Sennheiser 2009 Annual Report Download - page 40

78 NOTE S ON CONS O LIDA T ED F INAN C IAL S TATE MENT S 201 0 79
NOT ES O N CON S OLID ATED FINA N CIAL STA T EMEN T S 20 10
E. Notes on the Consolidated Profit and Loss Statement
Sales are structured as follows:
As a result of the integration of the former K+H Vertriebs- und Entwicklungsgesellschaft mbH
effective January 1, 2010, the company’s product groups were realigned and renamed so that a
comparison with corresponding sales of the previous years is not possible this year.
Sales broken down into geographical markets are as follows:
The EMEA region stands for the economic area that includes Europe, the Middle East and Africa.
Of the European sales, €79.596 million (previous year: €67.686 million) were earned in Germany.
Other operating income includes €7,000 (€6,000 in the previous year) from the dissolution of
the special items for investment allowances on fixed assets. Other operating income also in-
cludes income unrelated to the accounting period amounting to €875,000 (€1.338 million in the
previous year), which mainly resulted from the release of provisions and reserves for bad debts.
Currency translation gains amounted to €36.898 million (€12.556 million in the previous year).
Personnel costs include pension expenses in the amount of €2.644 million (previous year:
€6.808 million). Personnel costs also include expenses not relating to the accounting period of
€0 (previous year: €26,000).
On the annual average, the company had a staff of 2,117 employees (previous year: 2,132), of
whom 67 (previous year: 59) were trainees.
These figures include the full number of employees in the partially consolidated Sennheiser
Communications A/S (83, compared with 80 in the previous year).
Other operating expenses include expenses not related to the accounting period in the amount
of €1.086 million (previous year: €1.793 million), which are mainly the result of reserves for bad
debts. Other operating expenses also include the auditor’s fee for the audit of the consolidated
financial statements for financial year 2010 in the amount of €348,000, consisting of €216,000
for the audit, €4,000 for other audit services, €47,000 in tax consultancy fees and €81,000 for
other services. Currency translation losses amounted to €35.325 million (€13.596 million in the
previous year).
Interest income includes proceeds from discounting provisions in the amount of €35,000.
Interest expense includes expenditures for imputed interest on provisions in the amount of
€3.195 million.
The amount of €8.599 million (€0 in the previous year) reported as an extraordinary expendi-
ture results from the first-time preparation of the consolidated financial statements according
to the Accounting Law Modernization Act (BilMoG) and the corresponding increase in provisions
for pensions, partial retirement, anniversaries and personnel costs.
Income taxes include income from deferred taxes in the amount of €2.927 million.
€ THOUSANDS 2010
Headphones 163,399
Wireless Microphones 119,567
Sennheiser Communications 37,719
Wired Microphones 34,833
Audiology 30,869
Professional Headsets 20,859
Georg Neumann 16,731
Installed Sound 15,625
Other Products 28,632
Sales 468,234
€ MILLIONS 2010 PREVIOUS YEAR
Americas 125.6 99.3
Asia and Australia 59.7 44.0
EMEA 282.9 246.6
Sales 468.2 389.9
EMPLOYEES 2010 PREVIOUS YEAR
Within Germany 1,153 1,180
Abroad 964 952
2,117 2,132