Shape the Future of Audio - Annual Report 2015 the future of the audio industry − this is Sennheiser’s aim. In this interview, Daniel Sennheiser and Dr. Andreas Sennheiser, co-CEOs

SHAPE THE FUTURE OF AUDIO ANNUAL REPORT 2015

INTERVIEW DANIEL SENNHEISER AND DR. ANDREAS SENNHEISER

STORIES

ART AND SOUND OF TOMORROW

DISCOVERING THE ULTIMATE SOUND EXPERIENCE

SOUND OF THE THIRD DIMENSION

GOD IN THE BOTTLE TOP

ANNUAL REPORT 2015

IMPRINT

10

14

16

18

20

23

51

CONTENTS

The tireless pursuit of perfect sound − a 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 − all in the name of an extraordinary

listening experience. Consistently pushing the boundaries of what is possible to shape the future

of the audio industry. Never standing still, but always leading the way.

SHAPE THE FUTURE OF AUDIO

This is our vision, to

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 the results of this interpretation, with more

information on Sven Meyer’s art on page 20.

FUTURE OF AUDIO

OF AUDIO

AUDIO

Explore the following pages to discover

how we are shaping the future of audio.

Shaping the future of the audio industry − this is Sennheiser’s

aim. In this interview, Daniel Sennheiser and Dr. Andreas

Sennheiser, co-CEOs of the company, take stock of the financial

year 2015, offering insight into the strategy and providing an

outlook for 2016. A discussion about the perfect sound, the

emotional impact of 3D sound and crossing artistic boundaries.

In the financial year 2015, Sennheiser succeeded in significantly

increasing its turnover once again. What were the decisive

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.

“WE REFUSE TO WAIT AROUND TO SEE WHAT THE FUTURE WILL BRING. WE’RE SHAPING IT OURSELVES INSTEAD.”

11

Daniel Sennheiser: The changeover in radio frequencies for

wireless microphones in Japan also led to a marked rise in

turnover. And here in our domestic market in Germany, we grew

by more than 10 percent, once again significantly expanding our

already strong market position.

What are the impulses driving Sennheiser in 2016?

Andreas Sennheiser: We aim to shape the future of the audio

industry. That’s why we will bring this claim − “Shape the

Future of Audio” − to life in specific and exciting ways in 2016.

We are convinced that the audio industry is on the verge of

experiencing a renaissance. For customers, new formats and

new ways of producing and consuming music continue to

emerge − technologies that we have been researching for many

years already. At Sennheiser, we refuse to wait around to see

what the future will bring. We’re shaping it ourselves instead.

Daniel Sennheiser: As the leading audio specialist, it is therefore

our responsibility to develop solutions that are fit for the future

together with customers. After all, if you claim to be a leader,

you also need to have vision. You have to show customers where

the future is headed. We have all of the necessary skills and

expertise to do just that. This aim gets to the heart of “Shape

the 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 a well-balanced strategy. It gives

us the freedom to say that not every one of our assumptions

absolutely has to be correct. At the same time, we have the

security of reaching our objectives all the same.

12

How exactly 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 the years

ahead. These innovations also include the HE 1 headphones,

which are a milestone that will probably still resonate in

20 years’ time.

Andreas Sennheiser: The HE 1 is a great example. Our passion

for excellence was at the heart of its development. We wanted

to prove to ourselves that we could once again create the best

headphones in the world. And it is precisely this passion that

also drives “Shape the Future of Audio”. The aim is to outdo

ourselves and go one step farther. Apart from Sennheiser, our

customers also benefit in the end, as the expertise we gain will

prove to be of crucial help to us in developing new products.

You mentioned AMBEO. Can you explain what it is all about?

Andreas Sennheiser: We are linking our vision of breaking down

the boundary between reality and playback with AMBEO. The

objective is to use 3D technology to translate the emotional

impact of sound into reality − just as if listeners were to

experience those feelings directly. To achieve this, we are in the

process of developing products in four core areas: recording,

mixing, processing and playback. Our virtual-reality microphone

will be the first official AMBEO product. As soon as it is ready for

mass production this year, it will have a considerable impact on

the future of virtual-reality content. And it will be followed by

more AMBEO products. Prepare to be amazed.

Visitors at Art Basel have the opportunity to experience AMBEO

up close and personal right now. You aim to build a bridge

between art and sound with appearances at this series of art

fairs. Why is Sennheiser involved in this area?

Daniel Sennheiser: Presenting our vision at Art Basel was an

important decision. Art is always looking for new levels of

understanding, though it ultimately remains unattainable. We

are doing the same thing by striving for the perfect sound. It is

less about reaching the goal and more about the journey.

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 dissatisfaction that has

always made our company strong.

You have been collaborating with sound artists for years. What

was the deciding factor for the “Future Audio Artist Program”?

Daniel Sennheiser: Sound artists face a major challenge: Their

pieces are not included in most collections, since they are difficult

to exhibit and sell. Nevertheless, this art harbors such great

potential. That interests us. With our expertise and technology,

we therefore want to support these artists to sound out the

boundaries of what is possible. We are very excited to see what

comes out of it. One thing is for certain, however: We will gather

a wealth of stimuli and momentum on this collaborative journey

for new ideas.

How do you personally imagine the future of sound?

Daniel Sennheiser: The future of sound will be much more

nuanced, much more individual than it is today. I will no longer

have to go to a big studio. Instead, I will simply record wherever

I am. The same will hold true for playback. People will be able to

listen to music or audio anywhere, at any time. In the best-case

scenario, I will only need a small amount of hardware, which will

be incredibly intuitive to operate.

Andreas Sennheiser: What’s more, this greater emphasis on

the individual will also lead to a deeper emotional resonance.

If I have the opportunity as an artist to make a recording in

a rose garden instead of some dull studio, that will change

the feeling. In terms of playback, I can also perfectly tailor

the music to my taste. As a result, the emotional depth of the

experience is disproportionately greater than playing a normal

CD. Innovative ideas for the future like these are what drives us

each and every day.

14

The major names of the international art scene have been

meeting at Art Basel for more than 40 years, preparing the

stage for new artistic impulses, ideas and developments. That

makes it the perfect location for Sennheiser to present its

vision “Shape the Future of Audio” in 2016.

The 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’s attention to

detail. White sound waves on the outer shell give visitors a

foretaste of the sound experience that awaits them inside,

where videos are presented by Sennheiser showing well-known

sound artists, their projects and their vision for the sound of

tomorrow. Visitors are thereby transported from visual art into

the future of audio.

In a darkened chamber, guests are able to discover two products

that will shape the future of audio − the high-end HE 1

headphones and the AMBEO 3D audio system. Both highlights

plunge listeners right into the heart of the music. Every detail

The “Future Sound Cube” from Sennheiser at Art Basel in Hong Kong

ART AND SOUND OF TOMORROW

that the musicians have included in the recording is audible and

tangible, making it an experience unto itself.

Pushing the artistic envelope, fostering creativity and forging

new paths − these are the objectives of the “Future Audio Artist

Program”, an initiative established by Sennheiser to provide

innovative sound artists with new opportunities for creative

development. “We aim to encourage young artists to dare to

experiment with audio in their art,” Daniel Sennheiser says.

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 opportunity like

this would be almost unimaginable for young artists without the

program,” says Jenny Falckenberg, the founder of the Hamburg-

based art agency Unique Art Concepts, who was responsible for

selecting the initiative’s jury members. The jury, which consists

of Daniel Sennheiser, the renowned curator Prof. Dr. h. c. Walter

Smerling and the well-known collector Daniela Hinrichs, is

responsible for judging the artworks and choosing an overall

winner for each of the three Art Basel shows. The first artist

invited by the jury is Zimoun from Switzerland. At Art Basel in

Basel, Zimoun is presenting the installation that he created as part

of the “Future Audio Artist Program” inside a shipping container.

He has lined the walls, floor and ceiling of the space and equipped

them with hundreds of small mechanical sound generators. Via

these mechanical systems, paper bags are set in motion, causing

them to make sounds. In addition to exploring the wide range of

sound properties exhibited by materials, such as the thin paper,

Zimoun also plays with the simplicity of mechanical systems in his

art − systems that can still develop a great degree of complexity.

Walter Smerling is looking forward to the works of sound art

created through the program and, above all, expects to see the

artists produce new sources of inspiration for the world of

audio. He explains: “The ear is sometimes closer to the brain −

and therefore the world of feeling and emotion − than the eye.

As a result, the fusion of visual art and acoustics can present a

fascinating challenge. It’s exciting to be a part of this and have

a hand in determining the path forward.”

15

The jury of the “Future Audio Artist Program”: Daniel Sennheiser, Daniela Hinrichs and Prof. Dr. h. c. Walter Smerling (from left to right)

16

Gregory Porter is one of the most successful jazz stars in the

world. In this interview, he sits 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 the music with great concentration.

Gregory Porter, what did you just listen to?

Gregory Porter: I listened to Nat King Cole and Natalie Cole

with the song “Unforgettable”. I’ve heard it countless times

before, but this is the first time that I’ve experienced the song

like this. Nat King Cole’s voice sounds so close, so intimate,

as if he were sitting on my shoulder. I’d like to listen to my

entire music collection with these headphones.

Axel Grell, did the Sennheiser engineers have a specific genre

of music in mind when they developed these headphones?

Axel Grell: The headphones are suitable for any type of music.

When it comes to jazz, the playback quality is especially good

with these headphones, since they are able to reveal every

DISCOVERING THE ULTIMATE SOUND EXPERIENCE

The HE 1 has made a believer out of Gregory Porter: “It’s a wonderful product”

17

dimension of this complex music. The quality of the sound

is also reflected in the product’s design, which boasts only

exceptional, long-lasting materials.

Gregory Porter: It’s a wonderful product. The weight is just

right, and the quality is impressive. One thing in particular

really struck me: The process of warming up and revealing

the actual headphones is a slow and delicate one. It reminds

me of putting a record on the record player. As a result, you

perceive the music with a greater awareness.

How important is excellence in your work?

Gregory Porter: People invest their time listening to my music. It

therefore goes without saying for me that I want to honor that

and deliver the best I have to offer. I want to make sure the

music that comes out of headphones like these is also perfect.

Does high-end listening represent the future in the audio industry?

Gregory Porter: There’s a major difference between playing

music on your cell phone and on a high-quality system.

Whenever I write a song, I try to create a sense of intimacy.

My aim is to eliminate everything that could come between

me and the listener − including objects such as headphones. I

seek a direct path to the ears of my listeners.

Axel Grell: Many people notice that when it comes to music,

there is a lot more to discover if you listen to it in uncompressed

form and with high-end equipment. The aim is for listeners to

pick up on the emotions that the artist intends to convey.

Mr. Porter, what songs would you like to listen to with these

headphones?

Gregory Porter: I would like to listen to a few classical pieces

and jazz from the 1930s. Trying out these headphones is like

going on a journey filled with exciting discoveries.

Redefining the boundaries of audiophile sound

With the HE 1, successor 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 auditory perception and the lowest

total harmonic distortion value ever measured for an audio

playback system are just some of the technical features of this

milestone product.

The HE 1 provides an unprecedented sound experience with the highest degree of playback precision and unique spatiality

18

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 brand − and changing the way we

perceive sound forever thanks to 3D immersive audio.

Composer, producer and musician Simon Franglen, who is

known for his work on Titanic, Avatar and the latest “James

Bond” film Spectre, swears by three-dimensional sound.

“Whenever I mix audio in 3D, it strikes me how much more

clearly I can hear what is happening within a given track,”

he says enthusiastically. “The additional playback dimension

gives the individual voices and instruments room to breathe

in a way that a flat stereo mix will never be able to. 3D

audio provides listeners with a completely new listening

experience,” he adds. This is made possible through a miking

technique that positions the recording microphones at each

corner of an oversized cube. This recording technique not

only immerses listeners in the music itself, but also enables

them to hear every detail of the arrangement. It opens up

new soundscapes, even for seasoned professionals like Simon

Franglen. “I have been able to discover so much more than I

could with a stereo or mono mix, even with pieces that I truly

Since 2016, Sennheiser has brought together its efforts in the field of 3D immersive audio under the AMBEO brand

SOUND OF THE THIRD DIMENSION

thought I knew inside and out. When you’ve heard it once, it

changes music forever,” Franglen says.

As a pioneer, Sennheiser has been active in the field of 3D audio

for a number of years. Since 2016, the audio specialist has been

pooling its efforts in the AMBEO technology program, which

promises to create entirely new possibilities for recording, mixing,

processing and playback. “3D audio will permanently change

the future of audio technology, and it will do so across a wide

range of areas, from virtual-reality gaming to music recordings

and broadcast applications,” Dr. Andreas Sennheiser says.

In early January 2016, Sennheiser gave visitors at the Consumer

Electronics Show the opportunity to experience AMBEO 3D audio

in a special 9.1 listening room. The audio specialist presented

original works recorded in 9.1 as well as upmixes of classic

music recordings at the world’s largest trade fair for consumer

electronics. Visitors were also invited to bring their own music

tracks. A Sennheiser algorithm then created a 9.1 upmix of

these tracks so that guests could listen to their favorite songs in

breathtaking 3D audio quality.

The gaming specialists from Soulpix are already taking advantage

of Sennheiser’s 3D audio expertise for their virtual-reality game,

EDEN. Thanks to a proprietary Sennheiser algorithm, it is easy to

localize the noises and sounds in the game, transporting players

into an imaginary − though extremely realistic − soundscape.

“The 3D sound-rendering engine used in EDEN allows for a

seamless cross-fade between real sounds and virtual sources,”

Andreas Sennheiser explains. “Engines such as these are the

future of 3D sound in augmented-reality applications,” he adds.

To record sound for virtual-reality productions, Sennheiser is

also collaborating with producers of VR content to develop a

new virtual-reality microphone. The microphone records audio

in three dimensions, making it a powerful tool for upcoming

VR productions.

“With AMBEO, our aim is to take 3D immersive audio to the next

level,” Andreas Sennheiser says. “In doing so, we are making it

possible for our customers to experience the future of audio up

close and personal and to have a hand in shaping it themselves,”

he adds.

19

There is no doubt for Dr. Andreas Sennheiser: “3D audio will permanently change the future of audio technology”

Prototype of the virtual-reality microphone that records sound in three dimensions

Hamburg-based musician Sven Meyer designed KYMAT − an

installation and live 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 created, turning sound into something that can

be experienced in an entirely new way.

Mr. Meyer, sound art in a water-bottle top − could it get much

smaller than that?

The size is perfect for my purposes. The waves react perfectly

to the frequencies that I send through the water. The focus is

on aesthetics at a macro level.

Does every sound look good?

Definitely not. Many sounds just create chaos in the water,

which is why I work with a frequency generator. I can use it

to create ice crystals, floral patterns and mandalas in a much

more targeted manner. I often use long, deep bass sounds.

Sound artist Sven Meyer with his KYMAT installation

GOD IN THE BOTTLE TOP

Does the world really need KYMAT?

We perceive sound with greater awareness if we can see it at

the same time. My visual rendering is not the translation of a

machine − it comes straight from nature itself. I send a certain

frequency into water, which creates a shape that suddenly

calls to mind animals, snow and even the division 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

of us?

Human beings are made up of 70% water. If a certain frequency

creates a beautiful form in a bottle top, it must have a positive

effect on humans, too. That is the origin and outcome of KYMAT.

You experimented for two and a half years without knowing

whether the concept would work. Honest answer: Did you ever

consider giving up?

There was a lot of fiddling and tinkering, I admit. But I had

a goal, a vision. And then one day I had my “aha” moment:

the first perfectly formed mandala. It was magical. Today I can

predict what frequencies will produce cool images. But I can

also improvise and surrender to surprise.

Does KYMAT represent a dream come true for you?

I’ve been making music my entire life, and I’ve always

preferred helping people to chill out rather than getting them

up on their feet and dancing. At home, I have gongs, sitars and

a Hammond organ. I’m a walking hippie cliché, even if I don’t

mean to be at all. I’m blending spirituality with science. The

result is KYMAT, or God in a bottle top.

A brief history of cymatics

The German physicist Ernst Chladni wrote about the phenomenon

of the sound figure more than 200 years ago. In order to make

sound visible, he sprinkled fine sand onto metal plates, and set

the plates into vibration with the help of violin bows and tuning

forks. Doing so resulted in impressive figures reminiscent of ice

crystals. Swiss natural scientist Hans Jenny further developed

the technique and named it cymatics, which is derived from the

Old Greek word for wave. Nowadays, thousands of cymatics

enthusiasts meet at conventions to philosophize about the

aesthetics of sound.

Artist Sven Meyer used his KYMAT technology to visually render the sound of “Future of Audio” when spoken for Sennheiser

21

ANNUAL REPORT

24

OVERVIEW OF THE FISCAL YEAR

REPORT OF THE SUPERVISORY BOARD

MANAGEMENT REPORT OF THE SENNHEISER GROUP

PRINCIPLES

BUSINESS MODEL

GOALS AND STRATEGY

ECONOMIC REPORT

OVERALL BUSINESS DEVELOPMENTS AND DEVELOPMENT OF THE INDUSTRY

BUSINESS DEVELOPMENT OF THE SENNHEISER GROUP

TURNOVER BY REGION

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 BALANCE SHEET

CONSOLIDATED PROFIT AND LOSS STATEMENT

CONSOLIDATION

25

26

28

29

30

30

32

34

36

37

40

42

42

44

45

46

48

49

CONTENTS

25OVERVIEW OF THE FISCAL YEAR

The Sennheiser Group continued its growth path. In 2015, the

company generated turnover of €682.2 million – up €47.4

million, or 7.5 percent, from the previous year. Around €355.2

million was attributable to the EMEA region. The group

generated €179.8 million in the Americas region and €147.2

million in the APAC region.

The Americas region was the main growth driver in 2015, with a

17.5 percent increase year on year. The APAC region also posted

significant gains, with turnover growth of 11.0 percent, and the

EMEA region grew moderately by 1.7 percent.

Turnover in the Professional Systems Division amounted to €347.0

million, whereas the Consumer Electronics Division generated

turnover of €335.2 million.

Compared to the previous year, the Sennheiser Group’s earnings

declined to €30.3 million. This is largely due to the sharp increase

in other operating expenses, for example for global marketing

campaigns.

The Sennheiser Group again increased its investments in

research and development year on year by 8.5 percent to €46.9

million. A total of 354 employees were employed on R&D activities

(previous year: 338).

On an annual average, the Sennheiser Group had 2,704

employees, up 4.0 percent on the previous year. They were

employed equally in Germany (1,382) and abroad (1,322). The

number of trainees around the world continued to remain high

at 76.

The fiscal year was marked by a series of product launches, such

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.

26 REPORT OF THE SUPERVISORY BOARD

Ladies and Gentlemen,

In fiscal year 2015, the Supervisory Board addressed the

situation, development and strategic focus of the Sennheiser

Group on an ongoing and comprehensive basis. In accordance

with our responsibilities, we closely supported management

over the course of the year and offered advice at all times. The

cooperation was marked by transparent and candid dialogue.

Management informed us, on an ongoing and regular basis,

of developments relating to the results of operations, the

risk situation of the group and other relevant issues. The

Supervisory Board has thoroughly examined and approved,

without reservation, the Consolidated Financial Statements and

the Management Report.

The Supervisory Board comprised four members in fiscal year

2015: In addition to myself, these were Prof. Dr. Jörg Sennheiser,

Andreas Dornbracht and Johann Soder.

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 Steffen Heise (since April 1, 2015) were members of the

Executive Management Board in the reporting year.

The Sennheiser Group ended fiscal year 2015 successfully with

another significant increase in turnover. The company was able

to further solidify its market position and underscore its goal of

being one of the world’s leading audio specialists, which in turn

confirms the Sennheiser Group’s strategic focus. In this context,

the progress achieved in becoming a connected company –

a company where employees work in an integrated manner, act

on a connected basis and develop the best solutions for customers

using a global and cross-departmental approach – is worth

pointing out. The Supervisory Board is supporting this process of

transformation and thinks management is on the right track.

27REPORT OF THE SUPERVISORY BOARD

The successful business development is largely attributable to

the employees of the Sennheiser Group, to whom we would like

to express our special thanks. Their dedication, ingenuity and

passion for the pursuit of perfect sound are what defines our

company and makes it strong.

We started the current year with this in 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.

On behalf of the Supervisory Board

Wedemark, April 2016

Dr. Ing. Frank Heinricht

Chairman of the Supervisory Board of

Sennheiser electronic GmbH & Co. KG

28

BUSINESS MODEL

Audio specialist Sennheiser is one of the world’s leading

manufacturers of headphones, microphones and wireless

transmission systems. The group researches, develops,

produces and sells products for both professionals and

consumers, and is accordingly divided into the Professional

Systems and Consumer Electronics Divisions.

Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany,

is the parent company. The globally active group has its

own production sites, which are located in Wennebostel

(Germany), Tullamore (Ireland) and Albuquerque (USA).

In Wennebostel, Sennheiser chiefly manufactures wireless

and wired microphones, microphone capsules, monitoring

systems and headsets, as well as high-end headphones and

conferencing technology. The plant in Albuquerque specializes

in the production of wireless headphones and wireless

microphone and monitoring systems, whereas the Tullamore

facility manufactures headphones, headphone transducers and

loudspeakers. The product management, marketing, purchasing

and product development for the consumer electronics business

are located in Germany, the USA and Singapore.

The core business also includes sales and services for the

product portfolio. These activities are fulfilled by Sennheiser’s

19 sales subsidiaries and long-standing trading partners in

more than 50 countries.

In addition to Sennheiser electronic GmbH & Co. KG, the

Sennheiser Group has comprised studio microphone and monitor

specialists Georg Neumann GmbH since 1991 and the joint

venture Sennheiser Communications A/S, which specializes in

headsets for PCs, offices and call centers, since 2003. Sennheiser

Streaming Technologies GmbH, a competence center for

innovative streaming solutions, joined the group in 2014. The

record label Sennheiser Media AG, based in Urdorf (Switzerland),

focuses on promoting young, up-and-coming artists.


PRINCIPLES

Members of the Executive Management Board 2015: Peter Callan, Peter Claussen, Dr. Andreas Sennheiser, Daniel Sennheiser, Steffen Heise and Thomas Weinzierl (from left to right)

29

GOALS AND STRATEGY

Sennheiser’s goal is to develop and expand leading positions in

its business segments that also strengthen its core business.

Essentially, Sennheiser therefore focuses on offering a high-

quality and efficient 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 in-

house production capacities. The objective is to constantly tap

into new markets, both geographically and in the form of new

business areas.


PRINCIPLES

30

OVERALL BUSINESS DEVELOPMENT AND

DEVELOPMENT OF THE INDUSTRY

Overall business development

In the fiscal year, the global economy was not particularly

dynamic, and the outlook continued to deteriorate. One reason

was that growth in emerging markets decelerated again. This

was especially true of China and of oil- and commodity-producing

countries. In addition, tension within financial markets weighed

down the entire global economy. Both the US export industry

and oil-exporting nations came under pressure, primarily due to

the appreciation of the US dollar.

The favorable euro exchange rate, on the other hand, had

a positive effect on the export sector in the euro area. The

purchasing power of private households in the region increased

and supported the domestic economies. This was due to the

low inflation rate related to the drop in oil prices, as well as low

interest rate levels. The German labor market benefited from

this in particular and developed positively as a consequence.

Development of the industry

The German electrical and electronics industry continued to

recover in 2015. Exports in the sector increased by 6.7 percent to

€174.1 billion, hitting an all-time high. In particular, an increase

in exports to the US was registered, whereas 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 €178.0 billion. This is reflected in the moderate

increase in production volumes, capacity utilization and number

of employees.

BUSINESS DEVELOPMENT OF THE SENNHEISER GROUP

The Sennheiser Group ended fiscal year 2015 with a significant

increase in turnover, achieving a new record. Compared to

the previous year, total turnover grew by €47.4 million, or

7.5 percent, to €682.2 million.


ECONOMIC REPORT

31MANAGEMENT REPORT OF THE SENNHEISER GROUP

ECONOMIC REPORT

2013

590.5

+1.0%

634.8

2014

+7.5%

2015

+7.5%

682.2

400

450

550

€ millionsChange from previous year, in percent/in € millions

600

650

+€47.4m

2012

584.4

+10.0%

531.4

2011

+13.5%

0200

500

700

TURNOVER

32

TURNOVER BY REGION

The positive development in turnover in 2015 was primarily

driven by strong growth in the Americas region (North, Central

and South America). The group generated turnover of €179.8

million in this region, which corresponds to an increase of €26.8

million, or 17.5 percent, on the previous year. The appreciation

of the US dollar against the euro during the course of the year

made a particular contribution to this.

The development in the APAC region (Asia and Australia)

also boosted growth at the Sennheiser Group. The company

generated turnover of €147.2 million in this region – up €14.6

million, or 11.0 percent, from the previous year. Japan – where

the government subsidized the refitting of wireless microphone

systems following the sale of the previously used frequencies –

was one reason for this. The subsidies ended in the first quarter

of 2016.

In the EMEA region (Europe, Middle East, Africa), growth was

moderate. Turnover amounted to €355.2 million, which equates

to an increase of €6.0 million, or 1.7 percent. The development in

the region was largely undermined by the impact of the Ukraine

conflict and the escalation of the crisis in Syria. These events

not only accelerated the depreciation of 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

from the euro at the beginning of the fiscal year limited growth

opportunities in Switzerland.


ECONOMIC REPORT

33

EMEA

AMERICAS

179.8355.2

APAC

147.2

+11.0%

+1.7%+17.5%


ECONOMIC REPORT

TURNOVER BY REGION

Turnover per year in € millionsChange from previous year

Turnover 2015 in € millionsChange from previous year, in percent

147.1

2013

153.0

2014

179.8

2015

+€26.8m

342.1

2013

349.2

2014

355.2

2015

+€6.0m

101.3

2013

132.6

2014

147.2

2015

+€14.6 m

34


The Professional Systems Division generated turnover of €347.0

million in fiscal year 2015, which corresponds to a year-on-year

increase of €34.2 million, or 10.9 percent. In the Live Performance &

Music and Broadcast & Media segments, the division saw especially

strong growth.

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 inventories substantially helped the

company to maintain its high capability to deliver these systems.

The Consumer Electronics Division generated turnover of €335.2

million in 2015. At €13.2 million, or 4.1 percent, growth was

somewhat more moderate compared to 2014. The Call Center &

Office segment, which continued its positive trend and gained

32.6 percent compared to 2014, was the main driver of turnover.

The new models of the MOMENTUM product family, such as

MOMENTUM Wireless, made a particular contribution to the

positive development of turnover.


ECONOMIC REPORT


ECONOMIC REPORT


€682.2m

€335.2m 49.1%

€347.0m 50.9%

+4.1%+10.9%

PROFESSIONAL SYSTEMS CONSUMER ELECTRONICS

Total turnover 2015

Share of total turnover, in € millions/in percent

Change from the previous year, in percent

36

POSITION OF THE SENNHEISER GROUP

Net earnings position

The Sennheiser Group’s net earnings declined by €20.3 million

year on year to €30.3 million before taxes in 2015. Material

and personnel costs, which grew slightly disproportionately

to turnover growth, negatively impacted the net earnings

position. The interest rate change effect alone weighed down

the valuation of pension obligations by €8.2 million. Global

marketing campaigns supported the consistent market presence

and led to an increase in other operating expenses.

Investments

Investments in fixed assets of the Sennheiser Group amounted

to €14.7 million and related largely to the implementation of

the strategy to expand the product portfolio.

The group’s investments in property, plant and equipment came

to €12.8 million in fiscal year 2015.

Net asset position

At €431.8 million, total assets of the Sennheiser Group as of

December 31, 2015, were €21.8 million, or 5.3 percent, higher

compared to December 31, 2014. While receivables and other

assets increased moderately and proportionately compared to

turnover growth, by €4.3 million, inventories were reduced by

€12.4 million thanks to efficient inventory management. These

developments are correspondingly reflected in the increase in

cash and cash equivalents.

Due to the ongoing decline in interest rates, pension provisions

reported a €10.8 million increase to €90.6 million. The decline in

other provisions by €2.0 million was largely due to the reduced

profitability. The increase in trade payables by €8.2 million to

€54.8 million results from purchases for business activities in

the fourth quarter of 2015.


ECONOMIC REPORT

37


The creation of innovative products that are geared toward

customers’ needs and can be produced economically is the

objective of research and development activities at Sennheiser.

These activities are conducted between four research and

innovation centers:

Sennheiser Audio Labs in Waldshut-Tiengen (Germany), with a

focus on digital signal processing (DSP) and 3D audio

Sennheiser Innovation in Zurich (Switzerland), specialized in

trend research, design and the development of scenarios and

innovative future concepts for the entire group

Sennheiser Technology & Innovation in San Francisco (USA),

for 3D audio, speech processing and sound control sensors; the

center cooperates closely with partners in Silicon Valley

Sennheiser Consumer Electronics in Singapore, which is responsible

for product development based on current consumer trends

Thanks to the Innovation Campus in Wedemark, which was

officially opened in 2015, the audio specialist has the most

state-of-the-art innovation center in the sector. The company

thereby underscores its objective of substantially shaping the

future of the audio industry.

Around the world, 354 employees were involved in research

and development (previous year: 338). In 2015, the

Sennheiser Group’s expenditure on related activities increased

by 8.5 percent year on year to €46.9 million. The research

and development expenses in relation to turnover amounted

to 6.9 percent. In the reporting year, the Sennheiser Group

applied for 31 new patents. Overall, the company holds patents

for 160 of 253 inventions (patent families).

Research

Sennheiser pursues corporate research goals in all business

segments. In the field of acoustics and transducers, for example,

the company successfully developed product-related prototypes

for innovative transducers and the required manufacturing

technology in the reporting year.

Other activities in the field of wireless transmission systems were

aimed at evaluating the potential of existing and future mobile

telecommunication systems for professional and semiprofessional

wireless microphone systems, among other things. In addition,

Sennheiser also examined entirely new approaches in digital

wireless systems. This primarily involved improving immunity

against interference combined with customer-oriented scalability

and significantly less space requirement.



38

The Sennheiser Group’s 3D audio activities are brought together

under the AMBEO brand name. The objective is to offer customers

a completely new immersive experience of sound. For this

purpose, Sennheiser is building up a product portfolio that covers

the entire signal chain, from recording, to mixing and processing,

to reproduction.

Development

With the launch of the D1 product series for live music and AVX

for video journalists, the Professional Systems Division expanded

its wireless microphone portfolio with new digital systems in the

first half of the year. By using the 2.4 GHz frequency range for D1

and 1.9 GHz range for AVX, the microphone systems are future-

ready and can be used in most countries without any licensing.

In the second half of the year, the division focused more intensely

on the TeamConnect Wireless and TeamConnect Ceiling product

families, which – together with the SpeechLine Digital Wireless

microphone system – round out the portfolio of professional

meeting solutions.

The Consumer Electronics Division started fiscal year 2015 with

several product launches at 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 the RS 195 together with the Fraunhofer Institute for

Digital Media Technology. A focus of the cooperation was taking

into account the needs of people with slightly impaired hearing.

In this division, Sennheiser launched the second generation of the

MOMENTUM headphone family, including MOMENTUM Wireless.

A special feature is the foldable stainless steel headband for easier

handling on the go. In addition, the new models offer wireless

Bluetooth® technology and NoiseGard™ active noise cancellation.

Integrated near field communication (NFC) technology allows

the user to connect accordingly equipped playback devices to

MOMENTUM Wireless at the push of a button.

Another focus of development activities in the Consumer

Electronics Division were preparations for the product launch

of the HE 1 in summer 2016. This headphone system is a

continuation of the success story of the legendary Orpheus

from 1991 and combines audiophile sound quality with unique

details that underscore Sennheiser’s leadership in audio: All

materials, including Carrara marble, platinum and gold, support

the product’s acoustic performance.



39

* patent families

INVESTMENTS

+8.5%SHARE OF TURNOVER: 6.9%

46.9 m

31 NEW PATENT APPLICATIONS

IN 2015

INVENTIONS AND PATENTS

253

DIFFERENT INVENTIONS*

160INVENTIONS* WITH ISSUED

PATENTS

EMPLOYEES

354 IN RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT CENTERS

SWITZERLANDTrend research,

innovative future concepts

and design

USA 3D audio,

speech processing and sound control sensors

GERMANY3D audio and digital

signal processing SINGAPORE Product life cycle,

customer retention and product development



RESEARCH AND DEVELOPMENT

€

40


The Sennheiser Group employed an average of 2,704 people in

2015. This corresponds to a 4.0 percent increase. The number of

trainees worldwide totaled 76, the same level as the previous

year. At the end of the year, the number of employees at the

Sennheiser Group was 2,747 (previous year: 2,707).

An average of 51 percent of all employees worked for companies

in Germany and 49 percent for companies abroad. Personnel

expenses rose by 9.7 percent in total, including a significant

increase in additions to pension provisions.



2,70462%MEN

38%WOMEN

WOMEN IN MANAGEMENT26%

EMPLOYEES AVERAGE NUMBER OF EMPLOYEES IN 2015

76 TRAINEES WORLDWIDE

GERMANY

1,382ABROAD

1,322

EMPLOYEES



+104 employees

Number of employeesChange from previous year in percent

2013

2,542

+9.1%

2012

2,329

+6.7%

2014

2,600

+2.3%

2,000

2,400

2,600

2,800

0

2,200

2011

2,183

+3.1%

2,704

+4.0%

2015


42

POST-BALANCE-SHEET-DATE EVENTS

Since December 31, 2015, no significant events have occurred

that are of material importance to the net earnings position,

financial position and net asset position of the Sennheiser Group.

OUTLOOK

The situation of the electrical and electronics industry in Germany

Overall, the Sennheiser Group expects to see stable development

in the electrical and electronics industry in 2016. The business

climate remains positive, albeit slightly more subdued compared

to the previous year. The ZVEI (Zentralverband 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, are having a significant impact. Declining

order intake and a growing bottleneck in available specialists

will further squeeze production volumes. The Sennheiser Group

therefore regards the ZVEI’s forecast as realistic.


POST-BALANCE-SHEET-DATE EVENTS // OUTLOOK, RISK AND OPPORTUNITIES REPORT

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.



44

RISK REPORT

Risk management system

In fiscal year 2015, the Sennheiser Group further strengthened

the risk management process. In compliance management,

for example, the company made substantial progress: The

company-wide intranet has had a dedicated area on this topic

since November 2015. In addition to the description of the

objectives and tasks of individual roles, this platform now offers

web-based training for all employees of the Sennheiser Group

on a binding basis.

The IT organization of the group has also made a significant

contribution to the issue of compliance. A corresponding IT

guideline, which includes measures to prevent the loss or theft

of data, entered into effect in 2015.

With the introduction of an initiative management system,

Sennheiser has enhanced the transparency of its initiatives

and projects in order to deploy its resources in a more targeted

manner, with a particular view to achieving strategic and

economic targets. Ideas that have minimal relevance to the

overall success of the company can therefore be identified more

quickly and adjusted if necessary.

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 international regulations in technology and

approval, export/import and data protection, new risks arise,

especially in product conformity, which the company responds

to with suitable measures.

The company further pursued the measures derived from the

evaluation of risk from defaulting suppliers and the analysis

of interruption risks. No other risk potential was identified in

this respect.

Fluctuation in the trading currencies relevant to the Sennheiser

Group had a substantial impact on the results of operations

of the group. However, the effects generally offset each other

thanks to counteractive effects and compensatory transactions

in procurement and sales in the same currency.



45

Wedemark, April 2016

On behalf of the Executive Management Board of

Sennheiser electronic GmbH & Co. KG

Daniel Sennheiser and Dr. Andreas Sennheiser

CEOs of Sennheiser electronic GmbH & Co. KG

OPPORTUNITIES REPORT

Right now, the creative industry is increasingly focusing on

new technologies in virtual and augmented reality, as well as

360-degree videos. In this market environment, there are huge

opportunities for the new 3D audio experience that Sennheiser’s

AMBEO brand will offer. AMBEO will comprise the recording,

mixing, processing and reproduction of 3D immersive audio,

offering Sennheiser the opportunity to expand its business field.

Thanks to increased efforts in recent years to position the

Sennheiser brand in the premium segment, 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.



46

2015 IN €

11,939,046.76

50,285,219.64

1,949,503.73

64,173,770.13

103,954,814.00

146,392,683.94

98,075,957.49

348,423,455.43

5,609,853.61

13,561,137.48

431,768,216.65

A. FIXED ASSETS

I. INTANGIBLE ASSETS

II. PROPERTY, PLANT AND EQUIPMENT

III. FINANCIAL ASSETS

B. CURRENT ASSETS

I. INVENTORIES

II. RECEIVABLES AND OTHER ASSETS

III. CASH AND CASH EQUIVALENTS

C. ACCRUALS AND DEFERRALS

D. DEFERRED TAXES

PREVIOUS YEAR IN €

12,831,821.06

51,943,982.26

1,932,595.80

66,708,399.12

116,340,928.61

142,103,598.12

65,252,416.36

323,696,943.09

5,375,464.85

14,216,840.22

409,997,647.28

ASSETS

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2015

47

2015 IN €

93,819,096.63

152,244,870.45

185,523,749.19

180,500.38

431,768,216.65

A. EQUITY

B. PROVISIONS

C. LIABILITIES

D. ACCRUALS AND DEFERRALS


81,412,932.15

143,447,702.50

185,079,295.62

57,717.01

409,997,647.28

LIABILITIES


CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2015

48 CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED PROFIT AND LOSS STATEMENT FOR FISCAL YEAR 2015

2015 IN €

682,213,399.20

2,111,387.22

2,350,849.44

686,675,635.86

73,889,303.50

760,564,939.36

274,890,703.40

201,523,672.35

17,092,150.17

231,902,876.72

–4,828,962.03

10,534,136.49

19,792,438.20

1. SALES REVENUE

2. INCREASE IN THE INVENTORY OF FINISHED AND SEMI-FINISHED PRODUCTS

3. OTHER OWN WORK CAPITALIZED

4. OTHER OPERATING INCOME

5. RAW MATERIALS AND CONSUMABLES

6. PERSONNEL COSTS

7. DEPRECIATION

8. OTHER OPERATING EXPENSES

9. FINANCIAL RESULT

10. TAXES

11. NET PROFIT FOR THE YEAR


634,849,658.91

12,062,789.22

2,993,702.91

649,906,151.04

31,696,362.28

681,602,513.32

254,316,191.05

183,683,145.52

15,615,741.56

172,153,963.01

–5,212,275.29

15,943,932.04

34,677,264.85

49

1 Profit transfer agreement with Sennheiser electronic GmbH & Co. KG, Wennebostel, Germany.2 Included in the annual financial statements of Sennheiser New Mexico LLC, Albuquerque, USA.3 Included in the annual financial statements of Sennheiser Australia Pty Ltd., Chatswood, Australia.


CONSOLIDATION

SIZE OF HOLDING IN PERCENT

CURRENCY SHARE OF CAPITAL IN THOUSAND UNITS

FULL CONSOLIDATION

SENNHEISER ELECTRONIC GMBH & CO. KG, WENNEBOSTEL, GERMANY – EUR 5,200

– GEORG NEUMANN GMBH, BERLIN, GERMANY 100.0 EUR 8001

– K + H VERTRIEBS- UND ENTWICKLUNGSGESELLSCHAFT MBH, WEDEMARK, GERMANY 100.0 EUR 251

– SENNHEISER AUDIO LABS GMBH, WEDEMARK, GERMANY 100.0 EUR 251

– SENNHEISER CONSUMER ELECTRONICS GMBH, WEDEMARK, GERMANY 100.0 EUR 12,1911

– SENNHEISER NEW MEXICO LLC, ALBUQUERQUE, USA 100.0 USD 5,000

– SENNHEISER MANUFACTURING USA CORP., ALBUQUERQUE, USA 100.0 USD 2

– SENNHEISER BONDHOLDING COMPANY LLC, ALBUQUERQUE, USA 100.0 USD 2

– SENNHEISER GLOBAL OPERATIONS GMBH, WEDEMARK, GERMANY 100.0 EUR 3,501

– SENNHEISER AUDIO OOO, MOSCOW, RUSSIA 100.0 RUB 3,340

– SENNHEISER AUSTRALIA PTY LTD., CHATSWOOD, AUSTRALIA 100.0 AUD 0

– SENNHEISER NEW ZEALAND LTD., AUCKLAND, NEW ZEALAND 100.0 NZD 3

– SENNHEISER BELUX B.V.B.A., ZELLIK, BELGIUM 100.0 EUR 150

– SENNHEISER (CANADA) INC., POINTE-CLAIRE, CANADA 100.0 CAD 230

– SENNHEISER ELECTRONIC ASIA PTE. LTD., SINGAPORE 100.0 USD 338

– SENNHEISER ELECTRONIC CORPORATION, OLD LYME, CT, USA 100.0 USD 2

– SENNHEISER ELECTRONICS (BEIJING) CO., LTD., BEIJING, CHINA 100.0 CNY 6,856

– SENNHEISER ELECTRONICS INDIA PRIVATE LIMITED, HARYANA, INDIA 100.0 INR 70,000

– SENNHEISER FRANCE SAS, IVRY-SUR-SEINE, FRANCE 100.0 EUR 305

– SENNHEISER HONG KONG LTD., HONG KONG, CHINA 100.0 HKD 10

– SENNHEISER JAPAN K.K., TOKYO, JAPAN 100.0 JPY 90,000

– SENNHEISER MEXICO S.A. DE C.V., MEXICO CITY, MEXICO 100.0 MXN 215

– SENNHEISER NEDERLAND B.V., ALMERE, NETHERLANDS 100.0 EUR 182

– SENNHEISER NORDIC A/S, COPENHAGEN, DENMARK 100.0 DKK 1,000

– SENNHEISER (SCHWEIZ) AG, URDORF, SWITZERLAND 100.0 CHF 1,000

– SENNHEISER UK LTD., MARLOW, UK 100.0 GBP 210

– SENNHEISER MEDIA AG, URDORF, SWITZERLAND 100.0 CHF 100

– SENNHEISER STREAMING TECHNOLOGIES GMBH, WEDEMARK, GERMANY 100.0 EUR 251

– SENNHEISER VERTRIEB UND SERVICE GMBH & CO. KG, WEDEMARK, GERMANY 70.0 EUR 1,000

PARTIAL CONSOLIDATION

SENNHEISER COMMUNICATIONS A/S, COPENHAGEN, DENMARK 50.0 DKK 2,000

IMPRINT

PUBLISHER SENNHEISER ELECTRONIC GMBH & CO. KG, WEDEMARK, GERMANY

DESIGN DESIGNAGENTEN, HANNOVER, GERMANY

PRODUCTION DIE QUALITANER, DÜSSELDORF, GERMANY

SOUND PATTERNS SVEN MEYER, HAMBURG, GERMANY

EDITING/IMPLEMENTATION KETCHUM PLEON GMBH, DÜSSELDORF, GERMANY

CONTACT

SENNHEISER ELECTRONIC GMBH & CO. KG

ADDRESS AM LABOR 1, 30900 WEDEMARK, GERMANY, WWW.SENNHEISER.COM

CONTACT PERSON MAREIKE OER, GLOBAL PUBLIC RELATIONS, PHONE: +49 (0) 5130 600 1719,

E-MAIL: [email protected]

WWW.SENNHEISER.COM

/SHAPETHEFUTUREOFAUDIO

Documents

Shape the Future of Audio - Annual Report 2015 the future of the audio industry − this is Sennheiser’s aim. In this interview, Daniel Sennheiser and Dr. Andreas Sennheiser, co-CEOs