLEMENTATION KETCHUM PLEON GMBH, DÜSSELDORF, GERMANY
CONTACT
SENNHEISER ELECTRONIC GMBH & CO. KG
ADDRESS AM LABOR 1, 30900 WEDEMARK, GERMANY, WWW.SENNHEISER.COM
CONTACT PERSON MAREIKE OER, GLOBAL PUBLIC RELATIONS, PHONE: +49 (0) 5130 600 1719,
E-MAIL: [email protected]