Sennheiser 2015 Annual Report Download

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SHAPE THE FUTURE OF AUDIO ANNUAL REPORT 2015

Table of contents

  • Page 1
    SHAPE THE FUTURE OF AUDIO ANNUAL REPORT 2015

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    CONTENTS INTERVIEW DANIEL SENNHEISER AND DR. ANDREAS SENNHEISER 10 STORIES ART AND SOUND OF TOMORROW DISCOVERING THE ULTIMATE SOUND EXPERIENCE SOUND OF THE THIRD DIMENSION GOD IN THE BOTTLE TOP 14 16 18 20 ANNUAL REPORT 2015 23 IMPRINT 51

  • Page 3
    ...quest marked by curiosity, passion for the latest technology and a vibrant culture of innovation. Having a keen understanding of what our customers want and translating revolutionary ideas into groundbreaking products âˆ' all in the name of an extraordinary listening experience. Consistently pushing...

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    But what does the future of audio look like? We asked Hamburg-based artist Sven Meyer this question. He answered by transforming spoken words into vivid patterns, shaped by waves of water. Over the following pages you can see ...

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    FUTURE OF AUDIO

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    OF AUDIO

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    AUDIO

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    Explore the following pages to discover how we are shaping the future of audio.

  • Page 12
    ... factors behind this success? Andreas Sennheiser: For one thing, we tapped into new regions and markets, such as South Korea and Latin America. We also focused on existing major markets. At the same time, we succeeded in developing many innovative products, such as the evolution wireless D1 and AVX.

  • Page 13
    ...Future of Audio". Andreas Sennheiser: At the same time, we are focused on our core business, which we continue to develop further. It not only includes audio expertise, but also other areas such as manufacturing, wireless technologies, after-sales service and distribution. Daniel Sennheiser: We have...

  • Page 14
    ... are you implementing your vision "Shape the Future of Audio"? Daniel Sennheiser: Through innovative products. This includes the virtual-reality microphone, for example, that we presented as part of our new AMBEO technology program. It will mark the beginning of a large number of AMBEO products in...

  • Page 15
    13 Andreas Sennheiser: Art can also help us to remain curious. Whatever awaits us at Art Basel or in the "Future Audio Artist Program", we will take advantage of the opportunities to entertain different perspectives and cultivate our sense of creative dissatisfaction. It is this very ...

  • Page 16
    ... launch kicked off in March at Art Basel in Hong Kong, where the audio specialist presented its vision at a booth that was a work of art in its own right: A collage consisting of components of select Sennheiser products adorns the outer wall. Painted white, these intricate parts highlight Sennheiser...

  • Page 17
    ...As part of the program, Sennheiser is sponsoring three artists to each create an installation. The company supports them by providing state-of-the-art audio equipment. In addition, these talented young artists are given the opportunity to present their pioneering works of sound art at Art Basel. "An...

  • Page 18
    ... down to talk with Axel Grell, portfolio manager for high-end products at Sennheiser, about his favorite music, excellence and the incomparable sound experience of the HE 1. We meet Porter at Palais Liechtenstein in Vienna. Porter puts on the headphones and looks off into the distance, listening to...

  • Page 19
    ... to the legendary Orpheus, Sennheiser has developed new high-end headphones that deliver an unprecedented sound experience. The electrostatic headphone system combines a unique amplifier concept with select materials and workmanship of the highest quality. A frequency range that exceeds human...

  • Page 20
    18 Since 2016, Sennheiser has brought together its efforts in the field of 3D immersive audio under the AMBEO brand SOUND OF THE THIRD DIMENSION From music recordings or broadcast applications to the field of gaming, Sennheiser is paving the way for the future of audio technology with the AMBEO...

  • Page 21
    ... a wide range of areas, from virtual-reality gaming to music recordings and broadcast applications," Dr. Andreas Sennheiser says. Prototype of the virtual-reality microphone that records sound in three dimensions In early January 2016, Sennheiser gave visitors at the Consumer Electronics Show the...

  • Page 22
    ...show that visually renders sound. He used this technology to illustrate the vision "Future of Audio" for Sennheiser by directing the sound waves of the three words, spoken aloud, at a bottle top filled with water. With the help of a special camera, Meyer recorded the patterns that were subsequently...

  • Page 23
    ...of cells. Cymatics researchers therefore claim that these images reveal nature's structure. Water as the source of life, as the substance that centers all...KYMAT. Artist Sven Meyer used his KYMAT technology to visually render the sound of "Future of Audio" when spoken for Sennheiser You experimented...

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    ANNUAL REPORT

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    ... TURNOVER BY BUSINESS DIVISION POSITION OF THE SENNHEISER GROUP RESEARCH AND DEVELOPMENT ACTIVITIES DEVELOPMENT IN NUMBER OF EMPLOYEES POST-BALANCE-SHEET-DATE EVENTS OUTLOOK, RISK AND OPPORTUNITIES REPORT OUTLOOK RISK REPORT OPPORTUNITIES REPORT CONSOLIDATED FINANCIAL STATEMENTS 2015 CONSOLIDATED...

  • Page 27
    ... turnover of â,¬335.2 million. as the D1 wireless digital microphone series for live music and AVX for video journalists in the Professional Systems Division, or the second generation of the MOMENTUM headphone family in the Consumer Electronics Division. Compared to the previous year, the Sennheiser...

  • Page 28
    ... examined and approved, without reservation, the Consolidated Financial Statements and the Management Report. In fiscal year 2015, the Supervisory Board convened four times to fulfil its responsibilities. Dr. Andreas Sennheiser, Daniel Sennheiser, Peter Callan, Peter Claussen, Thomas Weinzierl and...

  • Page 29
    ...mind, and 2016 will also be characterized once more by numerous product innovations that will enthrall our customers around the world. We look forward to embarking with them on this path towards the future. Dr. Ing. Frank Heinricht Chairman of the Supervisory Board of Sennheiser electronic GmbH & Co...

  • Page 30
    ... production sites, which are located in Wennebostel (Germany), Tullamore (Ireland) and Albuquerque (USA). In Wennebostel, Sennheiser chieï¬,y manufactures wireless and wired microphones, microphone capsules, monitoring systems and headsets, as well as high-end headphones and conferencing technology...

  • Page 31
    ...cient product portfolio that is completely tailored to users' needs and includes winning innovations. In order to get products ready for launch more quickly, the audio specialist leverages internal research and development skills and inhouse production capacities. The objective is to constantly tap...

  • Page 32
    ... China dropped back to second place in the ranking of leading importer nations. In the reporting year, the sector increased turnover by 3.7 percent to â,¬178.0 billion. This is reï¬,ected in the moderate increase in production volumes, capacity utilization and number The favorable euro exchange...

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    MANAGEMENT REPORT OF THE SENNHEISER GROUP ECONOMIC REPORT 31 TURNOVER â,¬ millions Change from previous year, in percent/in â,¬ millions 700 682.2 +7.5% +â,¬47.4m 650 634.8 584.4 +10.0% 600 590.5 +1.0% +7.5% 550 531.4 +13.5% 500 450 400 200 0 2011 2012 2013 2014 2015

  • Page 34
    ... the ruble against the euro, but also limited the room for maneuver on the Russian sales market. Also, the sudden decoupling of the Swiss franc The development in the APAC region (Asia and Australia) also boosted growth at the Sennheiser Group. The company generated turnover of â,¬147.2 million in...

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    MANAGEMENT REPORT OF THE SENNHEISER GROUP ECONOMIC REPORT 33 TURNOVER BY REGION Turnover 2015 in â,¬ millions Change from previous year, in percent +17.5% AMERICAS +1.7% EMEA 355.2 APAC +11.0% 179.8 147.2 342.1 147.1 153.0 179.8 +â,¬26.8m 349.2 355.2 +â,¬6.0m Turnover per year in â,¬ ...

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    ... 2014, was the main driver of turnover. The new models of the MOMENTUM product family, such as Greater demand from Japan for the high-end systems Digital 9000 and the 5000 series continued unabated throughout 2015. The measures implemented by Sennheiser in 2014 to optimize production capacities and...

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    ... OF THE SENNHEISER GROUP ECONOMIC REPORT 35 TURNOVER BY BUSINESS DIVISION Total turnover 2015 â,¬682.2m Share of total turnover, in â,¬ millions/in percent â,¬347.0m 50.9% â,¬335.2m 49.1% Change from the previous year, in percent +10.9% +4.1% PROFESSIONAL SYSTEMS CONSUMER ELECTRONICS

  • Page 38
    ... valuation of pension obligations by â,¬8.2 million. Global marketing campaigns supported the consistent market presence and led to an increase in other operating expenses. Net asset position At â,¬431.8 million, total assets of the Sennheiser Group as of December 31, 2015, were â,¬21.8 million, or...

  • Page 39
    ... control sensors; the center cooperates closely with partners in Silicon Valley for innovative transducers and the required manufacturing technology in the reporting year. Other activities in the field of wireless transmission systems were Sennheiser Consumer Electronics in Singapore, which is...

  • Page 40
    ... the CES in Las Vegas (USA), one of the world's largest trade fairs for consumer electronics. This included the RS line, for example: digital wireless headphone systems that are characterized by increased speech intelligibility and are suitable for home movie viewing and audio. Sennheiser developed...

  • Page 41
    ... IN 2015 31 RESEARCH AND DEVELOPMENT CENTERS SWITZERLAND Trend research, innovative future concepts and design USA 3D audio, speech processing and sound control sensors GERMANY EMPLOYEES IN RESEARCH AND DEVELOPMENT 3D audio and digital signal processing SINGAPORE Product life cycle, customer...

  • Page 42
    ... REPORT OF THE SENNHEISER GROUP DEVELOPMENT IN NUMBER OF EMPLOYEES EMPLOYEES EMPLOYEES AVERAGE NUMBER OF EMPLOYEES IN 2015 2,704 38% WOMEN 62% MEN GERMANY ABROAD 1,382 1,322 TRAINEES WORLDWIDE 26% WOMEN IN MANAGEMENT 76 DEVELOPMENT IN NUMBER OF EMPLOYEES The Sennheiser Group employed...

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    ... OF THE SENNHEISER GROUP DEVELOPMENT IN NUMBER OF EMPLOYEES 41 DEVELOPMENT IN NUMBER OF EMPLOYEES Number of employees Change from previous year in percent 2,800 2,704 2,600 2,600 2,542 +9.1% +2.3% +4.0% +104 employees 2,400 2,329 +6.7% 2,200 2,183 +3.1% 2,000 0 2011 2012 2013 2014 2015

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    ... Elektrotechnik- und Elektronikindustrie), Germany's central association of the electrical and electronics industry, forecasts moderate sales growth of 2 percent for the industry in the current year. The uncertain development of the global economy and various crises, not only within the euro area...

  • Page 45
    ... 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. Outlook for turnover and results of operations Due to the high share of the Sennheiser Group's turnover...

  • Page 46
    ... now offers web-based training for all employees of the Sennheiser Group on a binding basis. Risks Due to the global network of procurement and distribution channels, the Sennheiser Group is exposed to the typical risks of globally operating companies. With the increasing complexity of national and...

  • Page 47
    ..., the company is becoming increasingly attractive for large and well-known cooperation partners. Sennheiser reviews all queries on a highly selective basis so as to enter a cooperation that is promising for both parties. Daniel Sennheiser and Dr. Andreas Sennheiser CEOs of Sennheiser electronic GmbH...

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    46 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2015 ASSETS 2015 IN â,¬ PREVIOUS YEAR IN â,¬ A. FIXED ASSETS I. INTANGIBLE ASSETS II. PROPERTY, PLANT AND EQUIPMENT III. FINANCIAL ASSETS 11,939,046.76 50,285,219.64 1,949,503.73 64,173,770.13 B. CURRENT ASSETS I. ...

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    CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2015 47 LIABILITIES 2015 IN â,¬ PREVIOUS YEAR IN â,¬ A. EQUITY 93,819,096.63 81,412,932.15 B. PROVISIONS 152,244,870.45 143,447,702.50 C. LIABILITIES 185,523,...

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    ... FINANCIAL STATEMENTS CONSOLIDATED PROFIT AND LOSS STATEMENT FOR FISCAL YEAR 2015 2015 IN â,¬ PREVIOUS YEAR IN â,¬ 1. SALES REVENUE ...28 681,602,513.32 5. RAW MATERIALS AND CONSUMABLES 6. PERSONNEL COSTS 7. DEPRECIATION 8. OTHER OPERATING EXPENSES 9. FINANCIAL RESULT 10. TAXES 11. NET PROFIT FOR ...

  • Page 51
    ... ASIA PTE. LTD., SINGAPORE - SENNHEISER ELECTRONIC CORPORATION, OLD LYME, CT, USA - SENNHEISER ELECTRONICS (BEIJING) CO., LTD., BEIJING, CHINA - SENNHEISER ELECTRONICS INDIA PRIVATE LIMITED, HARYANA, INDIA - SENNHEISER FRANCE SAS, IVRY-SUR-SEINE, FRANCE - SENNHEISER HONG KONG LTD., HONG KONG, CHINA...

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    ..., GERMANY EDITING/IMPLEMENTATION KETCHUM PLEON GMBH, DÃœSSELDORF, GERMANY CONTACT SENNHEISER ELECTRONIC GMBH & CO. KG ADDRESS CONTACT PERSON AM LABOR 1, 30900 WEDEMARK, GERMANY, WWW.SENNHEISER.COM MAREIKE OER, GLOBAL PUBLIC RELATIONS, PHONE: +49 (0) 5130 600 1719, E-MAIL: MAREIKE.OER@SENNHEISER...

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