Sennheiser Unveils 2011 Financial Year

Sennheiser released an overview of its 2011 financial year, reporting a strong increase in turnover and profit.
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Wedemark, Germany (June 21, 2012)—Sennheiser released an overview of its 2011 financial year, reporting a strong increase in turnover and profit.

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With a growth rate of 13.5 percent, Sennheiser electronic GmbH & Co. KG’s turnover increased significantly from 468.2 million Euros in 2010 to 531.4 million Euros. After-tax profits rose by 93 percent in the same period from 23.6 to 45.7 million Euros.

“We are very proud of this result which was achieved across all markets and all product groups,” explains Volker Bartels, Speaker of the Executive Management Board. “This increase in turnover is the direct result of a clear focus within our business divisions together with careful cost management. In particular, the extraordinarily positive turnover results in our EMEA and Asia regions have more than compensated for the exchange rate challenges faced by the Dollar region.”

As in previous years, the EMEA region remains the company’s strongest market. Sennheiser recorded overall constant growth in the EMEA region of 14.8 percent and achieved an overall turnover of 324.8 million Euro. 88.7 millions of this were achieved in Germany, which brings Germany’s share of total turnover to 16.7 percent. Positive contribution came from Northern Europe, which achieved a growth of 22 percent, and Eastern Europe, where turnover increased by 52 percent compared with 2010. The APAC region also grew significantly above-average: There turnover grew from 59.7 million to 73 million Euros; an increase of 22.3 percent. In the Americas region, Sennheiser maintained continuous growth of 6.4 percent despite the exchange rate trend throughout 2011. Overall, the export quota of the company was 83.3 percent in 2011.

The biggest share of the group’s turnover, with 32.9 percent, continues to be the headphones business. This is followed by wireless microphones (26.4 percent), Sennheiser Communications products (9.2 percent) and wired microphones (7.4 percent). Audiology products contributed 6 percent and the share of Georg Neumann studio microphones and monitor speakers stood at 3.6 percent. The Installed Sound product group achieved 3.3 percent of the total turnover.

Sennheiser reported that the growing strength of its headphones segment came from the continued popularity of “large lifestyle headphones,” maintaining a market share of 21 percent in Europe and a recorded stable growth of 12 percent in 2011 as well as in 2010.

In the pro audio world, compared to 2010, Sennheiser saw an average overall growth of 20 percent in 2011 with the professional headsets and wireless microphones product ranges.

Spending on R&D remained high at 6% of turnover; looking forward, Sennheiser plans to broaden its ranks—around 60 new openings are planned for 2012, mainly in technical roles. The company employs a total of 2,183 staff at present, with 1,177 of these based in Germany.

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