Sennheiser 2010 Annual Report Download - page 41

Mr. Stefan Junker, Burgwedel, Germany, President, Finance, was appointed as President until
December 31, 2010.
During the year under review, the members of the Supervisory Board were:
Prof. Dr. Jörg Sennheiser, Chairman, Wedemark, Germany,
Dr. Frank Heinricht, Chairman of the Management of Heraeus Holding GmbH, Hanau, Germany,
Andreas Dornbracht, Managing Director of Aloys F. Dornbracht GmbH & Co. KG Armaturenfabrik,
Iserlohn, Germany,
Johann Soder, Director of Technology of SEW-EURODRIVE GmbH & Co. KG, Bruchsal, Germany
(effective January 1, 2011).
Dr. Hans-Peter Wiendahl, university professor (emeritus), Hanover, Germany, was also a member
of the Supervisory Board until December 31, 2010.
Total remuneration of the members of the Executive Team came to €2.159 million and that of
the Supervisory Board to €348,000.
Regarding disclosure, the following subsidiaries in the legal form of a limited company or
partnership within the meaning of Section 264a HGB have made use of the exemption rule in
accordance with Section 264, subsection 3, and Section 264b HGB:
– Georg Neumann Gesellschaft mit beschränkter Haftung, Berlin, Germany,
– K + H Vertriebs- und Entwicklungsgesellschaft mbH, Wedemark, Germany,
– Sennheiser Consumer Electronics GmbH, Wedemark, Germany,
– Sennheiser Logistics Services GmbH, Wedemark, Germany,
– Sennheiser Vertrieb und Service GmbH & Co. KG, Hanover, Germany.
The parent company, in the form of a limited company within the meaning of Section 264a HGB,
makes use of the exemption rule in accordance with Section 264b HGB as the parent company
producing the financial statements.
Wennebostel, Germany, March 31, 2011
Sennheiser electronic GmbH & Co. KG
The Executive Team
F. Financial Obligations
Contingent liabilities
The parent company has guaranteed a loan of €15 million. The availment by Sennheiser
electronic GmbH & Co. KG is not expected, since all payments have been made to the financial
institution on time to date.
Other financial obligations
The parent company conducts its business exclusively in leased premises. The lease contract has
a fixed term up to December 31, 2022, and it may be subsequently terminated by two years’
notice on expiry of the fifth calendar year. The annual rent during the financial year amounted
to €1.735 million (€1.002 million in the previous year).
On the balance sheet date, there were vehicle leasing liabilities in the amount of €72,000 and an
obligation to order of €22.626 million. In addition, there are liabilities of €876,000 resulting from
hardware and software maintenance contracts.
The subsidiary K+H Vertriebs- und Entwicklungsgesellschaft mbH, Wedemark, also has external
rent and leasing obligations of €551,000 for the years 2011 to 2014.
The subsidiaries have further external rent and leasing obligations:
– for the year 2011 in the amount of €4.965 million,
– for the years 2012 to 2015 in the amount of €6.114 million, and
– for subsequent years in the amount of €377,000.
The subsidiaries also have further obligations to order of €31.318 million.
G. Other Statutory Information
The unlimited partner of the parent company is Sennheiser Beteiligungsgesellschaft mit
beschränkter Haftung, Wedemark, whose subscribed capital amounts to €30,000.
The management of Sennheiser electronic GmbH & Co. KG is the responsibility of Sennheiser
Beteiligungsgesellschaft mit beschränkter Haftung, Wedemark.
The following persons were appointed as Presidents, collectively representing Sennheiser Beteili-
gungsgesellschaft mit beschränkter Haftung, Wedemark:
Volker Bartels, Hanover, Germany, President, Manufacturing
Dr. Heinrich Esser, Wedemark, Germany, President, Development
Daniel Sennheiser, Zurich, Switzerland, President, Strategy and Finance (effective January 1, 2011)
80 NO T ES O N CON SOLI D ATED FINA NCIA L STA T EMEN TS 20 10 81
NOT ES O N CON S OLID ATED FINA N CIAL STA T EMEN T S 20 10
Volker Bartels
President, Manufacturing Dr. Heinrich Esser
President, Development
Daniel Sennheiser
President, Strategy and Finance