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"s10_notesesefdkgaap__7__16-1": {
"value": "Basis of preparation Bang & Olufsen is a Danish company listed on Nasdaq Copenhagen. The Group reports in accordance with the rules and principles for accounting class D. The Annual Report is published on 6 July 2023 and will be presented to the shareholders for approval at the Annual General Meeting. The Group's consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.The accounting policies set out below have been used consistently with respect to the financial year and comparative figures, except as described in note 1.3 regarding changes in accounting policies. iXBRL reporting Bang & Olufsen A/S has filed the Annual Report in the new European Single Electronic Format (ESEF), an XHTML format that can be displayed in a standard browser. eXtensible Business Reporting Language (iXBRL) complies with the ESEF taxonomy included in the ESEF regulation and has been used to tag the primary statements, notes and other financial information within the Annual Report. The file has been uploaded to the website together with the Annual Report.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__15": {
"value": "Basis of preparation Bang & Olufsen is a Danish company listed on Nasdaq Copenhagen. The Group reports in accordance with the rules and principles for accounting class D. The Annual Report is published on 6 July 2023 and will be presented to the shareholders for approval at the Annual General Meeting. The Group's consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.The accounting policies set out below have been used consistently with respect to the financial year and comparative figures, except as described in note 1.3 regarding changes in accounting policies. Applying materiality Significant items are presented individually in the financial statements as required by IAS 1. Items that are not individually significant but support the understanding of Bang & Olufsen's business model and performance in the reporting period are also presented in the financial statements. Currency The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK million, unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__17": {
"value": "Currency The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK million, unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__18": {
"value": "Basis of consolidation The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Bang & Olufsen A/S, and its subsidiaries in accordance with the Group's accounting policies. All intra-group income, expenses, shareholdings, balances and dividends are eliminated on consolidation. The accounting items of subsidiaries are included in full in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__19-1": {
"value": "Translation of foreign currency A functional currency is determined for each of the Group\u2019s reporting entities. The functional currency of the Parent Company is Danish kroner (DKK). Transactions denominated in currencies other than the functional currency are considered transactions denominated in foreign currencies. On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Differences arising between the exchange rates at the transaction date and at the date of payment are recognised as financial income or expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the reporting date. The difference between the exchange rates at the reporting date and at the date at which the receivable or payable arose or the exchange rate in the latest consolidated financial statements is recognised as financial income or expenses. On recognition in the consolidated financial statements of entities with a functional currency other than the presentation currency (DKK), the income statement and statement of cash flows are translated at the exchange rates prevailing at the transaction date, and the statement of financial position is translated at the exchange rates prevailing at the reporting date. Differences arising from the foreign currency translation of the opening balance of equity of foreign entities at the exchange rates prevailing at the reporting date, and on translation of the income statement from the transaction date to the reporting date, are recognised in other comprehensive income and attributed to a separate translation reserve in equity.Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency. On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__13-1": {
"value": "Section 1 Basis of reporting1.1 Basis of reporting Basis of preparation Bang & Olufsen is a Danish company listed on Nasdaq Copenhagen. The Group reports in accordance with the rules and principles for accounting class D. The Annual Report is published on 6 July 2023 and will be presented to the shareholders for approval at the Annual General Meeting. The Group's consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.The accounting policies set out below have been used consistently with respect to the financial year and comparative figures, except as described in note 1.3 regarding changes in accounting policies. Applying materiality Significant items are presented individually in the financial statements as required by IAS 1. Items that are not individually significant but support the understanding of Bang & Olufsen's business model and performance in the reporting period are also presented in the financial statements. Currency The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK million, unless otherwise stated. Basis of consolidation The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Bang & Olufsen A/S, and its subsidiaries in accordance with the Group's accounting policies. All intra-group income, expenses, shareholdings, balances and dividends are eliminated on consolidation. The accounting items of subsidiaries are included in full in the consolidated financial statements. Translation of foreign currency A functional currency is determined for each of the Group\u2019s reporting entities. The functional currency of the Parent Company is Danish kroner (DKK). Transactions denominated in currencies other than the functional currency are considered transactions denominated in foreign currencies. On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Differences arising between the exchange rates at the transaction date and at the date of payment are recognised as financial income or expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the reporting date. The difference between the exchange rates at the reporting date and at the date at which the receivable or payable arose or the exchange rate in the latest consolidated financial statements is recognised as financial income or expenses. On recognition in the consolidated financial statements of entities with a functional currency other than the presentation currency (DKK), the income statement and statement of cash flows are translated at the exchange rates prevailing at the transaction date, and the statement of financial position is translated at the exchange rates prevailing at the reporting date. Differences arising from the foreign currency translation of the opening balance of equity of foreign entities at the exchange rates prevailing at the reporting date, and on translation of the income statement from the transaction date to the reporting date, are recognised in other comprehensive income and attributed to a separate translation reserve in equity. iXBRL reporting Bang & Olufsen A/S has filed the Annual Report in the new European Single Electronic Format (ESEF), an XHTML format that can be displayed in a standard browser. eXtensible Business Reporting Language (iXBRL) complies with the ESEF taxonomy included in the ESEF regulation and has been used to tag the primary statements, notes and other financial information within the Annual Report. The file has been uploaded to the website together with the Annual Report. 1.2 Critical accounting estimates and judgements When applying the Group\u2019s accounting policies, management is required to make a number of accounting judgements and estimates as well as make assumptions about the carrying amounts of certain assets and liabilities and recognised revenue and costs which cannot be derived directly from other sources. Significant estimates and judgements are made when assessing development projects, right-of-use assets, deferred tax assets, inventories, trade receivables and provisions. Management bases its estimates and judgements on historical experience and other relevant factors that are believed to be reasonable under the given circumstances. The actual outcome can differ from these estimates. Estimates and the underlying assumptions are reviewed on a continuous basis. Changes made to accounting estimates are recognised in the financial period in which the change takes place and future financial periods if the change affects both the period in which the change takes place and future financial periods. Due to the current uncertainty, risk of recession, high inflation, rising interest rates, the war in Ukraine, geopolitical uncertainty and risks related to potential regional COVID-19 related lockdowns, we have considered the recoverability of trade receivables, deferred tax assets, intangible assets and the value of inventories. In addition, Management have assessed both the supply situation and consumer demand in relation to the war in Ukraine and concluded that the financial impacts consequently do not require significant judgements. Furthermore, Management has assessed the impact of climate change, particularly in the context of the Group\u2019s sustainability targets, and concluded that these are not expected to have a significant impact on our future cash flows or going concern assessment. China had regional COVID-19 related lockdowns in 2022/23, impacting consumer behaviour and some of the Group\u2019s production partners. In December 2022, China moved away from its zero-COVID-19 policy. That led to a surge in COVID-19 cases and created a large uncertainty in many parts of the country. The estimates of our operations and the valuation of its asset base and liquidity position are based on a thorough judgement of potential COVID-19 related impacts. Estimates, which include all of the above, were updated at 31 May 2023 to assess the recoverability of the asset base, including development projects and deferred tax assets. Recoverability of trade receivables and inventory value was also assessed, and the expected consequences of the above-mentioned risks are reflected in these assessments. There is an inherent risk that the estimates and judgements made could change due to a potential escalation of the war in Ukraine, changes in the macro-economic environment and/or new COVID-19 outbreaks and lockdowns. Future changes in estimates and judgements may have an impact on our results and financial position. Critical accounting estimates and judgements are described under the sections to which they relate. Extent of Note Critical accounting estimates and judgements Estimate/judgementsubjectivity2.5Deferred tax assets, value Estimate4.1Inventories, value of expected write-down Estimate 4.2Trade receivables, value of expected credit losses Estimate5.1Development projects, fair value EstimateRight-of-use assets, lease period and discount rate of prolongation or 5.2Estimateearly termination of underlying contracts 6.6Provisions, value Estimate1.3 Changes in accounting policies The Group has adopted all new or amended standards (IFRS) and interpretations as adopted by the EU and effective for the financial year starting on 1 June 2022 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. New or amended IFRS standards and interpretations not yet applicable within the EU The IASB has issued a number of new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2022/23 consolidated financial statements. The Group expects to implement these standards when they take effect. None of the new standards issued is currently expected to have any significant impact on the consolidated financial statements when implemented.Accounting policiesOperating segmentsSegment information has been prepared in accordance withthe Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations.Accounting policies Revenue recognitionRevenue from contracts with customers comprises sale of goods, licence fees and royalty income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.Licence fees and royalty income are recognised when earned according to the terms of the licence agreements. Depending on the type of contract, licence fee revenue is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 both for product sales and licensing income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties. The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction in the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses.Accounting policiesGovernment grants are recognised when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. The grant is deducted in reporting the related cost on a systematic basis over the periods that the related costs for which it is intended to compensate are expensed. A grant that is a compensation for costs already incurred is recognised in profit or loss for the period in which it becomes receivable.Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions.Accounting policiesIncome taxIncome tax comprises current tax and changes in deferred tax for the year, including changes as a result of tax rate changes. The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to items recognised in other comprehensive income is recognised in the statement of comprehensive income.Accounting policies Deferred tax Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes. Such temporary differences arose on the date of acquisition without affecting the results or taxable income. In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is measured according to the tax rules and at the tax rates applicable in the relevant countries at the reporting date and when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement.Accounting policiesWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered. The cost of share-based payments, which are expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and equity. Termination benefits are recognised at the time an agreement between the Group and the employee is made, and no future service is rendered by the employee in exchange for the benefits.Accounting policiesShare-based programmes in which the Executive Management Board and selected other key employees are given the right to receive shares in the Parent Company (equity-settled programmes) are measured at the fair value of the equity instruments at grant date and recognised in the income statement as part of staff costs during the period when the employees become entitled to buy the shares. The existing share-based programmes give Bang & Olufsen A/S an option to settle in cash. However, as it is expected that the programmes will be settled in shares, they will be accounted for as equity-settled programmes.Accounting policies Inventories are measured at the lower of cost price according to the FIFO principle and net realisable value. The cost price of raw materials, consumables and purchased goods comprises the acquisition price including delivery costs. The cost price of finished goods and work in progress comprises costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation on plant and machinery, factory buildings and other equipment used in the production process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected selling price less costs of completion and costs necessary to make the sale.Accounting policies On initial recognition, trade receivables are measured at fair value and subsequently at amortised cost less loss allowance for expected credit losses. Trade receivables comprise sale of goods and services and income from licences. Other receivables comprise VAT receivables, loans to partners, interest receivables and derivatives. The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on grouping of trade receivables sharing the same characteristics. Impairment of trade receivables is recognised in distribution and marketing costs in the income statement.Accounting policies Contract assets and liabilitiesThe refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost price. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers either in 2022/23 or previous years. This is common practice in the Group.Accounting policies PrepaymentsPrepayments comprise incurred costs related to subsequent financial years. Prepayments are measured at cost.Other liabilities Other liabilities mainly comprise provisions for employee-related costs, VAT and deferred income. Other liabilities are measured at cost.Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction NoneAccounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset is available for use by the Group. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognised at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. When a sublease is classified as a finance lease, the right-of-use asset is derecognised as a right-of-use asset and recognised as a lease receivable under other receivables. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test for the relevant CGU is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term or a change in lease payments. Lease costs for low value assets and short-term leases are recognised as operating expenses on a straight-line basis over the lease term.Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.Accounting policies Dividend Dividend is recognised as a liability at the time it is approved by the Annual General Meeting. Treasury shares Acquisition and selling prices for treasury shares and dividend received on these shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency. On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.Accounting policiesProvisions comprise provisions for warranty, provisions for fairness and other provisions. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period.Provisions are recognised when there is a legal or constructive obligation as a result of events in the financial year or previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation.Accounting policies Derivative financial instruments are recognised on the trading date at fair value and subsequently measured at fair value at the reporting date. The fair value of derivative financial instruments is recognised under other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. When realised, the accumulated gains/losses are transferred to the items under which the hedged transactions are recognised.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as financial income or expenses.8.7 Key figure definitions Key figures and ratios Definition EBIT Earnings before interest and tax (result before financial items and income taxes) EBIT before special items Earnings (profit) before interest, tax and special items EBIT margin EBIT as a percentage of revenue EBIT margin before special items EBIT before special items as a percentage of revenue EBITDA Earnings (profit) before interest, tax, depreciation, amortisation and impairment EBITDA before special items Earnings (profit) before interest, tax, depreciation, amortisation, impairment and special items EBITDA margin EBITDA as a percentage of revenue EBITDA margin before special items EBITDA before special items as a percentage of revenue Gross margin Gross profit as a percentage of revenue Growth in local currencies Organic growth in local currency excluding acquisitions and divestments and foreign exchange rates Like-for-like Like-for-like is defined as sell-out from the same stores, provided they were open and active in both periods Earnings per share (EPS) Result attributable to shareholders of Bang & Olufsen A/S relative to average number of outstanding shares Diluted earnings per share Result attributable to shareholders of Bang & Olufsen A/S as a percentage of diluted average number of outstanding shares Revenue per share Revenue as a percentage of average number of outstanding shares Price/earnings Share price/Earnings per share (nom. DKK 5) Incurred development costs ratio Incurred development costs before capitalisation as a percentage of revenue Operating expenses Production costs, development costs, distribution and marketing costs and administrative costs Capacity costs Development costs, distribution and marketing costs and administrative costs Capacity cost ratio Capacity costs as a percentage of revenue Net interest-bearing deposit/debt Current and non-current interest-bearing loans and borrowings less interest-bearing receivables and cash Available liquidity Cash and securities, offset by repo transactions Free cash flow Cash flow from operating activities less cash flow from operational investments Return on assets, % Earnings for the year x 100/Assets Return on equity, % Earnings for the year x 100/Equity Invested capital Net working capital, tangible assets and intangible assets excl. goodwill ROIC excl. goodwill, % Net operating profit after tax x 100/Invested capital, excl. goodwill Working capital Current assets less current liabilities (excluding interest-bearing items and provisions) Working capital ratio Average working capital LTM (latest twelve months) as a percentage of revenue Alternative performance measures The Group assesses its performance using a variety of alternative performance measures that are not defined under IFRS. A reconciliation from these alternative performance measures to the nearest IFRS measure is presented below. Growth in local currencies Growth in local currencies reflects the underlying performance of the Group. As such, this excludes the impact of acquisitions or divestments and foreign exchange movements. Below is a reconciliation from the movement in reported revenue according to IFRS. (Percentage) 2022/23 2021/22 Revenue growth (according to P&L) -7 12 Foreign exchange -1 -2 Growth in local currencies -8 10 Operating performance In addition to measuring the Group\u2019s financial performance based on its operating result, EBIT and EBITDA before special items are also used. EBITDA is considered to be a useful measure because it approximates the underlying performance by eliminating depreciation and amortisation. The adjusted EBITDA figures are used in order to be comparable year over year, due to the implementation of new accounting standards and the elimination of special items that are not comparable year over year. (DKK million) 2022/23 2021/22 EBIT -124 46 Depreciation, amortisation and impairment 222 211 EBITDA 98 257 Special items, net 19 8 EBITDA before special items 117 265 EBIT -124 46 Special items, net 19 8 EBIT before special items -105 54",
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"value": "Section 1 Basis of reporting1.1 Basis of reporting Basis of preparation Bang & Olufsen is a Danish company listed on Nasdaq Copenhagen. The Group reports in accordance with the rules and principles for accounting class D. The Annual Report is published on 6 July 2023 and will be presented to the shareholders for approval at the Annual General Meeting. The Group's consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.The accounting policies set out below have been used consistently with respect to the financial year and comparative figures, except as described in note 1.3 regarding changes in accounting policies. Applying materiality Significant items are presented individually in the financial statements as required by IAS 1. Items that are not individually significant but support the understanding of Bang & Olufsen's business model and performance in the reporting period are also presented in the financial statements. Currency The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK million, unless otherwise stated. Basis of consolidation The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Bang & Olufsen A/S, and its subsidiaries in accordance with the Group's accounting policies. All intra-group income, expenses, shareholdings, balances and dividends are eliminated on consolidation. The accounting items of subsidiaries are included in full in the consolidated financial statements. Translation of foreign currency A functional currency is determined for each of the Group\u2019s reporting entities. The functional currency of the Parent Company is Danish kroner (DKK). Transactions denominated in currencies other than the functional currency are considered transactions denominated in foreign currencies. On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Differences arising between the exchange rates at the transaction date and at the date of payment are recognised as financial income or expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the reporting date. The difference between the exchange rates at the reporting date and at the date at which the receivable or payable arose or the exchange rate in the latest consolidated financial statements is recognised as financial income or expenses. On recognition in the consolidated financial statements of entities with a functional currency other than the presentation currency (DKK), the income statement and statement of cash flows are translated at the exchange rates prevailing at the transaction date, and the statement of financial position is translated at the exchange rates prevailing at the reporting date. Differences arising from the foreign currency translation of the opening balance of equity of foreign entities at the exchange rates prevailing at the reporting date, and on translation of the income statement from the transaction date to the reporting date, are recognised in other comprehensive income and attributed to a separate translation reserve in equity. iXBRL reporting Bang & Olufsen A/S has filed the Annual Report in the new European Single Electronic Format (ESEF), an XHTML format that can be displayed in a standard browser. eXtensible Business Reporting Language (iXBRL) complies with the ESEF taxonomy included in the ESEF regulation and has been used to tag the primary statements, notes and other financial information within the Annual Report. The file has been uploaded to the website together with the Annual Report. 1.2 Critical accounting estimates and judgements When applying the Group\u2019s accounting policies, management is required to make a number of accounting judgements and estimates as well as make assumptions about the carrying amounts of certain assets and liabilities and recognised revenue and costs which cannot be derived directly from other sources. Significant estimates and judgements are made when assessing development projects, right-of-use assets, deferred tax assets, inventories, trade receivables and provisions. Management bases its estimates and judgements on historical experience and other relevant factors that are believed to be reasonable under the given circumstances. The actual outcome can differ from these estimates. Estimates and the underlying assumptions are reviewed on a continuous basis. Changes made to accounting estimates are recognised in the financial period in which the change takes place and future financial periods if the change affects both the period in which the change takes place and future financial periods. Due to the current uncertainty, risk of recession, high inflation, rising interest rates, the war in Ukraine, geopolitical uncertainty and risks related to potential regional COVID-19 related lockdowns, we have considered the recoverability of trade receivables, deferred tax assets, intangible assets and the value of inventories. In addition, Management have assessed both the supply situation and consumer demand in relation to the war in Ukraine and concluded that the financial impacts consequently do not require significant judgements. Furthermore, Management has assessed the impact of climate change, particularly in the context of the Group\u2019s sustainability targets, and concluded that these are not expected to have a significant impact on our future cash flows or going concern assessment. China had regional COVID-19 related lockdowns in 2022/23, impacting consumer behaviour and some of the Group\u2019s production partners. In December 2022, China moved away from its zero-COVID-19 policy. That led to a surge in COVID-19 cases and created a large uncertainty in many parts of the country. The estimates of our operations and the valuation of its asset base and liquidity position are based on a thorough judgement of potential COVID-19 related impacts. Estimates, which include all of the above, were updated at 31 May 2023 to assess the recoverability of the asset base, including development projects and deferred tax assets. Recoverability of trade receivables and inventory value was also assessed, and the expected consequences of the above-mentioned risks are reflected in these assessments. There is an inherent risk that the estimates and judgements made could change due to a potential escalation of the war in Ukraine, changes in the macro-economic environment and/or new COVID-19 outbreaks and lockdowns. Future changes in estimates and judgements may have an impact on our results and financial position. Critical accounting estimates and judgements are described under the sections to which they relate. Extent of Note Critical accounting estimates and judgements Estimate/judgementsubjectivity2.5Deferred tax assets, value Estimate4.1Inventories, value of expected write-down Estimate 4.2Trade receivables, value of expected credit losses Estimate5.1Development projects, fair value EstimateRight-of-use assets, lease period and discount rate of prolongation or 5.2Estimateearly termination of underlying contracts 6.6Provisions, value Estimate1.3 Changes in accounting policies The Group has adopted all new or amended standards (IFRS) and interpretations as adopted by the EU and effective for the financial year starting on 1 June 2022 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. New or amended IFRS standards and interpretations not yet applicable within the EU The IASB has issued a number of new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2022/23 consolidated financial statements. The Group expects to implement these standards when they take effect. None of the new standards issued is currently expected to have any significant impact on the consolidated financial statements when implemented. Section 2 Operations2.1 Revenue and operating segments 2022/23 2021/22 Brand Partnering Brand Partnering (DKK million) EMEA Americas Asia Regions, total & other activities All EMEA Americas Asia Regions, total & other activities All Revenue by segment Revenue 1,281 313 795 2,389 363 2,752 1,360 307 983 2,650 298 2,948 Production costs -804 -214 -475 -1,493 -44 -1,537 -787 -199 -612 -1,598 -14 -1,612 Gross profit 477 99 320 896 319 1,215 573 108 371 1,052 284 1,336 Gross margin 37.2% 31.6% 40.3% 37.5% 87.9% 44.2% 42.2% 35.1% 37.7% 39.7% 95.2% 45.3% Capacity costs excl. depreciation, amortisation and impairment -1,192 -1,079 Depreciation and amortisation -147 -211 Impairment of non-current assets - - Financial items, net -28 -54 Profit/loss before tax (EBT) -152 -8 Brand Partnering Brand Partnering (DKK million) Staged Flexible Living On-the-go Products, total & other activities All Staged Flexible Living On-the-go Products, total & other activities All Revenue by product category Revenue 1,067 542 780 2,389 363 2,752 1,196 658 796 2,650 298 2,948 Production costs -575 -284 -634 -1,493 -44 -1,537 -657 -351 -590 -1,598 -14 -1,612 Gross profit 492 258 146 896 319 1,215 539 307 206 1,052 284 1,336 Gross margin 46.2% 47.7% 18.8% 37.5% 87.9% 44.2% 45.1% 46.8% 26.0% 39.7% 95.2% 45.3% Our activities are presented into two reportable segments. One includes our strategic markets, while the other reflects our product categories. Both segments include all channels relating to the distribution and sale of our products. Management monitors the performance and profitability of the operating segments for the purpose of decision making about performance management and resource allocation. Segments results are measured at gross profit level. Accounting policiesOperating segmentsSegment information has been prepared in accordance withthe Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations. 2022/23 2021/22 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % Denmark (domicile) 201 7% 244 8% China 430 16% 596 20% USA & Canada 305 11% 301 10% UK & Ireland 234 9% 209 7% Germany 182 7% 195 7% South Korea 112 4% 138 5% Eastern Europe 107 4% 128 4% Switzerland 91 3% 99 3% France 89 3% 95 3% Hong Kong 43 2% 66 2% Spain 54 2% 51 2% Brand Partnering & other activities 363 13% 298 10% Rest of world 542 21% 528 19% Total 2,752 100% 2,948 100% Non-current assets* (DKK million) 2022/23 2021/22 EMEA** 633 587 Americas 69 70 Asia 31 27 Total 733 684 *Non-current assets less deferred tax assets. **Of which DKK 573m in Denmark (31 May 2022: DKK 523m). Accounting policies Revenue recognitionRevenue from contracts with customers comprises sale of goods, licence fees and royalty income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.Licence fees and royalty income are recognised when earned according to the terms of the licence agreements. Depending on the type of contract, licence fee revenue is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 both for product sales and licensing income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties. The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction in the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value. 2.2 Costs (DKK million) 2022/23 2021/22 Breakdown by function: Production costs 1,537 1,612 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 2,876 2,902 Specification: Materials and consumables 1,424 1,483 Staff costs 764 777 Other costs 264 253 Depreciation, amortisation and impairment 222 211 Marketing costs 202 178 Total 2,876 2,902 Depreciation, amortisation and impairment Intangible assets, amortisation 128 112 Property, plant and equipment, depreciation 54 58 Right-of-use assets, depreciation 40 41 Total 222 211 Depreciation, amortisation and impairment relate to: Production costs 32 40 Development costs 110 97 Distribution and marketing costs 72 66 Administrative costs 8 8 Total 222 211 In 2022/23, total operating expenses recognised in the income statement decreased by DKK 25m to DKK 2,876m, corresponding to a decrease of 1%. The decrease reflected the performance for the year and the restructuring, offset by strategic initiatives. Production costs decreased during the year in line with the overall trend in activity. We saw a decrease in component and logistics costs improving the margin towards the end of the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 35m to DKK 910m. The increase was primarily related to higher marketing costs driven by the regions, brand awareness and marketing execution. Administrative costs decreased by DKK 8m to DKK 128m. In 2022/23, the Group incurred higher costs related to restructuring, offset by lower provisions for employee bonuses and advisory costs. Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses. (DKK million) 2022/23 2021/22 Development costs Incurred development costs before capitalisation 319 328 Of which capitalised -117 -138 Incurred development costs after capitalisation 202 190 Capitalisation (%) 36.7% 42.0% Total amortisation and impairment losses on development projects 99 89 Development costs recognised in the consolidated income statement 301 279 Incurred development costs before capitalisation ratio (% of revenue) 11.6% 11.1% Development costs increased by DKK 23m to DKK 301m as a result of higher amortisation on development projects and lower capitalization of development cost. Incurred development costs after capitalisations were DKK 13m higher than last year, reflecting platform upgrades and investments in the product roadmap. Capacity costs A breakdown of capacity costs as presented in the income statement is provided below. It comprises development costs, distribution and marketing costs and administrative costs. Capacity costs consist of functional costs, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2022/23 2021/22 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 1,339 1,290 2.3 Government grants (DKK million) 2022/23 2021/22 Government grants 8 1 Breakdown by function: Production costs 3 - Development costs - - Distribution and marketing costs 5 1 Administrative costs - - Total 8 1 Government grants in 2022/23 related to grants in China, Hong Kong and Singapore. In 2021/22, government grants related to China and Hong Kong. Accounting policiesGovernment grants are recognised when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. The grant is deducted in reporting the related cost on a systematic basis over the periods that the related costs for which it is intended to compensate are expensed. A grant that is a compensation for costs already incurred is recognised in profit or loss for the period in which it becomes receivable. 2.4 Special items (DKK million) 2022/23 2021/22 Severance and garden leave, Executive Management Board 0 4 Restructuring costs and severance 19 2 Consultants - 2 Total 19 8 Production costs 2 3 Development costs 10 3 Distribution and marketing costs 7 1 Administrative costs 0 1 Total 19 8 In 2022/23, special items amounted to DKK 19m (2021/22: DKK 8m). Special items in 2022/23 related primarily to restructuring and severance costs in respect of the reorganisation announced in Q3 including garden leave for a key employee. Special items in 2021/22 related primarily to garden leave for an Executive Management Board member who left the company. Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions. 2.5 Tax Tax for the year Tax on profit was DKK -11m in 2022/23 against DKK 22m in 2021/22. The effective tax rate was 7.6% in 2022/23 against -272.0% in 2021/22. The effective tax rate was primarily affected by the impairment of deferred tax assets of DKK 15.3m. A detailed overview can be found on the next page. Tax recognised in other comprehensive income relates to changes in the fair value of derivative financial instruments used as cash flow hedges and is recognised in retained earnings. 2022/23 2021/22 Other Other Income comprehenIncome comprehen(DKK million) statement sive income Total tax statement sive income Total tax Tax for the year Current tax 9 - 9 18 - 18 Change in deferred tax during the year -14 - -14 -6 1 -5 Change in deferred tax as a result of change in tax rate2 - 2 - - - Adjustments to tax for prior years -8 - -8 10 - 10 Total -11 - -11 22 1 23 Accounting policiesIncome taxIncome tax comprises current tax and changes in deferred tax for the year, including changes as a result of tax rate changes. The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to items recognised in other comprehensive income is recognised in the statement of comprehensive income. Country by country The Group acknowledges the important role that taxes play for public finances and in developing effective, accountable and transparent societal institutions as expressed in UN Sustainable Development Goal 16.6. As a part of being more transparent on corporate taxes, the Group discloses specific country-by-country data for focus markets. Income tax Total revenue Profit/loss before accrued (DKK Income tax paid Legal entities in(DKK million) FTE tax (DKK million) million) (DKK million) Denmark 1,260.6 754.1 -193.1 - -8.9 Norway 17.3 1.0 0.3 - 0.0 Sweden 20.4 2.0 0.7 - 0.0 Germany 136.4 15.4 4.9 1.3 1.4 Switzerland 88.7 6.7 4.2 1.1 0.8 Austria 16.7 6.0 0.3 0.1 0.4 UK 166.0 33.7 5.5 1.0 0.0 Netherlands 74.0 5.1 4.6 0.9 0.4 Belgium 33.8 3.0 0.6 0.2 0.5 France 67.3 16.5 1.9 0.5 0.0 Spain 42.6 12.0 -0.4 - 0.7 Italy 41.6 5.8 0.9 0.2 0.9 USA 294.8 29.4 12.0 0.0 1.6 Japan 21.2 5.9 0.6 0.3 0.4 China 387.6 51.4 3.3 3.2 -4.4 Hong Kong 83.4 30.8 2.3 0.4 0.0 Singapore 0.1 52.8 -0.3 - 0.0 Bulgaria - 6.5 0.0 0.0 - Total 2,752.5 1,038.1 -151.7 9.5 -6.5 EFFECTIVE TAX RATE FOR THE YEAR % Amount Non-Non-Calculated deductible Calculated deductible tax on Deviating costs and tax on Deviating costs and result for tax rates in non-Adjustments Foreign Impairment result for tax rates in non-Adjustments Foreign Impairment the year foreign taxable Changes in to prior withholding of deferred the year foreign taxable Changes in to prior withholding of deferred Countrybefore tax subsidiaries income tax rates periods tax tax assets Other Total before tax subsidiaries income tax rates periods tax tax assets Other Total Denmark 22.0% - -3.4% - 8.2% -1.0% -7.9% -3.1% 14.8% -42.5 - 6.6 - -15.7 1.9 15.3 6.0 -28.3 Norway 22.0% - - - 84.0% - - 106.0% 0.1 - - - 0.3 - - 0.3 Sweden 22.0% -1.4% - - 21.9% - - 42.5% 0.1 -0.0 - - 0.1 - - 0.3 Germany 22.0% 3.5% 5.0% - 7.9% - - 38.3% 1.1 0.2 0.2 - 0.4 - - 1.9 Switzerland 22.0% 3.4% - - 0.3% - - 25.7% 0.9 0.1 - - 0.0 - - 1.1 Austria 22.0% 2.0% - 1.3% 3.0% - -0.9% 27.4% 0.1 0.0 - 0.0 0.0 - -0.0 0.1 UK 22.0% -3.0% - - 24.4% - - 43.4% 1.2 -0.2 - - 1.3 - - 2.4 Netherlands 22.0% -3.0% - 36.1% 5.7% - - 60.7% 1.0 -0.1 - 1.7 0.3 - - 2.8 Belgium 22.0% 3.0% - - 11.6% - - 36.6% 0.1 0.0 - - 0.1 - - 0.2 France 22.0% 3.0% - - - - - 25.0% 0.4 0.1 - - - - - 0.5 Spain 22.0% 3.0% - - -165.4% - - -140.4% -0.1 -0.0 - - 0.7 - - 0.6 Italy 22.0% 5.9% - - 34.9% - - 62.8% 0.2 0.1 - - 0.3 - - 0.5 USA 22.0% 5.0% -0.3% - 39.1% - -11.5% 54.4% 2.7 0.6 -0.0 - 4.7 - -1.4 6.6 Japan 22.0% 12.1% - - 39.6% - 42.9% 116.5% 0.1 0.1 - - 0.2 - 0.3 0.7 China 22.0% 3.0% 1.9% - -82.7% - - -55.8% 0.7 0.1 0.1 - -2.8 - - -1.9 Hong Kong 22.0% -5.5% - - -6.8% - - 9.7% 0.5 -0.1 - - -0.2 - - 0.2 Singapore 22.0% -5.0% - - -204.7% - - -187.7% -0.1 0.0 - - 0.6 - - 0.6 Bulgaria 22.0% -12.0% - - - - - 10.0% 0.0 -0.0 - - - - - 0.0 2022/23 22.0% -0.5% -4.6% -1.1% 6.4% -1.3% -10.1% -3.2% 7.6% -33.4 0.8 6.9 1.7 -9.7 1.9 15.3 4.9 -11.5 2021/22 22.0% -21.3% -129.4% 5.3% -125.2% - 3.3% 26.7% -272.0% -1.8 1.7 10.5 -0.4 10.2 - -0.3 2.2 22.1 Deferred tax At 31 May 2023, net deferred tax assets amounted to DKK 93m (31 May 2022: DKK 71m). The increase reflected net operating tax loss, tangible assets and other assets and share-based payments. Deferred tax assets have been recognised based on expected earnings in the foreseeable future. The assessment takes into account the possibility of utilising losses in each relevant jurisdiction. Deferred tax assets totalled DKK 99m (31 May 2022: DKK 77m), of which DKK 78m related to the Group\u2019s jointly taxed companies in Denmark, DKK 12m related to China, and DKK 4m to the US, whereas the remaining DKK 4m related to other foreign legal entities in the Group. Tax loss carryforwards at 31 May 2023 amounted to DKK 45m (31 May 2022: DKK 10m). The Group's tax policy is available on the Group\u2019s website. Assets Liabilities Net assets (DKK million) 31-05-23 31-05-22 31-05-23 31-05-22 31-05-23 31-05-22 Deferred tax Non-current assets 39 32 6 6 33 26 Inventories 5 17 - - 5 17 Receivables 2 - -0 - 2 - Provisions 6 4 -0 - 6 4 Tax loss carryforwards 45 10 0 - 45 10 Other 2 14 - - 2 14 Total 99 77 6 6 93 71 (DKK million) 2022/23 2021/22 Change in deferred tax, net during the year Non-current assets 7 3 Inventories -12 17 Receivables 2 -2 Provisions 2 -7 Tax loss carryforwards 35 -9 Other -12 -11 Total 22 -9 At 31 May 2023, the value of unrecognised deferred tax assets amounted to DKK 323m. Of this amount, DKK 280m related to Denmark, DKK 35m to the US, and DKK 8m to other legal entities abroad. A total of DKK 246m related to tax loss carryforwards, DKK 210m of which can be carried forward indefinitely. The unrecognised deferred tax assets will be recognised as income as they are utilised or when there is convincing evidence that they will be utilised in the foreseeable future. Critical accounting estimates and judgements Deferred tax assets In 2022/23, management has performed an impairment test of the deferred tax asset and recognised an impairment of DKK 323m. Based on the Group\u2019s satisfactory performance and its continued strategy work, management revisited the carrying amount of the tax asset based on expected positive earnings and concluded that the amount was appropriate as of 31 May 2023. The Group recognises deferred tax assets, including the tax base of tax loss carryforwards, if it is assessed that the respective tax assets can be offset against positive taxable income in the foreseeable future (3-5 years). This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if they are likely to be utilised.Accounting policies Deferred tax Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes. Such temporary differences arose on the date of acquisition without affecting the results or taxable income. In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is measured according to the tax rules and at the tax rates applicable in the relevant countries at the reporting date and when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Section 3 Staff costs, share-based payments and pensions 3.1 Staff costs (DKK million) 2022/23 2021/22 Wages and other remuneration 674 693 Share-based payments 12 13 Pensions 46 40 Other social security costs 32 31 Total staff costs 764 777 Average number of employees 1,038 1,033 Staff costs relate to: Production costs 138 173 Development costs 198 199 Distribution and marketing costs 325 314 Administrative costs 103 91 Total staff costs 764 777 Accounting policiesWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered. The cost of share-based payments, which are expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and equity. Termination benefits are recognised at the time an agreement between the Group and the employee is made, and no future service is rendered by the employee in exchange for the benefits. 3.2 Remuneration of management Total remuneration to the Executive Management Board (EMB) amounted to DKK 33m. This represented a decrease of DKK 10m compared to 2021/22. This was primarily driven by lower costs for the short-term cash bonus plan. The Board of Directors has decided to implement an escape clause for the short-term cash bonus plan if the EBIT before special items was below zero. This clause was made on top of the policy. For the year 2022/23 only four out of five KPI\u2019s were met as EBIT before special items was below zero. Thereby the escape clause was used, hence no bonus was accrued for as of year-end. With a view to ensuring retention of the members of the EMB, the Board of Directors resolved in May 2022 to extend the previously established extraordinary special short-term cash-based retention programme covering the financial year 2022/23. In May 2023, the Board of Directors decided to extend the special short-term cash-based retention programme for 2023/24. The programme is subject to requirements of continued service and satisfactory people review ratings and was established with the aim of stabilising the EMB during the turnaround of the Company and until the long-term incentive programmes (LTIP) reach a desired and necessary retention level. 2022/23 2021/22 Executive Executive Board of Management Other key Board of Management Other key (DKK million) Directors Board employees Directors Board employees Wages, salaries and fees 6 16 27 6 16 22 Pensions - 1 3 - 1 2 Bonus - 12 17 - 20 20 Termination and severance payments- - - - - - Total 6 29 47 6 37 44 Share-based payments - 4 3 - 5 3 Total remuneration 6 33 50 6 42 47 The costs for the long-term combined performance and restricted plan were lower than last year, driven primarily by the lower EBIT performance. No termination or severance payments were made in 2022/23 (2021/22: DKK 0m). The terms of notice of the members of the Executive Management Board are consistent with normal market conditions (up to 24 months). Board of Directors In 2022/23, the Board of Directors received total remuneration of DKK 6m (2021/22: DKK 6m). The full remuneration report for the financial year 2022/23 can be found at https://investor.bang-olufsen.com. 3.3 Share-based programmes Long-term incentive programmes (LTIP) Pursuant to Bang & Olufsen A/S\u2019s Remuneration Policy, the Board of Directors has resolved to allocate restricted shares under Bang & Olufsen A/S\u2019s Combined Performance and Retention Share Programmes to the Executive Management Board, Other key employees and select employees. Two-thirds of the restricted shares are performance shares that are eligible for vesting in equal tranches over three financial years, depending on the level of achievement of certain KPIs defined by the Board of Directors for each performance year. The remaining shares are retention shares, which are subject to the participants\u2019 continued employment and satisfactory people review ratings. The retention shares also vest in three equal tranches over the period. Each financial year has a maximum payout of index 200 depending on the level of achievements made. Any vested restricted shares will be released after the Annual General Meeting's adoption of the Annual Report at the end of the third financial year for each programme, with the provision that vesting, and release may be accelerated in the case of certain extraordinary events. TABLE \u2013 LONG-TERM INCENTIVE PROGRAMMES (LTIP) Estimated Maximum remaining Average market Accumu-maximum share value at lated cost value to be price at launch recognized expensed grant Shares 31 (DKK (DKK (DKK Award Vesting Performance perioddate May million) million) million) date date Programme start date 02.10.2020 01.06.2020-31.05.2023 12.93 1,304,692 45 16 - 02.10.2020 31.05.2023 12.07.2021 01.06.2021-31.05.2024 33.11 870,741 74 13 14 12.07.2021 31.05.2024 11.07.2022 01.06.2022-31.05.2025 14.28 3,269,227 76 8 36 11.07.2022 31.05.2025 Total 5,444,660 195 37 50 The programmes are accounted for on an accrual basis over the three-year vesting period. The value of each programme is adjusted on a timely basis until vesting based on the likelihood that certain KPIs will be met. The company now has three ongoing incentive programmes as per the below table. The programme that was initiated in 2020 ended 31 May 2023 and 1,304,692 shares will be exercised after the annual general meeting. The costs for the share programmes for the year were DKK 12m (2021/22: DKK 13m). Since we went from two to three ongoing programmes, the total costs were expected to increase, but due to the overall soft performance the total costs for the year were at the same level as prior year. Accounting policiesShare-based programmes in which the Executive Management Board and selected other key employees are given the right to receive shares in the Parent Company (equity-settled programmes) are measured at the fair value of the equity instruments at grant date and recognised in the income statement as part of staff costs during the period when the employees become entitled to buy the shares. The existing share-based programmes give Bang & Olufsen A/S an option to settle in cash. However, as it is expected that the programmes will be settled in shares, they will be accounted for as equity-settled programmes. Long-term incentive programmes (LTIP) - continued The table below summarises the maximum outstanding shares within the programmes. Bang & Olufsen A/S has purchased a limited number of treasury shares to cover the obligation for the outstanding shares. The holding of treasury shares totalled 2,983,739 shares at 31 May 2023 (31 May 2022: 3,244,692 shares). TABLE - SHARES OUTSTANDING Executive Management Other Shares outstanding Board employees Total 2022/23 Shares outstanding at 1 June 1,646,534 2,176,414 3,822,948 Shares granted during the year 1,185,752 3,208,570 4,394,322 Shares exercised during the year - - - Shares lapsed during the year - 1,206,174 -1,566,436 -2,772,610 Total number of shares outstanding 1,626,112 3,818,548 5,444,660 2021/22 Shares outstanding at 1 June 1,301,181 1,689,968 2,991,149 Shares granted during the year 345,353 700,586 1,045,939 Shares exercised during the year - - - Shares lapsed during the year - - 214,140 - 214,140 Total number of shares outstanding 1,646,534 2,176,414 3,822,948 3.4 Pension and similar retirement obligations (DKK million) 2022/23 2021/22 Amount recognised in the income statement Defined contribution plans 46 42 Defined benefit plans 0 0 Total pension amount charged to the income statement 46 42 Amount recognised in the balance sheet Wholly unfunded defined benefit plans 3 3 Wholly or partly funded defined benefit plans 16 17 Present value of defined benefit obligation 31 May 19 20 Fair value of plan assets -8 -8 Defined benefit plan obligation 31 May 11 12 (DKK million) 2022/23 2021/22 Present value of future payments 16 17 Fair value of plan assets -8 -8 Actuarially calculated net obligation 8 9 Wholly unfunded defined benefit plans 3 3 Defined benefit plans 31 May, net 11 12 Actuarial assumptions Discount rate p.a. 4,0% 2,5% Expected salary increase p.a. 2,4% 2,0% Expected rate of return p.a. 2,4% 2,0% The Group's defined benefit plans are managed by independent pension funds. None of the plan assets are connected to any of the Group companies. The defined benefit plans in Germany are partly funded through an independent pension fund. Accounting policies As an employer, the Bang & Olufsen Group participates in pension plans according to normal practice in the countries in which the Group operates. The majority of the pension plans operated by the Group are defined contribution plans. The only exceptions are defined benefit plans operated in Germany.Under defined contribution plans, the Group recognises pension contributions, which can either be a fixed amount or a fixed percentage of the monthly salary in the income statement as they are paid to separate independent companies. Any unpaid contributions are recognised in the financial position as other liabilities. Once the contributions have been paid, the Group has no further obligations and the risk related to the value of the pension insurance at retirement lies with the individual employee.Under defined benefit plans the Group has an obligation to pay a fixed amount or a fixed percentage of the salary at retirement. This means that the Bang & Olufsen Group carries the risk of any changes in the actuarially calculated capital value of the pension plans. The present value of the future benefits that employees are entitled to is calculated annually. The present value is calculated based on a number of assumptions relating to the future development in salary levels and interest, inflation and mortality rates. The present value of the defined benefit obligation net of the fair value of the plan assets is recognised in the balance sheet as a pension liability. The costs of defined benefit plans are recognised in the income statement and include service costs as well as net interest based on actuarial estimates and the financial outlook at the beginning of the year. Changes in assumptions as well as differences between the expected and the realised return on plan assets are classified as actuarial gains and losses. Such gains and losses are recognised in other comprehensive income in the period in which they arise. If a defined benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Section 4 Net working capital4.1 Inventories (DKK million) 2022/23 2021/22 Inventory before write-downs 542 714 Write-downs -43 -85 Total 499 629 Raw materials 31 30 Work in progress 17 20 Spare parts 71 63 Finished goods 380 488 Prepayments for goods - 28 Total 499 629 Cost of sales recognised in production costs 1,424 1,483 Prepayments for goods was related to spot buys driven by component scarcity. We had no further prepayments at 31 May 2023. Critical accounting estimates and judgementsA specific assessment of the need for write-downs for obsolescence of inventories is made based on an assessment of the future sales potential. The assessment takes into account expected technological developments and expected service periods. The provision is primarily related to finished goods and spare parts. The applied principles are unchanged compared to the prior year.Accounting policies Inventories are measured at the lower of cost price according to the FIFO principle and net realisable value. The cost price of raw materials, consumables and purchased goods comprises the acquisition price including delivery costs. The cost price of finished goods and work in progress comprises costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation on plant and machinery, factory buildings and other equipment used in the production process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected selling price less costs of completion and costs necessary to make the sale. 4.2 Trade receivables (DKK million) 2022/23 2021/22 Trade receivables at 31 May, before impairment 356 456 Impairment at 1 June -59 -58 Impairment losses recognised 4 -7 Realised impairment losses 42 2 Reversed impairment losses -2 4 Impairment at 31 May -15 -59 Trade receivables at 31 May 341 397 Receivables are recognised when control has been transferred as the consideration to be paid is reasonably assured. Receivables are generally due within 30-60 days and all receivables are consequently classified as current. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months. Realised losses are immaterial and remain within the expected range. 31-05-23 31-05-22 (DKK million) Amount Impairment Amount Impairment Maturity analysis: Amounts not due 336 -1 356 -1 Past due up to 30 days -1 0 0 0 Past due between 31 and 60 days 0 0 8 0 Past due between 61 and 90 days -2 0 2 0 Past due between 91 and 120 days 2 -1 2 0 Past due more than 120 days 22 -13 88 -58 Trade receivables 356 -15 456 -59 See note 7.1 for details about credit risk associated with trade receivables. Critical accounting estimates and judgementsThe allowance for expected credit losses for trade receivables is based on historical credit loss experience combined with forward-looking information on macro-economic factors affecting credit risk. Management continues to assess credit risks in order to ensure that credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 7.1. Changes in impairment are presented in the table above. Accounting policies On initial recognition, trade receivables are measured at fair value and subsequently at amortised cost less loss allowance for expected credit losses. Trade receivables comprise sale of goods and services and income from licences. Other receivables comprise VAT receivables, loans to partners, interest receivables and derivatives. The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on grouping of trade receivables sharing the same characteristics. Impairment of trade receivables is recognised in distribution and marketing costs in the income statement. 4.3 Contract assets and liabilities (DKK million) 2022/23 2021/22 Trade receivables 341 397 Right-of-return assets* 3 8 Total contract assets 344 405 Deferred income - non-current** 0 14 Deferred income - current** 6 7 Refund liabilities** 6 15 Total contract liabilities 12 36 * Right-of-return assets have been recognised in current other receivables. ** Deferred income and refund liabilities has been recognised in other liabilities. Generally, trade receivables are recognised at the same point in time as revenue and invoicing. Payment terms vary within different customer segments due to local and specific agreements. In some cases, the Group receives upfront payments which are deducted in the actual invoicing. The income from the associated contract is recognised over time, resulting in contract liabilities. Right-of-return assets and the associated refunds refer mainly to a few multibrand customers. Deferred income consists of prepayments from customers. Deferred income mainly constitutes revenue related to the licence agreement with Harman (brand licensing income from car audio products). This includes deferred revenue from future licensing income. Accounting policies Contract assets and liabilitiesThe refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost price. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers either in 2022/23 or previous years. This is common practice in the Group. 4.4 Net working capital (DKK million) 31-05-23 31-05-22 Change Inventories 499 629 130 Trade receivables 341 397 56 Other receivables* 66 88 22 Prepayments 24 28 4 Trade payables -565 -581 -16 Other liabilities -143 -212 -69 Deferred income - non-current 0 -14 -14 Total 222 335 113 * Other receivables were adjusted for financial receivables related to leases of DKK 2m not included as net working capital at 31 May 2023 (31 May 2022: DKK 1m). Net working capital decreased during the year by DKK 113m to DKK 222m (31 May 2022: DKK 335m). Inventories decreased by DKK 130m as a result of continued focus on inventory management and the fact that all component spot buys are gone. Trade receivables decreased year over year due to lower revenue in Q4 2022/23 than last year. Payables decreased by DKK 99m, driven by lower provision for employee bonus and timing of payments. Accounting policies PrepaymentsPrepayments comprise incurred costs related to subsequent financial years. Prepayments are measured at cost.Other liabilities Other liabilities mainly comprise provisions for employee-related costs, VAT and deferred income. Other liabilities are measured at cost. Section 5 Invested capital5.1 Intangible assets and property, plant and equipment Completed Development Property, plant Acquired rights development projects in Land and Plant and Leasehold and equipment Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements under construction and equipment Cost At 1 June 2021 63 175 572 76 886 264 736 122 39 28 1.189 Additions - 39 16 122 177 2 15 13 1 41 72 Disposals - - -38 - -38 - -1 -7 -4 - -12 Reclassification from asset held for sale to land and buildings- - - - - 84 - - - - 84 Completed development projects and assets - - 60 -60 - 2 21 1 6 -30 - Exchange rate adjustments 1 - - - 1 - - 2 3 - 5 At 31 May 2022 64 214 610 138 1.026 352 771 131 45 39 1.338 Additions - 52 20 97 169 4 10 12 5 23 54 Disposals - -52 -139 - -191 -39 -324 -12 -5 - -380 Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - At 31 May 2023 64 214 602 124 1.004 321 477 133 58 23 1.012 Depreciation, amortisation and impairment At 1 June 2021 -22 -134 -462 - -618 -182 -699 -109 -19 - -1.009 Amortisation and depreciation - -23 -89 - -112 -10 -32 -10 -6 - -58 Disposals - - 38 - 38 - 1 6 3 - 10 Reclassification from asset held for sale to land and buildings- - - - - -63 - - - - -63 Exchange rate adjustments - - - - - - - -2 -1 - -3 At 31 May 2022 -22 -157 -513 - -692 -255 -730 -115 -23 - -1.123 Amortisation and depreciation - -29 -99 - -128 -12 -23 -9 -10 - -54 Disposals - 52 139 - 191 39 324 12 5 - 380 At 31 May 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Carrying amount At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 At 31 May 2022 42 57 97 138 334 97 41 16 22 39 215 Impairment Recognised impairment No impairment was recognised in 2022/23 and 2021/22. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2022: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2021/22: 1.5%) and a discount rate of 8.75% were applied (2021/22: 7.5%). The impairment test showed headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable. Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the prior year. Development projects amounted to DKK 253m at 31 May 2023 (31 May 2022: DKK 235m). The main additions in the 2022/23 financial year were development projects relating to product development. Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None 5.2 Right-of-use assets Land and (DKK million)buildings Other equipment Total Costs At 1 June 2021 176 7 183 Additions 11 2 13 Remeasurements 16 - 16 Terminations -2 -3 -5 At 31 May 2022 201 6 207 Additions 36 5 41 Remeasurements 12 - 12 Terminations -14 -3 -17 At 31 May 2023 235 8 243 Depreciation, amortisation and impairment At 1 June 2021 -59 -4 -63 Depreciation -38 -3 -41 Terminations 2 3 5 At 31 May 2022 -95 -4 -99 Depreciation -37 -3 -40 Terminations 13 3 16 At 31 May 2023 -119 -4 -123 Carrying amount At 31 May 2023 116 4 120 At 31 May 2022 106 2 108 Repayment of lease liability amounted to DKK 40m in 2022/23 (2021/22: DKK 36m). Expenses relating to low-value leases were insignificant. (DKK million) 2022/23 2021/22 Amounts recognised in the income statement: Interest expenses -6 -6 Short-term leases -1 -2 Expenses relating to variable payments -4 -2 Income from subleases 2 3 Lease liabilities Non-current 37 39 Current 37 39 Total lease liabilities 74 78 Critical accounting estimates and judgementsIndividual right-of-use assets and the corresponding liabilities are highly impacted by the estimated lease term and the discount rate, where the underlying contracts can be prolonged or terminated early. Leases mainly comprise stores, office buildings, cars and other equipment.The average incremental borrowing rate applied to the lease liabilities in 2022/23 was around 5.2% (2021/22: 4.9%).Estimated useful life at 31 May 2023 can be summarised as follows: Asset class Useful life StoresThe lease term for stores is assessed to be up to 10 years depending on an internal store rating based on location, revenue and earnings. Office buildings1-10 years Other equipmentThe life is equal to the non-cancellable lease term and extensions are not considered for these. Accounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset is available for use by the Group. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognised at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. When a sublease is classified as a finance lease, the right-of-use asset is derecognised as a right-of-use asset and recognised as a lease receivable under other receivables. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test for the relevant CGU is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term or a change in lease payments. Lease costs for low value assets and short-term leases are recognised as operating expenses on a straight-line basis over the lease term. Section 6 Capital structureand provisions6.1 Net interest-bearing deposit/debt Net interest-bearing deposit/debt consists of interest-bearing assets less interest-bearing debt. Interest-bearing assets consist of securities, cash, and finance lease receivables. Interest-bearing debt consists of mortgage loans, bank loans and lease liabilities. We have placed the majority of our cash in Danish mortgage bonds, all with an AAA S&P rating. To maintain short-term financial flexibility, we use repo transactions, whereby we can access liquidity on an intra-day basis if needed by lending bonds to our banks in return for cash, while committing to a reverse transaction at a predetermined date in the future. Bonds are presented as securities on the balance sheet as ownership of the bonds remains with the company during the term of the repo. The obligation to return cash for bonds under such repo transactions is recognised as short-term bank loans. As of 31 May 2023, repo transactions amounted to DKK 386m (31 May 2022: DKK 276m). Net interest-bearing deposit amounted to DKK 19m (31 May 2022: DKK 111m). The decrease was mainly due to remeasurement of lease liabilities DKK 53m and the negative free cash flow of DKK 20m (2021/22: negative DKK 172m). (DKK million) 31-05-23 31-05-22 Mortgage loans (non-current) -56 -58 Mortgage loans (current) -3 -4 Bank loans (current) -386 -276 Lease liabilities (non-current) -109 -95 Lease liabilities (current) -37 -39 Other non-current liabilities* -3 0 Interest-bearing debt -594 -472 Finance lease receivables (non-current) 1 4 Finance lease receivables (current) 2 2 Cash (current) 216 162 Securities (current) 394 415 Interest-bearing assets 613 583 Net interest-bearing deposit/(debt) 19 111 * Only the interest-bearing part of Other non-current liabilities has been included in net interest-bearing debt. Net available liquidity was DKK 224m (31 May 2022: DKK 301m), consisting of cash and securities offset by repo transactions. (DKK million) 31-05-23 31-05-22 Cash (current) 216 162 Securities (current) 394 415 Offset by repo transactions presented as bank loans (current) -386 -276 Available liquidity 224 301 Including the undrawn part of the credit facility, capital resources were DKK 384m (31 May 2022: DKK 421m), consisting of available liquidity of DKK 224m (31 May 2022: DKK 301m) and undrawn committed credit facilities of DKK 160m (31 May 2022: DKK 120m). 6.2 Financial instruments by category (DKK million) 31-05-23 31-05-22 Non-current other receivables 23 27 Trade receivables 341 397 Other receivables 68 89 Cash 216 162 Financial assets at amortised cost 648 675 Securities 394 415 Fair value through income statement 394 415 Derivatives used for hedge accounting 0 9 Fair value through other comprehensive income 0 9 Financial assets 1,042 1,099 Mortgage loans 59 62 Bank loans 386 276 Lease liabilities 146 134 Trade payables 565 581 Financial liabilities at amortised cost 1,156 1,053 Derivatives used for hedge accounting 8 18 Fair value through other comprehensive income 8 18 Financial liabilities 1,164 1,071 The fair value was approximately equal to the carrying amount for all financial assets and liabilities. Hedge accounting was only related to the management of foreign exchange rate risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-23 Mortgage loans 3 12 44 59 59 Lease liabilities 44 104 18 166 146 Bank loans 386 - - 386 386 Trade payables 565 - - 565 565 31-05-22 Mortgage loans 4 13 45 62 62 Lease liabilities 45 90 15 150 134 Bank loans 276 - - 276 276 Trade payables 581 - - 581 581 Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year. 6.3 Liabilities from financing activities 31-05-23 31-05-22 Nominal Year of Carrying Carrying (DKK million) interest value maturity amount amount Interest profile of mortgage loan Fixed rate loans, DKK 3.3% 2040 59 62 Total loans 59 62 Financing Additions and Reclassifi- Financing Additions and Reclassifi- (DKK million) 31-05-21 cash flow remeasurements cations 31-05-22 cash flow remeasurements cations 31-05-23 Change in interest bearing debts Lease liabilities 141 -36 29 - 134 -40 52 - 146 Long-term mortgage loans 61 - - -4 58 - - -2 56 Short-term mortgage loans 4 -4 - 4 4 -3 - 2 3 Settlement to other liabilities 34 -34 - - - - - - - Bank loans 20 256 - - 276 110 - - 386 Total 260 182 29 - 472 67 52 - 591 We have a mortgage loan with a three-year interest refinancing period. During 2022/23, no extraordinary repayments were made on the mortgage loan. The mortgage loan was most recently refinanced in 2022/23 at 3.3% plus contribution margin, providing an annual percentage rate of 4.7%. Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2022/23 2021/22 2022/23 2021/22 2022/23 2021/22 Treasury shares 1 June 3,244,692 2,112,372 17 11 2.7 1.8 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme- 1,150,000 - 6 - 0.9 Share-based programmes -260,953 -17,680 -2 0 -0.5 - 31 May 2,983,739 3,244,692 15 17 2.3 2.7 All treasury shares are owned by Bang & Olufsen A/S. (DKK million) 2022/23 2021/22 Share repurchases for the year - 37 The capital structure consists mainly of equity, working capital and leasing liabilities. The Group capital structure also includes minor mortgage financing of the HQ buildings in Struer. It is the objective of Bang & Olufsen's capital management to ensure shareholders the best possible return on their investment in Bang & Olufsen, while ensuring that Bang & Olufsen will be able to meet all existing and future commitments. In addition to the Group\u2019s capital structure, the Group holds a revolving credit facility of DKK 200m (31 May 2022: DKK 150m) with its primary bank. As at 31 May 2023 we hold a total of 2,983,739 treasury shares (31 May 2022: 3,244,692) for the purpose of hedging the value of its share-based programmes. During 2022/23, no purchases of treasury shares were made. For details of monetary transactions, see the statement of changes in equity. Accounting policies Dividend Dividend is recognised as a liability at the time it is approved by the Annual General Meeting. Treasury shares Acquisition and selling prices for treasury shares and dividend received on these shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency. On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised. 6.5 Financial items (DKK million) 2022/23 2021/22 Interest income from banks 22 10 Other financial income 6 1 Financial income 28 11 Interest expenses to banks -30 -16 Other financial expenses -8 -6 Fair value adjustments of securities -6 -12 Interest expenses on lease liabilities -6 -6 Exchange rate loss, net -6 -25 Financial expenses -56 -65 Financial items, net -28 -54 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included. 6.6 Provisions Employee Warranty and anniversary Other (DKK million)fairness benefit provisions Total At 31 May 2021 67 2 19 88 Provisions in the year 52 0 6 58 Provisions used during the year -36 0 -13 -49 At 31 May 2022 83 2 12 97 Provisions in the year 52 0 11 63 Provisions used during the year -50 0 -6 -56 Provisions reversed in the year - - -4 -4 At 31 May 2023 85 2 13 100 Maturity analysis for provisions Due between 1-5 years 37 1 2 40 Due after 5 years - - - - Non-current provisions 37 1 2 40 Due within one year 48 1 11 60 At 31 May 2023 85 2 13 100 Provisions for warranty and fairness of DKK 85m were recognised at 31 May 2023 (31 May 2022: DKK 83m) to cover expected warranty and fairness claims. The size and timing of the provisions are based on previous experience of the level and timing of repairs and returns. Other provisions of DKK 13m (31 May 2022: DKK 12m) related primarily to restructuring and legal provisions. Critical accounting estimates and judgementsBang & Olufsen repairs or replaces products that do not function satisfactorily both within the warranty period or in certain situations after the warranty period. Consequently, provisions made are for future repairs and returns. Provisions are made based on historical data for repairs and returns and based on management\u2019s judgements. Future repairs and returns may differ from the historical pattern, but management has assessed that the estimate of provisions is reasonable and appropriate. The Group provides 2-5 years of warranty on certain products and is therefore committed to repairing or replacing products that do not function satisfactorily. Some products are repaired after the end of the warranty period, and a provision is made regarding such potential fairness claims. Accounting policiesProvisions comprise provisions for warranty, provisions for fairness and other provisions. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period.Provisions are recognised when there is a legal or constructive obligation as a result of events in the financial year or previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation. Section 7 Financial risk management7.1 Financial risks We have global activities that expose us to a range of financial risks. The management of financial risks is centralized. The overall objectives and policies for the Group\u2019s financial risk management are outlined in a Treasury guideline. Financial risk management is conducted by the Group Treasury department. Foreign exchange rate risk The Group\u2019s presentation currency is DKK, but the majority of its activities and investments are denominated in other currencies than DKK. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on the Group\u2019s reported results. We are subject to transaction risk related to sales and purchases in foreign currencies, and translation risk when translating foreign entities into the Group\u2019s presentation currency. In 2022/23, 92% of the Group's revenue (2021/22: 92%) was in foreign currencies. Functional Change during Entities incurrency 2022/23 (in %) Eurozone EUR 0.05% China CNY 1.49% US USD 9.11% UK GBP -2.56% Switzerland CHF 7.12% Changes in exchange rates increased revenue by 1% in 2022/23 (2021/22: 3%). We are primarily exposed to currency risks related to the net inflow of mainly CNY, CHF and GBP and the net outflow of USD. Due to DKK being pegged to EUR, the risk from EUR is considered to be low. According to our Treasury guideline, the net exposure is hedged at a horizon up to 12 months using FX forward contracts. Short term exposure is hedged up to 75% of the expected net exposure, while hedge ratios gradually decrease at longer horizons. We only hedge commercial exposures and do not enter into derivative positions or transactions for trading or speculative purposes. We do not hedge balance sheet items or ownership interest in foreign subsidiaries. Our subsidiaries\u2019 income and costs are mainly denominated in local currencies and each subsidiary is thereby not significantly impacted by exchange rate fluctuations. Interest rate risk Our exposure to interest rate risk is considered to be limited and is subjected to ongoing evaluation and monitoring in accordance with the Treasury guideline. We do not hold material levels of long-term interest-bearing debt, but in the current macroeconomic environment the Group\u2019s interest-bearing assets are impacted negatively. Increasing macroeconomic uncertainty and high inflationary pressure impact the market value of the Group\u2019s holdings of Danish mortgage bonds negatively, and as interest rates are increasing, the market value of the Group\u2019s bond portfolio is decreasing. Our interest-bearing assets mainly consisted of bank deposits and securities. Bank deposits, which totalled DKK 216m (2021/22: DKK 162m), yield interest in the short-term money market. Securities, which totalled DKK 394m (2021/22: DKK 415m), consisted of a portfolio of bonds primarily held for maturity. The bond portfolio is recognised at fair value; hence we are exposed to an interest rate risk during the maturity of the bonds. During 2022/23, the value of the bond portfolio decreased by DKK 6m due to market value adjustments of the underlying bonds. Interest-bearing debt consisted of bank loans of DKK 386m (2021/22: DKK 276m); mortgage debt of DKK 59m (2021/22: DKK 62m), with a floating rate that is fixed until March 2026; and lease liabilities of DKK 146m (2021/22: DKK 134m). At the end of the financial year, the Group's net interest-bearing deposit totalled DKK 19m (2021/22: DKK 111m), corresponding to 1% of the total financial position (2021/22: 4%). See note 6.1 for further details on net interest-bearing deposit/(debt). Credit risk We are exposed to risks associated with commercial and financial counterparties. Financial instruments are entered into with counterparties with investment grade ratings. Similarly, we use reputable insurance companies with investment grade ratings for insuring receivables. Credit risk associated with trade receivables is managed centrally based on fixed procedures and guidelines. Credit limits are set as deemed appropriate for the individual customer, considering current local market conditions and individual risk profiles. To reduce credit risk, all commercial counterparts are subject to ongoing financial evaluation. We mainly utilises credit insurance to mitigate our credit risk, and 54% of total trade receivables were insured via credit insurance as of 31 May 2023 (May 2022: 42%). We have a limited number of large key partners, which constitutes a concentration risk on receivables. Top 5 debtors accounted for 34% of total trade receivables (2021/22: 34%). The nature of our business involves a few major key partners and several smaller important partners. Concentration risk is monitored closely and mitigated via credit insurance. Top 5 debtors are all long-standing partners with a solid payment history and low credit risk. For trade receivables, we apply the expected credit loss prescribed by IFRS 9. In order to measure the expected credit loss, trade receivables are assessed individually for credit risk characteristics and ageing of the receivable. In accordance with IFRS 9, not-due trade receivables are also tested for impairment. See note 4.2 for further details on trade receivables. During 2022/23, we did not experience any significant bad debt losses. Liquidity risk Liquidity is centrally managed by Group Treasury and is continually assessed. The objective is to ensure that sufficient financial resources are available where and when needed. At 31 May 2023, cash and cash equivalents amounted to DKK 216m (2021/22: DKK 162m). Including securities and repo, available liquidity amounted to DKK 224m (2021/22: DKK 301m). We have a committed revolving credit facility with our main bank as part of its capital and liquidity readiness. The facility was only partially drawn and only utilised for extending bank guarantees etc. to third parties. The credit facility was most recently refinanced in May 2023, in which the commitment was increased by DKK 50m to DKK 200m (31 May 2022: DKK 150m) with a duration to cover the entire 2023/24 financial year. Commodity risk We are mainly exposed to commodity risk through our energy consumption and purchase of raw materials. The largest exposure to changes in the market price of raw materials is from the purchase of aluminium. The total purchase of aluminium raw material corresponded to approximately 3% of our production costs (2021/22: 5%). We are mitigating the price and supply risk by purchasing aluminium in larger quantities to provide better price stability and ensure a sufficient supply of aluminium to meet production requirements. During 2022/23, we had continued focus on energy risk, as energy markets were affected by macroeconomic events. We have taken several precautionary measures to manage energy risk, e.g., by switching from natural gas to green electricity to mitigate both price and supply risk. We do not mitigate commodity risk by using financial derivatives or contracts but mitigates its commodity risk through pricing and ordering agreements with key suppliers. 7.2 Sensitivity analysis Interest rate sensitivity A one percentage point increase in the interest rate is estimated to have an effect of a negative DKK 2.6m on financial items (2021/22: negative DKK 3.3m). The effect is mainly driven by securities, which consist of a portfolio of fixed and floating rate bonds. Increased interest from floating rate bonds would drive a DKK 2.8m increase (2021/22: DKK 2.4m), offset by a fair value adjustment of a negative DKK 5.1m (2021/22: negative DKK 6.0m). The effect from other interest-bearing debt and deposits would be DKK 0.3m (2021/22: DKK 0.3m), mainly driven by bank deposits. The estimate was calculated on an all-else-equal basis and assumes a parallel change in all relevant yield curves. Exchange rate sensitivity The effects on revenue and earnings are derived from changes in selected currencies compared to average annual rates. The effect on equity is derived from changes in the 31 May 2022 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates on an unhedged basis are presented below. 2022/23 2021/22 Profit/ Profit/ (DKK million) Increase Revenue loss before tax Equity before tax Revenue loss before tax Equity before tax USD 5.0% 21 -21 4 22 -17 5 GBP 5.0% 12 9 8 10 8 2 CNY 5.0% 22 15 9 30 30 11 CHF 5.0% 5 4 1 5 5 2 Other 5.0% 10 7 0 11 9 0 Total 70 14 22 78 35 20 7.3 Derivative financial instruments Derivative financial instruments comprise primarily foreign exchange contracts used to hedge the foreign exchange risk related to unrecognised future transactions. The value adjustments from forward contracts affect the income statement on a monthly basis throughout the hedging period. For information on financial risks and management of those risks, see note 7.1. Derivatives contracted by the Group to hedge the foreign exchange risk related to future transactions are specified below: 31-05-23 31-05-22 Average Average (DKK million) Net exposure Hedging period hedging rate Fair value Contract value Net exposure Hedging period hedging rate Fair value Contract value Foreign exchange forward contracts USD Negative 12 months 7.11 -4 149 Negative 12 months 6.56 7 154 GBP Positive 12 months 8.40 -2 72 Positive 12 months 8.70 0 73 CHF Positive 12 months 7.63 0 27 Positive 12 months 7.04 -1 43 CNY Positive 12 months 0.96 -2 71 Positive 12 months 0.98 -13 279 SGD Negative 12 months 5.23 0 19 Negative 12 months 4.93 0 20 Total -8 338 -7 569 Foreign exchange swaps GBP/DKK - - 0 11 CHF/DKK 0 4 0 10 SGD/DKK 0 72 - - CNY/DKK 0 2 -2 35 CNY/DKK - - 0 -4 Total 0 78 -2 52 Derivatives for hedging -8 416 -9 621 The fair value of derivative financial instruments is recognised in the statement of financial position as follows: (DKK million) 31-05-23 31-05-22 Other receivables, current 0 9 Other liabilities, current -8 -18 Total -8 -9 The fair value was based on observable market data and is part of level 2 in the fair value hierarchy. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities Level 2: Input, other than listed prices on level 1, which is observable for the asset or liability either directly (as prices) or indirectly (derived from prices) Level 3: Input for the asset or liability is unobservable and not based on market data input The derivatives are not traded on an active market based on quoted prices but are individual contracts. The fair value of these assets is determined using valuation techniques that apply market data such as exchange rates, credit risk and volatilities. Accounting policies Derivative financial instruments are recognised on the trading date at fair value and subsequently measured at fair value at the reporting date. The fair value of derivative financial instruments is recognised under other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. When realised, the accumulated gains/losses are transferred to the items under which the hedged transactions are recognised.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as financial income or expenses. Section 8 Other disclosure requirements8.1 Fees to auditors (DKK million) 2022/23 2021/22 Statutory audit 1.5 2.1 Other assurance services 1.6 1.2 Other services 0.1 0.6 Total 3.2 3.9 Fees for services other than statutory audit of the financial statements provided by Deloitte for 2022/23 and EY for 2021/22 to the Bang & Olufsen Group mainly consist of fees related to ad hoc projects. 8.2 Earnings per share (1,000 shares) 2022/23 2021/22 Profit/loss for the year, DKKm -141 -30 Average number of shares outstanding 122,772 122,772 Dilutive effect of average outstanding shares - - Average number of shares outstanding, including dilutive effect 122,772 122,772 Earnings per share (EPS), DKK -1.2 -0.2 Earnings per share, diluted (EPS-D), DKK -1.2 -0.2 8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 85m (31 May 2022: DKK 89m). The guarantees mainly relate to a rent obligation related to the formerly owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 59m (31 May 2022: DKK 62m) as security for DKK 59m of the Group\u2019s mortgage loan (31 May 2022: DKK 62m). Other tangible assets relating to land and buildings are included in mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 93m (31 May 2022: DKK 97m). When entering into repo transactions with its bank, Bang & Olufsen uses a proportional part of its securities as collateral against the repo transaction with the bank. At 31 May 2023, repo transactions amounted to DKK 386m (31 May 2022: 276m). The Group has pledged inventories and debtors as security for its committed credit facility with its bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounted to DKK 100m (31 May 2022: DKK 100m), and a Dutch floating charge over its finished goods inventory located in the Netherlands. Legal and arbitration proceedings In the ordinary course of its business, the Group is and will from time to time become involved in discussions, disputes and legal proceedings, including claims relating to e.g. commercial counterparties, employees, intellectual property infringement or violations and other business-related disputes. The results of such disputes and legal proceedings may be hard to predict, and the Group\u2019s assessment of relevant disputes and proceedings may change as they unfold. The Group expenses legal fees as incurred and records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavourable outcome to any material legal matter may result in damages being awarded, injunctions and/or termination of product lines, all of which could have financial implications exceeding any provisions made and thus an adverse effect on the Group\u2019s business, operating results, cash flow and financial position. The Group is currently engaged in discussions involving claims against the Group regarding alleged infringements of third-party rights in relation to specific jurisdictions and specific ranges of the Group\u2019s present and past products and features and technologies included therein. The Group is also a party to claims involving the termination of certain retail partners in some jurisdictions. Such claims are not uncommon in the industry, and the Group addresses and defends itself against such claims as part of its ordinary course of business, assisted by external advisors where necessary. While by their nature such claims could potentially have a significant adverse effect on the Group in case of an unfavourable outcome, it is the Group\u2019s current expectation that none of these claims will have such an effect. 8.4 Related parties The Bang & Olufsen Group has no related parties with control over the Group and no related parties with significant influence other than key management personnel \u2013 mainly in the form of the Board of Directors, the Executive Management Board and other key management personnel. Board of Directors, Executive Management Board and other key management personnel No significant transactions were made in 2022/23 other than ordinary remuneration, as described in notes 3.2 and 3.3, and sales of products on employee terms and conditions. Other transactions No transactions with related parties took place. 8.5 Events after the reporting period No events have occurred in the period from the balance sheet date until the presentation of the financial statements that required adjustment to or disclosure in the consolidated financial statements. 8.6 Companies in the Bang & Olufsen Group Share capital Bang & Olufsen Number of undisclosed Company name Domicile Currency in local currency Group's share subsidiaries Denmark (domicile country) Bang & Olufsen A/S Struer, DK DKK 613,860,435 Bang & Olufsen Operations A/S Struer, DK DKK 156,000,000 100.0% Bang & Olufsen Danmark A/S Struer, DK DKK 3,000,000 100.0% B&O PLAY A/S Struer, DK DKK 7,500,000 100.0% EMEA Bang & Olufsen AS Oslo, NO NOK 3,000,000 100.0% Bang & Olufsen Svenska AB Stockholm, SE SEK 4,150,000 100.0% Bang & Olufsen Deutschland G.m.b.H. Unterhaching, DE EUR 1,022,584 100.0% Bang & Olufsen AG Urdorf, CH CHF 200,000 100.0% Bang & Olufsen Ges. m.b.H Vienna, AT EUR 1,744,148 100.0% Bang & Olufsen UK Ltd.* London, GB GBP 2,600,000 100.0% 2 Bang & Olufsen France SAS Paris, FR EUR 3,585,000 100.0% 1 Bang & Olufsen Espa\u00f1a S.A. Madrid, ES EUR 1,803,036 100.0% Bang & Olufsen Italia S.r.l. Milan, IT EUR 10,000 100.0% S.A. Bang & Olufsen Belgium N.V. Brussels, BE EUR 942,000 100.0% Bang & Olufsen B.V. Amsterdam, NL EUR 18,000 100.0% Bang & Olufsen Bulgaria EOOD Sofia, BG BGN 2 100.0% Americas Bang & Olufsen America Inc. Delaware, US USD 34,000,000 100.0% 6 Asia Bang & Olufsen Asia Pte Ltd. Singapore, SG SGD 2 100.0% Bang & Olufsen Enterprise Management (Shanghai) Co. Ltd Shanghai, CN CNY 67,000,000 100.0% Bang & Olufsen Limited Hong Kong, HK HKD 1,000,000 100.0% Bang & Olufsen Japan KK Tokyo, JP JPY 10,000,000 100.0% Bright Future International Limited Hong Kong, HK HKD 1 100.0% Jingji Trading (Shanghai) Ltd., Co. Shanghai, CN CNY 955,696 100.0% 8.7 Key figure definitions Key figures and ratios Definition EBIT Earnings before interest and tax (result before financial items and income taxes) EBIT before special items Earnings (profit) before interest, tax and special items EBIT margin EBIT as a percentage of revenue EBIT margin before special items EBIT before special items as a percentage of revenue EBITDA Earnings (profit) before interest, tax, depreciation, amortisation and impairment EBITDA before special items Earnings (profit) before interest, tax, depreciation, amortisation, impairment and special items EBITDA margin EBITDA as a percentage of revenue EBITDA margin before special items EBITDA before special items as a percentage of revenue Gross margin Gross profit as a percentage of revenue Growth in local currencies Organic growth in local currency excluding acquisitions and divestments and foreign exchange rates Like-for-like Like-for-like is defined as sell-out from the same stores, provided they were open and active in both periods Earnings per share (EPS) Result attributable to shareholders of Bang & Olufsen A/S relative to average number of outstanding shares Diluted earnings per share Result attributable to shareholders of Bang & Olufsen A/S as a percentage of diluted average number of outstanding shares Revenue per share Revenue as a percentage of average number of outstanding shares Price/earnings Share price/Earnings per share (nom. DKK 5) Incurred development costs ratio Incurred development costs before capitalisation as a percentage of revenue Operating expenses Production costs, development costs, distribution and marketing costs and administrative costs Capacity costs Development costs, distribution and marketing costs and administrative costs Capacity cost ratio Capacity costs as a percentage of revenue Net interest-bearing deposit/debt Current and non-current interest-bearing loans and borrowings less interest-bearing receivables and cash Available liquidity Cash and securities, offset by repo transactions Free cash flow Cash flow from operating activities less cash flow from operational investments Return on assets, % Earnings for the year x 100/Assets Return on equity, % Earnings for the year x 100/Equity Invested capital Net working capital, tangible assets and intangible assets excl. goodwill ROIC excl. goodwill, % Net operating profit after tax x 100/Invested capital, excl. goodwill Working capital Current assets less current liabilities (excluding interest-bearing items and provisions) Working capital ratio Average working capital LTM (latest twelve months) as a percentage of revenue Alternative performance measures The Group assesses its performance using a variety of alternative performance measures that are not defined under IFRS. A reconciliation from these alternative performance measures to the nearest IFRS measure is presented below. Growth in local currencies Growth in local currencies reflects the underlying performance of the Group. As such, this excludes the impact of acquisitions or divestments and foreign exchange movements. Below is a reconciliation from the movement in reported revenue according to IFRS. (Percentage) 2022/23 2021/22 Revenue growth (according to P&L) -7 12 Foreign exchange -1 -2 Growth in local currencies -8 10 Operating performance In addition to measuring the Group\u2019s financial performance based on its operating result, EBIT and EBITDA before special items are also used. EBITDA is considered to be a useful measure because it approximates the underlying performance by eliminating depreciation and amortisation. The adjusted EBITDA figures are used in order to be comparable year over year, due to the implementation of new accounting standards and the elimination of special items that are not comparable year over year. (DKK million) 2022/23 2021/22 EBIT -124 46 Depreciation, amortisation and impairment 222 211 EBITDA 98 257 Special items, net 19 8 EBITDA before special items 117 265 EBIT -124 46 Special items, net 19 8 EBIT before special items -105 54",
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"value": "1.2 Critical accounting estimates and judgements When applying the Group\u2019s accounting policies, management is required to make a number of accounting judgements and estimates as well as make assumptions about the carrying amounts of certain assets and liabilities and recognised revenue and costs which cannot be derived directly from other sources. Significant estimates and judgements are made when assessing development projects, right-of-use assets, deferred tax assets, inventories, trade receivables and provisions. Management bases its estimates and judgements on historical experience and other relevant factors that are believed to be reasonable under the given circumstances. The actual outcome can differ from these estimates. Estimates and the underlying assumptions are reviewed on a continuous basis. Changes made to accounting estimates are recognised in the financial period in which the change takes place and future financial periods if the change affects both the period in which the change takes place and future financial periods. Due to the current uncertainty, risk of recession, high inflation, rising interest rates, the war in Ukraine, geopolitical uncertainty and risks related to potential regional COVID-19 related lockdowns, we have considered the recoverability of trade receivables, deferred tax assets, intangible assets and the value of inventories. In addition, Management have assessed both the supply situation and consumer demand in relation to the war in Ukraine and concluded that the financial impacts consequently do not require significant judgements. Furthermore, Management has assessed the impact of climate change, particularly in the context of the Group\u2019s sustainability targets, and concluded that these are not expected to have a significant impact on our future cash flows or going concern assessment. China had regional COVID-19 related lockdowns in 2022/23, impacting consumer behaviour and some of the Group\u2019s production partners. In December 2022, China moved away from its zero-COVID-19 policy. That led to a surge in COVID-19 cases and created a large uncertainty in many parts of the country. The estimates of our operations and the valuation of its asset base and liquidity position are based on a thorough judgement of potential COVID-19 related impacts. Estimates, which include all of the above, were updated at 31 May 2023 to assess the recoverability of the asset base, including development projects and deferred tax assets. Recoverability of trade receivables and inventory value was also assessed, and the expected consequences of the above-mentioned risks are reflected in these assessments. There is an inherent risk that the estimates and judgements made could change due to a potential escalation of the war in Ukraine, changes in the macro-economic environment and/or new COVID-19 outbreaks and lockdowns. Future changes in estimates and judgements may have an impact on our results and financial position. Critical accounting estimates and judgements are described under the sections to which they relate. Extent of Note Critical accounting estimates and judgements Estimate/judgementsubjectivity2.5Deferred tax assets, value Estimate4.1Inventories, value of expected write-down Estimate 4.2Trade receivables, value of expected credit losses Estimate5.1Development projects, fair value EstimateRight-of-use assets, lease period and discount rate of prolongation or 5.2Estimateearly termination of underlying contracts 6.6Provisions, value EstimateCritical accounting estimates and judgements Deferred tax assets In 2022/23, management has performed an impairment test of the deferred tax asset and recognised an impairment of DKK 323m. Based on the Group\u2019s satisfactory performance and its continued strategy work, management revisited the carrying amount of the tax asset based on expected positive earnings and concluded that the amount was appropriate as of 31 May 2023. The Group recognises deferred tax assets, including the tax base of tax loss carryforwards, if it is assessed that the respective tax assets can be offset against positive taxable income in the foreseeable future (3-5 years). This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if they are likely to be utilised.Critical accounting estimates and judgementsA specific assessment of the need for write-downs for obsolescence of inventories is made based on an assessment of the future sales potential. The assessment takes into account expected technological developments and expected service periods. The provision is primarily related to finished goods and spare parts. The applied principles are unchanged compared to the prior year.Critical accounting estimates and judgementsThe allowance for expected credit losses for trade receivables is based on historical credit loss experience combined with forward-looking information on macro-economic factors affecting credit risk. Management continues to assess credit risks in order to ensure that credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 7.1. Changes in impairment are presented in the table above.Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the prior year. Development projects amounted to DKK 253m at 31 May 2023 (31 May 2022: DKK 235m). The main additions in the 2022/23 financial year were development projects relating to product development.Critical accounting estimates and judgementsIndividual right-of-use assets and the corresponding liabilities are highly impacted by the estimated lease term and the discount rate, where the underlying contracts can be prolonged or terminated early. Leases mainly comprise stores, office buildings, cars and other equipment.The average incremental borrowing rate applied to the lease liabilities in 2022/23 was around 5.2% (2021/22: 4.9%).Estimated useful life at 31 May 2023 can be summarised as follows: Asset class Useful life StoresThe lease term for stores is assessed to be up to 10 years depending on an internal store rating based on location, revenue and earnings. Office buildings1-10 years Other equipmentThe life is equal to the non-cancellable lease term and extensions are not considered for these.Critical accounting estimates and judgementsBang & Olufsen repairs or replaces products that do not function satisfactorily both within the warranty period or in certain situations after the warranty period. Consequently, provisions made are for future repairs and returns. Provisions are made based on historical data for repairs and returns and based on management\u2019s judgements. Future repairs and returns may differ from the historical pattern, but management has assessed that the estimate of provisions is reasonable and appropriate. The Group provides 2-5 years of warranty on certain products and is therefore committed to repairing or replacing products that do not function satisfactorily. Some products are repaired after the end of the warranty period, and a provision is made regarding such potential fairness claims. ",
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"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__24": {
"value": "1.3 Changes in accounting policies The Group has adopted all new or amended standards (IFRS) and interpretations as adopted by the EU and effective for the financial year starting on 1 June 2022 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. New or amended IFRS standards and interpretations not yet applicable within the EU The IASB has issued a number of new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2022/23 consolidated financial statements. The Group expects to implement these standards when they take effect. None of the new standards issued is currently expected to have any significant impact on the consolidated financial statements when implemented.",
"dimensions": {
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"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__23": {
"value": "1.3 Changes in accounting policies The Group has adopted all new or amended standards (IFRS) and interpretations as adopted by the EU and effective for the financial year starting on 1 June 2022 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. New or amended IFRS standards and interpretations not yet applicable within the EU The IASB has issued a number of new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2022/23 consolidated financial statements. The Group expects to implement these standards when they take effect. None of the new standards issued is currently expected to have any significant impact on the consolidated financial statements when implemented.",
"dimensions": {
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"language": "en",
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"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__28": {
"value": "2.1 Revenue and operating segments 2022/23 2021/22 Brand Partnering Brand Partnering (DKK million) EMEA Americas Asia Regions, total & other activities All EMEA Americas Asia Regions, total & other activities All Revenue by segment Revenue 1,281 313 795 2,389 363 2,752 1,360 307 983 2,650 298 2,948 Production costs -804 -214 -475 -1,493 -44 -1,537 -787 -199 -612 -1,598 -14 -1,612 Gross profit 477 99 320 896 319 1,215 573 108 371 1,052 284 1,336 Gross margin 37.2% 31.6% 40.3% 37.5% 87.9% 44.2% 42.2% 35.1% 37.7% 39.7% 95.2% 45.3% Capacity costs excl. depreciation, amortisation and impairment -1,192 -1,079 Depreciation and amortisation -147 -211 Impairment of non-current assets - - Financial items, net -28 -54 Profit/loss before tax (EBT) -152 -8 Brand Partnering Brand Partnering (DKK million) Staged Flexible Living On-the-go Products, total & other activities All Staged Flexible Living On-the-go Products, total & other activities All Revenue by product category Revenue 1,067 542 780 2,389 363 2,752 1,196 658 796 2,650 298 2,948 Production costs -575 -284 -634 -1,493 -44 -1,537 -657 -351 -590 -1,598 -14 -1,612 Gross profit 492 258 146 896 319 1,215 539 307 206 1,052 284 1,336 Gross margin 46.2% 47.7% 18.8% 37.5% 87.9% 44.2% 45.1% 46.8% 26.0% 39.7% 95.2% 45.3% Our activities are presented into two reportable segments. One includes our strategic markets, while the other reflects our product categories. Both segments include all channels relating to the distribution and sale of our products. Management monitors the performance and profitability of the operating segments for the purpose of decision making about performance management and resource allocation. Segments results are measured at gross profit level. Accounting policiesOperating segmentsSegment information has been prepared in accordance withthe Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations. 2022/23 2021/22 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % Denmark (domicile) 201 7% 244 8% China 430 16% 596 20% USA & Canada 305 11% 301 10% UK & Ireland 234 9% 209 7% Germany 182 7% 195 7% South Korea 112 4% 138 5% Eastern Europe 107 4% 128 4% Switzerland 91 3% 99 3% France 89 3% 95 3% Hong Kong 43 2% 66 2% Spain 54 2% 51 2% Brand Partnering & other activities 363 13% 298 10% Rest of world 542 21% 528 19% Total 2,752 100% 2,948 100% Non-current assets* (DKK million) 2022/23 2021/22 EMEA** 633 587 Americas 69 70 Asia 31 27 Total 733 684 *Non-current assets less deferred tax assets. **Of which DKK 573m in Denmark (31 May 2022: DKK 523m). Accounting policies Revenue recognitionRevenue from contracts with customers comprises sale of goods, licence fees and royalty income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.Licence fees and royalty income are recognised when earned according to the terms of the licence agreements. Depending on the type of contract, licence fee revenue is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 both for product sales and licensing income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties. The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction in the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.",
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"s10_notesesefdkgaap__7__26": {
"value": "2.1 Revenue and operating segments 2022/23 2021/22 Brand Partnering Brand Partnering (DKK million) EMEA Americas Asia Regions, total & other activities All EMEA Americas Asia Regions, total & other activities All Revenue by segment Revenue 1,281 313 795 2,389 363 2,752 1,360 307 983 2,650 298 2,948 Production costs -804 -214 -475 -1,493 -44 -1,537 -787 -199 -612 -1,598 -14 -1,612 Gross profit 477 99 320 896 319 1,215 573 108 371 1,052 284 1,336 Gross margin 37.2% 31.6% 40.3% 37.5% 87.9% 44.2% 42.2% 35.1% 37.7% 39.7% 95.2% 45.3% Capacity costs excl. depreciation, amortisation and impairment -1,192 -1,079 Depreciation and amortisation -147 -211 Impairment of non-current assets - - Financial items, net -28 -54 Profit/loss before tax (EBT) -152 -8 Brand Partnering Brand Partnering (DKK million) Staged Flexible Living On-the-go Products, total & other activities All Staged Flexible Living On-the-go Products, total & other activities All Revenue by product category Revenue 1,067 542 780 2,389 363 2,752 1,196 658 796 2,650 298 2,948 Production costs -575 -284 -634 -1,493 -44 -1,537 -657 -351 -590 -1,598 -14 -1,612 Gross profit 492 258 146 896 319 1,215 539 307 206 1,052 284 1,336 Gross margin 46.2% 47.7% 18.8% 37.5% 87.9% 44.2% 45.1% 46.8% 26.0% 39.7% 95.2% 45.3% Our activities are presented into two reportable segments. One includes our strategic markets, while the other reflects our product categories. Both segments include all channels relating to the distribution and sale of our products. Management monitors the performance and profitability of the operating segments for the purpose of decision making about performance management and resource allocation. Segments results are measured at gross profit level. Accounting policiesOperating segmentsSegment information has been prepared in accordance withthe Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations. 2022/23 2021/22 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % Denmark (domicile) 201 7% 244 8% China 430 16% 596 20% USA & Canada 305 11% 301 10% UK & Ireland 234 9% 209 7% Germany 182 7% 195 7% South Korea 112 4% 138 5% Eastern Europe 107 4% 128 4% Switzerland 91 3% 99 3% France 89 3% 95 3% Hong Kong 43 2% 66 2% Spain 54 2% 51 2% Brand Partnering & other activities 363 13% 298 10% Rest of world 542 21% 528 19% Total 2,752 100% 2,948 100% Non-current assets* (DKK million) 2022/23 2021/22 EMEA** 633 587 Americas 69 70 Asia 31 27 Total 733 684 *Non-current assets less deferred tax assets. **Of which DKK 573m in Denmark (31 May 2022: DKK 523m). Accounting policies Revenue recognitionRevenue from contracts with customers comprises sale of goods, licence fees and royalty income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.Licence fees and royalty income are recognised when earned according to the terms of the licence agreements. Depending on the type of contract, licence fee revenue is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 both for product sales and licensing income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties. The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction in the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.",
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"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
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"s10_notesesefdkgaap__7__25": {
"value": "2.1 Revenue and operating segments 2022/23 2021/22 Brand Partnering Brand Partnering (DKK million) EMEA Americas Asia Regions, total & other activities All EMEA Americas Asia Regions, total & other activities All Revenue by segment Revenue 1,281 313 795 2,389 363 2,752 1,360 307 983 2,650 298 2,948 Production costs -804 -214 -475 -1,493 -44 -1,537 -787 -199 -612 -1,598 -14 -1,612 Gross profit 477 99 320 896 319 1,215 573 108 371 1,052 284 1,336 Gross margin 37.2% 31.6% 40.3% 37.5% 87.9% 44.2% 42.2% 35.1% 37.7% 39.7% 95.2% 45.3% Capacity costs excl. depreciation, amortisation and impairment -1,192 -1,079 Depreciation and amortisation -147 -211 Impairment of non-current assets - - Financial items, net -28 -54 Profit/loss before tax (EBT) -152 -8 Brand Partnering Brand Partnering (DKK million) Staged Flexible Living On-the-go Products, total & other activities All Staged Flexible Living On-the-go Products, total & other activities All Revenue by product category Revenue 1,067 542 780 2,389 363 2,752 1,196 658 796 2,650 298 2,948 Production costs -575 -284 -634 -1,493 -44 -1,537 -657 -351 -590 -1,598 -14 -1,612 Gross profit 492 258 146 896 319 1,215 539 307 206 1,052 284 1,336 Gross margin 46.2% 47.7% 18.8% 37.5% 87.9% 44.2% 45.1% 46.8% 26.0% 39.7% 95.2% 45.3% Our activities are presented into two reportable segments. One includes our strategic markets, while the other reflects our product categories. Both segments include all channels relating to the distribution and sale of our products. Management monitors the performance and profitability of the operating segments for the purpose of decision making about performance management and resource allocation. Segments results are measured at gross profit level. Accounting policiesOperating segmentsSegment information has been prepared in accordance withthe Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations. 2022/23 2021/22 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % Denmark (domicile) 201 7% 244 8% China 430 16% 596 20% USA & Canada 305 11% 301 10% UK & Ireland 234 9% 209 7% Germany 182 7% 195 7% South Korea 112 4% 138 5% Eastern Europe 107 4% 128 4% Switzerland 91 3% 99 3% France 89 3% 95 3% Hong Kong 43 2% 66 2% Spain 54 2% 51 2% Brand Partnering & other activities 363 13% 298 10% Rest of world 542 21% 528 19% Total 2,752 100% 2,948 100% Non-current assets* (DKK million) 2022/23 2021/22 EMEA** 633 587 Americas 69 70 Asia 31 27 Total 733 684 *Non-current assets less deferred tax assets. **Of which DKK 573m in Denmark (31 May 2022: DKK 523m). Accounting policies Revenue recognitionRevenue from contracts with customers comprises sale of goods, licence fees and royalty income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.Licence fees and royalty income are recognised when earned according to the terms of the licence agreements. Depending on the type of contract, licence fee revenue is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 both for product sales and licensing income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties. The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction in the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.",
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"s10_notesesefdkgaap__7__29": {
"value": "Accounting policiesOperating segmentsSegment information has been prepared in accordance withthe Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
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"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
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"s10_notesesefdkgaap__7__31": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
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"s10_notesesefdkgaap__7__30": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
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"s10_notesesefdkgaap__7__27": {
"value": "Accounting policies Revenue recognitionRevenue from contracts with customers comprises sale of goods, licence fees and royalty income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.Licence fees and royalty income are recognised when earned according to the terms of the licence agreements. Depending on the type of contract, licence fee revenue is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 both for product sales and licensing income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties. The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction in the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__40": {
"value": "2.2 Costs (DKK million) 2022/23 2021/22 Breakdown by function: Production costs 1,537 1,612 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 2,876 2,902 Specification: Materials and consumables 1,424 1,483 Staff costs 764 777 Other costs 264 253 Depreciation, amortisation and impairment 222 211 Marketing costs 202 178 Total 2,876 2,902 Depreciation, amortisation and impairment Intangible assets, amortisation 128 112 Property, plant and equipment, depreciation 54 58 Right-of-use assets, depreciation 40 41 Total 222 211 Depreciation, amortisation and impairment relate to: Production costs 32 40 Development costs 110 97 Distribution and marketing costs 72 66 Administrative costs 8 8 Total 222 211 In 2022/23, total operating expenses recognised in the income statement decreased by DKK 25m to DKK 2,876m, corresponding to a decrease of 1%. The decrease reflected the performance for the year and the restructuring, offset by strategic initiatives. Production costs decreased during the year in line with the overall trend in activity. We saw a decrease in component and logistics costs improving the margin towards the end of the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 35m to DKK 910m. The increase was primarily related to higher marketing costs driven by the regions, brand awareness and marketing execution. Administrative costs decreased by DKK 8m to DKK 128m. In 2022/23, the Group incurred higher costs related to restructuring, offset by lower provisions for employee bonuses and advisory costs. Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses. (DKK million) 2022/23 2021/22 Development costs Incurred development costs before capitalisation 319 328 Of which capitalised -117 -138 Incurred development costs after capitalisation 202 190 Capitalisation (%) 36.7% 42.0% Total amortisation and impairment losses on development projects 99 89 Development costs recognised in the consolidated income statement 301 279 Incurred development costs before capitalisation ratio (% of revenue) 11.6% 11.1% Development costs increased by DKK 23m to DKK 301m as a result of higher amortisation on development projects and lower capitalization of development cost. Incurred development costs after capitalisations were DKK 13m higher than last year, reflecting platform upgrades and investments in the product roadmap. Capacity costs A breakdown of capacity costs as presented in the income statement is provided below. It comprises development costs, distribution and marketing costs and administrative costs. Capacity costs consist of functional costs, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2022/23 2021/22 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 1,339 1,290",
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"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__39": {
"value": "2.2 Costs (DKK million) 2022/23 2021/22 Breakdown by function: Production costs 1,537 1,612 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 2,876 2,902 Specification: Materials and consumables 1,424 1,483 Staff costs 764 777 Other costs 264 253 Depreciation, amortisation and impairment 222 211 Marketing costs 202 178 Total 2,876 2,902 Depreciation, amortisation and impairment Intangible assets, amortisation 128 112 Property, plant and equipment, depreciation 54 58 Right-of-use assets, depreciation 40 41 Total 222 211 Depreciation, amortisation and impairment relate to: Production costs 32 40 Development costs 110 97 Distribution and marketing costs 72 66 Administrative costs 8 8 Total 222 211 In 2022/23, total operating expenses recognised in the income statement decreased by DKK 25m to DKK 2,876m, corresponding to a decrease of 1%. The decrease reflected the performance for the year and the restructuring, offset by strategic initiatives. Production costs decreased during the year in line with the overall trend in activity. We saw a decrease in component and logistics costs improving the margin towards the end of the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 35m to DKK 910m. The increase was primarily related to higher marketing costs driven by the regions, brand awareness and marketing execution. Administrative costs decreased by DKK 8m to DKK 128m. In 2022/23, the Group incurred higher costs related to restructuring, offset by lower provisions for employee bonuses and advisory costs. Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses. (DKK million) 2022/23 2021/22 Development costs Incurred development costs before capitalisation 319 328 Of which capitalised -117 -138 Incurred development costs after capitalisation 202 190 Capitalisation (%) 36.7% 42.0% Total amortisation and impairment losses on development projects 99 89 Development costs recognised in the consolidated income statement 301 279 Incurred development costs before capitalisation ratio (% of revenue) 11.6% 11.1% Development costs increased by DKK 23m to DKK 301m as a result of higher amortisation on development projects and lower capitalization of development cost. Incurred development costs after capitalisations were DKK 13m higher than last year, reflecting platform upgrades and investments in the product roadmap. Capacity costs A breakdown of capacity costs as presented in the income statement is provided below. It comprises development costs, distribution and marketing costs and administrative costs. Capacity costs consist of functional costs, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2022/23 2021/22 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 1,339 1,290",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__36": {
"value": "2.2 Costs (DKK million) 2022/23 2021/22 Breakdown by function: Production costs 1,537 1,612 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 2,876 2,902 Specification: Materials and consumables 1,424 1,483 Staff costs 764 777 Other costs 264 253 Depreciation, amortisation and impairment 222 211 Marketing costs 202 178 Total 2,876 2,902 Depreciation, amortisation and impairment Intangible assets, amortisation 128 112 Property, plant and equipment, depreciation 54 58 Right-of-use assets, depreciation 40 41 Total 222 211 Depreciation, amortisation and impairment relate to: Production costs 32 40 Development costs 110 97 Distribution and marketing costs 72 66 Administrative costs 8 8 Total 222 211 In 2022/23, total operating expenses recognised in the income statement decreased by DKK 25m to DKK 2,876m, corresponding to a decrease of 1%. The decrease reflected the performance for the year and the restructuring, offset by strategic initiatives. Production costs decreased during the year in line with the overall trend in activity. We saw a decrease in component and logistics costs improving the margin towards the end of the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 35m to DKK 910m. The increase was primarily related to higher marketing costs driven by the regions, brand awareness and marketing execution. Administrative costs decreased by DKK 8m to DKK 128m. In 2022/23, the Group incurred higher costs related to restructuring, offset by lower provisions for employee bonuses and advisory costs. Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses. (DKK million) 2022/23 2021/22 Development costs Incurred development costs before capitalisation 319 328 Of which capitalised -117 -138 Incurred development costs after capitalisation 202 190 Capitalisation (%) 36.7% 42.0% Total amortisation and impairment losses on development projects 99 89 Development costs recognised in the consolidated income statement 301 279 Incurred development costs before capitalisation ratio (% of revenue) 11.6% 11.1% Development costs increased by DKK 23m to DKK 301m as a result of higher amortisation on development projects and lower capitalization of development cost. Incurred development costs after capitalisations were DKK 13m higher than last year, reflecting platform upgrades and investments in the product roadmap. Capacity costs A breakdown of capacity costs as presented in the income statement is provided below. It comprises development costs, distribution and marketing costs and administrative costs. Capacity costs consist of functional costs, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2022/23 2021/22 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 1,339 1,290",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__34": {
"value": "2.2 Costs (DKK million) 2022/23 2021/22 Breakdown by function: Production costs 1,537 1,612 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 2,876 2,902 Specification: Materials and consumables 1,424 1,483 Staff costs 764 777 Other costs 264 253 Depreciation, amortisation and impairment 222 211 Marketing costs 202 178 Total 2,876 2,902 Depreciation, amortisation and impairment Intangible assets, amortisation 128 112 Property, plant and equipment, depreciation 54 58 Right-of-use assets, depreciation 40 41 Total 222 211 Depreciation, amortisation and impairment relate to: Production costs 32 40 Development costs 110 97 Distribution and marketing costs 72 66 Administrative costs 8 8 Total 222 211 In 2022/23, total operating expenses recognised in the income statement decreased by DKK 25m to DKK 2,876m, corresponding to a decrease of 1%. The decrease reflected the performance for the year and the restructuring, offset by strategic initiatives. Production costs decreased during the year in line with the overall trend in activity. We saw a decrease in component and logistics costs improving the margin towards the end of the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 35m to DKK 910m. The increase was primarily related to higher marketing costs driven by the regions, brand awareness and marketing execution. Administrative costs decreased by DKK 8m to DKK 128m. In 2022/23, the Group incurred higher costs related to restructuring, offset by lower provisions for employee bonuses and advisory costs. Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses. (DKK million) 2022/23 2021/22 Development costs Incurred development costs before capitalisation 319 328 Of which capitalised -117 -138 Incurred development costs after capitalisation 202 190 Capitalisation (%) 36.7% 42.0% Total amortisation and impairment losses on development projects 99 89 Development costs recognised in the consolidated income statement 301 279 Incurred development costs before capitalisation ratio (% of revenue) 11.6% 11.1% Development costs increased by DKK 23m to DKK 301m as a result of higher amortisation on development projects and lower capitalization of development cost. Incurred development costs after capitalisations were DKK 13m higher than last year, reflecting platform upgrades and investments in the product roadmap. Capacity costs A breakdown of capacity costs as presented in the income statement is provided below. It comprises development costs, distribution and marketing costs and administrative costs. Capacity costs consist of functional costs, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2022/23 2021/22 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 1,339 1,290",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__32": {
"value": "2.2 Costs (DKK million) 2022/23 2021/22 Breakdown by function: Production costs 1,537 1,612 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 2,876 2,902 Specification: Materials and consumables 1,424 1,483 Staff costs 764 777 Other costs 264 253 Depreciation, amortisation and impairment 222 211 Marketing costs 202 178 Total 2,876 2,902 Depreciation, amortisation and impairment Intangible assets, amortisation 128 112 Property, plant and equipment, depreciation 54 58 Right-of-use assets, depreciation 40 41 Total 222 211 Depreciation, amortisation and impairment relate to: Production costs 32 40 Development costs 110 97 Distribution and marketing costs 72 66 Administrative costs 8 8 Total 222 211 In 2022/23, total operating expenses recognised in the income statement decreased by DKK 25m to DKK 2,876m, corresponding to a decrease of 1%. The decrease reflected the performance for the year and the restructuring, offset by strategic initiatives. Production costs decreased during the year in line with the overall trend in activity. We saw a decrease in component and logistics costs improving the margin towards the end of the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 35m to DKK 910m. The increase was primarily related to higher marketing costs driven by the regions, brand awareness and marketing execution. Administrative costs decreased by DKK 8m to DKK 128m. In 2022/23, the Group incurred higher costs related to restructuring, offset by lower provisions for employee bonuses and advisory costs. Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses. (DKK million) 2022/23 2021/22 Development costs Incurred development costs before capitalisation 319 328 Of which capitalised -117 -138 Incurred development costs after capitalisation 202 190 Capitalisation (%) 36.7% 42.0% Total amortisation and impairment losses on development projects 99 89 Development costs recognised in the consolidated income statement 301 279 Incurred development costs before capitalisation ratio (% of revenue) 11.6% 11.1% Development costs increased by DKK 23m to DKK 301m as a result of higher amortisation on development projects and lower capitalization of development cost. Incurred development costs after capitalisations were DKK 13m higher than last year, reflecting platform upgrades and investments in the product roadmap. Capacity costs A breakdown of capacity costs as presented in the income statement is provided below. It comprises development costs, distribution and marketing costs and administrative costs. Capacity costs consist of functional costs, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2022/23 2021/22 Development costs 301 279 Distribution and marketing costs 910 875 Administrative costs 128 136 Total 1,339 1,290",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__33": {
"value": "Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__35-1": {
"value": "Production costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year.Distribution and marketing costs Distribution and marketing costs comprise costs relating to sales and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__37": {
"value": "Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__42": {
"value": "Accounting policiesGovernment grants are recognised when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. The grant is deducted in reporting the related cost on a systematic basis over the periods that the related costs for which it is intended to compensate are expensed. A grant that is a compensation for costs already incurred is recognised in profit or loss for the period in which it becomes receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__41": {
"value": "2.3 Government grants (DKK million) 2022/23 2021/22 Government grants 8 1 Breakdown by function: Production costs 3 - Development costs - - Distribution and marketing costs 5 1 Administrative costs - - Total 8 1 Government grants in 2022/23 related to grants in China, Hong Kong and Singapore. In 2021/22, government grants related to China and Hong Kong. Accounting policiesGovernment grants are recognised when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. The grant is deducted in reporting the related cost on a systematic basis over the periods that the related costs for which it is intended to compensate are expensed. A grant that is a compensation for costs already incurred is recognised in profit or loss for the period in which it becomes receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__43": {
"value": "2.4 Special items (DKK million) 2022/23 2021/22 Severance and garden leave, Executive Management Board 0 4 Restructuring costs and severance 19 2 Consultants - 2 Total 19 8 Production costs 2 3 Development costs 10 3 Distribution and marketing costs 7 1 Administrative costs 0 1 Total 19 8 In 2022/23, special items amounted to DKK 19m (2021/22: DKK 8m). Special items in 2022/23 related primarily to restructuring and severance costs in respect of the reorganisation announced in Q3 including garden leave for a key employee. Special items in 2021/22 related primarily to garden leave for an Executive Management Board member who left the company. Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions.",
"dimensions": {
"concept": "BAN:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__44": {
"value": "Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions.",
"dimensions": {
"concept": "BAN:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__46": {
"value": "Accounting policiesIncome taxIncome tax comprises current tax and changes in deferred tax for the year, including changes as a result of tax rate changes. The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to items recognised in other comprehensive income is recognised in the statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__45": {
"value": "2.5 Tax Tax for the year Tax on profit was DKK -11m in 2022/23 against DKK 22m in 2021/22. The effective tax rate was 7.6% in 2022/23 against -272.0% in 2021/22. The effective tax rate was primarily affected by the impairment of deferred tax assets of DKK 15.3m. A detailed overview can be found on the next page. Tax recognised in other comprehensive income relates to changes in the fair value of derivative financial instruments used as cash flow hedges and is recognised in retained earnings. 2022/23 2021/22 Other Other Income comprehenIncome comprehen(DKK million) statement sive income Total tax statement sive income Total tax Tax for the year Current tax 9 - 9 18 - 18 Change in deferred tax during the year -14 - -14 -6 1 -5 Change in deferred tax as a result of change in tax rate2 - 2 - - - Adjustments to tax for prior years -8 - -8 10 - 10 Total -11 - -11 22 1 23 Accounting policiesIncome taxIncome tax comprises current tax and changes in deferred tax for the year, including changes as a result of tax rate changes. The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to items recognised in other comprehensive income is recognised in the statement of comprehensive income. Country by country The Group acknowledges the important role that taxes play for public finances and in developing effective, accountable and transparent societal institutions as expressed in UN Sustainable Development Goal 16.6. As a part of being more transparent on corporate taxes, the Group discloses specific country-by-country data for focus markets. Income tax Total revenue Profit/loss before accrued (DKK Income tax paid Legal entities in(DKK million) FTE tax (DKK million) million) (DKK million) Denmark 1,260.6 754.1 -193.1 - -8.9 Norway 17.3 1.0 0.3 - 0.0 Sweden 20.4 2.0 0.7 - 0.0 Germany 136.4 15.4 4.9 1.3 1.4 Switzerland 88.7 6.7 4.2 1.1 0.8 Austria 16.7 6.0 0.3 0.1 0.4 UK 166.0 33.7 5.5 1.0 0.0 Netherlands 74.0 5.1 4.6 0.9 0.4 Belgium 33.8 3.0 0.6 0.2 0.5 France 67.3 16.5 1.9 0.5 0.0 Spain 42.6 12.0 -0.4 - 0.7 Italy 41.6 5.8 0.9 0.2 0.9 USA 294.8 29.4 12.0 0.0 1.6 Japan 21.2 5.9 0.6 0.3 0.4 China 387.6 51.4 3.3 3.2 -4.4 Hong Kong 83.4 30.8 2.3 0.4 0.0 Singapore 0.1 52.8 -0.3 - 0.0 Bulgaria - 6.5 0.0 0.0 - Total 2,752.5 1,038.1 -151.7 9.5 -6.5 EFFECTIVE TAX RATE FOR THE YEAR % Amount Non-Non-Calculated deductible Calculated deductible tax on Deviating costs and tax on Deviating costs and result for tax rates in non-Adjustments Foreign Impairment result for tax rates in non-Adjustments Foreign Impairment the year foreign taxable Changes in to prior withholding of deferred the year foreign taxable Changes in to prior withholding of deferred Countrybefore tax subsidiaries income tax rates periods tax tax assets Other Total before tax subsidiaries income tax rates periods tax tax assets Other Total Denmark 22.0% - -3.4% - 8.2% -1.0% -7.9% -3.1% 14.8% -42.5 - 6.6 - -15.7 1.9 15.3 6.0 -28.3 Norway 22.0% - - - 84.0% - - 106.0% 0.1 - - - 0.3 - - 0.3 Sweden 22.0% -1.4% - - 21.9% - - 42.5% 0.1 -0.0 - - 0.1 - - 0.3 Germany 22.0% 3.5% 5.0% - 7.9% - - 38.3% 1.1 0.2 0.2 - 0.4 - - 1.9 Switzerland 22.0% 3.4% - - 0.3% - - 25.7% 0.9 0.1 - - 0.0 - - 1.1 Austria 22.0% 2.0% - 1.3% 3.0% - -0.9% 27.4% 0.1 0.0 - 0.0 0.0 - -0.0 0.1 UK 22.0% -3.0% - - 24.4% - - 43.4% 1.2 -0.2 - - 1.3 - - 2.4 Netherlands 22.0% -3.0% - 36.1% 5.7% - - 60.7% 1.0 -0.1 - 1.7 0.3 - - 2.8 Belgium 22.0% 3.0% - - 11.6% - - 36.6% 0.1 0.0 - - 0.1 - - 0.2 France 22.0% 3.0% - - - - - 25.0% 0.4 0.1 - - - - - 0.5 Spain 22.0% 3.0% - - -165.4% - - -140.4% -0.1 -0.0 - - 0.7 - - 0.6 Italy 22.0% 5.9% - - 34.9% - - 62.8% 0.2 0.1 - - 0.3 - - 0.5 USA 22.0% 5.0% -0.3% - 39.1% - -11.5% 54.4% 2.7 0.6 -0.0 - 4.7 - -1.4 6.6 Japan 22.0% 12.1% - - 39.6% - 42.9% 116.5% 0.1 0.1 - - 0.2 - 0.3 0.7 China 22.0% 3.0% 1.9% - -82.7% - - -55.8% 0.7 0.1 0.1 - -2.8 - - -1.9 Hong Kong 22.0% -5.5% - - -6.8% - - 9.7% 0.5 -0.1 - - -0.2 - - 0.2 Singapore 22.0% -5.0% - - -204.7% - - -187.7% -0.1 0.0 - - 0.6 - - 0.6 Bulgaria 22.0% -12.0% - - - - - 10.0% 0.0 -0.0 - - - - - 0.0 2022/23 22.0% -0.5% -4.6% -1.1% 6.4% -1.3% -10.1% -3.2% 7.6% -33.4 0.8 6.9 1.7 -9.7 1.9 15.3 4.9 -11.5 2021/22 22.0% -21.3% -129.4% 5.3% -125.2% - 3.3% 26.7% -272.0% -1.8 1.7 10.5 -0.4 10.2 - -0.3 2.2 22.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__47": {
"value": " Deferred tax At 31 May 2023, net deferred tax assets amounted to DKK 93m (31 May 2022: DKK 71m). The increase reflected net operating tax loss, tangible assets and other assets and share-based payments. Deferred tax assets have been recognised based on expected earnings in the foreseeable future. The assessment takes into account the possibility of utilising losses in each relevant jurisdiction. Deferred tax assets totalled DKK 99m (31 May 2022: DKK 77m), of which DKK 78m related to the Group\u2019s jointly taxed companies in Denmark, DKK 12m related to China, and DKK 4m to the US, whereas the remaining DKK 4m related to other foreign legal entities in the Group. Tax loss carryforwards at 31 May 2023 amounted to DKK 45m (31 May 2022: DKK 10m). The Group's tax policy is available on the Group\u2019s website. Assets Liabilities Net assets (DKK million) 31-05-23 31-05-22 31-05-23 31-05-22 31-05-23 31-05-22 Deferred tax Non-current assets 39 32 6 6 33 26 Inventories 5 17 - - 5 17 Receivables 2 - -0 - 2 - Provisions 6 4 -0 - 6 4 Tax loss carryforwards 45 10 0 - 45 10 Other 2 14 - - 2 14 Total 99 77 6 6 93 71 (DKK million) 2022/23 2021/22 Change in deferred tax, net during the year Non-current assets 7 3 Inventories -12 17 Receivables 2 -2 Provisions 2 -7 Tax loss carryforwards 35 -9 Other -12 -11 Total 22 -9 At 31 May 2023, the value of unrecognised deferred tax assets amounted to DKK 323m. Of this amount, DKK 280m related to Denmark, DKK 35m to the US, and DKK 8m to other legal entities abroad. A total of DKK 246m related to tax loss carryforwards, DKK 210m of which can be carried forward indefinitely. The unrecognised deferred tax assets will be recognised as income as they are utilised or when there is convincing evidence that they will be utilised in the foreseeable future. Critical accounting estimates and judgements Deferred tax assets In 2022/23, management has performed an impairment test of the deferred tax asset and recognised an impairment of DKK 323m. Based on the Group\u2019s satisfactory performance and its continued strategy work, management revisited the carrying amount of the tax asset based on expected positive earnings and concluded that the amount was appropriate as of 31 May 2023. The Group recognises deferred tax assets, including the tax base of tax loss carryforwards, if it is assessed that the respective tax assets can be offset against positive taxable income in the foreseeable future (3-5 years). This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if they are likely to be utilised.Accounting policies Deferred tax Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes. Such temporary differences arose on the date of acquisition without affecting the results or taxable income. In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is measured according to the tax rules and at the tax rates applicable in the relevant countries at the reporting date and when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__48": {
"value": "Accounting policies Deferred tax Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties and other items if disallowed for tax purposes. Such temporary differences arose on the date of acquisition without affecting the results or taxable income. In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is measured according to the tax rules and at the tax rates applicable in the relevant countries at the reporting date and when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__50-1": {
"value": "Accounting policiesWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered. The cost of share-based payments, which are expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and equity. Termination benefits are recognised at the time an agreement between the Group and the employee is made, and no future service is rendered by the employee in exchange for the benefits.Accounting policies As an employer, the Bang & Olufsen Group participates in pension plans according to normal practice in the countries in which the Group operates. The majority of the pension plans operated by the Group are defined contribution plans. The only exceptions are defined benefit plans operated in Germany.Under defined contribution plans, the Group recognises pension contributions, which can either be a fixed amount or a fixed percentage of the monthly salary in the income statement as they are paid to separate independent companies. Any unpaid contributions are recognised in the financial position as other liabilities. Once the contributions have been paid, the Group has no further obligations and the risk related to the value of the pension insurance at retirement lies with the individual employee.Under defined benefit plans the Group has an obligation to pay a fixed amount or a fixed percentage of the salary at retirement. This means that the Bang & Olufsen Group carries the risk of any changes in the actuarially calculated capital value of the pension plans. The present value of the future benefits that employees are entitled to is calculated annually. The present value is calculated based on a number of assumptions relating to the future development in salary levels and interest, inflation and mortality rates. The present value of the defined benefit obligation net of the fair value of the plan assets is recognised in the balance sheet as a pension liability. The costs of defined benefit plans are recognised in the income statement and include service costs as well as net interest based on actuarial estimates and the financial outlook at the beginning of the year. Changes in assumptions as well as differences between the expected and the realised return on plan assets are classified as actuarial gains and losses. Such gains and losses are recognised in other comprehensive income in the period in which they arise. If a defined benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__49-1": {
"value": "3.1 Staff costs (DKK million) 2022/23 2021/22 Wages and other remuneration 674 693 Share-based payments 12 13 Pensions 46 40 Other social security costs 32 31 Total staff costs 764 777 Average number of employees 1,038 1,033 Staff costs relate to: Production costs 138 173 Development costs 198 199 Distribution and marketing costs 325 314 Administrative costs 103 91 Total staff costs 764 777 Accounting policiesWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered. The cost of share-based payments, which are expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and equity. Termination benefits are recognised at the time an agreement between the Group and the employee is made, and no future service is rendered by the employee in exchange for the benefits.3.4 Pension and similar retirement obligations (DKK million) 2022/23 2021/22 Amount recognised in the income statement Defined contribution plans 46 42 Defined benefit plans 0 0 Total pension amount charged to the income statement 46 42 Amount recognised in the balance sheet Wholly unfunded defined benefit plans 3 3 Wholly or partly funded defined benefit plans 16 17 Present value of defined benefit obligation 31 May 19 20 Fair value of plan assets -8 -8 Defined benefit plan obligation 31 May 11 12 (DKK million) 2022/23 2021/22 Present value of future payments 16 17 Fair value of plan assets -8 -8 Actuarially calculated net obligation 8 9 Wholly unfunded defined benefit plans 3 3 Defined benefit plans 31 May, net 11 12 Actuarial assumptions Discount rate p.a. 4,0% 2,5% Expected salary increase p.a. 2,4% 2,0% Expected rate of return p.a. 2,4% 2,0% The Group's defined benefit plans are managed by independent pension funds. None of the plan assets are connected to any of the Group companies. The defined benefit plans in Germany are partly funded through an independent pension fund. Accounting policies As an employer, the Bang & Olufsen Group participates in pension plans according to normal practice in the countries in which the Group operates. The majority of the pension plans operated by the Group are defined contribution plans. The only exceptions are defined benefit plans operated in Germany.Under defined contribution plans, the Group recognises pension contributions, which can either be a fixed amount or a fixed percentage of the monthly salary in the income statement as they are paid to separate independent companies. Any unpaid contributions are recognised in the financial position as other liabilities. Once the contributions have been paid, the Group has no further obligations and the risk related to the value of the pension insurance at retirement lies with the individual employee.Under defined benefit plans the Group has an obligation to pay a fixed amount or a fixed percentage of the salary at retirement. This means that the Bang & Olufsen Group carries the risk of any changes in the actuarially calculated capital value of the pension plans. The present value of the future benefits that employees are entitled to is calculated annually. The present value is calculated based on a number of assumptions relating to the future development in salary levels and interest, inflation and mortality rates. The present value of the defined benefit obligation net of the fair value of the plan assets is recognised in the balance sheet as a pension liability. The costs of defined benefit plans are recognised in the income statement and include service costs as well as net interest based on actuarial estimates and the financial outlook at the beginning of the year. Changes in assumptions as well as differences between the expected and the realised return on plan assets are classified as actuarial gains and losses. Such gains and losses are recognised in other comprehensive income in the period in which they arise. If a defined benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__52": {
"value": "3.2 Remuneration of management Total remuneration to the Executive Management Board (EMB) amounted to DKK 33m. This represented a decrease of DKK 10m compared to 2021/22. This was primarily driven by lower costs for the short-term cash bonus plan. The Board of Directors has decided to implement an escape clause for the short-term cash bonus plan if the EBIT before special items was below zero. This clause was made on top of the policy. For the year 2022/23 only four out of five KPI\u2019s were met as EBIT before special items was below zero. Thereby the escape clause was used, hence no bonus was accrued for as of year-end. With a view to ensuring retention of the members of the EMB, the Board of Directors resolved in May 2022 to extend the previously established extraordinary special short-term cash-based retention programme covering the financial year 2022/23. In May 2023, the Board of Directors decided to extend the special short-term cash-based retention programme for 2023/24. The programme is subject to requirements of continued service and satisfactory people review ratings and was established with the aim of stabilising the EMB during the turnaround of the Company and until the long-term incentive programmes (LTIP) reach a desired and necessary retention level. 2022/23 2021/22 Executive Executive Board of Management Other key Board of Management Other key (DKK million) Directors Board employees Directors Board employees Wages, salaries and fees 6 16 27 6 16 22 Pensions - 1 3 - 1 2 Bonus - 12 17 - 20 20 Termination and severance payments- - - - - - Total 6 29 47 6 37 44 Share-based payments - 4 3 - 5 3 Total remuneration 6 33 50 6 42 47 The costs for the long-term combined performance and restricted plan were lower than last year, driven primarily by the lower EBIT performance. No termination or severance payments were made in 2022/23 (2021/22: DKK 0m). The terms of notice of the members of the Executive Management Board are consistent with normal market conditions (up to 24 months). Board of Directors In 2022/23, the Board of Directors received total remuneration of DKK 6m (2021/22: DKK 6m). The full remuneration report for the financial year 2022/23 can be found at https://investor.bang-olufsen.com. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__53": {
"value": "3.3 Share-based programmes Long-term incentive programmes (LTIP) Pursuant to Bang & Olufsen A/S\u2019s Remuneration Policy, the Board of Directors has resolved to allocate restricted shares under Bang & Olufsen A/S\u2019s Combined Performance and Retention Share Programmes to the Executive Management Board, Other key employees and select employees. Two-thirds of the restricted shares are performance shares that are eligible for vesting in equal tranches over three financial years, depending on the level of achievement of certain KPIs defined by the Board of Directors for each performance year. The remaining shares are retention shares, which are subject to the participants\u2019 continued employment and satisfactory people review ratings. The retention shares also vest in three equal tranches over the period. Each financial year has a maximum payout of index 200 depending on the level of achievements made. Any vested restricted shares will be released after the Annual General Meeting's adoption of the Annual Report at the end of the third financial year for each programme, with the provision that vesting, and release may be accelerated in the case of certain extraordinary events. TABLE \u2013 LONG-TERM INCENTIVE PROGRAMMES (LTIP) Estimated Maximum remaining Average market Accumu-maximum share value at lated cost value to be price at launch recognized expensed grant Shares 31 (DKK (DKK (DKK Award Vesting Performance perioddate May million) million) million) date date Programme start date 02.10.2020 01.06.2020-31.05.2023 12.93 1,304,692 45 16 - 02.10.2020 31.05.2023 12.07.2021 01.06.2021-31.05.2024 33.11 870,741 74 13 14 12.07.2021 31.05.2024 11.07.2022 01.06.2022-31.05.2025 14.28 3,269,227 76 8 36 11.07.2022 31.05.2025 Total 5,444,660 195 37 50 The programmes are accounted for on an accrual basis over the three-year vesting period. The value of each programme is adjusted on a timely basis until vesting based on the likelihood that certain KPIs will be met. The company now has three ongoing incentive programmes as per the below table. The programme that was initiated in 2020 ended 31 May 2023 and 1,304,692 shares will be exercised after the annual general meeting. The costs for the share programmes for the year were DKK 12m (2021/22: DKK 13m). Since we went from two to three ongoing programmes, the total costs were expected to increase, but due to the overall soft performance the total costs for the year were at the same level as prior year. Accounting policiesShare-based programmes in which the Executive Management Board and selected other key employees are given the right to receive shares in the Parent Company (equity-settled programmes) are measured at the fair value of the equity instruments at grant date and recognised in the income statement as part of staff costs during the period when the employees become entitled to buy the shares. The existing share-based programmes give Bang & Olufsen A/S an option to settle in cash. However, as it is expected that the programmes will be settled in shares, they will be accounted for as equity-settled programmes. Long-term incentive programmes (LTIP) - continued The table below summarises the maximum outstanding shares within the programmes. Bang & Olufsen A/S has purchased a limited number of treasury shares to cover the obligation for the outstanding shares. The holding of treasury shares totalled 2,983,739 shares at 31 May 2023 (31 May 2022: 3,244,692 shares). TABLE - SHARES OUTSTANDING Executive Management Other Shares outstanding Board employees Total 2022/23 Shares outstanding at 1 June 1,646,534 2,176,414 3,822,948 Shares granted during the year 1,185,752 3,208,570 4,394,322 Shares exercised during the year - - - Shares lapsed during the year - 1,206,174 -1,566,436 -2,772,610 Total number of shares outstanding 1,626,112 3,818,548 5,444,660 2021/22 Shares outstanding at 1 June 1,301,181 1,689,968 2,991,149 Shares granted during the year 345,353 700,586 1,045,939 Shares exercised during the year - - - Shares lapsed during the year - - 214,140 - 214,140 Total number of shares outstanding 1,646,534 2,176,414 3,822,948",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__54": {
"value": "Accounting policiesShare-based programmes in which the Executive Management Board and selected other key employees are given the right to receive shares in the Parent Company (equity-settled programmes) are measured at the fair value of the equity instruments at grant date and recognised in the income statement as part of staff costs during the period when the employees become entitled to buy the shares. The existing share-based programmes give Bang & Olufsen A/S an option to settle in cash. However, as it is expected that the programmes will be settled in shares, they will be accounted for as equity-settled programmes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__58": {
"value": "Accounting policies Inventories are measured at the lower of cost price according to the FIFO principle and net realisable value. The cost price of raw materials, consumables and purchased goods comprises the acquisition price including delivery costs. The cost price of finished goods and work in progress comprises costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation on plant and machinery, factory buildings and other equipment used in the production process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected selling price less costs of completion and costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__57": {
"value": "4.1 Inventories (DKK million) 2022/23 2021/22 Inventory before write-downs 542 714 Write-downs -43 -85 Total 499 629 Raw materials 31 30 Work in progress 17 20 Spare parts 71 63 Finished goods 380 488 Prepayments for goods - 28 Total 499 629 Cost of sales recognised in production costs 1,424 1,483 Prepayments for goods was related to spot buys driven by component scarcity. We had no further prepayments at 31 May 2023. Critical accounting estimates and judgementsA specific assessment of the need for write-downs for obsolescence of inventories is made based on an assessment of the future sales potential. The assessment takes into account expected technological developments and expected service periods. The provision is primarily related to finished goods and spare parts. The applied principles are unchanged compared to the prior year.Accounting policies Inventories are measured at the lower of cost price according to the FIFO principle and net realisable value. The cost price of raw materials, consumables and purchased goods comprises the acquisition price including delivery costs. The cost price of finished goods and work in progress comprises costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation on plant and machinery, factory buildings and other equipment used in the production process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected selling price less costs of completion and costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__60": {
"value": "Accounting policies On initial recognition, trade receivables are measured at fair value and subsequently at amortised cost less loss allowance for expected credit losses. Trade receivables comprise sale of goods and services and income from licences. Other receivables comprise VAT receivables, loans to partners, interest receivables and derivatives. The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on grouping of trade receivables sharing the same characteristics. Impairment of trade receivables is recognised in distribution and marketing costs in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__59": {
"value": "4.2 Trade receivables (DKK million) 2022/23 2021/22 Trade receivables at 31 May, before impairment 356 456 Impairment at 1 June -59 -58 Impairment losses recognised 4 -7 Realised impairment losses 42 2 Reversed impairment losses -2 4 Impairment at 31 May -15 -59 Trade receivables at 31 May 341 397 Receivables are recognised when control has been transferred as the consideration to be paid is reasonably assured. Receivables are generally due within 30-60 days and all receivables are consequently classified as current. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months. Realised losses are immaterial and remain within the expected range. 31-05-23 31-05-22 (DKK million) Amount Impairment Amount Impairment Maturity analysis: Amounts not due 336 -1 356 -1 Past due up to 30 days -1 0 0 0 Past due between 31 and 60 days 0 0 8 0 Past due between 61 and 90 days -2 0 2 0 Past due between 91 and 120 days 2 -1 2 0 Past due more than 120 days 22 -13 88 -58 Trade receivables 356 -15 456 -59 See note 7.1 for details about credit risk associated with trade receivables. Critical accounting estimates and judgementsThe allowance for expected credit losses for trade receivables is based on historical credit loss experience combined with forward-looking information on macro-economic factors affecting credit risk. Management continues to assess credit risks in order to ensure that credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 7.1. Changes in impairment are presented in the table above. Accounting policies On initial recognition, trade receivables are measured at fair value and subsequently at amortised cost less loss allowance for expected credit losses. Trade receivables comprise sale of goods and services and income from licences. Other receivables comprise VAT receivables, loans to partners, interest receivables and derivatives. The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on grouping of trade receivables sharing the same characteristics. Impairment of trade receivables is recognised in distribution and marketing costs in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__63": {
"value": "Accounting policies Contract assets and liabilitiesThe refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost price. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers either in 2022/23 or previous years. This is common practice in the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__62": {
"value": "4.3 Contract assets and liabilities (DKK million) 2022/23 2021/22 Trade receivables 341 397 Right-of-return assets* 3 8 Total contract assets 344 405 Deferred income - non-current** 0 14 Deferred income - current** 6 7 Refund liabilities** 6 15 Total contract liabilities 12 36 * Right-of-return assets have been recognised in current other receivables. ** Deferred income and refund liabilities has been recognised in other liabilities. Generally, trade receivables are recognised at the same point in time as revenue and invoicing. Payment terms vary within different customer segments due to local and specific agreements. In some cases, the Group receives upfront payments which are deducted in the actual invoicing. The income from the associated contract is recognised over time, resulting in contract liabilities. Right-of-return assets and the associated refunds refer mainly to a few multibrand customers. Deferred income consists of prepayments from customers. Deferred income mainly constitutes revenue related to the licence agreement with Harman (brand licensing income from car audio products). This includes deferred revenue from future licensing income. Accounting policies Contract assets and liabilitiesThe refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost price. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers either in 2022/23 or previous years. This is common practice in the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__61": {
"value": "4.3 Contract assets and liabilities (DKK million) 2022/23 2021/22 Trade receivables 341 397 Right-of-return assets* 3 8 Total contract assets 344 405 Deferred income - non-current** 0 14 Deferred income - current** 6 7 Refund liabilities** 6 15 Total contract liabilities 12 36 * Right-of-return assets have been recognised in current other receivables. ** Deferred income and refund liabilities has been recognised in other liabilities. Generally, trade receivables are recognised at the same point in time as revenue and invoicing. Payment terms vary within different customer segments due to local and specific agreements. In some cases, the Group receives upfront payments which are deducted in the actual invoicing. The income from the associated contract is recognised over time, resulting in contract liabilities. Right-of-return assets and the associated refunds refer mainly to a few multibrand customers. Deferred income consists of prepayments from customers. Deferred income mainly constitutes revenue related to the licence agreement with Harman (brand licensing income from car audio products). This includes deferred revenue from future licensing income. Accounting policies Contract assets and liabilitiesThe refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost price. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers either in 2022/23 or previous years. This is common practice in the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__65": {
"value": "Accounting policies PrepaymentsPrepayments comprise incurred costs related to subsequent financial years. Prepayments are measured at cost.Other liabilities Other liabilities mainly comprise provisions for employee-related costs, VAT and deferred income. Other liabilities are measured at cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__64": {
"value": "4.4 Net working capital (DKK million) 31-05-23 31-05-22 Change Inventories 499 629 130 Trade receivables 341 397 56 Other receivables* 66 88 22 Prepayments 24 28 4 Trade payables -565 -581 -16 Other liabilities -143 -212 -69 Deferred income - non-current 0 -14 -14 Total 222 335 113 * Other receivables were adjusted for financial receivables related to leases of DKK 2m not included as net working capital at 31 May 2023 (31 May 2022: DKK 1m). Net working capital decreased during the year by DKK 113m to DKK 222m (31 May 2022: DKK 335m). Inventories decreased by DKK 130m as a result of continued focus on inventory management and the fact that all component spot buys are gone. Trade receivables decreased year over year due to lower revenue in Q4 2022/23 than last year. Payables decreased by DKK 99m, driven by lower provision for employee bonus and timing of payments. Accounting policies PrepaymentsPrepayments comprise incurred costs related to subsequent financial years. Prepayments are measured at cost.Other liabilities Other liabilities mainly comprise provisions for employee-related costs, VAT and deferred income. Other liabilities are measured at cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__72": {
"value": "5.1 Intangible assets and property, plant and equipment Completed Development Property, plant Acquired rights development projects in Land and Plant and Leasehold and equipment Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements under construction and equipment Cost At 1 June 2021 63 175 572 76 886 264 736 122 39 28 1.189 Additions - 39 16 122 177 2 15 13 1 41 72 Disposals - - -38 - -38 - -1 -7 -4 - -12 Reclassification from asset held for sale to land and buildings- - - - - 84 - - - - 84 Completed development projects and assets - - 60 -60 - 2 21 1 6 -30 - Exchange rate adjustments 1 - - - 1 - - 2 3 - 5 At 31 May 2022 64 214 610 138 1.026 352 771 131 45 39 1.338 Additions - 52 20 97 169 4 10 12 5 23 54 Disposals - -52 -139 - -191 -39 -324 -12 -5 - -380 Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - At 31 May 2023 64 214 602 124 1.004 321 477 133 58 23 1.012 Depreciation, amortisation and impairment At 1 June 2021 -22 -134 -462 - -618 -182 -699 -109 -19 - -1.009 Amortisation and depreciation - -23 -89 - -112 -10 -32 -10 -6 - -58 Disposals - - 38 - 38 - 1 6 3 - 10 Reclassification from asset held for sale to land and buildings- - - - - -63 - - - - -63 Exchange rate adjustments - - - - - - - -2 -1 - -3 At 31 May 2022 -22 -157 -513 - -692 -255 -730 -115 -23 - -1.123 Amortisation and depreciation - -29 -99 - -128 -12 -23 -9 -10 - -54 Disposals - 52 139 - 191 39 324 12 5 - 380 At 31 May 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Carrying amount At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 At 31 May 2022 42 57 97 138 334 97 41 16 22 39 215 Impairment Recognised impairment No impairment was recognised in 2022/23 and 2021/22. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2022: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2021/22: 1.5%) and a discount rate of 8.75% were applied (2021/22: 7.5%). The impairment test showed headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable. Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the prior year. Development projects amounted to DKK 253m at 31 May 2023 (31 May 2022: DKK 235m). The main additions in the 2022/23 financial year were development projects relating to product development. Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__70": {
"value": "5.1 Intangible assets and property, plant and equipment Completed Development Property, plant Acquired rights development projects in Land and Plant and Leasehold and equipment Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements under construction and equipment Cost At 1 June 2021 63 175 572 76 886 264 736 122 39 28 1.189 Additions - 39 16 122 177 2 15 13 1 41 72 Disposals - - -38 - -38 - -1 -7 -4 - -12 Reclassification from asset held for sale to land and buildings- - - - - 84 - - - - 84 Completed development projects and assets - - 60 -60 - 2 21 1 6 -30 - Exchange rate adjustments 1 - - - 1 - - 2 3 - 5 At 31 May 2022 64 214 610 138 1.026 352 771 131 45 39 1.338 Additions - 52 20 97 169 4 10 12 5 23 54 Disposals - -52 -139 - -191 -39 -324 -12 -5 - -380 Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - At 31 May 2023 64 214 602 124 1.004 321 477 133 58 23 1.012 Depreciation, amortisation and impairment At 1 June 2021 -22 -134 -462 - -618 -182 -699 -109 -19 - -1.009 Amortisation and depreciation - -23 -89 - -112 -10 -32 -10 -6 - -58 Disposals - - 38 - 38 - 1 6 3 - 10 Reclassification from asset held for sale to land and buildings- - - - - -63 - - - - -63 Exchange rate adjustments - - - - - - - -2 -1 - -3 At 31 May 2022 -22 -157 -513 - -692 -255 -730 -115 -23 - -1.123 Amortisation and depreciation - -29 -99 - -128 -12 -23 -9 -10 - -54 Disposals - 52 139 - 191 39 324 12 5 - 380 At 31 May 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Carrying amount At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 At 31 May 2022 42 57 97 138 334 97 41 16 22 39 215 Impairment Recognised impairment No impairment was recognised in 2022/23 and 2021/22. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2022: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2021/22: 1.5%) and a discount rate of 8.75% were applied (2021/22: 7.5%). The impairment test showed headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable. Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the prior year. Development projects amounted to DKK 253m at 31 May 2023 (31 May 2022: DKK 235m). The main additions in the 2022/23 financial year were development projects relating to product development. Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__67": {
"value": "5.1 Intangible assets and property, plant and equipment Completed Development Property, plant Acquired rights development projects in Land and Plant and Leasehold and equipment Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements under construction and equipment Cost At 1 June 2021 63 175 572 76 886 264 736 122 39 28 1.189 Additions - 39 16 122 177 2 15 13 1 41 72 Disposals - - -38 - -38 - -1 -7 -4 - -12 Reclassification from asset held for sale to land and buildings- - - - - 84 - - - - 84 Completed development projects and assets - - 60 -60 - 2 21 1 6 -30 - Exchange rate adjustments 1 - - - 1 - - 2 3 - 5 At 31 May 2022 64 214 610 138 1.026 352 771 131 45 39 1.338 Additions - 52 20 97 169 4 10 12 5 23 54 Disposals - -52 -139 - -191 -39 -324 -12 -5 - -380 Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - At 31 May 2023 64 214 602 124 1.004 321 477 133 58 23 1.012 Depreciation, amortisation and impairment At 1 June 2021 -22 -134 -462 - -618 -182 -699 -109 -19 - -1.009 Amortisation and depreciation - -23 -89 - -112 -10 -32 -10 -6 - -58 Disposals - - 38 - 38 - 1 6 3 - 10 Reclassification from asset held for sale to land and buildings- - - - - -63 - - - - -63 Exchange rate adjustments - - - - - - - -2 -1 - -3 At 31 May 2022 -22 -157 -513 - -692 -255 -730 -115 -23 - -1.123 Amortisation and depreciation - -29 -99 - -128 -12 -23 -9 -10 - -54 Disposals - 52 139 - 191 39 324 12 5 - 380 At 31 May 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Carrying amount At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 At 31 May 2022 42 57 97 138 334 97 41 16 22 39 215 Impairment Recognised impairment No impairment was recognised in 2022/23 and 2021/22. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2022: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2021/22: 1.5%) and a discount rate of 8.75% were applied (2021/22: 7.5%). The impairment test showed headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable. Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the prior year. Development projects amounted to DKK 253m at 31 May 2023 (31 May 2022: DKK 235m). The main additions in the 2022/23 financial year were development projects relating to product development. Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__66": {
"value": "5.1 Intangible assets and property, plant and equipment Completed Development Property, plant Acquired rights development projects in Land and Plant and Leasehold and equipment Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements under construction and equipment Cost At 1 June 2021 63 175 572 76 886 264 736 122 39 28 1.189 Additions - 39 16 122 177 2 15 13 1 41 72 Disposals - - -38 - -38 - -1 -7 -4 - -12 Reclassification from asset held for sale to land and buildings- - - - - 84 - - - - 84 Completed development projects and assets - - 60 -60 - 2 21 1 6 -30 - Exchange rate adjustments 1 - - - 1 - - 2 3 - 5 At 31 May 2022 64 214 610 138 1.026 352 771 131 45 39 1.338 Additions - 52 20 97 169 4 10 12 5 23 54 Disposals - -52 -139 - -191 -39 -324 -12 -5 - -380 Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - At 31 May 2023 64 214 602 124 1.004 321 477 133 58 23 1.012 Depreciation, amortisation and impairment At 1 June 2021 -22 -134 -462 - -618 -182 -699 -109 -19 - -1.009 Amortisation and depreciation - -23 -89 - -112 -10 -32 -10 -6 - -58 Disposals - - 38 - 38 - 1 6 3 - 10 Reclassification from asset held for sale to land and buildings- - - - - -63 - - - - -63 Exchange rate adjustments - - - - - - - -2 -1 - -3 At 31 May 2022 -22 -157 -513 - -692 -255 -730 -115 -23 - -1.123 Amortisation and depreciation - -29 -99 - -128 -12 -23 -9 -10 - -54 Disposals - 52 139 - 191 39 324 12 5 - 380 At 31 May 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Carrying amount At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 At 31 May 2022 42 57 97 138 334 97 41 16 22 39 215 Impairment Recognised impairment No impairment was recognised in 2022/23 and 2021/22. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2022: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2021/22: 1.5%) and a discount rate of 8.75% were applied (2021/22: 7.5%). The impairment test showed headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable. Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the prior year. Development projects amounted to DKK 253m at 31 May 2023 (31 May 2022: DKK 235m). The main additions in the 2022/23 financial year were development projects relating to product development. Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__68": {
"value": "Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2022: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2021/22: 1.5%) and a discount rate of 8.75% were applied (2021/22: 7.5%). The impairment test showed headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__73": {
"value": "Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__71": {
"value": "Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__69": {
"value": "Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of the cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset classUseful lifeGoodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Amortised from time of completion - Projects under construction are tested for impairment annuallyDevelopment projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights and software 2-6 years, or remaining term of intellectual property right if shorter Land and buildings Land: None Buildings: 40 yearsInstallations: 10 years Plant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment Other equipment: 3-10 years Leasehold improvements Leasehold improvements: Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__74-1": {
"value": "5.2 Right-of-use assets Land and (DKK million)buildings Other equipment Total Costs At 1 June 2021 176 7 183 Additions 11 2 13 Remeasurements 16 - 16 Terminations -2 -3 -5 At 31 May 2022 201 6 207 Additions 36 5 41 Remeasurements 12 - 12 Terminations -14 -3 -17 At 31 May 2023 235 8 243 Depreciation, amortisation and impairment At 1 June 2021 -59 -4 -63 Depreciation -38 -3 -41 Terminations 2 3 5 At 31 May 2022 -95 -4 -99 Depreciation -37 -3 -40 Terminations 13 3 16 At 31 May 2023 -119 -4 -123 Carrying amount At 31 May 2023 116 4 120 At 31 May 2022 106 2 108 Repayment of lease liability amounted to DKK 40m in 2022/23 (2021/22: DKK 36m). Expenses relating to low-value leases were insignificant. (DKK million) 2022/23 2021/22 Amounts recognised in the income statement: Interest expenses -6 -6 Short-term leases -1 -2 Expenses relating to variable payments -4 -2 Income from subleases 2 3 Lease liabilities Non-current 37 39 Current 37 39 Total lease liabilities 74 78 Critical accounting estimates and judgementsIndividual right-of-use assets and the corresponding liabilities are highly impacted by the estimated lease term and the discount rate, where the underlying contracts can be prolonged or terminated early. Leases mainly comprise stores, office buildings, cars and other equipment.The average incremental borrowing rate applied to the lease liabilities in 2022/23 was around 5.2% (2021/22: 4.9%).Estimated useful life at 31 May 2023 can be summarised as follows: Asset class Useful life StoresThe lease term for stores is assessed to be up to 10 years depending on an internal store rating based on location, revenue and earnings. Office buildings1-10 years Other equipmentThe life is equal to the non-cancellable lease term and extensions are not considered for these. Accounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset is available for use by the Group. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognised at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. When a sublease is classified as a finance lease, the right-of-use asset is derecognised as a right-of-use asset and recognised as a lease receivable under other receivables. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test for the relevant CGU is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term or a change in lease payments. Lease costs for low value assets and short-term leases are recognised as operating expenses on a straight-line basis over the lease term.6.3 Liabilities from financing activities 31-05-23 31-05-22 Nominal Year of Carrying Carrying (DKK million) interest value maturity amount amount Interest profile of mortgage loan Fixed rate loans, DKK 3.3% 2040 59 62 Total loans 59 62 Financing Additions and Reclassifi- Financing Additions and Reclassifi- (DKK million) 31-05-21 cash flow remeasurements cations 31-05-22 cash flow remeasurements cations 31-05-23 Change in interest bearing debts Lease liabilities 141 -36 29 - 134 -40 52 - 146 Long-term mortgage loans 61 - - -4 58 - - -2 56 Short-term mortgage loans 4 -4 - 4 4 -3 - 2 3 Settlement to other liabilities 34 -34 - - - - - - - Bank loans 20 256 - - 276 110 - - 386 Total 260 182 29 - 472 67 52 - 591 We have a mortgage loan with a three-year interest refinancing period. During 2022/23, no extraordinary repayments were made on the mortgage loan. The mortgage loan was most recently refinanced in 2022/23 at 3.3% plus contribution margin, providing an annual percentage rate of 4.7%. Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__75": {
"value": "Accounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset is available for use by the Group. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognised at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. When a sublease is classified as a finance lease, the right-of-use asset is derecognised as a right-of-use asset and recognised as a lease receivable under other receivables. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test for the relevant CGU is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term or a change in lease payments. Lease costs for low value assets and short-term leases are recognised as operating expenses on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__77": {
"value": "6.1 Net interest-bearing deposit/debt Net interest-bearing deposit/debt consists of interest-bearing assets less interest-bearing debt. Interest-bearing assets consist of securities, cash, and finance lease receivables. Interest-bearing debt consists of mortgage loans, bank loans and lease liabilities. We have placed the majority of our cash in Danish mortgage bonds, all with an AAA S&P rating. To maintain short-term financial flexibility, we use repo transactions, whereby we can access liquidity on an intra-day basis if needed by lending bonds to our banks in return for cash, while committing to a reverse transaction at a predetermined date in the future. Bonds are presented as securities on the balance sheet as ownership of the bonds remains with the company during the term of the repo. The obligation to return cash for bonds under such repo transactions is recognised as short-term bank loans. As of 31 May 2023, repo transactions amounted to DKK 386m (31 May 2022: DKK 276m). Net interest-bearing deposit amounted to DKK 19m (31 May 2022: DKK 111m). The decrease was mainly due to remeasurement of lease liabilities DKK 53m and the negative free cash flow of DKK 20m (2021/22: negative DKK 172m). (DKK million) 31-05-23 31-05-22 Mortgage loans (non-current) -56 -58 Mortgage loans (current) -3 -4 Bank loans (current) -386 -276 Lease liabilities (non-current) -109 -95 Lease liabilities (current) -37 -39 Other non-current liabilities* -3 0 Interest-bearing debt -594 -472 Finance lease receivables (non-current) 1 4 Finance lease receivables (current) 2 2 Cash (current) 216 162 Securities (current) 394 415 Interest-bearing assets 613 583 Net interest-bearing deposit/(debt) 19 111 * Only the interest-bearing part of Other non-current liabilities has been included in net interest-bearing debt. Net available liquidity was DKK 224m (31 May 2022: DKK 301m), consisting of cash and securities offset by repo transactions. (DKK million) 31-05-23 31-05-22 Cash (current) 216 162 Securities (current) 394 415 Offset by repo transactions presented as bank loans (current) -386 -276 Available liquidity 224 301 Including the undrawn part of the credit facility, capital resources were DKK 384m (31 May 2022: DKK 421m), consisting of available liquidity of DKK 224m (31 May 2022: DKK 301m) and undrawn committed credit facilities of DKK 160m (31 May 2022: DKK 120m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__76-1": {
"value": "6.1 Net interest-bearing deposit/debt Net interest-bearing deposit/debt consists of interest-bearing assets less interest-bearing debt. Interest-bearing assets consist of securities, cash, and finance lease receivables. Interest-bearing debt consists of mortgage loans, bank loans and lease liabilities. We have placed the majority of our cash in Danish mortgage bonds, all with an AAA S&P rating. To maintain short-term financial flexibility, we use repo transactions, whereby we can access liquidity on an intra-day basis if needed by lending bonds to our banks in return for cash, while committing to a reverse transaction at a predetermined date in the future. Bonds are presented as securities on the balance sheet as ownership of the bonds remains with the company during the term of the repo. The obligation to return cash for bonds under such repo transactions is recognised as short-term bank loans. As of 31 May 2023, repo transactions amounted to DKK 386m (31 May 2022: DKK 276m). Net interest-bearing deposit amounted to DKK 19m (31 May 2022: DKK 111m). The decrease was mainly due to remeasurement of lease liabilities DKK 53m and the negative free cash flow of DKK 20m (2021/22: negative DKK 172m). (DKK million) 31-05-23 31-05-22 Mortgage loans (non-current) -56 -58 Mortgage loans (current) -3 -4 Bank loans (current) -386 -276 Lease liabilities (non-current) -109 -95 Lease liabilities (current) -37 -39 Other non-current liabilities* -3 0 Interest-bearing debt -594 -472 Finance lease receivables (non-current) 1 4 Finance lease receivables (current) 2 2 Cash (current) 216 162 Securities (current) 394 415 Interest-bearing assets 613 583 Net interest-bearing deposit/(debt) 19 111 * Only the interest-bearing part of Other non-current liabilities has been included in net interest-bearing debt. Net available liquidity was DKK 224m (31 May 2022: DKK 301m), consisting of cash and securities offset by repo transactions. (DKK million) 31-05-23 31-05-22 Cash (current) 216 162 Securities (current) 394 415 Offset by repo transactions presented as bank loans (current) -386 -276 Available liquidity 224 301 Including the undrawn part of the credit facility, capital resources were DKK 384m (31 May 2022: DKK 421m), consisting of available liquidity of DKK 224m (31 May 2022: DKK 301m) and undrawn committed credit facilities of DKK 160m (31 May 2022: DKK 120m). 6.3 Liabilities from financing activities 31-05-23 31-05-22 Nominal Year of Carrying Carrying (DKK million) interest value maturity amount amount Interest profile of mortgage loan Fixed rate loans, DKK 3.3% 2040 59 62 Total loans 59 62 Financing Additions and Reclassifi- Financing Additions and Reclassifi- (DKK million) 31-05-21 cash flow remeasurements cations 31-05-22 cash flow remeasurements cations 31-05-23 Change in interest bearing debts Lease liabilities 141 -36 29 - 134 -40 52 - 146 Long-term mortgage loans 61 - - -4 58 - - -2 56 Short-term mortgage loans 4 -4 - 4 4 -3 - 2 3 Settlement to other liabilities 34 -34 - - - - - - - Bank loans 20 256 - - 276 110 - - 386 Total 260 182 29 - 472 67 52 - 591 We have a mortgage loan with a three-year interest refinancing period. During 2022/23, no extraordinary repayments were made on the mortgage loan. The mortgage loan was most recently refinanced in 2022/23 at 3.3% plus contribution margin, providing an annual percentage rate of 4.7%. Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__81": {
"value": "6.2 Financial instruments by category (DKK million) 31-05-23 31-05-22 Non-current other receivables 23 27 Trade receivables 341 397 Other receivables 68 89 Cash 216 162 Financial assets at amortised cost 648 675 Securities 394 415 Fair value through income statement 394 415 Derivatives used for hedge accounting 0 9 Fair value through other comprehensive income 0 9 Financial assets 1,042 1,099 Mortgage loans 59 62 Bank loans 386 276 Lease liabilities 146 134 Trade payables 565 581 Financial liabilities at amortised cost 1,156 1,053 Derivatives used for hedge accounting 8 18 Fair value through other comprehensive income 8 18 Financial liabilities 1,164 1,071 The fair value was approximately equal to the carrying amount for all financial assets and liabilities. Hedge accounting was only related to the management of foreign exchange rate risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-23 Mortgage loans 3 12 44 59 59 Lease liabilities 44 104 18 166 146 Bank loans 386 - - 386 386 Trade payables 565 - - 565 565 31-05-22 Mortgage loans 4 13 45 62 62 Lease liabilities 45 90 15 150 134 Bank loans 276 - - 276 276 Trade payables 581 - - 581 581 Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__79": {
"value": "6.2 Financial instruments by category (DKK million) 31-05-23 31-05-22 Non-current other receivables 23 27 Trade receivables 341 397 Other receivables 68 89 Cash 216 162 Financial assets at amortised cost 648 675 Securities 394 415 Fair value through income statement 394 415 Derivatives used for hedge accounting 0 9 Fair value through other comprehensive income 0 9 Financial assets 1,042 1,099 Mortgage loans 59 62 Bank loans 386 276 Lease liabilities 146 134 Trade payables 565 581 Financial liabilities at amortised cost 1,156 1,053 Derivatives used for hedge accounting 8 18 Fair value through other comprehensive income 8 18 Financial liabilities 1,164 1,071 The fair value was approximately equal to the carrying amount for all financial assets and liabilities. Hedge accounting was only related to the management of foreign exchange rate risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-23 Mortgage loans 3 12 44 59 59 Lease liabilities 44 104 18 166 146 Bank loans 386 - - 386 386 Trade payables 565 - - 565 565 31-05-22 Mortgage loans 4 13 45 62 62 Lease liabilities 45 90 15 150 134 Bank loans 276 - - 276 276 Trade payables 581 - - 581 581 Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__78": {
"value": "6.2 Financial instruments by category (DKK million) 31-05-23 31-05-22 Non-current other receivables 23 27 Trade receivables 341 397 Other receivables 68 89 Cash 216 162 Financial assets at amortised cost 648 675 Securities 394 415 Fair value through income statement 394 415 Derivatives used for hedge accounting 0 9 Fair value through other comprehensive income 0 9 Financial assets 1,042 1,099 Mortgage loans 59 62 Bank loans 386 276 Lease liabilities 146 134 Trade payables 565 581 Financial liabilities at amortised cost 1,156 1,053 Derivatives used for hedge accounting 8 18 Fair value through other comprehensive income 8 18 Financial liabilities 1,164 1,071 The fair value was approximately equal to the carrying amount for all financial assets and liabilities. Hedge accounting was only related to the management of foreign exchange rate risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-23 Mortgage loans 3 12 44 59 59 Lease liabilities 44 104 18 166 146 Bank loans 386 - - 386 386 Trade payables 565 - - 565 565 31-05-22 Mortgage loans 4 13 45 62 62 Lease liabilities 45 90 15 150 134 Bank loans 276 - - 276 276 Trade payables 581 - - 581 581 Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__82": {
"value": "Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__80": {
"value": "Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__85": {
"value": "Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__89": {
"value": "Dividend Dividend is recognised as a liability at the time it is approved by the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__90": {
"value": "Treasury shares Acquisition and selling prices for treasury shares and dividend received on these shares are recognised directly in equity under retained earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__92": {
"value": "Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__88": {
"value": "6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2022/23 2021/22 2022/23 2021/22 2022/23 2021/22 Treasury shares 1 June 3,244,692 2,112,372 17 11 2.7 1.8 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme- 1,150,000 - 6 - 0.9 Share-based programmes -260,953 -17,680 -2 0 -0.5 - 31 May 2,983,739 3,244,692 15 17 2.3 2.7 All treasury shares are owned by Bang & Olufsen A/S. (DKK million) 2022/23 2021/22 Share repurchases for the year - 37 The capital structure consists mainly of equity, working capital and leasing liabilities. The Group capital structure also includes minor mortgage financing of the HQ buildings in Struer. It is the objective of Bang & Olufsen's capital management to ensure shareholders the best possible return on their investment in Bang & Olufsen, while ensuring that Bang & Olufsen will be able to meet all existing and future commitments. In addition to the Group\u2019s capital structure, the Group holds a revolving credit facility of DKK 200m (31 May 2022: DKK 150m) with its primary bank. As at 31 May 2023 we hold a total of 2,983,739 treasury shares (31 May 2022: 3,244,692) for the purpose of hedging the value of its share-based programmes. During 2022/23, no purchases of treasury shares were made. For details of monetary transactions, see the statement of changes in equity. Accounting policies Dividend Dividend is recognised as a liability at the time it is approved by the Annual General Meeting. Treasury shares Acquisition and selling prices for treasury shares and dividend received on these shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency. On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__87": {
"value": "6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2022/23 2021/22 2022/23 2021/22 2022/23 2021/22 Treasury shares 1 June 3,244,692 2,112,372 17 11 2.7 1.8 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme- 1,150,000 - 6 - 0.9 Share-based programmes -260,953 -17,680 -2 0 -0.5 - 31 May 2,983,739 3,244,692 15 17 2.3 2.7 All treasury shares are owned by Bang & Olufsen A/S. (DKK million) 2022/23 2021/22 Share repurchases for the year - 37 The capital structure consists mainly of equity, working capital and leasing liabilities. The Group capital structure also includes minor mortgage financing of the HQ buildings in Struer. It is the objective of Bang & Olufsen's capital management to ensure shareholders the best possible return on their investment in Bang & Olufsen, while ensuring that Bang & Olufsen will be able to meet all existing and future commitments. In addition to the Group\u2019s capital structure, the Group holds a revolving credit facility of DKK 200m (31 May 2022: DKK 150m) with its primary bank. As at 31 May 2023 we hold a total of 2,983,739 treasury shares (31 May 2022: 3,244,692) for the purpose of hedging the value of its share-based programmes. During 2022/23, no purchases of treasury shares were made. For details of monetary transactions, see the statement of changes in equity. Accounting policies Dividend Dividend is recognised as a liability at the time it is approved by the Annual General Meeting. Treasury shares Acquisition and selling prices for treasury shares and dividend received on these shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency. On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__86": {
"value": "6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2022/23 2021/22 2022/23 2021/22 2022/23 2021/22 Treasury shares 1 June 3,244,692 2,112,372 17 11 2.7 1.8 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme- 1,150,000 - 6 - 0.9 Share-based programmes -260,953 -17,680 -2 0 -0.5 - 31 May 2,983,739 3,244,692 15 17 2.3 2.7 All treasury shares are owned by Bang & Olufsen A/S. (DKK million) 2022/23 2021/22 Share repurchases for the year - 37 The capital structure consists mainly of equity, working capital and leasing liabilities. The Group capital structure also includes minor mortgage financing of the HQ buildings in Struer. It is the objective of Bang & Olufsen's capital management to ensure shareholders the best possible return on their investment in Bang & Olufsen, while ensuring that Bang & Olufsen will be able to meet all existing and future commitments. In addition to the Group\u2019s capital structure, the Group holds a revolving credit facility of DKK 200m (31 May 2022: DKK 150m) with its primary bank. As at 31 May 2023 we hold a total of 2,983,739 treasury shares (31 May 2022: 3,244,692) for the purpose of hedging the value of its share-based programmes. During 2022/23, no purchases of treasury shares were made. For details of monetary transactions, see the statement of changes in equity. Accounting policies Dividend Dividend is recognised as a liability at the time it is approved by the Annual General Meeting. Treasury shares Acquisition and selling prices for treasury shares and dividend received on these shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency. On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__100": {
"value": "Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__99": {
"value": "Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__98": {
"value": "6.5 Financial items (DKK million) 2022/23 2021/22 Interest income from banks 22 10 Other financial income 6 1 Financial income 28 11 Interest expenses to banks -30 -16 Other financial expenses -8 -6 Fair value adjustments of securities -6 -12 Interest expenses on lease liabilities -6 -6 Exchange rate loss, net -6 -25 Financial expenses -56 -65 Financial items, net -28 -54 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__97": {
"value": "6.5 Financial items (DKK million) 2022/23 2021/22 Interest income from banks 22 10 Other financial income 6 1 Financial income 28 11 Interest expenses to banks -30 -16 Other financial expenses -8 -6 Fair value adjustments of securities -6 -12 Interest expenses on lease liabilities -6 -6 Exchange rate loss, net -6 -25 Financial expenses -56 -65 Financial items, net -28 -54 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__96": {
"value": "6.5 Financial items (DKK million) 2022/23 2021/22 Interest income from banks 22 10 Other financial income 6 1 Financial income 28 11 Interest expenses to banks -30 -16 Other financial expenses -8 -6 Fair value adjustments of securities -6 -12 Interest expenses on lease liabilities -6 -6 Exchange rate loss, net -6 -25 Financial expenses -56 -65 Financial items, net -28 -54 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__95": {
"value": "6.5 Financial items (DKK million) 2022/23 2021/22 Interest income from banks 22 10 Other financial income 6 1 Financial income 28 11 Interest expenses to banks -30 -16 Other financial expenses -8 -6 Fair value adjustments of securities -6 -12 Interest expenses on lease liabilities -6 -6 Exchange rate loss, net -6 -25 Financial expenses -56 -65 Financial items, net -28 -54 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__94": {
"value": "6.5 Financial items (DKK million) 2022/23 2021/22 Interest income from banks 22 10 Other financial income 6 1 Financial income 28 11 Interest expenses to banks -30 -16 Other financial expenses -8 -6 Fair value adjustments of securities -6 -12 Interest expenses on lease liabilities -6 -6 Exchange rate loss, net -6 -25 Financial expenses -56 -65 Financial items, net -28 -54 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__93": {
"value": "6.5 Financial items (DKK million) 2022/23 2021/22 Interest income from banks 22 10 Other financial income 6 1 Financial income 28 11 Interest expenses to banks -30 -16 Other financial expenses -8 -6 Fair value adjustments of securities -6 -12 Interest expenses on lease liabilities -6 -6 Exchange rate loss, net -6 -25 Financial expenses -56 -65 Financial items, net -28 -54 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__102": {
"value": "Accounting policiesProvisions comprise provisions for warranty, provisions for fairness and other provisions. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period.Provisions are recognised when there is a legal or constructive obligation as a result of events in the financial year or previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__101": {
"value": "6.6 Provisions Employee Warranty and anniversary Other (DKK million)fairness benefit provisions Total At 31 May 2021 67 2 19 88 Provisions in the year 52 0 6 58 Provisions used during the year -36 0 -13 -49 At 31 May 2022 83 2 12 97 Provisions in the year 52 0 11 63 Provisions used during the year -50 0 -6 -56 Provisions reversed in the year - - -4 -4 At 31 May 2023 85 2 13 100 Maturity analysis for provisions Due between 1-5 years 37 1 2 40 Due after 5 years - - - - Non-current provisions 37 1 2 40 Due within one year 48 1 11 60 At 31 May 2023 85 2 13 100 Provisions for warranty and fairness of DKK 85m were recognised at 31 May 2023 (31 May 2022: DKK 83m) to cover expected warranty and fairness claims. The size and timing of the provisions are based on previous experience of the level and timing of repairs and returns. Other provisions of DKK 13m (31 May 2022: DKK 12m) related primarily to restructuring and legal provisions. Critical accounting estimates and judgementsBang & Olufsen repairs or replaces products that do not function satisfactorily both within the warranty period or in certain situations after the warranty period. Consequently, provisions made are for future repairs and returns. Provisions are made based on historical data for repairs and returns and based on management\u2019s judgements. Future repairs and returns may differ from the historical pattern, but management has assessed that the estimate of provisions is reasonable and appropriate. The Group provides 2-5 years of warranty on certain products and is therefore committed to repairing or replacing products that do not function satisfactorily. Some products are repaired after the end of the warranty period, and a provision is made regarding such potential fairness claims. Accounting policiesProvisions comprise provisions for warranty, provisions for fairness and other provisions. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period.Provisions are recognised when there is a legal or constructive obligation as a result of events in the financial year or previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__109": {
"value": "global",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__104-1": {
"value": "Foreign exchange rate risk The Group\u2019s presentation currency is DKK, but the majority of its activities and investments are denominated in other currencies than DKK. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on the Group\u2019s reported results. We are subject to transaction risk related to sales and purchases in foreign currencies, and translation risk when translating foreign entities into the Group\u2019s presentation currency. In 2022/23, 92% of the Group's revenue (2021/22: 92%) was in foreign currencies. Functional Change during Entities incurrency 2022/23 (in %) Eurozone EUR 0.05% China CNY 1.49% US USD 9.11% UK GBP -2.56% Switzerland CHF 7.12% Changes in exchange rates increased revenue by 1% in 2022/23 (2021/22: 3%). We are primarily exposed to currency risks related to the net inflow of mainly CNY, CHF and GBP and the net outflow of USD. Due to DKK being pegged to EUR, the risk from EUR is considered to be low. According to our Treasury guideline, the net exposure is hedged at a horizon up to 12 months using FX forward contracts. Short term exposure is hedged up to 75% of the expected net exposure, while hedge ratios gradually decrease at longer horizons. We only hedge commercial exposures and do not enter into derivative positions or transactions for trading or speculative purposes. We do not hedge balance sheet items or ownership interest in foreign subsidiaries. Our subsidiaries\u2019 income and costs are mainly denominated in local currencies and each subsidiary is thereby not significantly impacted by exchange rate fluctuations.Exchange rate sensitivity The effects on revenue and earnings are derived from changes in selected currencies compared to average annual rates. The effect on equity is derived from changes in the 31 May 2022 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates on an unhedged basis are presented below. 2022/23 2021/22 Profit/ Profit/ (DKK million) Increase Revenue loss before tax Equity before tax Revenue loss before tax Equity before tax USD 5.0% 21 -21 4 22 -17 5 GBP 5.0% 12 9 8 10 8 2 CNY 5.0% 22 15 9 30 30 11 CHF 5.0% 5 4 1 5 5 2 Other 5.0% 10 7 0 11 9 0 Total 70 14 22 78 35 20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__103-1": {
"value": "7.1 Financial risks We have global activities that expose us to a range of financial risks. The management of financial risks is centralized. The overall objectives and policies for the Group\u2019s financial risk management are outlined in a Treasury guideline. Financial risk management is conducted by the Group Treasury department. Foreign exchange rate risk The Group\u2019s presentation currency is DKK, but the majority of its activities and investments are denominated in other currencies than DKK. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on the Group\u2019s reported results. We are subject to transaction risk related to sales and purchases in foreign currencies, and translation risk when translating foreign entities into the Group\u2019s presentation currency. In 2022/23, 92% of the Group's revenue (2021/22: 92%) was in foreign currencies. Functional Change during Entities incurrency 2022/23 (in %) Eurozone EUR 0.05% China CNY 1.49% US USD 9.11% UK GBP -2.56% Switzerland CHF 7.12% Changes in exchange rates increased revenue by 1% in 2022/23 (2021/22: 3%). We are primarily exposed to currency risks related to the net inflow of mainly CNY, CHF and GBP and the net outflow of USD. Due to DKK being pegged to EUR, the risk from EUR is considered to be low. According to our Treasury guideline, the net exposure is hedged at a horizon up to 12 months using FX forward contracts. Short term exposure is hedged up to 75% of the expected net exposure, while hedge ratios gradually decrease at longer horizons. We only hedge commercial exposures and do not enter into derivative positions or transactions for trading or speculative purposes. We do not hedge balance sheet items or ownership interest in foreign subsidiaries. Our subsidiaries\u2019 income and costs are mainly denominated in local currencies and each subsidiary is thereby not significantly impacted by exchange rate fluctuations. Interest rate risk Our exposure to interest rate risk is considered to be limited and is subjected to ongoing evaluation and monitoring in accordance with the Treasury guideline. We do not hold material levels of long-term interest-bearing debt, but in the current macroeconomic environment the Group\u2019s interest-bearing assets are impacted negatively. Increasing macroeconomic uncertainty and high inflationary pressure impact the market value of the Group\u2019s holdings of Danish mortgage bonds negatively, and as interest rates are increasing, the market value of the Group\u2019s bond portfolio is decreasing. Our interest-bearing assets mainly consisted of bank deposits and securities. Bank deposits, which totalled DKK 216m (2021/22: DKK 162m), yield interest in the short-term money market. Securities, which totalled DKK 394m (2021/22: DKK 415m), consisted of a portfolio of bonds primarily held for maturity. The bond portfolio is recognised at fair value; hence we are exposed to an interest rate risk during the maturity of the bonds. During 2022/23, the value of the bond portfolio decreased by DKK 6m due to market value adjustments of the underlying bonds. Interest-bearing debt consisted of bank loans of DKK 386m (2021/22: DKK 276m); mortgage debt of DKK 59m (2021/22: DKK 62m), with a floating rate that is fixed until March 2026; and lease liabilities of DKK 146m (2021/22: DKK 134m). At the end of the financial year, the Group's net interest-bearing deposit totalled DKK 19m (2021/22: DKK 111m), corresponding to 1% of the total financial position (2021/22: 4%). See note 6.1 for further details on net interest-bearing deposit/(debt). Credit risk We are exposed to risks associated with commercial and financial counterparties. Financial instruments are entered into with counterparties with investment grade ratings. Similarly, we use reputable insurance companies with investment grade ratings for insuring receivables. Credit risk associated with trade receivables is managed centrally based on fixed procedures and guidelines. Credit limits are set as deemed appropriate for the individual customer, considering current local market conditions and individual risk profiles. To reduce credit risk, all commercial counterparts are subject to ongoing financial evaluation. We mainly utilises credit insurance to mitigate our credit risk, and 54% of total trade receivables were insured via credit insurance as of 31 May 2023 (May 2022: 42%). We have a limited number of large key partners, which constitutes a concentration risk on receivables. Top 5 debtors accounted for 34% of total trade receivables (2021/22: 34%). The nature of our business involves a few major key partners and several smaller important partners. Concentration risk is monitored closely and mitigated via credit insurance. Top 5 debtors are all long-standing partners with a solid payment history and low credit risk. For trade receivables, we apply the expected credit loss prescribed by IFRS 9. In order to measure the expected credit loss, trade receivables are assessed individually for credit risk characteristics and ageing of the receivable. In accordance with IFRS 9, not-due trade receivables are also tested for impairment. See note 4.2 for further details on trade receivables. During 2022/23, we did not experience any significant bad debt losses. Liquidity risk Liquidity is centrally managed by Group Treasury and is continually assessed. The objective is to ensure that sufficient financial resources are available where and when needed. At 31 May 2023, cash and cash equivalents amounted to DKK 216m (2021/22: DKK 162m). Including securities and repo, available liquidity amounted to DKK 224m (2021/22: DKK 301m). We have a committed revolving credit facility with our main bank as part of its capital and liquidity readiness. The facility was only partially drawn and only utilised for extending bank guarantees etc. to third parties. The credit facility was most recently refinanced in May 2023, in which the commitment was increased by DKK 50m to DKK 200m (31 May 2022: DKK 150m) with a duration to cover the entire 2023/24 financial year. Commodity risk We are mainly exposed to commodity risk through our energy consumption and purchase of raw materials. The largest exposure to changes in the market price of raw materials is from the purchase of aluminium. The total purchase of aluminium raw material corresponded to approximately 3% of our production costs (2021/22: 5%). We are mitigating the price and supply risk by purchasing aluminium in larger quantities to provide better price stability and ensure a sufficient supply of aluminium to meet production requirements. During 2022/23, we had continued focus on energy risk, as energy markets were affected by macroeconomic events. We have taken several precautionary measures to manage energy risk, e.g., by switching from natural gas to green electricity to mitigate both price and supply risk. We do not mitigate commodity risk by using financial derivatives or contracts but mitigates its commodity risk through pricing and ordering agreements with key suppliers.7.2 Sensitivity analysis Interest rate sensitivity A one percentage point increase in the interest rate is estimated to have an effect of a negative DKK 2.6m on financial items (2021/22: negative DKK 3.3m). The effect is mainly driven by securities, which consist of a portfolio of fixed and floating rate bonds. Increased interest from floating rate bonds would drive a DKK 2.8m increase (2021/22: DKK 2.4m), offset by a fair value adjustment of a negative DKK 5.1m (2021/22: negative DKK 6.0m). The effect from other interest-bearing debt and deposits would be DKK 0.3m (2021/22: DKK 0.3m), mainly driven by bank deposits. The estimate was calculated on an all-else-equal basis and assumes a parallel change in all relevant yield curves. Exchange rate sensitivity The effects on revenue and earnings are derived from changes in selected currencies compared to average annual rates. The effect on equity is derived from changes in the 31 May 2022 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates on an unhedged basis are presented below. 2022/23 2021/22 Profit/ Profit/ (DKK million) Increase Revenue loss before tax Equity before tax Revenue loss before tax Equity before tax USD 5.0% 21 -21 4 22 -17 5 GBP 5.0% 12 9 8 10 8 2 CNY 5.0% 22 15 9 30 30 11 CHF 5.0% 5 4 1 5 5 2 Other 5.0% 10 7 0 11 9 0 Total 70 14 22 78 35 20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__105-1": {
"value": "Interest rate risk Our exposure to interest rate risk is considered to be limited and is subjected to ongoing evaluation and monitoring in accordance with the Treasury guideline. We do not hold material levels of long-term interest-bearing debt, but in the current macroeconomic environment the Group\u2019s interest-bearing assets are impacted negatively. Increasing macroeconomic uncertainty and high inflationary pressure impact the market value of the Group\u2019s holdings of Danish mortgage bonds negatively, and as interest rates are increasing, the market value of the Group\u2019s bond portfolio is decreasing. Our interest-bearing assets mainly consisted of bank deposits and securities. Bank deposits, which totalled DKK 216m (2021/22: DKK 162m), yield interest in the short-term money market. Securities, which totalled DKK 394m (2021/22: DKK 415m), consisted of a portfolio of bonds primarily held for maturity. The bond portfolio is recognised at fair value; hence we are exposed to an interest rate risk during the maturity of the bonds. During 2022/23, the value of the bond portfolio decreased by DKK 6m due to market value adjustments of the underlying bonds. Interest-bearing debt consisted of bank loans of DKK 386m (2021/22: DKK 276m); mortgage debt of DKK 59m (2021/22: DKK 62m), with a floating rate that is fixed until March 2026; and lease liabilities of DKK 146m (2021/22: DKK 134m). At the end of the financial year, the Group's net interest-bearing deposit totalled DKK 19m (2021/22: DKK 111m), corresponding to 1% of the total financial position (2021/22: 4%). See note 6.1 for further details on net interest-bearing deposit/(debt). Commodity risk We are mainly exposed to commodity risk through our energy consumption and purchase of raw materials. The largest exposure to changes in the market price of raw materials is from the purchase of aluminium. The total purchase of aluminium raw material corresponded to approximately 3% of our production costs (2021/22: 5%). We are mitigating the price and supply risk by purchasing aluminium in larger quantities to provide better price stability and ensure a sufficient supply of aluminium to meet production requirements. During 2022/23, we had continued focus on energy risk, as energy markets were affected by macroeconomic events. We have taken several precautionary measures to manage energy risk, e.g., by switching from natural gas to green electricity to mitigate both price and supply risk. We do not mitigate commodity risk by using financial derivatives or contracts but mitigates its commodity risk through pricing and ordering agreements with key suppliers.Interest rate sensitivity A one percentage point increase in the interest rate is estimated to have an effect of a negative DKK 2.6m on financial items (2021/22: negative DKK 3.3m). The effect is mainly driven by securities, which consist of a portfolio of fixed and floating rate bonds. Increased interest from floating rate bonds would drive a DKK 2.8m increase (2021/22: DKK 2.4m), offset by a fair value adjustment of a negative DKK 5.1m (2021/22: negative DKK 6.0m). The effect from other interest-bearing debt and deposits would be DKK 0.3m (2021/22: DKK 0.3m), mainly driven by bank deposits. The estimate was calculated on an all-else-equal basis and assumes a parallel change in all relevant yield curves. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__106": {
"value": "Credit risk We are exposed to risks associated with commercial and financial counterparties. Financial instruments are entered into with counterparties with investment grade ratings. Similarly, we use reputable insurance companies with investment grade ratings for insuring receivables. Credit risk associated with trade receivables is managed centrally based on fixed procedures and guidelines. Credit limits are set as deemed appropriate for the individual customer, considering current local market conditions and individual risk profiles. To reduce credit risk, all commercial counterparts are subject to ongoing financial evaluation. We mainly utilises credit insurance to mitigate our credit risk, and 54% of total trade receivables were insured via credit insurance as of 31 May 2023 (May 2022: 42%). We have a limited number of large key partners, which constitutes a concentration risk on receivables. Top 5 debtors accounted for 34% of total trade receivables (2021/22: 34%). The nature of our business involves a few major key partners and several smaller important partners. Concentration risk is monitored closely and mitigated via credit insurance. Top 5 debtors are all long-standing partners with a solid payment history and low credit risk. For trade receivables, we apply the expected credit loss prescribed by IFRS 9. In order to measure the expected credit loss, trade receivables are assessed individually for credit risk characteristics and ageing of the receivable. In accordance with IFRS 9, not-due trade receivables are also tested for impairment. See note 4.2 for further details on trade receivables. During 2022/23, we did not experience any significant bad debt losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__107": {
"value": "Liquidity risk Liquidity is centrally managed by Group Treasury and is continually assessed. The objective is to ensure that sufficient financial resources are available where and when needed. At 31 May 2023, cash and cash equivalents amounted to DKK 216m (2021/22: DKK 162m). Including securities and repo, available liquidity amounted to DKK 224m (2021/22: DKK 301m). We have a committed revolving credit facility with our main bank as part of its capital and liquidity readiness. The facility was only partially drawn and only utilised for extending bank guarantees etc. to third parties. The credit facility was most recently refinanced in May 2023, in which the commitment was increased by DKK 50m to DKK 200m (31 May 2022: DKK 150m) with a duration to cover the entire 2023/24 financial year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__113": {
"value": "7.3 Derivative financial instruments Derivative financial instruments comprise primarily foreign exchange contracts used to hedge the foreign exchange risk related to unrecognised future transactions. The value adjustments from forward contracts affect the income statement on a monthly basis throughout the hedging period. For information on financial risks and management of those risks, see note 7.1. Derivatives contracted by the Group to hedge the foreign exchange risk related to future transactions are specified below: 31-05-23 31-05-22 Average Average (DKK million) Net exposure Hedging period hedging rate Fair value Contract value Net exposure Hedging period hedging rate Fair value Contract value Foreign exchange forward contracts USD Negative 12 months 7.11 -4 149 Negative 12 months 6.56 7 154 GBP Positive 12 months 8.40 -2 72 Positive 12 months 8.70 0 73 CHF Positive 12 months 7.63 0 27 Positive 12 months 7.04 -1 43 CNY Positive 12 months 0.96 -2 71 Positive 12 months 0.98 -13 279 SGD Negative 12 months 5.23 0 19 Negative 12 months 4.93 0 20 Total -8 338 -7 569 Foreign exchange swaps GBP/DKK - - 0 11 CHF/DKK 0 4 0 10 SGD/DKK 0 72 - - CNY/DKK 0 2 -2 35 CNY/DKK - - 0 -4 Total 0 78 -2 52 Derivatives for hedging -8 416 -9 621 The fair value of derivative financial instruments is recognised in the statement of financial position as follows: (DKK million) 31-05-23 31-05-22 Other receivables, current 0 9 Other liabilities, current -8 -18 Total -8 -9 The fair value was based on observable market data and is part of level 2 in the fair value hierarchy. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities Level 2: Input, other than listed prices on level 1, which is observable for the asset or liability either directly (as prices) or indirectly (derived from prices) Level 3: Input for the asset or liability is unobservable and not based on market data input The derivatives are not traded on an active market based on quoted prices but are individual contracts. The fair value of these assets is determined using valuation techniques that apply market data such as exchange rates, credit risk and volatilities. Accounting policies Derivative financial instruments are recognised on the trading date at fair value and subsequently measured at fair value at the reporting date. The fair value of derivative financial instruments is recognised under other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. When realised, the accumulated gains/losses are transferred to the items under which the hedged transactions are recognised.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__114": {
"value": "Accounting policies Derivative financial instruments are recognised on the trading date at fair value and subsequently measured at fair value at the reporting date. The fair value of derivative financial instruments is recognised under other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised. When realised, the accumulated gains/losses are transferred to the items under which the hedged transactions are recognised.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__115": {
"value": "8.1 Fees to auditors (DKK million) 2022/23 2021/22 Statutory audit 1.5 2.1 Other assurance services 1.6 1.2 Other services 0.1 0.6 Total 3.2 3.9 Fees for services other than statutory audit of the financial statements provided by Deloitte for 2022/23 and EY for 2021/22 to the Bang & Olufsen Group mainly consist of fees related to ad hoc projects.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__116": {
"value": "8.2 Earnings per share (1,000 shares) 2022/23 2021/22 Profit/loss for the year, DKKm -141 -30 Average number of shares outstanding 122,772 122,772 Dilutive effect of average outstanding shares - - Average number of shares outstanding, including dilutive effect 122,772 122,772 Earnings per share (EPS), DKK -1.2 -0.2 Earnings per share, diluted (EPS-D), DKK -1.2 -0.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__119": {
"value": "8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 85m (31 May 2022: DKK 89m). The guarantees mainly relate to a rent obligation related to the formerly owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 59m (31 May 2022: DKK 62m) as security for DKK 59m of the Group\u2019s mortgage loan (31 May 2022: DKK 62m). Other tangible assets relating to land and buildings are included in mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 93m (31 May 2022: DKK 97m). When entering into repo transactions with its bank, Bang & Olufsen uses a proportional part of its securities as collateral against the repo transaction with the bank. At 31 May 2023, repo transactions amounted to DKK 386m (31 May 2022: 276m). The Group has pledged inventories and debtors as security for its committed credit facility with its bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounted to DKK 100m (31 May 2022: DKK 100m), and a Dutch floating charge over its finished goods inventory located in the Netherlands. Legal and arbitration proceedings In the ordinary course of its business, the Group is and will from time to time become involved in discussions, disputes and legal proceedings, including claims relating to e.g. commercial counterparties, employees, intellectual property infringement or violations and other business-related disputes. The results of such disputes and legal proceedings may be hard to predict, and the Group\u2019s assessment of relevant disputes and proceedings may change as they unfold. The Group expenses legal fees as incurred and records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavourable outcome to any material legal matter may result in damages being awarded, injunctions and/or termination of product lines, all of which could have financial implications exceeding any provisions made and thus an adverse effect on the Group\u2019s business, operating results, cash flow and financial position. The Group is currently engaged in discussions involving claims against the Group regarding alleged infringements of third-party rights in relation to specific jurisdictions and specific ranges of the Group\u2019s present and past products and features and technologies included therein. The Group is also a party to claims involving the termination of certain retail partners in some jurisdictions. Such claims are not uncommon in the industry, and the Group addresses and defends itself against such claims as part of its ordinary course of business, assisted by external advisors where necessary. While by their nature such claims could potentially have a significant adverse effect on the Group in case of an unfavourable outcome, it is the Group\u2019s current expectation that none of these claims will have such an effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__118": {
"value": "8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 85m (31 May 2022: DKK 89m). The guarantees mainly relate to a rent obligation related to the formerly owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 59m (31 May 2022: DKK 62m) as security for DKK 59m of the Group\u2019s mortgage loan (31 May 2022: DKK 62m). Other tangible assets relating to land and buildings are included in mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 93m (31 May 2022: DKK 97m). When entering into repo transactions with its bank, Bang & Olufsen uses a proportional part of its securities as collateral against the repo transaction with the bank. At 31 May 2023, repo transactions amounted to DKK 386m (31 May 2022: 276m). The Group has pledged inventories and debtors as security for its committed credit facility with its bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounted to DKK 100m (31 May 2022: DKK 100m), and a Dutch floating charge over its finished goods inventory located in the Netherlands. Legal and arbitration proceedings In the ordinary course of its business, the Group is and will from time to time become involved in discussions, disputes and legal proceedings, including claims relating to e.g. commercial counterparties, employees, intellectual property infringement or violations and other business-related disputes. The results of such disputes and legal proceedings may be hard to predict, and the Group\u2019s assessment of relevant disputes and proceedings may change as they unfold. The Group expenses legal fees as incurred and records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavourable outcome to any material legal matter may result in damages being awarded, injunctions and/or termination of product lines, all of which could have financial implications exceeding any provisions made and thus an adverse effect on the Group\u2019s business, operating results, cash flow and financial position. The Group is currently engaged in discussions involving claims against the Group regarding alleged infringements of third-party rights in relation to specific jurisdictions and specific ranges of the Group\u2019s present and past products and features and technologies included therein. The Group is also a party to claims involving the termination of certain retail partners in some jurisdictions. Such claims are not uncommon in the industry, and the Group addresses and defends itself against such claims as part of its ordinary course of business, assisted by external advisors where necessary. While by their nature such claims could potentially have a significant adverse effect on the Group in case of an unfavourable outcome, it is the Group\u2019s current expectation that none of these claims will have such an effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__117": {
"value": "8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 85m (31 May 2022: DKK 89m). The guarantees mainly relate to a rent obligation related to the formerly owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 59m (31 May 2022: DKK 62m) as security for DKK 59m of the Group\u2019s mortgage loan (31 May 2022: DKK 62m). Other tangible assets relating to land and buildings are included in mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 93m (31 May 2022: DKK 97m). When entering into repo transactions with its bank, Bang & Olufsen uses a proportional part of its securities as collateral against the repo transaction with the bank. At 31 May 2023, repo transactions amounted to DKK 386m (31 May 2022: 276m). The Group has pledged inventories and debtors as security for its committed credit facility with its bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounted to DKK 100m (31 May 2022: DKK 100m), and a Dutch floating charge over its finished goods inventory located in the Netherlands. Legal and arbitration proceedings In the ordinary course of its business, the Group is and will from time to time become involved in discussions, disputes and legal proceedings, including claims relating to e.g. commercial counterparties, employees, intellectual property infringement or violations and other business-related disputes. The results of such disputes and legal proceedings may be hard to predict, and the Group\u2019s assessment of relevant disputes and proceedings may change as they unfold. The Group expenses legal fees as incurred and records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavourable outcome to any material legal matter may result in damages being awarded, injunctions and/or termination of product lines, all of which could have financial implications exceeding any provisions made and thus an adverse effect on the Group\u2019s business, operating results, cash flow and financial position. The Group is currently engaged in discussions involving claims against the Group regarding alleged infringements of third-party rights in relation to specific jurisdictions and specific ranges of the Group\u2019s present and past products and features and technologies included therein. The Group is also a party to claims involving the termination of certain retail partners in some jurisdictions. Such claims are not uncommon in the industry, and the Group addresses and defends itself against such claims as part of its ordinary course of business, assisted by external advisors where necessary. While by their nature such claims could potentially have a significant adverse effect on the Group in case of an unfavourable outcome, it is the Group\u2019s current expectation that none of these claims will have such an effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__120": {
"value": "8.4 Related parties The Bang & Olufsen Group has no related parties with control over the Group and no related parties with significant influence other than key management personnel \u2013 mainly in the form of the Board of Directors, the Executive Management Board and other key management personnel. Board of Directors, Executive Management Board and other key management personnel No significant transactions were made in 2022/23 other than ordinary remuneration, as described in notes 3.2 and 3.3, and sales of products on employee terms and conditions. Other transactions No transactions with related parties took place.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__121": {
"value": "8.5 Events after the reporting period No events have occurred in the period from the balance sheet date until the presentation of the financial statements that required adjustment to or disclosure in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__123": {
"value": "8.6 Companies in the Bang & Olufsen Group Share capital Bang & Olufsen Number of undisclosed Company name Domicile Currency in local currency Group's share subsidiaries Denmark (domicile country) Bang & Olufsen A/S Struer, DK DKK 613,860,435 Bang & Olufsen Operations A/S Struer, DK DKK 156,000,000 100.0% Bang & Olufsen Danmark A/S Struer, DK DKK 3,000,000 100.0% B&O PLAY A/S Struer, DK DKK 7,500,000 100.0% EMEA Bang & Olufsen AS Oslo, NO NOK 3,000,000 100.0% Bang & Olufsen Svenska AB Stockholm, SE SEK 4,150,000 100.0% Bang & Olufsen Deutschland G.m.b.H. Unterhaching, DE EUR 1,022,584 100.0% Bang & Olufsen AG Urdorf, CH CHF 200,000 100.0% Bang & Olufsen Ges. m.b.H Vienna, AT EUR 1,744,148 100.0% Bang & Olufsen UK Ltd.* London, GB GBP 2,600,000 100.0% 2 Bang & Olufsen France SAS Paris, FR EUR 3,585,000 100.0% 1 Bang & Olufsen Espa\u00f1a S.A. Madrid, ES EUR 1,803,036 100.0% Bang & Olufsen Italia S.r.l. Milan, IT EUR 10,000 100.0% S.A. Bang & Olufsen Belgium N.V. Brussels, BE EUR 942,000 100.0% Bang & Olufsen B.V. Amsterdam, NL EUR 18,000 100.0% Bang & Olufsen Bulgaria EOOD Sofia, BG BGN 2 100.0% Americas Bang & Olufsen America Inc. Delaware, US USD 34,000,000 100.0% 6 Asia Bang & Olufsen Asia Pte Ltd. Singapore, SG SGD 2 100.0% Bang & Olufsen Enterprise Management (Shanghai) Co. Ltd Shanghai, CN CNY 67,000,000 100.0% Bang & Olufsen Limited Hong Kong, HK HKD 1,000,000 100.0% Bang & Olufsen Japan KK Tokyo, JP JPY 10,000,000 100.0% Bright Future International Limited Hong Kong, HK HKD 1 100.0% Jingji Trading (Shanghai) Ltd., Co. Shanghai, CN CNY 955,696 100.0%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__122": {
"value": "8.6 Companies in the Bang & Olufsen Group Share capital Bang & Olufsen Number of undisclosed Company name Domicile Currency in local currency Group's share subsidiaries Denmark (domicile country) Bang & Olufsen A/S Struer, DK DKK 613,860,435 Bang & Olufsen Operations A/S Struer, DK DKK 156,000,000 100.0% Bang & Olufsen Danmark A/S Struer, DK DKK 3,000,000 100.0% B&O PLAY A/S Struer, DK DKK 7,500,000 100.0% EMEA Bang & Olufsen AS Oslo, NO NOK 3,000,000 100.0% Bang & Olufsen Svenska AB Stockholm, SE SEK 4,150,000 100.0% Bang & Olufsen Deutschland G.m.b.H. Unterhaching, DE EUR 1,022,584 100.0% Bang & Olufsen AG Urdorf, CH CHF 200,000 100.0% Bang & Olufsen Ges. m.b.H Vienna, AT EUR 1,744,148 100.0% Bang & Olufsen UK Ltd.* London, GB GBP 2,600,000 100.0% 2 Bang & Olufsen France SAS Paris, FR EUR 3,585,000 100.0% 1 Bang & Olufsen Espa\u00f1a S.A. Madrid, ES EUR 1,803,036 100.0% Bang & Olufsen Italia S.r.l. Milan, IT EUR 10,000 100.0% S.A. Bang & Olufsen Belgium N.V. Brussels, BE EUR 942,000 100.0% Bang & Olufsen B.V. Amsterdam, NL EUR 18,000 100.0% Bang & Olufsen Bulgaria EOOD Sofia, BG BGN 2 100.0% Americas Bang & Olufsen America Inc. Delaware, US USD 34,000,000 100.0% 6 Asia Bang & Olufsen Asia Pte Ltd. Singapore, SG SGD 2 100.0% Bang & Olufsen Enterprise Management (Shanghai) Co. Ltd Shanghai, CN CNY 67,000,000 100.0% Bang & Olufsen Limited Hong Kong, HK HKD 1,000,000 100.0% Bang & Olufsen Japan KK Tokyo, JP JPY 10,000,000 100.0% Bright Future International Limited Hong Kong, HK HKD 1 100.0% Jingji Trading (Shanghai) Ltd., Co. Shanghai, CN CNY 955,696 100.0%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__176": {
"value": "Bang & Olufsen A/S",
"dimensions": {
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"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
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"s10_notesesefdkgaap__7__175": {
"value": "Bang & Olufsen A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__172": {
"value": "Bang & Olufsen A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
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},
"s10_notesesefdkgaap__7__177": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
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},
"s10_notesesefdkgaap__7__178": {
"value": "Bang & Olufsen All\u00e9 1, DK-7600 Struer",
"dimensions": {
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"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2022-06-01T00:00:00/2023-06-01T00:00:00"
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}
}