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Annual Report
Sennheiser Group fiscal year 2022

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Review of 2022

A year focused on our professional audio business with investments in the future. With increased demand for professional and hybrid meeting solutions and live events celebrating a comeback after the Corona pandemic, the Sennheiser Group looks back on a year of continued growth. This confirms: the focus on our core competencies provides us with the opportunity to further invest in our people, own production facilities and innovations to shape the future of audio.

The following annual report looks back on the past financial year. Since March 2022, we focus on our professional audio business.

A Conversation with Dr. Andreas and Daniel Sennheiser

Co-CEOs Dr. Andreas Sennheiser and Daniel Sennheiser on bold decisions, an extremely successful year, and the future in the market for professional audio solutions.

Turnover development with professional audio solutions

in € millions / change from previous year in percent


Turnover by region

in € millions / change from previous year in percent


Turnover development of the Sennheiser Group

in € millions / change from previous year in percent


  €332.7m €363.3m €307.9m €371.3m €467.7m  
  +4.3 % +9.2 % -15.2 % +20.6 % +26.0 %
500
400
300
200
100
0
  2018 2019 2020 2021 2022  

With its professional audio solutions, the Sennheiser Group generated turnover of €467.7 million in fiscal year 2022. This corresponds to an increase of 26 percent or €96.4 million compared to the previous year.

Results at a glance

AMERICAS €177.8m +41.4 % AMERICAS €177.8m +41.4 % EMEA €196.9m +15.5 % EMEA €196.9m +15.5 % APAC €93.0m +24.1 % APAC €93.0m +24.1 % GERMANY €63.6m (INCLUDED IN EMEA) +22.7 % GERMANY €63.6m (INCLUDED IN EMEA) +22.7 %

In 2022, the EMEA region continued to be the region with the highest turnover with
€196.9 million. In its home market, Germany, Sennheiser generated turnover of €63.6 million.
In the APAC region, Sennheiser achieved turnover of €93.0 million and in the Americas
region €177.8 million. This excludes turnover from the Consumer segment.

Results at a glance

  €710.7m €756.7m €573.5m €636.3m €507.4m  
  +6.5 % +6.5 % -24.2 % +11.0 % -20.3 %
800
600
400
200
0
  2018 2019 2020 2021 2022  

The Sennheiser Group generated turnover of €507.4 million in fiscal year 2022. With its professional audio solutions, the company generated turnover of €467.7 million. The Consumer Business, which was fully included in sales in 2021 and accounted for around half of the business, is still included with two months in 2022. The 20.3 percent decrease in sales presented is attribuable to the sale of the Consumer Business.

Results at a glance

Exploring our planet through sound

Calving glaciers and underwater icebergs — not something one would immediately associate with a sound experience. However, these are exactly the breathtaking natural phenomena that famous sound recordist Thomas Rex Beverly is preserving so that future generations can continue to experience them. On his fourth successful arctic expedition to Greenland in 2022, he captured the magical sounds of this unique ecosystem. His loyal companions for over six years? Sennheiser microphones.

Production sites


Development Centers


Investments in Research & Development

In year 2022


Patent application


Brașov, Romania Brașov, Romania Wennebostel, Germany Wennebostel, Germany

The focus of production at our headquarters in Wedemark, Germany, is on technologies for
high-precision, automated processes and on the manufacture of high-end products. The plant in
Brașov, Romania, specializes in manual production as well as final product testing and packaging.

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

We conduct research at seven locations to shape the future of the audio world.
Two of them are in Switzerland (Zurich, Puidoux) and five of them are in Germany:
Wennebostel, Berlin, Duisburg, Dusseldorf, and Hamburg.

€41.8m
investment in Research & Developement in 2022
8.24 %
share of our turnover

In 2022, we invested € 41.8 million in research and development
of new audio technologies.

  • 8

    new patens in 2022

  • 227

    total patents

  • 177

    inventions

In 2022, we applied for eight new patents. In total, the Sennheiser Group already holds 227 patents 
for 117 inventions (patent families).

Traditional teaching is outdated

How can innovative teaching improve access to education? The University of Quebec (UQAM) is setting new standards: an avant-garde AV-over-IP system with Sennheiser ceiling microphones enables hybrid learning for all UQAM students. As a result, faculty and students experience a clear, interference-free audio experience — both on-site in the amphitheater and when learning remotely.

Number of employees

As of 31-12-2022


Development of numbers of employees

Change from previous year in percent


Employees by region

As of 31-12-2022


Employees in production

Employees by people


2035

Every day, 2,035 employees worldwide work with passion
to fulfill the wishes of our customers. Worldwide, 23 apprentices are part of our team.

  2,734 2,801 2,452 1,969 2,035  
  +0.2 % +2.5 % -12.5 % -19.7 % +3.4 %
3,000
2,500
2,000
1,500
1,000
  2018 2019 2020 2021* 2022  

As of December 31, 2022, we employeed 2,035 people.
*The workforce status for 2021 was recorded on March 01, 2022 after
the sale of the Consumer Segment.

  • 11%

    APAC

  • 9%

    AMERICAS

  • 80%

    EMEA (63 % THEREOF IN GERMANY)

With its 32 subsidiaries, the Sennheiser Group
is active in over 50 countries worldwide.

22 %

PRODUCTION

Just under a quarter of our employees work at
one of our two European production sites.

South Korea is much more than just K-pop

With K-pop hits conquering Western charts, worldwide recognition for Korean music continues to grow. But the Korean music scene has much more to offer, ranging from folk to heavy metal. In the midst of it all is Sonic Korea, one of the most successful mastering studios in South Korea and with Neumann and Merging, it is proving itself to be the pioneer of immersive audio in Asia.

Nationalities

As of 31-12-2022


Gender split

As of 31-12-2022


Generation split

As of 31-12-2022


29

NATIONALITIES AT
THE HEADQUARTERS

+

NATIONALITIES
WORLDWIDE

People of 29 different nationalities work at our headquarters in Wedemark.
Worldwide, our employees represent over 53 nationalities.
+

nationalities
worldwide

29

NATIONALITIES AT
THE HEADQUARTERS

People of 29 different nationalities work at our headquarters in Wedemark.
Worldwide, our employees represent over 53 nationalities.
41 %
FEMALE
59 %
MALE

The overall percentage of women is 41 percent, the percentage of women in management positions is 19 percent.

41 %
FEMALE
59 %
MALE

The overall percentage of women is 41 percent, the percentage of women in management positions is 19 percent.

  • Generation X
    (1966 - 1980)
    37%
  • Baby Boomer
    (before 1966)
    17%
  • Generation Z
    (1997-2012)
    4%
  • Generation Y
    (1981-1996)
    42%

Four different generations work together at our company.
Generations X and Y are the most strongly represented.

E-mobility meets electrifying sound

The latest hero of the CUPRA family is driven by Sennheiser sound. Its immersive high-fidelity audio system transforms every drive in CUPRA's first all-electric SUV coupe into a unique sound experience. This is what game-changing collaboration sounds like.

About our Supervisory Board

The Supervisory Board of Sennheiser electronic GmbH & Co. KG met for four ordinary and one extraordinary meeting in the past fiscal year.

The board consists of the following four members since January 2022: Andreas Dornbracht (Chairman), Prof. Dr. Jörg Sennheiser, Stefan Plenz and Iris Epple-Righi.