Sennheiser 2012 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2012 Sennheiser annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 46

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46

90
NOTES ON THE CONSOLIDATED FINANCIAL STATEMENTS 2012
INDEPENDENT AUDITORS’ REPORT
We have audited the consolidated financial statements – comprising the consolidated balance sheet, the con-
solidated profit and loss statement, the notes on the consolidated financial statements, the consolidated cash
flow statement and the consolidated statement of shareholder’s equity – and the consolidated management
report 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 law are the responsibil-
ity of the parent Company’s management. Our responsibility is to express an opinion on the consolidated financial
statements and the consolidated management report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with Section 317 HGB and German
generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschafts-
prüfer (German Institute of Auditors). Those standards require that we plan and perform the audit such that
misstatements materially affecting the presentation of the net assets, financial position and results of operations
in the consolidated financial statements in accordance with German principles of proper accounting and in the
consolidated management report are detected with reasonable assurance. Knowledge of the business activities
and the economic and legal environment of the company and expectations as to possible misstatements are
taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal
control system and the evidence supporting the disclosures in the books and records, the consolidated financial
statements and the consolidated management report are examined primarily on a test basis within the frame-
work of the audit. The audit includes assessing the annual financial statements included in the consolidated
financial statements, the definition of the reporting entity, the accounting and consolidation principles used and
significant estimates made by the management, as well as evaluating the overall presentation of the consolidated
financial statements and consolidated management report. We believe that our audit provides a reasonable
basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the consolidated financial statements of Sennheiser electronic
GmbH & Co. KG, Wennebostel, Germany, comply with the legal requirements and give a true and fair view of the
net assets, financial position and results of operations of the company in accordance with German principles of
proper accounting. The consolidated management report is consistent with the consolidated financial statements
and, as a whole, provides a suitable view of the company’s position and accordingly presents the opportunities
and risks of future development.
Hanover, April 19, 2013
Deloitte & Touche GmbH
Audit Firm
Prof. Dr. Beine Engelhardt
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]