Testing - B&O - 09 AR Pres

8/8/2019 Testing - B&O - 09 AR Pres

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Annual Report 2008/09

Bang & Olufsen Group


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Pole Position strategy progressing according to plan

Turnover from launch products in l ine with expectations

Cost-cutting plan has resulted in a reduction of the break-even turnover

Profit before tax DKK -523 million in line with expectations against DKK 154million last year

The result is negatively influenced by restructuring costs of DKK 106 million

Turnover DKK 2,790 million in line with expectations against DKK 4,092 millionlast year

Working capital reduced from DKK 817 million to DKK 484 millionagainst the expected DKK 575 million

Successful capital increase: Net proceeds amounts to about DKK 433 million

Equity ratio: 57 %

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Headlines 2008/09



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Turnover per market 2008/09 - wholesale

Bang & Olufsen Branded business

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Distribution development per 31.05


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Changes in number of shopscompared to 31/5-08

B1SIS

Other

Total

Total number of B1-shops: 758

Number of B1-shops 1/6-08

New/upgradedClosed/downgraded

Total 31/5-09

-64-36

-11

-111

822

40-104

758


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Number of B1-shops per market 31.05


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Net development B1-shops


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Share of turnover per shop segment 2008/09


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Share of turnover per segment:

- B1

- SIS

The average organic growth for Bang &Olufsen shops, which have been in

operation for more than 24 months,

was -33 per cent (B1-shops) and -34

per cent (Shop-in-shop).

2008/09

81 %

19 %

100 %

2007/08

81 %

19 %

100 %


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07

A focused product development approach

Turnover from launch products constituted approximately 11 per cent of audio-

video turnover in 2008/09.

In 2009/10 turnover from launch products is expected to constitute 25 per centof total audio-video turnover.

High activity level within R&Dalso in 08/09 due to focus on

product launches in 2009/10and the development of the

shared digital technologyplatform.


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Most important new products

Product launches 2008/09

08

BeoSound 5

BeoVision 8-40

BeoVision 4-103


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09

One shared digital technology platform

The development of the shared digital technology platform started up.

The first product based on the new technology platform is expected to be

launched by the end of the financial year 2009/10.


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10

A single, global sales organisation

The global sales organisation secures a more effective support and development

of the distribution.

Shared Service Centre established.

Education program for Retail Development Managers established.

Increase in the number of B1-shops on emerging markets

Net decrease in the number of B1-shops in 2008/09.

The number of B1-shops in China and Russia/Ukraine increased with one andfour new shops respectively.


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11

Cost adjustments

Cost-cutting plan for 2008/09 has resulted in reduction of the break-even turnover.

Development costs was maintained.

Distribution and marketing costs went

down with DKK 75 million fromDKK 1.004 million to DKK 929 million.

Administration costs etc. went downwith DKK 44 million from DKK 149 millionto DKK 105 million.

Capacity costs:(excl. restructuring costs)


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12

Cash flow from:- Operating activities

- Investment activities

- Financing activities

Financing activities:

The net impact of the successfulcapital increase amounts to about

DKK 433 million.

113 million

-339 million

418 million

192 million

DKK

DKK

DKK

DKK

Working capital reduced more than expected

Working capital reduced from DKK 817 million to DKK 484 million (against the

expected 575 million) among other things as a consequence of the reductions inthe companys capital tied up in trade receivables from DKK 593 million to DKK

408 million and inventories from DKK 801 million to DKK 598 million.


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Bang & Olufsen expects, based on the implemented restructuring initiativescombined with a strong product launch programme, to achieve a break-even

result before tax in the 2009/10 financial year based on a turnover level a littlebelow the previously announced DKK 3,200 million

An improvement in the result, however, can only be expected in the secondquarter at the earliest based on the planned product launches

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Expectations for the financial year 2009/10



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BeoTime

Unusual and elegant alarm clock with system integration possibilities.

Basic operation of the bedroom television, loudspeaker or light control.

Built-in sleep timer.

Wake up to the sound of BeoTimes own discreet chime on its own, or add the

sound of the favourite TV programme, radio station, or piece of music.

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Expected product launches 2009/10



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New telephone

Speaker for hands-free conversation and conference calls.

Excellent sound quality.

Unique design.

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New TV product family

A new unique design expression.

Built in wall mount allowing for a range of

placement options as it allows viewersto turn the screen for direct viewing from

different angles.

Built-in stereo speaker offeringexcellent sound quality.

Digital surround module.

Optional DVB-HD module

(MPEG2 and MPEG4).


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New BeoVision 7 model

55-inch screen.

Built-in LED light enhancing the contrast.

Superb sound quality (integrated digital surround sound module and Adaptive

Sound Technology).

Built-in DVB-HD module (MPEG2 and MPEG4).

Optional Blu-ray player.

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New product for the acoustics portfolio

New subwoofer.

Tulip-shaped design.

Eliminates vibrations patent pending.

Offers multiple placement can be placed

on the floor or mounted on the wall.


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New audio system

New digital music system.

User-friendly plug n play solution.

Internet based audio system which can be connected to BeoSound 5 or iPod.

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Strong growth in automotive


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Turnover and result before tax in line with expectations

Working capital reduced more than expected


Turnover from launch products as expected and a strong pipeline for 2009/10

Cost-cutting plan has resulted in a significant reduction of the break even

turnover

Market conditions still unclear and challenging

Bang & Olufsen expects that the 2009/10 financial year as a whole will result

in a break-even result before tax based on a turnover level a little below thepreviously announced DKK 3,200 million

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Conclusion



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Enclosures Fact and figures



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Branded business

ICEpower a/s

Internal turnover

Decline in turnover of DKK 1,302

million.

Bang & Olufsen Automotive increased

the turnover from DKK 123 million to

DKK 174 million (42 %).

DKK 2,720 million

DKK 85 million

DKK -15 million

Total DKK 2,790 million

-32 %

-28 %

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Net turnover last 5 years


Turnover


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Operating profit / loss


EBIT margin -17.8 % down from 4.8 %

due to:

Turnover decrease of 32 %.

Gross margin 39.6 against 46.2 in

2007/08.

Development costs DKK 537 million

against DKK 530 million last year.

Losses and change in provision for bad

debts totalled DKK 60 million against

DKK 49 million in 2007/08.

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Result before tax


Financial items, net unchanged

DKK 30 million, compared with 2007/08.

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Result for the year


Positive tax impact on the result for

the year amounts to DKK 140.2 million

corresponding to a tax rate of 27.0 %.

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Growth in turnover per market 2008/09 (local currency)


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Turnover development in the B1-shops (with min. two years in operation)


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Enclosures Product overview



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Video products 2008/09


31


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Audio products 2008/09


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Speaker products 2008/09


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Aston Martin product summary 2008/09


35

Testing - B&O - 09 AR Pres

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