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Sennheiser Releases 2010 Finances

Sennheiser has released its financial statement for the business year 2010

Wedemark, Germany (June 24, 2011)—Sennheiser has released its financial statement for the business year 2010, reporting an increased turnover of 468.2 million Euros–an increase of 20.1 percent and the largest in the company’s history. The company’s 2009 turnover was 389.9 million Euros last year. Profit increased from 3.8 million Euros (in 2009) to 22.6 million Euros.

“All product groups and all markets have contributed to this positive result,” said Volker Bartels, Spokesperson of Sennheiser’s Executive Management Board. “One of the important factors that contributed to this result was the revival of the professional side of our business and the highly positive growth at the end of the year, particularly in the consumer segment. Now we have to stabilize this dynamic growth and further expand our business.” On average in the year 2010, the Sennheiser Group employed 2,117 people, 1,153 of them in Germany.

The largest part of the company’s turnover came from headphone sales, which contributed 34.9 percent of total turnover. Following this was wireless microphone sales (25.5 percent), then Sennheiser communications products (8.1 percent) and then wired microphones (7.4 percent). Audiology products made up 6.6 percent of the total turnover and professional headsets made up 4.5 percent. Georg Neumann GmbH contributed 3.6 percent of the total turnover with studio microphones and studio monitors. The conference and information systems sector contributed 3.3 percent.

Despite a global shortage of electronic components, Sennheiser was able to increase production in 2010, by its own reckoning, thereby able to overcome the immediate effects of the global economic and financial crisis.

Sennheiser managed to reach double-digit figures for its growth rate in all sales regions in 2010. In particular, Asia influenced growth in the elecronics industry. In the the “Asia and Australia” region, turnover increased from 44 million Euros in 2009 to 59.7 million in 2010, an increase of 35.6 percent. “This positive development shows us that using our own sales subsidiaries on the ground was the right strategic decision,” affirmed Volker Bartels. The audio specialist also grew in the Americas. Turnover increased by 26.5 percent compared to last year, up to a total of 125.6 million Euros. There was a notecibly reversed trend in the “EMEA” region. In this previously decreasing market (-2.8 percent in 2009), Sennheiser achieved an increase of 14.7 percent. In the sub-regional breakdown, Central Europe contributed excellent growth of 17.9 percent. Generally speaking, sales outside Germany continues to be extremely important for Sennheiser. In 2010, the company’s export ratio was about 83 percent.

Research and Development (R&D) is a central component of Sennheiser’s business strategy. Spending on R&D in 2010 was 6.1 percent of turnover – i.e. 28.6 million Euros. To recognize future trends and opportunities, Sennheiser runs a company-owned research facility: the Sennheiser Innovation AG in Zurich, Switzerland. Here, Sennheiser analyzes future trends that may have an impact on Sennheiser’s business and on the audio specialist’s product development. “We need to be able to react quickly to changes in the market,” Bartels said. “This is why we focus on consumer needs in the long-term and try to recognize important developments as soon as possible.”

For Sennheiser and its employees, 2011 will be focused on implementing the new company structure. Since the first of January, Sennheiser has been organized into three business divisions, helping provide greater market and customer focus in each respective business area. “We have developed a divisional strategy over the last few years and this is now also being reflected in our organizational structure,” Bartels said. “The company’s new divisional organization will allow us to perfectly adapt our products, services, processes and especially our way of thinking to our customer’s needs. This is another reason why we look at the future with optimism.”