Sennheiser 2014 Annual Report Download - page 6

CONSOLIDATED MANAGEMENT REPORT 2014CONSOLIDATED MANAGEMENT REPORT 2014
2.2 BUSINESS DEVELOPMENT
The Sennheiser Group finished out fiscal year 2014 with a significant increase in revenue: Compared to the previ-
ous year, total revenue increased by €44.3 million to €634.8 million. This corresponds to growth of around
7.5 percent.
2.2.1 Revenue by region
With a revenue growth of 30.9 percent, the APAC region (Asia and Australia) showed particularly positive revenue
development. In comparison, the Americas region (North, Central and South America) showed moderate growth
of 4.0 percent and the EMEA region (Europe, Middle East and Africa) yielded 2.1 percent growth.
The APAC region benefited on one hand from the newly founded subsidiary for Australia and New Zealand, and
on the other from the digital dividend in Japan. The government-mandated refitting of wireless microphone
systems after disposal of previously used frequencies – following the sale of the spectrum previously utilized
for them – led to a significant increase in revenue in the wireless microphones product segment. The low growth
level in the EMEA region can be traced primarily to developments in the Ukraine conflict and the substantial
devaluation of the ruble against the euro. By contrast, in the Americas region, the US dollar’s appreciation against
the euro had a positive impact on revenue development.
2.2.2 Revenue by division
After the successful integration of the Integrated Systems Division into the Professional Systems Division, the
latter closed out 2014 with €312.8 million in revenue. This represents an increase of 7.9 percent over the previous
year. The division saw a significant increase in sales in the product areas of wireless microphones and
AV systems.
Due to the digital dividend, the wireless microphone portfolio enjoyed increased demand for the high-end
systems in the Digital 9000 and 5000 series. Even with this marked increase in demand, the Professional Systems
Division ensured a high level of delivery capacity through cautious and flexible supply chain management.
The Consumer Division achieved a revenue of €322.0 million in 2014, reflecting a growth of 7.1 percent over the
prior year. The most powerful growth drivers here were the “Sennheiser Communications” and “Information &
Communication” product groups. “Sennheiser Communications” enjoyed a 34.9 percent revenue increase to a
total of €88.1 million, and revenue for “Information & Communication” grew by 30.6 percent to €23.1 million.
In the lifestyle area, the new MOMENTUM and URBANITE product families made a positive contribution to revenue
development.
1110
REVENUE BY REGION
€ millions
change from previous year, in percent
500
400
300
200
100
0
2012 2013 2014 2012 2013 2014 2012 2013 2014
Americas EMEA APAC
153.0
146.5 132.6
342.9 349.2
95.0
5.9
+4.0 %
7.1
+2.1 %
31.3
+30.9 %
Germany
96.0 (27.5 %)
147.1
101.3
342.1
REVENUE
€ millions
change from previous year, in percent
600
500
400
300
200
100
0
2010 2011 2012 2013 2014
468.2
+20.1 %
531.4
+13. 5 %
590.5
+1.0 %
584.4
+10. 0 %
634.8
+7. 5 %