Sennheiser 2009 Annual Report Download - page 36

70 NOTES ON C ONSO L IDAT ED F I NANC I AL S TATE M ENTS 2010 71
NOT ES O N CON S OLID ATED FINA N CIAL STA T EMEN T S 20 10
NOTES ON CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2010
A. General
The annual financial statements 2010 were prepared in accordance with the German Commer-
cial Code (HGB). All regulations amended by the Accounting Law Modernization Act (BilMoG)
were applied for the first time.
The company is required by Section 264a of the German Commercial Code (HGB) in conjunction
with Section 290 HGB to prepare consolidated financial statements and a consolidated manage-
ment report.
Within the scope of the initial preparation of the annual financial statements according to the
commercial law regulations amended by the Accounting Law Modernization Act (BilMoG), com-
parative figures for the previous year were not adjusted since the accounting policy choice pur-
suant to Section 67, subsection 8, sentence 2, of the Introductory Act to the German
Commercial Code (EGHGB) was exercised.
B. Reporting Entity
Included in the consolidated financial statements are the parent company Sennheiser
electronic GmbH & Co. KG, Wennebostel, the six Sennheiser Group subsidiaries in Germany and
18 in other countries, as well as the joint venture Sennheiser Communications A/S based in
Copenhagen, Denmark.
All subsidiaries are majority owned with the exception of Sennheiser Communications A/S,
where the holding is 50%. The following table provides an overview of all consolidated subsid-
iary companies:
The equity figures shown here represent the shareholder equity as presented in the balance
sheet as of December 31, 2010.
In accordance with Section 296, subsection 2, HGB, the subsidiary SVS Beteiligungs GmbH,
Hanover, Germany, with a holding of 53%, is recognized at acquisition cost rather than being
fully consolidated, because it is of minor significance.
Notes on Consolidated Financial Statements
2010 CONSOLIDATION SIZE OF
HOLDING
(IN %)
CURRENCY EQUITY
(IN
THOUSANDS)
Full Consolidation
Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany –EUR 5,200
Georg Neumann GmbH, Berlin, Germany 100.0 EUR 1,2791
K+H Vertriebs- und Entwicklungsgesellschaft mbH,
Wedemark, Germany
100.0 EUR 251
Sennheiser Audio OOO, Moscow, Russia 100.0 RUB 40,811
Sennheiser Consumer Electronics GmbH, Wennebostel, Ger. 100.0 EUR 12,0681
– Sennheiser New Mexico LLC, Albuquerque, USA 100.0 USD 5,432
– Sennheiser Manufacturing USA Inc., 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 24,218
– Sennheiser Belux B.V.B.A., Zellik, Belgium 100.0 EUR 1,445
– Sennheiser (Canada) Inc., Point Claire, Canada 100.0 CAD 6,285
– Sennheiser Electronic Asia Pte Ltd., Singapore 100.0 USD 4,959
– Sennheiser Electronic Corporation, Old Lyme, USA 100.0 USD 22,774
– Sennheiser Electronics (Beijing) Co. Ltd., Beijing, China 100.0 CNY 10,402
– Sennheiser Electronics India Private Limited, Haryana, India 100.0 INR 25,424
– Sennheiser France S.A.R.L., Ivry-sur-Seine, France 100.0 EUR 7,004
– Sennheiser Hong Kong Ltd., Hong Kong, China 100.0 HKD 17,020
– Sennheiser Japan K.K., Tokyo, Japan 100.0 JPY –24,934
– Sennheiser Mexico S.A. de C.V., Mexico City, Mexico 100.0 MXN –2,722
– Sennheiser Nederland B.V., Almere, Netherlands 100.0 EUR 2,343
– Sennheiser Nordic A/S, Copenhagen, Denmark 100.0 DKK 24,819
– Sennheiser UK Ltd., High Wycombe, Great Britain 100.0 GBP 8,288
Sennheiser Innovation (Schweiz) AG, Zurich, Switzerland 100.0 CHF 1733
Sennheiser Logistics Services GmbH, Wedemark, Germany 100.0 EUR 251
Sennheiser Vertrieb und Service GmbH & Co. KG, Hanover, Ger. 53.0 EUR 1,049
Partial Consolidation
Sennheiser Communications A/S, Copenhagen, Denmark 50.0 DKK 53,879
1 Profit and loss transfer agreement with Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany
2 Contained in the annual accounts of Sennheiser New Mexico LLC, Albuquerque, USA
3 As per Commercial Balance Sheet II