Sennheiser 2015 Annual Report Download - page 45

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43
Outlook for future development
Global economic growth will remain modest in 2016. Although
declining commodity prices and macroeconomic stimulus measures
are having a positive impact, ongoing risks due to the depreciation
of currencies and the low interest rate policy, especially in the euro
area, continue to exist. The development of BRIC nations, which
account for a considerable share of global trade, and a rise in the
number of political crises are additional factors.
It should be pointed out that adverse effects in individual
regions are offset by positive effects in other markets thanks
to the Sennheiser Group’s global nature. The group’s structural
expansion will continue to contribute to this balancing effect
moving forward. This includes not only expanding operating
sales activities, but also tapping into additional strategic
business fields.
Outlook for turnover and results of operations
Due to the high share of the Sennheiser Group’s turnover
accounted for by the US and Asian markets, additional turnover
growth can be expected. This will be supported by numerous
new innovative products and technologies.
In fiscal year 2015, the consolidation of structures and procedures
in both divisions also made business processes more dynamic.
This is strengthened by the fact that the processes at Sennheiser
are systematically focused on markets and customers.
In the short term, the volatility of the euro against other major
global currencies will continue to have the biggest impact on the
results of operations of the Sennheiser Group. The company is
working towards ensuring that the current depreciation of the
euro does not entail a disproportionate increase in costs and
therefore anticipates a positive development in the results of
operations in 2016.
MANAGEMENT REPORT OF THE SENNHEISER GROUP
OUTLOOK, RISK AND OPPORTUNITIES REPORT