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2012 Annual Report
2012 Annual Report
www.sennheiser-annualreport.com
COVER PHOTO
To visualize audible sound, artist Martin Klimas used vibrating pigments
on a loudspeaker membrane, at around 9,000 Hz. Audible sound has frequencies
between 20 and 20,000 Hz. That is in the heart of human hearing.
20 – 20,000 HZ
IN THE HEART
OF SOUND
080895 Printed in Germany

Table of contents

  • Page 1
    www.sennheiser-annualreport.com 2012 Annual Report COVER PHOTO To visualize audible sound, artist Martin Klimas used vibrating pigments on a loudspeaker membrane, at around 9,000 Hz. Audible sound has frequencies between 20 and 20,000 Hz. That is in the heart of human hearing. 20 - 20,000 HZ IN ...

  • Page 2
    ... that of analog wireless technology; or how receivers and sports headphones are helping soccer players hit better crosses by beaming the right kind of music into their ears! Of course, we at Sennheiser are perfectly aware that passion is not technical. It can't be assigned a frequency, but rather...

  • Page 3
    ... EVERY DAY MANAGEMENT BOARD Peter Callan President, Consumer Electronics Peter Claussen President, Integrated Systems Dr. Andreas Sennheiser President, Supply Chain Volker Bartels President, Corporate Services, and Speaker of the Executive Management Board Daniel Sennheiser President, Strategy...

  • Page 4
    ... AND EXPERIENCE ...220 Hz 80 Hz ...THE NEW BEAT OF SPORTS Listening to the right rhythm improves a sculler's stroke and a soccer player's pass CONTENTS 8,000 Hz ...THE SOUND IN THE AIR A trial run on TV: The Sennheiser Digital 9000 wireless system is a digital masterpiece PAGES 44-47 ...DAVID...

  • Page 5
    ... possible? It's a question I've been asking myself since I was seven years old, when I was attending a small music school in Swabia. Music is my life. We played music at home on Sundays. I've e1. The master at work: played in a chamber orchestra, a hard Schleske's studio is located rock band and in...

  • Page 6
    ...of Life" was published in 2010 by Kösel Verlag. j MOMENTUM With the finest leather and a powerful sound even on the go - the new luxury headphones from Sennheiser make quality tangible Sennheiser MOMENTUM A work of art from the Style Selection Frequency response Transducer principle Total harmonic...

  • Page 7
    ... wirelessly to the players' ears - the perfect situation for our in-ear monitor systems." In sound soccer, directional antennas are installed on the sidelines and each player wears a Sennheiser in-ear sports headphone designed especially for joggers. Its silicone earclips ensure a secure fit...

  • Page 8
    80 Hz SOUND SOCCER j OCX 685i SPORTS Sweat- and water-resistant headset with perfect noise cancelation, integrated microphones and remote control. Sennheiser OCX 685i Sports Ergonomic training headset Frequency response Sensitivity (121 TR9-5) Total harmonic distortion Weight 18-20,000 Hz -44 dB V/...

  • Page 9
    ... Duffy © Duffy Archive 220 THE THIRD DIMENSION SOUND & VISION "David Bowie is." An artist, whose pioneering sound and vision is celebrated at the Victoria and Albert Museum in London, with sound experience by Sennheiser. For the first time, Bowie fans can listen to their idol in 3D audio. 17

  • Page 10
    ... excitement in the air as technicians thread the last cables and the audio engineer makes his final sound check. Zielinsky is a sound perfectionist and wizard at music reproduction. Using the Sennheiser 3D GROUND CONTROL TO Audio surround sound system, he MAJOR TOM ...times per has conjured...

  • Page 11
    ... the show is that it is brought to life by technology and united in sound and vision in a way rarely seen in a museum," raves The New York Times. Sennheiser technology and expertise has been fundamental to the "immersing audio experience" created by the exhibit designers. Walking round the galleries...

  • Page 12
    ..., two-channel dual capsule makes it possible to make adjustments to pick-up patterns later on - the ideal microphone for surround sound and 3D images. Sennheiser MKH 800 TWIN studio condenser microphone Frequency response Pick-up patterns Nominal impedance Weight 30 to 50,000 Hz omni-directional...

  • Page 13
    300 Hz 300 Hz ARCHAEOACOUSTICS 300 MYSTERIOUS MONOLITH THE MUSIC OF THE Miriam Kolar and her Stanford team analyze sound to help reveal the purpose of an ancient "lost city" in the Peruvian Andes. a1. Half a day's trip north of Lima, at an altitude of 10,430 feet, lies the temple complex of ...

  • Page 14
    ... parallel ducts were able to transmit and amplify the sound like some ancient loudspeaker? The recordings made by her on site showed that "there's a direct line of sound from the mouth of the carved monolith all the way to the world outside." Kolar continues, "The question is whether it can be heard...

  • Page 15
    ... KH 120 A A near-field loudspeaker that employs the latest acoustical and electronic simulation and measurement technology to ensure the most accurate sound. Neumann KH 120 A G 5.5+1 Active Studio Monitor Free field frequency response Total harmonic distortion Impedance electrically balanced Weight...

  • Page 16
    ... and leading According music academic of his time Michael to legend, passing Praetorius to report how "pitch levels blackhad become so high that singers were smiths at work, Pythagoras stopped experiencing severe throat strain." to enjoy the beauty of the anvils as The classical period is particu...

  • Page 17
    ... between the United States, Europe and South America accompanied by their own pianists and with their own costumes packed away in steamer trucks, these vocal nomads fly around the world, singing in Berlin one day and New York the next. A full stage rehearsal may mean nothing more than arriving at...

  • Page 18
    ... on online racing sim rFactor. Jung was a huge fan of the Sennheiser PC 151 for a long time, but then he discovered the benefits of the brand-new Sennheiser U320: "The ear pads adjust automatically to my head, and the headphones are light and very versatile," SINGING ENGINES Hz - that's music says...

  • Page 19
    ... father, who worked there as a medic, to the track. Thomas Jung is the technical director of the Black Falcon racing team and oversees world-class racing drivers at 24-hour races. The team uses racing sims to save money, as on-track training is an expensive business. "These days drivers will learn...

  • Page 20
    ... Hz VOICE TRAINING "YOU NEVER ALLOW THE MUSIC TO TAKE YOU AWAY" Ron Anderson is a vocal coach to the stars. In an interview with Sennheiser, he discusses working with Seal, Björk, Axl Rose and Pink - and lets us in on the secret of his technique. e1. Under a wall of gold and platinum: Anderson...

  • Page 21
    ... I can guide you. Each person has their own thing, and I bring out the best in them. Pop artists come to me because they don't have the training. And once they start to achieve the training, the registers open up, the voice's range goes to where it should go. Now, in the classical world, we've...

  • Page 22
    ...up this whole range? Yes. There is a chip in that microphone, the Neumann Sennheiser Solution D, that goes from analog to digital immediately. So that makes everything much more even through register changes, right up to the higher part of the voice, where it can withstand all the power and softness...

  • Page 23
    ... on its long journey into people's living rooms. Peter Flückiger of tpc - technology and production center switzerland ag, the production company in charge of the program - was on board. The sound expert, who has "audio specialist" written on his a1. The control center. From here, business card, is...

  • Page 24
    ... sound. Sennheiser SKM 9000 A5-A8 World-class digital transmitter Frequency response Bandwidth Operating time Weight 18-20,000 Hz 88 MHz 5.5 hours (with BA 60 battery pack) 350 g c1. More than 160 channels in the control room. Together, they make up the sound of the Digital 9000. f2. Swiss audio...

  • Page 25
    ... used for the calendar diary "Klangbilder" [Sound Images] (Kösel, 2011) and for Schleske's "Der Klang. Vom unerhör ten Sinn des Lebens" [Sound: The Unheard Meaning of Life] (Kösel, 2010). O ther pho tos by Dona t a Wenders have appeared in The New York Times , Vogue, Rolling Stone and many other...

  • Page 26
    ... 2012 Statement of Shareholders' Equity for the Financial Year 2012 SYMBOLS OF EXCELLENCE 90 Independent Auditors' Report To date, Sennheiser annual reports have been recognized with 31 Corporate Publishing Awards. CONTACT SENNHEISER ELECTRONIC GMBH & CO. KG Am Labor 1, 30900 Wedemark, Germany...

  • Page 27
    ... (Professional Systems), Daniel Sennheiser (Strategy and Finance), Peter Claussen (Integrated Systems) and Dr. Andreas Sennheiser (Supply Chain). In addition to the Presidents, further members of the Executive Management Board were Peter Callan (Consumer Electronics) and Paul Whiting (Global Sales...

  • Page 28
    ... the parent company of the Sennheiser Group, Sennheiser electronic GmbH & Co. KG prepares consolidated financial statements every year. The company's production sites are located in Wennebostel (Germany), Tullamore (Ireland) and Albuquerque (New Mexico, USA). While Wennebostel chieï¬,y manufactures...

  • Page 29
    ...the course of 2013 have even increased due to a partial easing of the crisis situation at the end of 2012 on account of measures by the European Central Bank and Europe's national governments. The economies of the USA and Asia's emerging markets have also recently picked up steam. In comparison, the...

  • Page 30
    ... level, the extraordinarily positive increase in the APAC region (Asia and Australia) of 30% growth also made a significant contribution to Sennheiser's turnover growth. TURNOVER AND OPERATING POSITION OF THE SENNHEISER GROUP [ Development ] The Sennheiser Group closed financial year 2012 with...

  • Page 31
    CONSOLIDATED MANAGEMENT REPORT 2012 CONSOLIDATED MANAGEMENT REPORT 2012 TURNOVER BY REGION (â,¬ Millions) TURNOVER BY BUSINESS DIVISION (â,¬ Millions)/in % Change from previous year. in percent 18.1 +5.6 % 500 400 300 200 100 0 2010 2011 Americas 2012 2010 2011 EMEA 125.6 133.6 146.5 Germany 92...

  • Page 32
    .... The regions America, Asia and Australia contributed a disproportionately large share to this growth. The new XS Wireless entry-level radio microphone was unveiled at the Prolight+Sound trade fair in Frankfurt. XS Wireless replaces the previous Freeport models. Sales of this new product family have...

  • Page 33
    ... the studio monitor its "Best of Show Award." The monitor went into production ramp-up during the first quarter of 2013. SUPPLY CHAIN MANAGEMENT Turnover at our production site in Wennebostel, Germany, increased significantly in 2012. This is mainly attributable to demand for wireless microphone...

  • Page 34
    ... was a product security concept which will allow customers to authenticate genuine Sennheiser products online in the future. Political decisions threaten the use of the UHF frequency range in its present form. The annual average staff level at the Sennheiser Group increased by 6.7% to 2,329 in 2012...

  • Page 35
    ... REPORT 2012 CONSOLIDATED MANAGEMENT REPORT 2012 Significant parts of the UHF spectrum have been repurposed for new applications, for example, the LTE mobile communication standard, so-called "wireless DSL." The EU is planning to reserve further frequencies for the use of security services...

  • Page 36
    ... companies 2. Shareholdings 3. Loans 4. Indemnity claims 13,250.00 3,350.00 1,753.05 1,658,384.52 1,676,737.57 54,213,836.22 B. Current assets I. Stocks 1. Raw materials and supplies 2. Work in process 3. Finished products and merchandise 4. Down payments II. Trade and Other Receivables 1. Trade...

  • Page 37
    ... PROFIT AND LOSS STATEMENT FOR THE FINANCIAL YEAR 2012 2012 (â,¬) 1. Sales 2. Reduction (-)/increase of the inventory of finished and semi-finished products 3. Other own work capitalized 4. Other operating income 5. Raw materials and consumables a) Expenditure on raw materials and supplies...

  • Page 38
    ... Germany Sennheiser Audio Labs GmbH, Wedemark, Germany Sennheiser Consumer Electronics GmbH, Wedemark, Germany - Sennheiser New Mexico LLC, Albuquerque, USA - Sennheiser Manufacturing USA Corp., Albuquerque, USA - Sennheiser Bondholding Company LLC, Albuquerque, USA Sennheiser Global Operations GmbH...

  • Page 39
    ... CONSOLIDATED FINANCIAL STATEMENTS 2012 C. PRINCIPLES OF CONSOLIDATION The accounting and valuation principles used throughout the Group correspond to those applied in the annual financial statements of the parent company and to the consolidating accounting standards laid down under commercial law...

  • Page 40
    ...008 1,202 295 4,505 Currencydifferences Consolidation Additions ACQUISITION AND PRODUCTION COSTS Disposals Transfers Dec. 31, 2012 Jan. 1, 2012 Currencydifferences Additions ACCUMULATED DEPRECIATION Disposals Dec. 31, 2012 Dec. 31, 2012 NET BOOK VALUES Previous year (â,¬ in thousands) 55,088,702.87...

  • Page 41
    ... net profit owing to minority shareholders are credited to the company clearing accounts and are thus not included in the balance sheet profit. Special items contain the investment subsidies and advance payments granted to Sennheiser Consumer Electronics GmbH, Branch Ireland, Tullamore, Ireland...

  • Page 42
    ... FINANCIAL STATEMENTS 2012 NOTES ON THE CONSOLIDATED FINANCIAL STATEMENTS 2012 They are as follows: (â,¬ IN THOUSANDS) Total Dec. 31, 2012 Liabilities to credit institutions Advance payments received for orders Trade payables Liabilities to shareholders Liabilities to associated companies...

  • Page 43
    ...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...

  • Page 44
    ... STATEMENTS 2012 CASH FLOW STATEMENT FOR THE FINANCIAL YEAR 2012 (â,¬ IN THOUSANDS) Results of the year, including the shares of profits of minority shareholders Depreciation on items of fixed assets Depreciation on current assets exceeding the usual depreciation Increase in medium- and long...

  • Page 45
    ...of Dec. 31, 2012 Previous year Status as of Dec. 31, 2010 Credit to shareholder settlement accounts Group net profit for the year Other Group result Total Group result Status as of Dec. 31, 2011 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Limited partners' deposit 5,200,000.00 0.00...

  • Page 46
    ... of Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany, for the financial year from January 1 to December 31, 2012. The maintenance of the books and records and the preparation of the consolidated financial statements and consolidated management report in accordance with German commercial...