Sennheiser 2012 Annual Report Download - page 30

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59
CONSOLIDATED MANAGEMENT REPORT 2012
58
CONSOLIDATED MANAGEMENT REPORT 2012
the moderating statistical effects into account. This development is not a surprise, however, in view of the deep
recession in a number of Eurozone countries. The structural changes in the crisis-stricken countries are not a
purely economic phenomenon and are likely to persist.
Zentralverband Elektrotechnik- und Elektronikindustrie (ZVEI), Germany’s central association of the electrical
and electronics industry, is therefore forecasting a modest growth in production of 1.5% for the industry for
the current year. The Executive Management Board believes this forecast is realistic.
ASSET, FINANCIAL AND OPERATING POSITION
Asset Position
The balance sheet total came to €352.0 million in the reporting year, rising by 11.7% from €315.1 million in the
previous year. The main reason for this rise is the increase in inventories and current receivables. The value of
inventories was increased so as to improve supply flows in view of the rise in turnover.
Pension provisions went up by €2.7 million to €67.4 million, while other provisions rose by €0.2 million. The results
for the year boosted both equity and liabilities.
Financial Position
Cash flow from current business activities amounted to €37.6 million (previous year: €65.5 million). This was
sufficient for the Group to cover its investments and financing.
TURNOVER AND OPERATING POSITION OF THE SENNHEISER GROUP
The Sennheiser Group closed financial year 2012 with highly successful results. Total turnover grew by 10% to
€584.4 million.
[ Development ]
TURNOVER
(€ Millions)
Change from previous year, in percent
600
500
400
300
200
100
0
2008 2009 2010 2011 2012
385.8
–2.4 %
389.9
+1. 1 %
468.2
+20.1 %
531.4
+13. 5 %
584.4
+10. 0 %
Also, the USD/EUR exchange rate, which rose sharply, was one of the main growth drivers in the Americas (North,
Central, and South America), boosting growth by 10% in this region. At 6% turnover growth, the EMEA region
(Europe, Middle East, and Africa) was unable to quite match this performance. The above-average growth of
67% in the Eastern European sales regions contributed to this nevertheless positive development. Although at
a lower 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.