interim report, 4th quarter 2012/13 1 march 2013 – 31...

Bang & Olufsen a/s grOupCompany announcement no. 13.02 – 16 august 2013

InTerIM repOrT, 4Th quarTer 2012/13

1 March 2013 – 31 May 2013

Bang & Olufsen a/s

Peter Bangs Vej 15

DK-7600 Struer

Tel. +45 9684 1122

www.bang-olufsen.com

comreg: 41257911

Bang & Olufsen a/s inTeriM rePOrT 4Th quarTer 2012/13 · 2

• TheGroup’srevenuewasDKK740millionforthe

fourthquarterofthe2012/13financialyearcom-

paredtorevenueofDKK867millioninthesame

periodlastyear.

• TheB2CbusinessrecordedrevenueofDKK582

millioninthefourthquarterofthe2012/13financial

yearcomparedtoDKK688millioninthesamepe-

riodlastyear.Fourthquarterlastyearwasatough

comparisonbaseduetothelaunchofBeoPlayV1.

• Basedonthesuccessofrecentlylaunchedproducts

andastrongroadmapfornewproductsforthe

next12-18months,Bang&Olufsenhasdecidedto

reducethecomplexityintheproductportfolioby

terminatinganumberofolder,non-productiveprod-

uctsacrossallproductsegments.Thenewproduct

launchesandtheterminationsofoldproductswill

significantlyrejuvenateandstrengthentheproduct

portfolio,makeitevenmoreattractivetoconsumers

andretailersandfurtherpositionBang&Olufsenas

aleaderwithinhigh-endAVsolutions.

• TheB2BbusinessrecordedrevenueofDKK159mil-

lioninthefourthquarterofthe2012/13financial

yearcomparedtorevenueofDKK158millioninthe

sameperiodlastyear.

• B2CrevenueinallmarketsoutsideEuropesaw

strongincreasesinthefourthquartercomparedto

thesamequarterlastyear.NorthAmericaincreased

toDKK49millionfromtheunusuallylowDKK15

millioninthesamequarterlastyear,BRICmarkets

increasedby21percentandRestofworldincreased

by22percent.Thestrongdevelopmentsoutside

Europewereoffsetbya30percentdecreaseinEu-

rope.

• TheGroup’sgrossmargininthefourthquarterwas

35.8percent,comparedtoagrossmarginof40.6

percentlastyear.Thedeclineinthegrossmargin

wasmainlyaresultofextraordinaryinventorywrite-

downs(DKK22million)reflectingthedecisionto

terminateolder,non-productiveproductandanad-

verseeffectfromindirectproductioncostsduetoa

Q4HIGHlIGHTsBang&OlufsenrealisedrevenueofDKK2,814millioninthe2012/13

financialyear,correspondingtoadeclineof6percentcomparedtolastyear.Thepositivecontributionfromthesuccessfullaunchofmanynew

andinnovativeproductswasmorethanoutweighedbycontinuedchallengingmarketconditionsinEurope,combinedwith

short-term,adverserevenueeffectsofterminatinglow-performing retailersandtakingcontrolofthedistributioninChina.

TheGroupEBITwasnegativeDKK188million. BothrevenueandEBITwereinlinewith

thecompany’slatestguidance.

hIGhLIGhTS · KEyFIGuREs · mANAGEmENTREPORT · STaTeMenT · FINANCIAlREVIEw · ADDITIONAlINFORmATIONHighlights#1-R


significantinventoryreductioninthequarter.These

effectswereonlypartiallyoffsetbyadecreasein

warrantyprovisions(DKK23million)reflectinga

continuedpositivedevelopmentinthequalitylevel

oftheproductportfolio.

• CapacitycostswereDKK304millioninthefourth

quarter,comparedtoDKK271millioninthefourth

quarterlastyear.Thequarterwasimpactedby

higheramortisationandlowercapitalisationonde-

velopmentprojectsofDKK25millioncomparedto

thesamequarterlastyear.Additionalcostincreases

relatetoanincreasedlevelofownretailandthees-

tablishmentofaB&OPlAyorganisation.Thecapac-

itycostsincludednetnon-recurringitemsofDKK15

million,mainlyrelatedtonetworkrestructuringand

organisationalchanges.

• Earningsbeforetaxforthefourthquarterofthe

2012/13financialyearwerenegativeDKK45million

againstpositiveDKK77millioninthesamequarter

lastyear.

• Freecashflowinthefourthquarterwaspositiveat

DKK59millioncomparedtonegativeDKK51mil-

lioninthesameperiodlastyear.TheGroup’snet

workingcapitalwasreducedtoDKK557millionat

theendofthefourthquarterofthe2012/13financial

yearcomparedtoDKK613attheendofthe2011/12

financialyear.

• The2013/14financialyearisthethirdyearofthe

transitionphaseinthe“leaner,Faster,stronger”

strategy.Thekeyfocusfortheyearwillbetocon-

tinuetobuildastrongfoundationthatwillprepare

Bang&Olufsenforfuturegrowth,whileensuringa

significantimprovementinthefinancialresults.

• AftertheendofthereportingperiodBang&Oluf-

senhastakenover20shopsfromtheprevious

masterdealerRichcominChina(includingBeijing

andshanghai).ThismeansthatBang&Olufsennow

ownsandoperates31outofthe36storesinChina

andHongKong.Thefinalpurchasepricehasnot

beenfinalisedyet,butisexpectedtobeinthelevel

ofDKK35million.

Anyenquiriesaboutthisannouncementcanbead-

dressedto:

CEO,Tuemantoni,tel.:+4596845000

Presscontact,mortenJuhlmadsen,tel.:+4540308986

Investors,ClausHøjmarkJensen,tel:+4523251067

Awebcastwillbehostedon16August2013at10.00.

Accesstothewebcastisobtainedthroughourweb

pagewww.bang-olufsen.com/investor.

hIGhLIGhTS · KEyFIGuREs · mANAGEmENTREPORT · STaTeMenT · FINANCIAlREVIEw · ADDITIONAlINFORmATION


Bang & Olufsen a/s–Group 4th quarter YTD

(DKKmillion) 2012/13 2011/12 2012/13 2011/12

Income statement: Revenue 740 867 2,814 3,008Grossmargin,% 35.8 40.6 38.9 40.4Earningsbeforeinterest,taxes,depreciation,amortisationand capitalisation(EBITDAC) (27) 69 (107) 99Earningsbeforeinterest,taxes,depreciationand amortisation(EBITDA) 50 156 144 379Earningsbeforeinterestandtax(EBIT) (39) 81 (188) 122Financialitems,net (6) (4) (25) (16)Earningsbeforetax(EBT) (45) 77 (212) 104Earningsaftertax (37) 55 (160) 73 financial position: Totalassets 2,757 2,892 2,757 2,892sharecapital 393 362 393 362Equity 1,641 1,626 1,641 1,626Netinterest-bearingdebt 273 248 273 248Networkingcapital 557 613 557 613 Cash flow: –fromoperatingactivities 168 87 127 225–frominvestingactivities (109) (137) (328) (380)–freecashflow 59 (51) (202) (155)–fromfinancingactivities (22) 94 171 134Cashflowfortheperiod 37 43 (30) (21) Key figures: EBITDA-margin,% 6.7 18.0 5.1 12.3EBIT-margin,% (5.2) 9.4 (6.7) 4.1NIBD/EBITDAratio*) 1.9 0.7 1.9 0.7Returnonassets,% (1.6) 3.5 (7.7) 5.2Returnoninvestedcapital,excl.goodwill,% 1.3 7.9 2.3 17.4Returnonequity,% (2.3) 3.4 (9.8) 4.6Fulltimeemployeesattheendoftheperiod 2,036 2,106 2,036 2,106 stock related key figures: Earningspershare(EPs),DKK (1) 2 (4) 2Earningspersharediluted(EPs-D),DKK (1) 2 (4) 2Price/Earnings (59) 41 (13) 30

*) Calculated based on rolling 12m EBITDA

KEyFIGuREs

HIGHlIGHTs · key fIGureS · mANAGEmENTREPORT · STaTeMenT · FINANCIAlREVIEw · ADDITIONAlINFORmATIONKeyfigures#2-R


revenue

TheGroup’srevenueforthefourthquarterofthe

2012/13financialyearwasDKK740million,comparedto

DKK867millionlastyear,oradeclineof15percent.

TheB2Cbusiness,whichconsistsoftheAVandthe

B&OPlAysegments,recordedrevenueofDKK582mil-

lioninthefourthquarterofthe2012/13financialyear

comparedtorevenueofDKK688millioninthesame

periodlastyear.TheB2Cbusinesswasthereforethe

mainexplanationforthedeclineingrouprevenue.

TheAVsegmentrecordedrevenueofDKK470mil-


comparedtoDKK505millioninthesameperiodlast

year,correspondingtoadeclineof7percent.Newly

launchedproductscontinuetoperformwell.Basedon

thesuccessofrecentlylaunchedproductsandastrong

roadmapfornewproductsforthenext12-18months,

Bang&Olufsenhasdecidedtoreducethecomplexityin

theproductportfoliobyterminatinganumberofolder,

non-productiveproductsacrossallproductsegments.

Thenewproductlaunchesandtheterminationsofold

productswillsignificantlyrejuvenateandstrengthenthe

productportfolio,makeitevenmoreattractivetocon-

sumersandretailersandfurtherpositionBang&Olufsen

asaleaderwithinhigh-endAVsolutions.

revenue q4 2012/13 (Q42011/12inbrackets)

mANAGEmENTREPORTstrongB2CgrowthoutsideEuropeandagrowthof17percentintheAutomotivesegmentinthefourthquarterofthe2012/13financialyear

wereoutweighedbyadeclineinEurope,whichmainlyrelatestoa lowerlevelofnewproductlaunches,storeterminationsaswellas

continuedchallengingmarketconditionsinEurope.

B2c DKK 582m

(DKK688m)

B2B DKK 159m

(DKK158m)

aVDKK 470m

(DKK505m)

B&O PlAyDKK 113m

(DKK183m)

AutomotiveDKK 140m

(DKK120m)

icepowerDKK 19m

(DKK38m)

Developmentinthefourthquarter

HIGHlIGHTs · KEyFIGuREs · manaGemenT reporT · STaTeMenT · FINANCIAlREVIEw · ADDITIONAlINFORmATION

DeLevopmenT In 4Th quarTer · DIsTRIBuTIONDEVElOPmENTIN4THQuARTER · DEVElOPmENTINNumBEROFsHOPs ExPECTATIONsTOTHE2012/13FINANCIAlyEAR · SuBSequenT eVenTS

managementReport#3-R

Development#1-u


revenue and growth by segment q4 – B2C (DKK million)

0

100

200

300

400

500

600

700

AV

Q4 11/12

B&O PLAY Total B2C

Q4 12/13

-7%

-38%

-15%

revenue and growth by segment q4 – B2B (DKK million)

0

20

40

60

80

100

120

140

160

ICEpower

Q4 11/12

Automotive Total B2B

Q4 12/13

+17%

-50%

+1%

B&OPlAyrecordedrevenueofDKK113millioninthe

fourthquarterofthe2012/13financialyearcompared

toDKK183millioninthefourthquarterlastyear,which

waspositivelyaffectedbythelaunchoftheBeoPlay

V1,BeoPlayA8andtheBeoPlayA3whichintermsof

impactexceededthepositiveeffectfromthelaunchof

theBeoPlayH3andH6headphonesinthefourthquar-

terthisyear.TheBeoPlayH3andH6headphoneshave

beenwellreceivedbyconsumers,dealersandthepress

inthemarketswheretheyhavebeenlaunched.Afull

marketroll-outwilloccurduring2013/14.

B2CrevenueinEuropedecreasedby30percentinthe

quarterdrivenbybroaddeclineacrossallEuropean

markets.

BRICmarketsgrewby21percentmainlydrivenby

stronggrowthinBang & Olufsen’sownstoresinHong

KongandsouthChina,newlyopenedB1storesand

dedicatedB&OPlAyshop-in-shopsinChina.Thetakeo-

verofthemasterdealerinmid-Chinacontinuedtohave

anadverseimpactontherevenuefromChinaduringthe

quarter.Thetotaleffectonturnoverfortheyearwasas

expectedapproximatelyDKK100million.

RevenueinNorthAmericaincreasedtoDKK49million,

fromtheunusuallylowDKK15millioninthesamequar-

terlastyear.B2CrevenueintheRestofworldincreased

by22percent.

TheB2Bbusiness,whichconsistsoftheAutomotiveand

ICEpowersegments,recordedrevenueofDKK159mil-


whichisonthesamelevelaslastyear.

TheAutomotivesegmentrecordedrevenueofDKK140

millioninthefourthquarterofthe2012/13financialyear,

comparedtoDKK120millioninthefourthquarterlast

yearandhencecontinuedtoshowstronggrowth.The

growthwasdrivenbythelaunchofanumberofnewcar

models.

TheICEpowersegmentrecordedrevenueofDKK19mil-


comparedtoDKK38millioninthesameperiodlastyear

whichisareductionof50percentandisduetolower

demandfromexternalcustomersaswellasfromthe

Bang & OlufsenGroup.




gross margin

TheGroupgrossmargindecreasedto35.8percentin

thefourthquarterfromagrossmarginof40.6percent

inthefourthquarterofthe2011/12financialyear.

ThegrossmargininAVwas35.5percentinthefourth

quarterofthefinancialyear,comparedto44.7percent

inthesamequarterlastyear.Thegrossmargininthe

fourthquarterwasaffectedbythefollowingitems:

• Torejuvenateandstrengthentheproductportfolio,

inparallelwithlaunchinganumberofstrongnew

products,Bang&Olufsendecidedtoreducethe

complexityintheproductportfoliobyterminatinga

numberofoldernon-productiveproductsacrossall

productsegments.Thewritedownofinventoryre-

latedtothisnegativelyaffectedthegrossmarginby

DKK22millioninthefourthquarterofthe2012/13

financialyear.

• Inadditionthedecreaseingrossmarginwasaresult

oflowrevenueleadingtorelativelyhighersemi-var-

iablecosts,andasignificantreductionininventory

whichresultedinareductionofindirectproduction

costscapitalisedaspartofinventory.

• Bang&Olufsen’scontinuousfocusonimproving

productquality.Thishasresultedinareducedneed

forwarrantyprovisionsandasaresultDKK23mil-

lionwasreleasedinthefourthquarterofthe2012/13

financialyear.

ThegrossmarginforB&OPlAyinthefourthquarter

ofthe2012/13financialyearwas31.4percentagainsta

grossmarginof25.5percentforthesameperiodlast

year.Theincreasecomparedtothesamequarterlast

yearismainlyduetoachangeinproductmix,asprod-

uctslaunchedduring2012/13haveahighergrossmar-

ginthaninparticulartheBeoPlayV1.

ThegrossmarginwithintheAutomotivesegmentinthe

fourthquarterofthe2012/13financialyearwas36.9

percentagainstagrossmarginof32.4percentforthe

sameperiodlastyear.

ThegrossmarginwithintheICEpowersegmentwas

56.2percentinthefourthquarterofthe2012/13finan-

cialyearagainstagrossmarginof49.9percentforthe

sameperiodlastyear.

gross margin by segment q4 – B2B (%)

0

10

20

30

40

50

60

ICEpower

Q4 11/12

Automotive Total B2B

Q4 12/13

gross margin by segment q4 – B2C (%)

0

10

20

30

40

50

60

AV

Q4 11/12

B&O PLAY Total B2C

Q4 12/13




Capacity costs

Duringthefourthquarterofthe2012/13financialyear,

thecapacitycostsincreasedtoDKK304millionfrom

DKK271millioninthesameperiodlastyear.Thein-

creasemainlyrelatestohigherdevelopmentcosts,and

higherdistributionandmarketingcosts.

Thecapacitycostincludenetnon-recurringcostsof

DKK15millionforthefourthquarterofthefinancial

year,whichmainlyrelatetoorganisationalchanges,net-

workrestructuringandrestructuringoftheEuropean

salessetup.Themajorityofthesecostsaffectedthedis-

tributionandmarketingcosts.

DistributionandmarketingcostswereDKK188million

inthefourthquarterofthe2012/13financialyearcom-

paredtoDKK168millioninthesameperiodlastyear.

ThiscorrespondstoanincreaseofDKK19millionwhich

mainlyisduetotheincreasedlevelofownstores.

AdministrationcoststotalledDKK22millioninthe

fourthquarterofthe2012/13financialyearcomparedto

DKK30millioninthefourthquarterofthe2011/12finan-

cialyear.

TheGroupincurreddevelopmentcostsofDKK111mil-

lionforthefourthquarterofthe2012/13financialyear

(ofwhichDKK77millionwerecapitalised)againstDKK

120millionforthesameperiodlastyear(ofwhichDKK

87millionwerecapitalised).Theactivitylevelinproduct

developmentremainshigh.

Expenseddevelopmentcosts(incl.amortisationand

impairmentlosses)wereDKK94millionforthefourth

quarterofthe2012/13financialyear,comparedtoDKK

73millionforthesameperiodlastyear.Totalamortisa-

tionchargesandimpairmentlossesondevelopment

projectswereDKK60millioncomparedtoDKK40

millionlastyear.Theincreaseinamortisationcharges

mainlyrelatestoamortisationonthevideoengine,

whichwaslaunchedinthefourthquarter2011/12(in

BeoPlayV1)andtoamortisationonnewlylaunched

Capitalised development costs and carrying amount (DKKmillion)–Q4

2012/13

B2C B2B Total

Capitalised,net 51 26 77

Carryingamount,net 431 232 663

Capitalised development costs and carrying amount (DKKmillion)–Q4

2011/12

B2C B2B Total

Capitalised,net 61 26 87

Carryingamount,net 442 194 636

automotivemodels.Theneteffectofcapitalisationwas

positiveDKK17millioncomparedtoapositiveeffect

ofDKK47millionlastyear–anadverseimpactfrom

capitalisationofDKK30millioncomparedtothesame

periodlastyear.

Inthefourthquarterofthe2012/13financialyearthe

capitaliseddevelopmentcostswereDKK77million,of

whichDKK23millionrelatetoAutomotiveprojects.

DuringthefourthquarterreimbursementsofDKK3

millionwerereceivedfromAutomotivepartnerswhich

wasinlinewiththesameperiodlastyear.Thereim-

bursementsreceivedhavebeenoffsetdirectlyinintan-

gibleassets.

Earningsbeforetaxforthefourthquarterofthe2012/13

financialyearwerenegativeDKK45millionagainst

positiveDKK77millioninthesameperiodlastyear.




Forcommentsontheincomestatementmovements

yeartodaterefertotheAnnualReport2012/13.

Development in balance sheet items and cash flow

AttheendofthefourthquartertheGroup’snetwork-

ingcapitalwasreducedtoDKK557millioncompared

toDKK613millionattheendofthefourthquarterof

the2011/12financialyear,andDKK708millionatthe

endofthethirdquarter2012/13.Thedecreasecom-

paredtothepreviousfinancialyearmainlyrelatestoa

reductionininventoryandtradereceivablesoffsettoa

certainextentbyadecreaseinpayables.

Freecashflowinthefourthquarterwaspositiveat

DKK59millioncomparedtonegativeDKK51million

inthesameperiodlastyear.Forthefullfinancialyear

Bang & Olufsengeneratedafreecashflowofnegative

DKK202millioncomparedtonegativeDKK155million

inthesameperiodlastyear.

ThenetinterestbearingdebtincreasedtoDKK273mil-

lionfromDKK248millionbytheendofthe2011/12fi-

nancialyear,andDKK331millionattheendofthethird

quarter2012/13.Theincreasecomparedtolastyearin

thenetinterestbearingdebtwasprimarilycausedby

thenegativenetearnings.

TheGroup’sequityhasincreasedfromDKK1,626mil-

liontoDKK1,641milliondespitethenegativeearnings

aftertax.Thiswasprimarilyduetothecapitalincrease

followingthestrategicpartnershipenteredintowith

sparkleRollandACAPITAl.

TheGroupequityratiowas60percentattheendof

the2012/13financialyearagainst56percentatthe

endofthe2011/12financialyear.




1)EuropecoversDenmark,Norway,sweden,unitedKingdom,Netherlands,Belgium,Germany,switzerland,Austria,spain,ItalyandFrance.

2)NorthAmericacoversusA,Canadaandmexico.3)BRICcoversBrazil,Russia,India,China,Taiwan,HongKongand

Korea.

Distributiondevelopmentin thefourthquarter

revenue development by region

Inthefourthquarterofthe2012/13financialyearrev-

enueinEuropedecreasedbyDKK159million–cor-

respondingto30percent–toDKK379million.The

declinewasseenacrossmostEuropeanmarkets.The

revenueinEuropewasnegativelyaffectedbychal-

lengingmarketconditionsaffectingconsumerde-

mandandthedecisiontoterminatelowperforming

storesaswellasthefactthatthestrongB&OPlAy

revenueinthefourthquarterlastyearwasdrivenpri-

marilybytheEuropeanmarket.

NorthAmericarecordedrevenueofDKK49million

comparedtotheunusuallylowDKK15millioninrev-

enueinthesamequarterlastyear.

BRICmarketsgrewby21percentmainlydrivenby

stronggrowthinBang & Olufsen’sownstoresinHong

KongandsouthChinaaswellassalesrelatedtothe

openingofnewB1anddedicatedB&OPlAyshop-in-

shopsinChina.Thetakeoverofthemasterdealerin

mid-Chinacontinuedtohaveanadverseimpacton

therevenuefromChina.

RevenueinRestofworldincreasedfromDKK52mil-

lionforthesameperiodlastyeartoDKK64million.

RevenuethroughthirdpartychannelswasDKK15mil-

lioncomparedtoDKK20millionforthesameperiod

lastyear.Thefourthquarterlastyearwaspositively

impactedbymultipleB&OPlAyproductlaunches

andtheopeningofalargenumberofoutlets.

revenue growth by region (q4 and YTD)

-50

0

50

100

150

200

250

Q4YTD

%

Europe1) North America2) BRIC3) Rest of World Total


DElEVOPmENTIN4THQuARTER · DISTrIbuTIon DeveLopmenT In 4Th quarTer · DEVElOPmENTINNumBEROFsHOPs ExPECTATIONsTOTHE2012/13FINANCIAlyEAR · SuBSequenT eVenTS

Distribution#2-u


Development in the number of shops

Inordertocreateahealthierretailnetwork,withfewer,

moreproductivestores,Bang & Olufsenannounced

duringthe2012/13financialyear,thatinitiativeswould

betakentocloseupto125storesprimarilyinEurope.

80ofthesestoreshavebeenterminatedwithinthe

2012/13financialyear,andwillclosewithinthesix

monthterminationperiod.16oftheterminatedstores

closedalreadyinthe2012/13financialyear.Theremain-

ingstoreswillbeterminatedduringthe2013/14finan-

cialyear.Focusingthedistributiononfewer,morepro-

ductivestoreswillenableBang&Olufsenandtheretail

networktoinvestinservice,events,marketing,store

designandothercustomerfocusedactivities,which

willfurtherstrengthenthecustomerexperienceand

ensureastrongerlong-termgrowthforBang & Olufsen

andthenetwork.Theadverserevenueimpactrelated

tothisinitiativeisestimatedtohavebeenapproximate-

lyDKK130millionin2012/13.

InApril2013thefirststorewiththenewstorede-

signopenedonstrøgetinCopenhagen.Thenew

storedesignhasastrongfocusonemphasizing

Bang & Olufsen’suniquecapabilitieswithinacoustics,

designandcraftsmanshipandisdesignedtocreatea

trulymagicalshoppingexperienceforBang & Olufsen’s

customers.

Bytheendofthefourthquarter,therewere611B1

storesacrosstheworldagainst628attheendofthe

thirdquarterofthe2012/13financialyear.Thus,thenet

movementforthefourthquarterwasanetreductionof

17stores,withthreeopeningsand20closures.

Bytheendofmay2013,therewere402B1storesinEu-

ropeagainst419attheendofthethirdquarter2012/13.

ThenetmovementinEuropeforthefourthquarter

thereforeamountstoareductionof17stores,withtwo

openingsand19closures.

InNorthAmerica,therewere51B1storesagainst50

attheendofthethirdquarterofthefinancialyear

2012/13.ThemovementinNorthAmericaforthefourth

quarterwasoneopening.

IntheBRICmarketstherewere73B1storeswhichis

unchangedfromtheendofthethirdquarterofthefi-

nancialyear2012/13.

number of B1 shops and shop-in-shops B1 shops by region

0

100

200

300

400

500

600

700

800

B1 shops Shop-in-shops

31.05.1231.05.13

0

50

100

150

200

250

300

350

400

450

500

Europe North America BRIC Rest of World

31.05.1231.05.13


DElEVOPmENTIN4THQuARTER · DIsTRIBuTIONDEVElOPmENTIN4THQuARTER · DeveLopmenT In number of ShopS ExPECTATIONsTOTHE2012/13FINANCIAlyEAR · SuBSequenT eVenTS

shops#4-u


InRestofworldtherewere85B1storesagainst86


2012/13.Thenetmovementforthefourthquarter

amounts to one closure.

Thenumberofshop-in-shopswas205against212


2012/13.

Attheendofthe2012/13financialyear,sparkleRoll

hadopened16dedicatedB&OPlAystoresacross

China.Thestoreswillbeincludedinthestorecount

from q1 2013/14.

TheshareofrevenueforB1shopswas86percent

comparedto89percentinfourthquarterofthe

2011/12financialyear.

Forthefourthquarterofthe2012/13financialyearthe

revenuetoBang & Olufsenshopswithmorethan24

monthsofoperationsdecreasedby23percentforB1

shopsand34percentforshop-in-shops.


DElEVOPmENTIN4THQuARTER · DIsTRIBuTIONDEVElOPmENTIN4THQuARTER · DeveLopmenT In number of ShopS ExPECTATIONsTOTHE2012/13FINANCIAlyEAR · SuBSequenT eVenTS


TheGroup’sexpectationstothe2013/14financialyear

The2013/14financialyearisthethirdyearofthetransi-

tionphaseinthe“leaner,Faster,stronger”strategy.

Thekeyfocusfortheyearwillbetocontinuetobuild

astrongfoundationthatwillprepareBang&Olufsen

forfuturegrowth,whileensuringasignificantimprove-

mentinthefinancialresults.

ContinuedchallengingmarketconditionsinEuropeis

likelytohaveanegativeimpactonconsumerconfi-

denceandcontinuetocreateheadwindfortheoverall

AVmarketinthe2013/14financialyear,andhencehave

anadverseeffectonthegeneraldemandforproducts

acrossallofBang&Olufsen’ssegments.

Themostimportantfocusareasinthe2013/14finan-

cialyeararetherejuvenationandstrengtheningofthe

Bang&Olufsenproductportfolioandthetransforma-

tionoftheretailnetwork,whilecontinuingtogrow

AutomotiveandB&OPlAy,albeitatareducedrate.It

isexpectedthatthiswillleadtorevenuemoderately

abovethelevelofthe2012/13financialyear.

Acontinuedfocusonoperationalandsourcingeffi-

cienciesandanincreasedshareofsalesofhighmargin

productsareexpectedtoincreasethegrossmarginto

alevelslightlyabovethelevelinthe2012/13financial

year.

Capacitycostsexcludingtheincreasedcostsofown

retailareexpectedtobereduced.Thecostsrelatedto

ownretailwillincreasecomparedtothe2012/13finan-

cialyearinparticularduetothetakeoveroftheretail

operationsinChina.

TheEBITmarginisexpectedtoshowsignificantim-

provementcomparedtothe2012/13financialyeartoa

levelaroundbreak-even.However,theEBITmarginis

highlysensitivetothedevelopmentintherevenue.

subsequentevents

AspreviouslycommunicatedBang & Olufsentookover

20shopsfromthepreviousmasterdealerRichcomin

mid-China(includingBeijingandshanghai)on1June

2013.Bang & Olufsennowownsandoperates31outof

the36storesintotalinChinaandHongKong.Thefinal

purchasepricehasnotbeenfinalisedyet,butisexpect-

edtobeinthelevelofDKK35million.


DElEVOPmENTIN4THQuARTER · DIsTRIBuTIONDEVElOPmENTIN4THQuARTER · DEVElOPmENTINNumBEROFsHOPs expecTaTIonS To The 2012/13 fInancIaL year · SubSequenT evenTS

Expectations#3-u

Events#5-u


struer,16August2013

executive Management:

Tuemantoni HenningBejerBeck

President&CEO ExecutiveVicePresident&CFO

Board of Directors:

OleAndersen JimHagemannsnabe

Chairman DeputyChairman

JesperJarlbæk Andréloesekrug-Pietri

RolfEriksen AlbertoTorres

KnudOlesen JesperOlesen

PerØstergaardFrederiksen

wehavetodayconsideredandapprovedtheinterim

reportfortheperiod1June2012–31may2013for

Bang & Olufsen a/s.

TheinterimreportispresentedinaccordancewithIAs

34,InterimFinancialReporting,asendorsedbytheEu

andfurtherDanishdisclosurerequirementsforinterim

reportsforlistedcompanies.

Itisouropinionthattheinterimreportprovidesatrue

andfairviewoftheGroup’sassets,liabilitiesandfinan-

cialpositionasat31may2013andtheresultsofthe

Group’soperationsandcashflowsfortheperiod1June

2012–31may2013.

Itisalsoouropinionthatthemanagementreportgives

atrueandfairviewofdevelopmentsintheGroup’s

activitiesandfinancialsituation,theearningsforthe

periodandtheGroup’sfinancialpositioningeneralas

wellasadescriptionofthemostsignificantrisksand

uncertaintiestowhichtheGroupisexposed.

mANAGEmENT’s STaTeMenT

HIGHlIGHTs · KEyFIGuREs · mANAGEmENTREPORT · STaTemenT · FINANCIAlREVIEw · ADDITIONAlINFORmATIONstatement#4-R


CONsOlIDATEDINCOmEsTATEmENT

4th quarter YTD

(DKK million) Note 2012/13 2011/12 2012/13 2011/12

revenue 739.9 867.4 2,813.9 3,007.7Production costs (475.1) (515.0) (1,718.0) (1,792.0)gross profit 264.8 352.4 1,095.9 1,215.7Gross margin, % 35.8 40.6 38.9 40.4 Development costs 3 (94.3) (72.7) (442.4) (337.4)Distribution and marketing costs (187.6) (168.2) (755.9) (654.3)Administration costs (21.8) (30.1) (85.9) (101.6)earnings before interest and tax (eBIT) (38.8) 81.4 (188.2) 122.4 share of result after tax in associated companies 0.1 (0.1) 1.3 (2.1) Financial income 2.3 4.9 8.6 9.4Financial expenses (8.6) (9.0) (33.2) (25.5)Financial items, net (6.3) (4.1) (24.7) (16.1) earnings before tax (eBT) (45.0) 77.2 (211.6) 104.2 Income tax for the period 7.7 (22.7) 51.8 (30.9)earnings for the period (37.3) 54.5 (159.8) 73.3 Earnings attributable to: shareholders in the parent company (37.3) 54.5 (159.8) 73.3 earnings per share Earnings per share (EPs) and earnings per share fromcontinuing operations, DKK (1.0) 1.5 (4.3) 2.0Diluted earnings per share (EPs-D) and earnings per share from continuing operations, DKK (1.0) 1.5 (4.3) 2.0

HIGHlIGHTs · KEyFIGuREs · mANAGEmENTREPORT · STaTeMenT · fInancIaL revIew · ADDITIONAlINFORmATION

Income STaTemenT · sTATEmENTOFCOmPREHENsIVEINCOmE · BAlANCEsHEETs · CAsHFlOwsTATEmENT sTATEmENTOFCHANGEsINEQuITy · nOTeS · aPPenDix

Incomestatement#5-R


CONsOlIDATEDsTATEmENTOFcOMPrehenSiVe incOMe

4th quarter YTD

(DKK million) 2012/13 2011/12 2012/13 2011/12

earnings for the period (37.3) 54.5 (159.8) 73.3Exchange rate adjustment of investments in foreign subsidiaries (4.2) 0.5 (3.0) 0.0Change in fair value of derivative financial instruments used as cash flow hedges 0.9 11.4 (4.7) 25.7Transfer to the income statement of fair value adjustments of derivative financial instruments used as cash flow hedges, realised cash flows: Transfer to revenue 0.6 (2.4) (5.8) (10.8) Transfer to production costs 1.4 1.9 6.2 4.3Tax on other comprehensive income (0.7) (2.7) 1.1 (4.8)Other comprehensive income, net of tax (2.1) 8.7 (6.3) 14.4

Total comprehensive income for the period (39.4) 63.2 (166.1) 87.7 Total comprehensive income attributable to: shareholders in the parent company (39.4) 63.2 (166.1) 87.7


incOMe STaTeMenT · STaTemenT of comprehenSIve Income · BAlANCEsHEETs · CAsHFlOwsTATEmENT sTATEmENTOFCHANGEsINEQuITy · nOTeS · aPPenDix

ComprehensiveIncome#7-u


CONsOlIDATEDBAlANCEsHEET

(DKK million) 31/5/13 31/5/12

Goodwill 51.9 47.8Acquired rights 20.7 27.8Completed development projects 484.7 296.8Development projects in progress 178.2 338.9Intangible assets 735.4 711.3 land and buildings 198.2 210.3Plant and machinery 155.6 145.6Other equipment 24.4 29.3leasehold improvements 30.2 17.5Tangible assets in course of construction and prepayments of tangible assets 67.5 96.8 Tangible assets 475.9 499.5 Investment property 40.0 41.3 Investments in associates 7.0 5.6Other financial receivables 43.3 46.6financial assets 50.3 52.2 Deferred tax assets 183.1 139.9

Total non-current assets 1,484.7 1,444.2 Inventories 572.1 665.0 Trade receivables 443.9 539.9Receivables from associates 1.8 2.4Corporation tax receivable 23.8 12.4Other receivables 41.7 50.4Prepayments 43.2 18.8receivables 554.4 623.9 Cash 145.9 159.1 Total current assets 1,272.4 1,448.0 Total assets 2,757.1 2,892.2


incOMe STaTeMenT · sTATEmENTOFCOmPREHENsIVEINCOmE · baLance SheeTS · CAsHFlOwsTATEmENT sTATEmENTOFCHANGEsINEQuITy · nOTeS · aPPenDix

Balance#8-u


CONsOlIDATEDBAlANCEsHEET

(DKK million) 31/5/13 31/5/12

share capital 392.7 362.4Translation reserve 22.1 25.1Reserve for cash flow hedges 4.0 8.3Retained earnings 1,221.8 1,230.2Total equity 1,640.6 1,626.0 Pensions 12.4 9.8Deferred tax 13.8 15.4Provisions 57.9 86.2mortgage loans 206.1 212.9Other non-current liabilities 3.1 0.9Total non-current liabilities 293.3 325.2 mortgage loans 6.8 6.6loans from banks 150.0 150.0Overdraft facilities 56.2 37.8Provisions 39.4 54.8Trade payables 295.3 384.8Corporation tax payable 25.5 27.8Other liabilities 226.9 259.9Deferred income 23.1 19.2Total current liabilities 823.2 941.0 Total liabilities 1,116.5 1,266.2 Total equity and liabilities 2,757.1 2,892.2


incOMe STaTeMenT · sTATEmENTOFCOmPREHENsIVEINCOmE · baLance SheeTS · CAsHFlOwsTATEmENT sTATEmENTOFCHANGEsINEQuITy · nOTeS · aPPenDix


CONsOlIDATEDCAsHFlOwSTaTeMenT

4th quarter YTD

(DKK million) Notes 2012/13 2011/12 2012/13 2011/12

Earnings for the period (37.3) 54.5 (159.8) 73.3Amortisation, depreciation and impairment losses 88.6 74.4 331.9 256.2Adjustments for non-cash items 4 (20.0) 53.3 (66.6) 81.6Change in receivables (4.2) (154.3) 80.5 (204.7)Change in inventories 132.5 (46.3) 92.8 (94.8)Change in trade payables etc. 20.0 119.5 (117.9) 144.5Cash flows from operations 179.6 101.1 160.9 256.1 Interest received and paid, net (6.2) (4.1) (24.7) (16.1)Income tax paid (5.1) (10.3) (9.7) (14.7)Cash flow from operating activities 168.4 86.7 126.5 225.3 Purchase of intangible non-current assets (83.9) (87.2) (263.2) (280.1)Purchase of tangible non-current assets (28.8) (48.6) (83.8) (136.8)Acquisition of activity - (12.9) - (12.9)sale of tangible non-current assets 4.0 9.6 4.8 45.6Received reimbursements, intangible non-current assets 3.2 2.6 10.9 12.1Capital increase, Bang & Olufsen medicom a/s - - - (1.7)Change in financial receivables (3.7) (0.9) 3.3 (6.5)Cash flow from investing activities (109.3) (137.4) (328.1) (380.3) free cash flow 59.1 (50.7) (201.5) (155.0) Repayment of long-term loans (2.0) (1.8) (6.6) (6.4)Proceeds from short-term borrowings (20.0) 100.0 - 150.0Capital increase - - 178.7 -Payment of debt regarding purchase of minority interest and dividend - - - (5.7)Purchase of own shares - (4.3) (1.3) (4.3)sale of own shares - - 0.5 -Cash flow from financing activities (22.0) 93.9 171.2 133.6 Change in cash and cash equivalents 37.1 43.2 (30.3) (21.4) Cash and cash equivalents, opening balance 53.8 77.4 121.3 141.4Exchange rate adjustment, cash and cash equivalents (1.3) 0.7 (1.4) 1.3Cash and cash equivalents, closing balance 89.7 121.3 89.7 121.3 Cash and cash equivalents: Cash 145.9 159.1 145.9 159.1Current overdraft facilities (56.2) (37.8) (56.2) (37.8)Cash and cash equivalents, closing balance 89.7 121.3 89.7 121.3


incOMe STaTeMenT · sTATEmENTOFCOmPREHENsIVEINCOmE · BAlANCEsHEETs · caSh fLow STaTemenT sTATEmENTOFCHANGEsINEQuITy · nOTeS · aPPenDix

Cashflow#9-u


CONsOlIDATEDsTATEmENTOF CHANGEsINEQuITy

31/05 31/05 (DKK million) 2013 2012

equity, opening balance 1,626.0 1,538.3Earnings for the period (159.8) 73.3Other comprehensive income, net of tax (6.3) 14.4Comprehensive income for the period (166.1) 87.7 Capital increase *) 178.7 -Employee shares - 1.2Purchase of minority interest and distributed dividend - (2.9)Grant of share options 2.8 6.0Purchase of own shares (1.3) (4.3)sale of own shares 0.5 -equity, closing balance 1,640.6 1,626.0

*)AllnewshareshavebeensubscribedforbysparkleRollHoldingslimitedandACapitalBravoHoldings.à.r.l.atamarketpriceofDKK60.22pershareofDKK10.


incOMe STaTeMenT · sTATEmENTOFCOmPREHENsIVEINCOmE · BAlANCEsHEETs · CAsHFlOwsTATEmENT STaTemenT of chanGeS In equITy · nOTeS · aPPenDix

Changesinequity#10-u


nOTeS

1 ACCOuNTINGPRINCIPlEs

The interim report for Bang & Olufsen a/s is prepared as a condensed set of financial statements in accordance with IAs 34 ‘Interim Financial Reporting’, as endorsed by the European union and further Danish disclosure requirements for in-terim reports for listed companies. The interim report has not been audited or reviewed by the company’s external audi-tors. An interim report for the parent company has not been prepared. The interim report is stated in Danish krone (DKK) which is the functional currency of the parent company.

The Annual Report 2012/13 contains a full description of applied accounting principles.

2 sIGNIFICANTEsTImATEsANDAssEssmENTsBymANAGEmENT

The preparation of interim reports requires that management makes estimates and assessments which affect the applica-tion of accounting principles and recognised assets, liabilities, income and expenses. Actual results may deviate from these estimates.

The material estimates that management makes when applying the accounting principles of the group, and the mate-rial uncertainty connected with these estimates and assessments are unchanged in the preparation of the interim report compared to the preparation of the Annual Report as at 31 may 2013.

3 DEVElOPmENTCOsTs

4th quarter YTD

(DKK million) 2012/13 2011/12 2012/13 2011/12

Incurred development costs before capitalisation 111.2 120.2 475.8 471.5Hereof capitalised (76.6) (87.0) (250.8) (279.9)Incurred development costs after capitalisation 34.6 33.2 225.0 191.6 Capitalisation (%) 68.9 72.4 52.7 59.4Total amortisation charges and impairment losses on development projects 59.6 39.5 217.4 145.8Development costs recognised in the consolidated income statement 94.3 72.7 442.4 337.4


incOMe STaTeMenT · sTATEmENTOFCOmPREHENsIVEINCOmE · BAlANCEsHEETs · CAsHFlOwsTATEmENT sTATEmENTOFCHANGEsINEQuITy · noTeS · aPPenDix

Notes#11-u


nOTeS

4 ADJusTmENTsFORNON-CAsHITEmsIN THECAsHFlOwsTATEmENT

4th quarter YTD

(DKK million) 2012/13 2011/12 2012/13 2011/12

Change in other liabilities (21.6) 2.2 (39.0) 3.9Financial items, net 6.3 4.1 24.7 16.1share of result after tax in associated companies (1.4) (1.9) (2.6) 0.1Gain/loss on sale of non-current assets (1.0) (1.2) (1.2) (8.2)Tax on earnings for the period (7.6) 22.7 (51.8) 30.9Various adjustments 5.3 27.4 3.2 38.8adjustment for non-cash items (20.0) 53.3 (66.6) 81.6

5 sEGmENTINFORmATION

4th quarter YTD Change, %

(DKK million) 2012/13 2011/12 2012/13 2011/12 yTD

revenue by segment and business area

Consumer business (B2C): AV 469.7 504.9 1,648.9 2,043.1 (19)B&O PlAy 112.5 182.6 532.3 377.6 41Total consumer business (B2C) 582.2 687.5 2,181.2 2,420.7 (10) Business to business (B2B): Automotive 140.3 120.0 545.7 454.0 20ICEpower 19.1 38.4 86.8 115.4 (25)Total business to business (B2B) 159.4 158.4 632.5 569.4 11 Elimination of internal revenue (2.8) (10.2) (11.4) (22.1) -Exchange rate adjustments 1,1 31.7 11.6 39.7 -revenue, group 739.9 867.4 2,813.9 3,007.7 (6)

gross margin by business area, %

Consumer business (B2C): AV 35.5 44.7 41.7 43.1B&O PlAy 31.4 25.5 29.6 27.7 Business to business (B2B): Automotive 36.9 32.4 36.4 36.6ICEpower 56.2 49.9 53.9 48.3gross margin %, group 35.8 40.6 38.9 40.4




nOTeS

5 sEGmENTINFORmATION(CONTINuED)

4th quarter YTD Change, %

(DKK million) 2012/13 2011/12 2012/13 2011/12 yTD

revenue by region

Consumer business (B2C)Bang & Olufsen distribution: Europe 379.2 538.3 1,404.7 1,738.6 (19)North America 49.3 14.8 180.4 140.1 29BRIC 74.7 61.6 296.5 255.3 16Rest of world 64.0 52.4 240.6 239.0 1Total Bang & Olufsen distribution 567.2 667.1 2,122.2 2,373.0 (11) 3rd party distribution and e-commerce: B&O PlAy 15.0 20.4 59.0 47.7 24Total 3rd party distribution and e-commerce 15.0 20.4 59.0 47.7 24

Total consumer business (B2C) 582.2 687.5 2,181.2 2,420.7 (10)

Business to business (B2B) Automotive 140.3 120.0 545.7 454.0 20ICEpower 19.1 38.4 86.8 115.4 (25)Total business to business (B2B) 159.4 158.4 632.5 569.4 11 Elimination of internal revenue (2.8) (10.2) (11.4) (22.1) -Exchange rate adjustments 1.1 31.7 11.6 39.7 -revenue, group 739.9 867.4 2,813.9 3,007.7 (6)




6 sHOPsByREGION–BANG & OluFsENDIsTRIBuTION (B1ANDsHOP-IN-sHOP)

Number (units) share of revenue (%)

31.05.2013 28.02.2013 30.11.2012 31.08.2012 31.05.2012 yTD 2012/13 yTD 2011/12 Europe1 601 627 644 651 680 66.2% 73.2%North America2 55 52 52 50 53 8.5% 5.9%Bric3 74 74 75 78 80 14.0% 10.8%Rest of world4 86 87 88 91 105 11.3% 10.1% 816 840 859 870 918 100% 100%

1 Shop-in-shop; 199 (28.02.2013; 208)

2 Shop-in-shop; 4 (28.02.2013; 2)

3 Shop-in-shop; 1 (28.02.2013; 1)

4 Shop-in-shop; 1 (28.02.2013; 1)

nOTeS




aPPenDix 1

earnings by quarter 2012/13:

2012/13

(DKK million) Q1 Q2 Q3 Q4 revenue 600.4 819.0 654.6 739.9 gross profit 245.0 357.8 228.3 264.8 earnings before interest and tax (eBIT) (61.3) 26.2 (114.3) (38.8)share of result after tax in associated companies - 0.6 0.6 0.1Financial items, net (2.9) (3.9) (11.6) (6.2)earnings before tax (eBT) (64.2) 22.9 (125.3) (45.0)Income tax for the period 17.0 (7.5) 34.6 7.7earnings after tax for the period (47.2) 15.4 (90.7) (37.3)

accumulated earnings by quarter 2012/13:

2012/13

(DKK million) Q1 Q2 Q3 Q4 revenue 600.4 1,419.4 2,074.0 2,813.9 gross profit 245.0 602.8 831.1 1,095.9 earnings before interest and tax (eBIT) (61.3) (35.1) (149.4) (188.2)share of result after tax in associated companies - 0.6 1.2 1.3Financial items, net (2.9) (6.8) (18.4) (24.7)earnings before tax (eBT) (64.2) (41.3) (166.6) (211.6)Income tax for the period 17.0 9.5 44.1 51.8earnings after tax for the period (47.2) (31.8) (122.5) (159.8)


incOMe STaTeMenT · sTATEmENTOFCOmPREHENsIVEINCOmE · BAlANCEsHEETs · CAsHFlOwsTATEmENT sTATEmENTOFCHANGEsINEQuITy · nOTeS · appenDIx

Appendix#12-u


aPPenDix 1

earnings by quarter 2011/12:

2011/12

(DKK million) Q1 Q2 Q3 Q4 revenue 598.6 775.5 766.3 867.4 gross profit 231.0 339.3 293.3 352.4 earnings before interest and tax (eBIT) (28.5) 46.8 22.7 81.4share of result after tax in associated companies (0.9) (0.9) (0.2) (0.1)Financial items, net (3.2) (5.1) (3.7) (4.1)earnings before tax (eBT) (32.6) 40.8 18.8 77.2Income tax for the period 5.6 (12.0) (1.8) (22.7)earnings after tax for the period (27.0) 28.8 17.0 54.5

accumulated earnings by quarter 2011/12:

2011/12

(DKK million) Q1 Q2 Q3 Q4 revenue 598.6 1,374.1 2,140.3 3,007.7 gross profit 231.0 570.3 863.3 1,215.7 earnings before interest and tax (eBIT) (28.5) 18.3 41.0 122.4share of result after tax in associated companies (0.9) (1.8) (2.0) (2.1)Financial items, net (3.2) (8.3) (12.0) (16.1)earnings before tax (eBT) (32.6) 8.2 27.0 104.2Income tax for the period 5.6 (6.4) (8.2) (30.9)earnings after tax for the period (27.0) 1.8 18.8 73.3


incOMe STaTeMenT · sTATEmENTOFCOmPREHENsIVEINCOmE · BAlANCEsHEETs · CAsHFlOwsTATEmENT sTATEmENTOFCHANGEsINEQuITy · nOTeS · appenDIx


ADDITIONAlINFORmATION

for further information please contact:

CEO,Tuemantoni,tel.:+4596845000

Presscontact,mortenJuhlmadsen,tel.:+4540308986

Investors,ClausHøjmarkJensen,tel.:+4523251067

financial calendar

Thursday19september2013 AnnualGeneralmeeting2012/13

wednesday2October2013 Interimreport(1stquarter2013/14)

wednesday16January2014 Interimreport(2ndquarter2013/14)

wednesday11April2014 Interimreport(3rdquarter2013/14)

wednesday13August2014 AnnualReport2013/14

Thursday11september2014 AnnualGeneralmeeting2013/14

wednesday2October2014 Interimreport(1stquarter2014/15)

safe harbour statement

Thereportcontainsstatementsrelatingtoexpectationsforfuturedevelopments,includingfuturerevenueand

earnings,aswellasexpectedbusiness-relatedevents.suchstatementsareuncertainandcarryanelementofrisk

sincemanyfactors,ofwhichsomearebeyondBang & Olufsen’scontrol,canmeanthatactualdevelopmentswill

deviatesignificantlyfromtheexpectationsexpressedinthereport.withoutbeingexhaustive,suchfactorsinclude

amongothersgeneraleconomicandcommercialfactors,includingmarketandcompetitivematters,supplieris-

suesandfinancialissuesintheformofforeignexchange,interestrates,creditandliquidityrisks.

applicable version

TheinterimreporthasbeentranslatedfromDanish.IncaseofdoubttheDanishversionshallapplyatalltimes.

about Bang & Olufsen

Bang & Olufsenwasfoundedinstruer,Denmark,in1925byPeterBangandsvendOlufsen,twoinnovative,young

engineersdevotedtohighqualityaudioreproduction.sincethen,thebrandhasbecomeaniconofperformance

anddesignexcellencethroughitslong-standingcraftsmanshiptraditionandthestrongestpossiblecommitment

tohigh-techresearchanddevelopment.stillattheforefrontofdomestictechnology,Bang & Olufsenhasextended

itscomprehensiveexperiencewithintegratedaudioandvideosolutionsforthehometootherareassuchasthe

hospitalityandautomotiveindustriesinrecentyears.Consequently,itscurrentproductrangeepitomisesseamless

mediaexperiencesinthehomeaswellasinthecarandonthemove.

for additional information refer to www.bang-olufsen.com.

HIGHlIGHTs · KEyFIGuREs · mANAGEmENTREPORT · STaTeMenT · FINANCIAlREVIEw · aDDITIonaL InformaTIonInformation#6-R

interim report, 4th quarter 2012/13 1 march 2013 – 31...

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