Sennheiser 2011 Annual Report Download - page 36

NOTES ON CONSOLIDATED FINANCIAL STATEMENTS 2011
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NOTES ON CONSOLIDATED FINANCIAL STATEMENTS 2011
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NOTES ON CONSOLIDATED FINANCIAL STATEMENTS
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NOTES ON CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2011
A. GENERAL
The Consolidated Financial Statements 2011 were prepared in accordance with the German Commercial Code
(HGB).
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 management report.
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 subsidiary companies:
SIZE OF
HOLDING (IN %)
CUR-
RENCY
SHARES OF
EQUITY (IN
THOUSANDS)
Full Consolidation
Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany –EUR 5,200
Georg Neumann Gesellschaft mit beschränkter Haftung, Berlin, Germany 100.0 EUR 8001
K+H Vertriebs- und Entwicklungsgesellschaft mbH, 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 3,500
– Sennheiser Audio OOO, Moscow, Russia 100.0 RUB 3,340
– Sennheiser Belux B.V.B.A., Zellik, Belgium 100.0 EUR 150
– Sennheiser (Canada) Inc., Point Claire, Canada 100.0 CAD 230
– Sennheiser Electronic Asia Pte Ltd., Singapore 100.0 USD 338
– Sennheiser Electronic Corporation, Old Lyme, 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 S.A.R.L., 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 UK Ltd., High Wycombe, Great Britain 100.0 GBP 210
Sennheiser Innovation (Schweiz) AG, Zurich, Switzerland 100.0 CHF 100
Sennheiser Logistics Services GmbH, Wedemark, Germany 100.0 EUR 251
Sennheiser Vertrieb und Service GmbH & Co. KG, Hanover, Germany 53.0 EUR 1,000
Partial Consolidation
Sennheiser Communications A/S, Copenhagen, Denmark 50.0 DKK 2,000
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
The equity figures shown here represent the shareholder equity as presented in the balance sheet as of December
31, 2011.
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.