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Sennheiser EN

CONSOLIDATED MANAGEMENT REPORT 2014 ——— 2. Economic Report 2.1 Overall business developments and development of the industry 2.1.1 Overall business development Global economic growth continued to decline in fiscal year 2014. The primary reason for this is the economic slump and ongoing weak demand, especially in the eurozone. This situation was further exacerbated by the conflict in Ukraine. Global financial markets were impacted throughout the year by significant fluctuation in key currencies. Toward the end of the year, the weak euro in particular led to a curtailment in investment expenditures. In the second half of 2014, economic forecasts brightened slightly due to declining crude oil prices and the associated declining consumer prices. 2.1.2 Development of the industry The German electronics industry started to recover in mid-2013. Since this trend continued in 2014, the Sennheiser Group expects business performance to be positive in the future. Sales volumes in the industry came to €172 billion in the previous fiscal year, marking the first time since 2011 in which they exceeded the previous year’s level. However, they were unable to reach the record level of €178 billion from 2011. The reason for the growth in industry revenue is due largely to the increased number of exports, the majority of which are going to countries outside the eurozone. The positive revenue growth is also reflected in moderate increases in production volumes. 09

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