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Sennheiser EN

05 Contents 06 Report of the Supervisory Board 08 Management Report of the Sennheiser Group 08 Principles 09 Economic Report 14 Investments 15 Research and Development Activities 17 Outlook, Risks and Opportunities Report 20 Consolidated Financial Statements 2014 20 Consolidated Balance Sheet 22 Consolidated Profit and Loss Statement annual report 05

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