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Sennheiser EN

CONSOLIDATED MANAGEMENT REPORT 2014 ——— 5. Outlook, Risks and Opportunities Report 5.1 Outlook 5.1.1 Outlook for the electronics industry in Germany The Sennheiser Group anticipates continued recovery in the industry for 2015: The Zentralverband Elektrotech- nik- und Elektronikindustrie (ZVEI), Germany’s central association for the electrical and electronics industry, forecasts a moderate production growth of 1.5 percent for the current year. In addition, the business climate within the industry has improved yet again due to the positive assessment of the economic situation in the beginning of the year. However, the financial markets are currently experiencing a high degree of uncertainty caused by the weakened euro, which is a result of the ongoing debt crisis in the eurozone as well as the European Central Bank’s (ECB) expansive monetary policy. The further development of this situation will have a significant impact not only on the German electronics industry, but on the global economy as a whole. 5.1.2 Outlook for global economic development According to forecasts, the global economy should perform modestly in 2015. This is due to the merely moderate growth in developing nations, especially China, as well as a possible recession in the Russian economy, which is being predicted for a variety of reasons. Sennheiser assumes that the low price of crude oil will somewhat stimulate demand for consumer goods. Aside from that, the low interest rate policy will promote additional growth in the capital goods area. Through its global orientation, the Sennheiser Group is fundamentally in the position to offset limiting effects in individual global economic crisis regions with positive effects in other markets. The structural expansion of the Group has already contributed positively here in the past, and will continue to do so in the future. Not only is there the opportunity to expand existing sales opportunities, but also to tap into new strategic business areas and markets on a global level. 5.1.3 Outlook for revenue and earnings position Sennheiser’s increased growth in 2014 can be attributed to optimized structures and the Group’s divisional organization, among other things. In the future, the Sennheiser Group will continue to focus on its customers and strategically organize its business processes and internal structures with that focus in mind. A stronger orientation toward target groups and markets will help the company understand its customers’ wants and needs even better, enabling it to anticipate future technological developments and application scenarios early on. This in turn will allow Sennheiser to offer audio solutions even more customized to meet individual needs. 17

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