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Annual Report
Sennheiser Group fiscal year 2020

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Review of 2020

A year that brought the world to a virtual standstill. And yet so much is moving. Kitchens become home offices, concert tours become living room sessions. With a lot of passion for sound and audio, but above all for our customers, we have together created great projects like #thisisyourcrew, #dontstopthemusic or #dontstoptheeducation. A business year that started out difficult, but in the end allows us to look positively into the future.

Conversation

Co-CEOs Dr. Andreas Sennheiser and Daniel Sennheiser on an extraordinary year, team spirit, entrepreneurial courage and what it really takes to lead a company. A look back at the 2020 financial year and forward.

Turnover by business division

in € millions / change from previous year in percent


Turnover by region

in € millions


  • CONSUMER
    €241.9m
    -8.4%
    Headphone icon sennheiser
  • PROFESSIONAL
    €307.9m
    -15.2%
    Microphone icon sennheiser
  • CC&O & GAMING
    €23.6m
    -81.7%
€573.5m

Divided by divisions, the turnover of the Professional Division amounted to €307.9 million, while the Consumer Division generated an operating turnover of €241.9 million*.
[*adjusted by effects from the demerger with William Demant].

Results at a glance

AMERICAS €150.3m AMERICAS €150.3m EMEA €278.6m EMEA €278.6m APAC €144.6m APAC €144.6m GERMANY €90.7m GERMANY €90.7m (INCLUDED IN EMEA) (INCLUDED IN EMEA)

In 2020, the EMEA region continued to be the region with the highest turnover with €278.6 million. In its home market Germany, Sennheiser generated turnover
of €90.7 million. In the APAC region Sennheiser generated turnover of €144.6 million and in the Americas region €150.3 million.
Results at a glance

Welcome Back on Stage

The dawn of a new era

The year 2020 raised fundamental questions for musicians around the world: How can I continue to reach my audience? How do I stay creative? How can I reposition myself? During the months-long hiatus of live concerts, music became even more creative, connected - and diverse than ever. Artists around the world, together with Sennheiser, are now poised to reshape the future of the music and culture industry.

Number of employees

Average number of employees in 2020


Number of employees

Change from previous year in percent


EMPLOYEES

Every day, 2,415 employees worldwide work with passion to fulfill the wishes of our customers.

  2725 2728 2734 2801 2415  
  +1.8 % +0.1 % +0.2 % +2.5 % -13.8 %
3,000
2,500
2,000
1,500
1,000
  2016 2017 2018 2019 2020  

Sennheiser employed an annual average of 2,415 people in 2020 (previous year: 2,801). At the end of the year, headcount stood at 2,453 (previous year: 2,862).

It was never about headphones 

The "Audiophile Philosophy “

Last year, the demand for audiophile headphones increased significantly. True sound lovers enjoy a musical experience using state-of-the-art technology that immerses them in new dimensions of sound. Hence, in 2020, more and more people committed to Sennheiser's "Audiophile Philosophy" – which was never actually about headphones. But what was it about?

Employees by region

Employees by persons as of 12-31-2020


Nationalities at the headquarters

Employees by persons as of 12-31-2020


Gender split

Average number of employees in 2020


  • 13%

    APAC

  • 9%

    AMERICAS

  • 78%

    EMEA

    58% THEREOF IN GERMANY

With its own 21 sales subsidiaries and long-term sales partners, Sennheiser is
active in more than 50 countries. We have 47 trainees worldwide.

Nationalities
29

NATIONALITIES AT
THE HEADQUARTERS

Pin solid
People of 29 different nationalities work at our headquarters in Wedemark.
Nationalities
29

NATIONALITIES AT
THE HEADQUARTERS

Pin solid
People of 29 different nationalities work at our headquarters in Wedemark.
WOMEN
39 %
MEN
61 %

Whereas the total share of women at Sennheiser amounts to 39 percent (men: 61 percent), the share of women in leading positions stands at 20 percent.

WOMEN
39 %
MEN
61 %

Whereas the total share of women at Sennheiser amounts to 39 percent (men: 61 percent), the share of women in leading positions stands at 20 percent.

Hybrid communication in education 

New perspectives in the midst of challenges 

Due to the global pandemic, many educational institutions faced great challenges last year: over night, schools and universities had to think more digitally. Educational concepts suddenly seemed outdated. By utilizing audio technology from Sennheiser, however, one university in the USA, proved how quickly a crisis can turn into a real opportunity. Learn more about perspectives for tomorrow's education.


Investments in Research & Development


Research & Development centers


Patent applications


Investments in rd
€41.3m
investment in Research & Developement in 2020
5.5 %
share of our turnover

In 2020, we invested €41.3 million in research of new audio technologies.

  • SWITZERLAND
    3D audio, trend research and innovative product concepts
  • GERMANY
    Product development, innovative wireless systems and digital signal processing
  • SINGAPORE
    Product development
SWITZERLAND
3D audio, trend research and innovative product concepts
GERMANY
Product development, innovative wireless systems and digital signal processing
SINGAPORE
Product development

We have six Research & Development centers worldwide, four of which are located in Germany, that shape the future of the audio industry.

  • 9

    new patents in 2020

  • 200

    total patents

  • 282

    inventions

We have applied for nine new patents in 2020 alone. Sennheiser already holds a total of 200 patents out of 282 inventions (patent families).

Neumann: A year for new professionals

Between pandemic and digitalization

In 2020, digital content production was evolving rapidly. Established bands, hobby musicians, and other professional and semi-professional users alike expanded their home studios and took their productions into their own hands. Many took this as an opportunity to take their set-up to the next level with studio solutions from Neumann.

The Supervisory Board of Sennheiser Group held four regular meetings and one extraordinary meeting in the past fiscal year. The board consisted of four members in 2020: Dr. Frank Heinricht (Chairman), Andreas Dornbracht, Prof. Dr. Jörg Sennheiser and Johann Soder.

In March 2021, a change was made on the Supervisory Board: Dr. Frank Heinricht handed over his position as Chairman to Andreas Dornbracht and retired from the Sennheiser Supervisory Board after 12 years, six of them as Chairman. He will devote himself to his new role on the German government's Science Council in future. You can find further information on this here.
Following the departure of Dr. Frank Heinricht, a fourth member of the board will be appointed shortly. The Supervisory Board maintains a close exchange with the management of the Sennheiser Group and provides ongoing support.