Sennheiser 2011 Annual Report Download - page 40

NOTES ON CONSOLIDATED FINANCIAL STATEMENTS 2011
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NOTES ON CONSOLIDATED FINANCIAL STATEMENTS 2011
79
(€ IN THOUSANDS) REMAINING TERM
Total Up to one year More than five years
Dec. 31, 2011 Previous year Dec. 31, 2011 Previous year Dec. 31, 2011 Previous year
Liabilities to credit institutions 353 197 353 197 0 0
Advance payments received for orders 348 369 348 369 0 0
Liabilities to shareholders 101,590 82,322 101,590 82,322 0 0
Trade payables 27,604 26,882 27,604 26,882 0 0
Liabilities to associated companies 3 3 3 3 0 0
Other liabilities 14,056 19,337 13,678 19,153 0 0
143,954 129,110 143,576 128,926 00
Other liabilities include tax liabilities in the amount of €4.702 million (previous year: €4.901 million) and social
security liabilities of €1.465 million (previous year: €1.103 million). No warranties or other safeguards exist.
E. NOTES ON THE CONSOLIDATED PROFIT AND LOSS STATEMENT
Sales are structured as follows:
(€ MILLIONS) 2011 PREVIOUS YEAR
Headphones 174.6 163.4
Wireless Microphones 140.2 119.6
Sennheiser Communications 49.0 37.7
Wired Microphones 39.4 34.8
Audiology 31.9 30.9
Professional Headsets 25.8 20.9
Georg Neumann 19.1 16.7
Integrated Systems 17.5 15.6
Other Products 33.9 28.6
Sales 531.4 468.2
Sales broken down into geographical markets are as follows:
(€ MILLIONS) 2011 PREVIOUS YEAR
Americas 133.6 125.6
APAC 73.0 59.7
EMEA 324.8 282.9
Sales 531.4 468.2
The EMEA region stands for the economic area that includes Europe, the Middle East and Africa. Of the European
sales, €88.696 million (previous year: €79.596 million) were earned in Germany.
Other operating income includes €6,000 (€7,000 in the previous year) from the dissolution of the special items
for investment allowances on fixed assets. Other operating income also includes income unrelated to the account-
ing period amounting to €2.625 million (€875,000 in the previous year), which mainly resulted from the release
of provisions and reserves for bad debts. Currency translation gains amounted to €22.235 million (€36.898
million in the previous year).
Personnel costs include pension expenses in the amount of €4.036 million (previous year: €2.644 million).
On the annual average, the company had a staff of 2,183 employees (previous year: 2,117), of whom 75 (previous
year: 67) were trainees.
(€ MILLIONS) 2011 PREVIOUS YEAR
Within Germany 1,177 1,153
Abroad 1,006 964
2,183 2,117
These figures include the full number of employees in the partially consolidated Sennheiser Communications
A/S (89, compared with 83 in the previous year).
Amortization of current assets to the extent that this exceeds that normal for the company relate to inventory
provisions.
Other operating expenses include expenses not related to the accounting period in the amount of €1.709 million
(previous year: €1.086 million), which are mainly the result of reserves for bad debts. Other operating expenses
also include the auditor’s fee for the audit of the consolidated financial statements for financial year 2011 in
the amount of €398,000, consisting of €269,000 for the audit, €1,000 for other audit services, €56,000 in tax
consultancy fees and €72,000 for other services. Currency translation losses amounted to €22.066 million (€35.325
million in the previous year).
Interest income includes proceeds from discounting provisions in the amount of €50,000 (€35,000 in the previous
year). Interest expense includes expenditures for imputed interest on provisions in the amount of €3.313 million
(€3.195 million in the previous year).
Income taxes include expenses from deferred taxes in the amount of €3.476 million.