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Sennheiser EN

CONSOLIDATED MANAGEMENT REPORT 2014 2.3.3 Financial position Cash flow from current business activities amounted to €43.9 million (previous year: €21.3 million). On the other hand, cash flow from investment activities was a negative €18.9 million (previous year: negative €24.7 million) and cash flow from financing activities was a negative €28.6 million (previous year: negative €5.3 million). 2.3.4 Net asset position Total assets in the reporting year amounted to €410 million, up 13 percent from €362.4 million in the previous year. The main reason for this is the increase in inventories by €21.9 million to ensure product availability associ- ated with rising sales activities. In addition, receivables and other intangible assets grew by €21.6 million. This is largely due to higher sales in the fourth quarter of 2014, which were far higher than results from the same quarter the previous year. Provisions increased by 31.5 million to €143.4 million in this year, as did liabilities, which increased by 7.4 million to €185.1 million. ——— 3. Investments The Sennheiser Group’s investments in property, plant and equipment amounted to €17.8 million. These acquisi- tions were distributed primarily in two areas: to implement strategic measures for expanding the product spectrum and to complete a new production line. The Group’s investments in fixed assets totaled €16.5 million in fiscal year 2014. Of that, Sennheiser electronic GmbH & Co. KG accounted for €6.4 million. 14

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