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CONSOLIDATED MANAGEMENT REPORT 2014 2.2 Business development The Sennheiser Group finished out fiscal year 2014 with a significant increase in revenue: Compared to the previ- ous year, total revenue increased by €44.3 million to €634.8 million. This corresponds to growth of around 7.5 percent. 2.2.1 Revenue by region With a revenue growth of 30.9 percent, the APAC region (Asia and Australia) showed particularly positive revenue development. In comparison, the Americas region (North, Central and South America) showed moderate growth of 4.0 percent and the EMEA region (Europe, Middle East and Africa) yielded 2.1 percent growth. The APAC region benefited on one hand from the newly founded subsidiary for Australia and New Zealand, and on the other from the digital dividend in Japan. The government-mandated refitting of wireless microphone systems after disposal of previously used frequencies – following the sale of the spectrum previously utilized for them – led to a significant increase in revenue in the wireless microphones product segment. The low growth level in the EMEA region can be traced primarily to developments in the Ukraine conflict and the substantial devaluation of the ruble against the euro. By contrast, in the Americas region, the US dollar’s appreciation against the euro had a positive impact on revenue development. 10 REVenue € millions change from previous year, in percent 600 500 400 300 200 100 0 2010 2011 2012 2013 2014 468.2 +20.1 % 531.4 +13.5 % 590.5 +1.0 % 584.4 +10.0 % 634.8 +7.5 % 20102011201220132014

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