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"decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38773": { "value": "124000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38785": { "value": "6000000", "decimals": -6, "dimensions": { "concept": "BAN:CashFlowsFromUsedInInvestingActivitiesFinancial", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38789": { "value": "14000000", "decimals": -6, "dimensions": { "concept": "BAN:CashFlowsFromUsedInInvestingActivitiesFinancial", "entity": 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"2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38871": { "value": "110000000", "decimals": -6, "dimensions": { "concept": "BAN:ProceedsFromBorrowingsFromCreditInstitutionsClassifiedAsFinancingActivities", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38884": { "value": "0", "decimals": -6, "dimensions": { "concept": "BAN:SettlementOfMatchingShareProgramme", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38888": { "value": "-3000000", "decimals": -6, "dimensions": { "concept": "BAN:SettlementOfMatchingShareProgramme", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38903": { "value": "-54000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38907": { "value": "64000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38924": { "value": "216000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38929": { "value": "162000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2022-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38940": { "value": "-2000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38943": { "value": "-4000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38957": { "value": "-37000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38961": { "value": "58000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38976": { "value": "177000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38981": { "value": "216000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f38999": { "value": "184000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2024-06-01T00:00:00", "unit": "iso4217:DKK" } }, "f39002": { "value": "224000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00", "unit": "iso4217:DKK" } }, "s10_notesesefdkgaap__7__30-1": { "value": "Accounting policiesThe cash flow statement shows the cash flows from operating, investing and financing activities for the year, the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated according to the indirect method as profit/loss before tax adjusted for non-cash operating items, changes in working capital, payments of financial items and income taxes paid.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of intangible assets, property, plant and equipment, acquisitions and disposals of securities with respect to repo, and other non-current assets. Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs, the raising of loans including repo, as well as repayment of interest-bearing debt including lease liabilities. Cash and cash equivalents comprise cash at bank and in hand.Accounting policies Prepayments Prepayments 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__29-1": { "value": "Accounting policiesThe cash flow statement shows the cash flows from operating, investing and financing activities for the year, the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated according to the indirect method as profit/loss before tax adjusted for non-cash operating items, changes in working capital, payments of financial items and income taxes paid.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of intangible assets, property, plant and equipment, acquisitions and disposals of securities with respect to repo, and other non-current assets. Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs, the raising of loans including repo, as well as repayment of interest-bearing debt including lease liabilities. Cash and cash equivalents comprise cash at bank and in hand.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 3 July 2024 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 consistently applied 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 which 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, balances and dividends are eliminated in full when consolidated. 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 applied in the latest consolidated financial statements is recognised as financial income or financial 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 and to 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 may 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 macroeconomic and geopolitical uncertainty, and risks related to climate change, we have considered the recoverability of trade receivables, deferred tax assets, intangible assets and the value of inventories. In addition, Management has assessed both the supply situation and consumer demand in relation to the current geopolitical events 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. Estimates, which include all of the above, were updated at 31 May 2024 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 current geopolitical events. 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 EstimateExtent to which accounting estimates and judgements are based on subjectivity and business practice:Very objective/market conformingPartly subjective/partly distinctiveSubjective/distinctive for Bang & Olufsen1.3 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 2023 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 and 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 2023/24 consolidated financial statements. In April 2024, it was decided that in 2027 IAS 1 will be replaced by IFRS 18, Presentation and disclosures in financial statements, which is expected to have an impact on the presentation of the financial statements, mainly the income statement, and information on alternative performance measures in a note to the consolidated financial statements. The Group expects to implement these standards when they take effect, and at the moment Bang & Olufsen is analysing the impact of implementing the new standard.Accounting policiesOperating segmentsSegment information has been prepared in accordance with the 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 policiesRevenue recognitionRevenue from contracts with customers comprises the 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 for both 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 of 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 the sale 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 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 the 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 policiesAs 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 in the income statement pension contributions, which can either be a fixed amount or a fixed percentage of the monthly salarycosts, 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 as well as 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 or losses. Such gains or 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.Accounting policies Inventories are measured at the lower of cost according to the FIFO principle and net realisable value. The cost of raw materials, consumables and purchased goods consists of the acquisition price including delivery costs. The cost of finished goods and work in progress consists of costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation of 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 the 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 measuring expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on a 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 liabilities The 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. 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 in 2023/24 or in previous years. This is common practice in the Group.Accounting policies Prepayments Prepayments 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 the 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 to 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 lives 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 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 becomes 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 implied 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 the 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 or expenses. The purchase or sale of securities is 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 at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such 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 occurring in the financial year or in 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 at 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 Available liquidity Cash and securities, offset by repo transactions Capacity costs Development costs, distribution and marketing costs and administrative costs Capacity cost ratio Capacity costs as a percentage of revenue Capital resources Available liquidity and undrawn committed credit facilities Earnings per share (EPS) Result attributable to shareholders of Bang & Olufsen A/S relative to average number of outstanding shares Earnings per share, diluted Result attributable to shareholders of Bang & Olufsen A/S as a percentage of diluted average number of outstanding shares EBIT Earnings (profit) before interest and income tax EBIT before special items Earnings (profit) before interest, income 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 Free cash flow Cash flow from operating activities less cash flow from operational investments 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 Incurred development costs ratio Incurred development costs before capitalisation as a percentage of revenue Invested capital Net working capital, tangible assets and intangible assets excl. goodwill Like-for-like Like-for-like is defined as sell-out from the same stores, provided they were open and active in both periods Net interest-bearing deposit/debt Current and non-current interest-bearing loans and borrowings less interest-bearing receivables and cash Operating expenses Production costs, development costs, distribution and marketing costs and administrative costs Price/earnings Share price/Earnings per share (nom. DKK 5) Return on assets, % Earnings for the year x 100/Assets Return on equity, % Earnings for the year x 100/Equity Revenue per share Revenue per average number of outstanding shares Revenue per share, diluted Revenue per diluted average number of outstanding shares 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 of 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) 2023/24 2022/23 Revenue growth (according to P&L) -6 -7 Foreign exchange 1 -1 Growth in local currencies -5 -8 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. (DKK million) 2023/24 2022/23 EBIT 18 -124 Depreciation, amortisation and impairment 239 222 EBITDA 257 98 Special items, net 43 19 EBITDA before special items 300 117 EBIT 18 -124 Special items, net 43 19 EBIT before special items 61 -105", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "f39361": { "value": "613000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "f39365": { "value": "20000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": 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"s10_notesesefdkgaap__7__35-1": { "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 3 July 2024 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 consistently applied 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__34": { "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 3 July 2024 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 consistently applied 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 which 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__36": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__37": { "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, balances and dividends are eliminated in full when consolidated. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__38-1": { "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 applied in the latest consolidated financial statements is recognised as financial income or financial 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__40-1": { "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 and to 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 may 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 macroeconomic and geopolitical uncertainty, and risks related to climate change, we have considered the recoverability of trade receivables, deferred tax assets, intangible assets and the value of inventories. In addition, Management has assessed both the supply situation and consumer demand in relation to the current geopolitical events 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. Estimates, which include all of the above, were updated at 31 May 2024 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 current geopolitical events. 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 EstimateExtent to which accounting estimates and judgements are based on subjectivity and business practice:Very objective/market conformingPartly subjective/partly distinctiveSubjective/distinctive for Bang & OlufsenCritical accounting estimates and judgementsDeferred tax assets On an ongoing basis management performs an impairment test of the deferred tax asset. Based on the Group\u2019s 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 2024. 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 judgements A 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 from the previous 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 previous year. Development projects amounted to DKK 282m at 31 May 2024 (31 May 2023: DKK 253m). The main additions in the 2023/24 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 lease liabilities in 2023/24 was around 5.7% (2022/23: 5.2%). Estimated useful life at 31 May 2024 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__43": { "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 2023 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 and 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 2023/24 consolidated financial statements. In April 2024, it was decided that in 2027 IAS 1 will be replaced by IFRS 18, Presentation and disclosures in financial statements, which is expected to have an impact on the presentation of the financial statements, mainly the income statement, and information on alternative performance measures in a note to the consolidated financial statements. The Group expects to implement these standards when they take effect, and at the moment Bang & Olufsen is analysing the impact of implementing the new standard.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__42": { "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 2023 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 and 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 2023/24 consolidated financial statements. In April 2024, it was decided that in 2027 IAS 1 will be replaced by IFRS 18, Presentation and disclosures in financial statements, which is expected to have an impact on the presentation of the financial statements, mainly the income statement, and information on alternative performance measures in a note to the consolidated financial statements. The Group expects to implement these standards when they take effect, and at the moment Bang & Olufsen is analysing the impact of implementing the new standard.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__47": { "value": "2.1 Revenue and operating segments 2023/24 2022/23 Brand Partnering Brand Partnering (DKK million) EMEA Americas APAC Regions, total & other activities All EMEA Americas APAC Regions, total & other activities All Revenue by strategic market Revenue 1,249 287 726 2,262 326 2,588 1,281 313 795 2,389 363 2,752 *Production costs -641 -155 -358 -1,154 -55 -1,209 -790 -211 -475 -1,476 -61 -1,537 *Gross profit 608 132 368 1,108 271 1,379 491 102 320 913 302 1,215 *Gross margin 48.6% 46.1% 50.7% 49.0% 83.3% 53.3% 38.3% 32.5% 40.3% 38.2% 83.1% 44.2% Capacity costs excl. depreciation, amortisation and impairment -1,122 -1,117 Depreciation and amortisation -239 -222 Financial items, net -25 -28 Profit/loss before tax (EBT) -7 -152 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 1,158 464 640 2,262 326 2,588 1,067 542 780 2,389 363 2,752 *Production costs -500 -225 -429 -1,154 -55 -1,209 -569 -281 -626 -1,476 -61 -1,537 *Gross profit 658 239 211 1,108 271 1,379 498 261 154 913 302 1,215 *Gross margin 56.8% 51.5% 33.0% 49.0% 83.3% 53.3% 46.7% 48.2% 19.8% 38.2% 83.1% 44.2% * Comparative figures for gross margin and gross profit at segment level has been restated. No change in total gross margin and gross profit. Our activities are presented in 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. Segment results are measured at gross profit level. License income is recognized at a point in time and encompassed 9% of revenue (2022/23: 10%). Accounting policiesOperating segmentsSegment information has been prepared in accordance with the 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. 2023/24 2022/23 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % China 372 14% 430 16% USA & Canada 280 11% 305 11% UK & Ireland 202 8% 234 8% Denmark 189 7% 201 7% Germany 156 6% 182 7% Eastern Europe 151 6% 107 4% South Korea 131 5% 112 4% Switzerland 99 4% 91 3% Netherlands 86 3% 89 3% France 81 3% 89 3% Japan 55 2% 53 2% Spain 54 2% 54 2% Taiwan 52 2% 42 2% Italy 49 2% 52 2% Hong Kong 41 2% 43 2% Brand Partnering & other activities 326 12% 363 13% Rest of world 264 11% 305 11% Total 2,588 100% 2,752 100% Non-current assets* (DKK million) 2023/24 2022/23 EMEA** 677 633 Americas 73 69 Asia 22 31 Total 772 733 *Non-current assets less deferred tax assets. **Of which DKK 577m in Denmark (31 May 2023: DKK 573m). Accounting policiesRevenue recognitionRevenue from contracts with customers comprises the 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 for both 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 of 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:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__45": { "value": "2.1 Revenue and operating segments 2023/24 2022/23 Brand Partnering Brand Partnering (DKK million) EMEA Americas APAC Regions, total & other activities All EMEA Americas APAC Regions, total & other activities All Revenue by strategic market Revenue 1,249 287 726 2,262 326 2,588 1,281 313 795 2,389 363 2,752 *Production costs -641 -155 -358 -1,154 -55 -1,209 -790 -211 -475 -1,476 -61 -1,537 *Gross profit 608 132 368 1,108 271 1,379 491 102 320 913 302 1,215 *Gross margin 48.6% 46.1% 50.7% 49.0% 83.3% 53.3% 38.3% 32.5% 40.3% 38.2% 83.1% 44.2% Capacity costs excl. depreciation, amortisation and impairment -1,122 -1,117 Depreciation and amortisation -239 -222 Financial items, net -25 -28 Profit/loss before tax (EBT) -7 -152 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 1,158 464 640 2,262 326 2,588 1,067 542 780 2,389 363 2,752 *Production costs -500 -225 -429 -1,154 -55 -1,209 -569 -281 -626 -1,476 -61 -1,537 *Gross profit 658 239 211 1,108 271 1,379 498 261 154 913 302 1,215 *Gross margin 56.8% 51.5% 33.0% 49.0% 83.3% 53.3% 46.7% 48.2% 19.8% 38.2% 83.1% 44.2% * Comparative figures for gross margin and gross profit at segment level has been restated. No change in total gross margin and gross profit. Our activities are presented in 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. Segment results are measured at gross profit level. License income is recognized at a point in time and encompassed 9% of revenue (2022/23: 10%). Accounting policiesOperating segmentsSegment information has been prepared in accordance with the 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. 2023/24 2022/23 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % China 372 14% 430 16% USA & Canada 280 11% 305 11% UK & Ireland 202 8% 234 8% Denmark 189 7% 201 7% Germany 156 6% 182 7% Eastern Europe 151 6% 107 4% South Korea 131 5% 112 4% Switzerland 99 4% 91 3% Netherlands 86 3% 89 3% France 81 3% 89 3% Japan 55 2% 53 2% Spain 54 2% 54 2% Taiwan 52 2% 42 2% Italy 49 2% 52 2% Hong Kong 41 2% 43 2% Brand Partnering & other activities 326 12% 363 13% Rest of world 264 11% 305 11% Total 2,588 100% 2,752 100% Non-current assets* (DKK million) 2023/24 2022/23 EMEA** 677 633 Americas 73 69 Asia 22 31 Total 772 733 *Non-current assets less deferred tax assets. **Of which DKK 577m in Denmark (31 May 2023: DKK 573m). Accounting policiesRevenue recognitionRevenue from contracts with customers comprises the 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 for both 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 of 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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__44": { "value": "2.1 Revenue and operating segments 2023/24 2022/23 Brand Partnering Brand Partnering (DKK million) EMEA Americas APAC Regions, total & other activities All EMEA Americas APAC Regions, total & other activities All Revenue by strategic market Revenue 1,249 287 726 2,262 326 2,588 1,281 313 795 2,389 363 2,752 *Production costs -641 -155 -358 -1,154 -55 -1,209 -790 -211 -475 -1,476 -61 -1,537 *Gross profit 608 132 368 1,108 271 1,379 491 102 320 913 302 1,215 *Gross margin 48.6% 46.1% 50.7% 49.0% 83.3% 53.3% 38.3% 32.5% 40.3% 38.2% 83.1% 44.2% Capacity costs excl. depreciation, amortisation and impairment -1,122 -1,117 Depreciation and amortisation -239 -222 Financial items, net -25 -28 Profit/loss before tax (EBT) -7 -152 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 1,158 464 640 2,262 326 2,588 1,067 542 780 2,389 363 2,752 *Production costs -500 -225 -429 -1,154 -55 -1,209 -569 -281 -626 -1,476 -61 -1,537 *Gross profit 658 239 211 1,108 271 1,379 498 261 154 913 302 1,215 *Gross margin 56.8% 51.5% 33.0% 49.0% 83.3% 53.3% 46.7% 48.2% 19.8% 38.2% 83.1% 44.2% * Comparative figures for gross margin and gross profit at segment level has been restated. No change in total gross margin and gross profit. Our activities are presented in 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. Segment results are measured at gross profit level. License income is recognized at a point in time and encompassed 9% of revenue (2022/23: 10%). Accounting policiesOperating segmentsSegment information has been prepared in accordance with the 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. 2023/24 2022/23 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % China 372 14% 430 16% USA & Canada 280 11% 305 11% UK & Ireland 202 8% 234 8% Denmark 189 7% 201 7% Germany 156 6% 182 7% Eastern Europe 151 6% 107 4% South Korea 131 5% 112 4% Switzerland 99 4% 91 3% Netherlands 86 3% 89 3% France 81 3% 89 3% Japan 55 2% 53 2% Spain 54 2% 54 2% Taiwan 52 2% 42 2% Italy 49 2% 52 2% Hong Kong 41 2% 43 2% Brand Partnering & other activities 326 12% 363 13% Rest of world 264 11% 305 11% Total 2,588 100% 2,752 100% Non-current assets* (DKK million) 2023/24 2022/23 EMEA** 677 633 Americas 73 69 Asia 22 31 Total 772 733 *Non-current assets less deferred tax assets. **Of which DKK 577m in Denmark (31 May 2023: DKK 573m). Accounting policiesRevenue recognitionRevenue from contracts with customers comprises the 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 for both 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 of 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:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__48": { "value": "Accounting policiesOperating segmentsSegment information has been prepared in accordance with the 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", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__50": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__49": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__46": { "value": "Accounting policiesRevenue recognitionRevenue from contracts with customers comprises the 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 for both 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 of 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__58": { "value": "2.2 Costs (DKK million) 2023/24 2022/23 Breakdown by function: Production costs 1,209 1,538 Development costs 286 300 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 2,570 2,876 Specification: Materials and consumables 1,102 1,424 Staff costs 795 764 Other costs 243 264 Depreciation, amortisation and impairment 239 222 Marketing costs 191 202 Total 2,570 2,876 Depreciation, amortisation and impairment Intangible assets, amortisation 138 128 Property, plant and equipment, depreciation 50 54 Right-of-use assets, depreciation 46 40 Loss on disposals 5 - Total 239 222 Depreciation, amortisation and impairment relate to: Production costs 29 32 Development costs 112 110 Distribution and marketing costs 86 72 Administrative costs 12 8 Total 239 222 In 2023/24, total operating expenses recognised in the income statement decreased by DKK 306m to DKK 2,570m, corresponding to a decrease of 11%. The overall decrease was driven by reduced production costs which has helped improve the overall gross margin. Production costs decreased during the year in line with the overall trend in the activity. We saw a decrease in activity but an improved gross margin during the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 30m to DKK 940m. The increase was primarily related to increased reorganisation costs and increased depreciation offset by lower warranty costs. Administrative costs increased by DKK 7m to DKK 135m. The increase was primarily related to higher accruals for employee bonuses and cost for reorganisation. 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 the sale 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) 2023/24 2022/23 Development costs Incurred development costs before capitalisation 315 319 Of which capitalised -127 -117 Incurred development costs after capitalisation 188 202 Capitalisation (%) 40.2% 36.7% Total amortisation and impairment losses on development projects 98 99 Development costs recognised in the consolidated income statement 286 301 Incurred development costs before capitalisation ratio (% of revenue) 12.2% 11.6% Development costs decreased by DKK 15m to DKK 286m as a result of higher capitalisation of development cost. Incurred development costs after capitalisations were DKK 14m lower than last year, reflecting the timing of projects related to 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 primarily consist of staff cost, premises, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2023/24 2022/23 Development costs 286 301 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 1,361 1,339", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__57": { "value": "2.2 Costs (DKK million) 2023/24 2022/23 Breakdown by function: Production costs 1,209 1,538 Development costs 286 300 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 2,570 2,876 Specification: Materials and consumables 1,102 1,424 Staff costs 795 764 Other costs 243 264 Depreciation, amortisation and impairment 239 222 Marketing costs 191 202 Total 2,570 2,876 Depreciation, amortisation and impairment Intangible assets, amortisation 138 128 Property, plant and equipment, depreciation 50 54 Right-of-use assets, depreciation 46 40 Loss on disposals 5 - Total 239 222 Depreciation, amortisation and impairment relate to: Production costs 29 32 Development costs 112 110 Distribution and marketing costs 86 72 Administrative costs 12 8 Total 239 222 In 2023/24, total operating expenses recognised in the income statement decreased by DKK 306m to DKK 2,570m, corresponding to a decrease of 11%. The overall decrease was driven by reduced production costs which has helped improve the overall gross margin. Production costs decreased during the year in line with the overall trend in the activity. We saw a decrease in activity but an improved gross margin during the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 30m to DKK 940m. The increase was primarily related to increased reorganisation costs and increased depreciation offset by lower warranty costs. Administrative costs increased by DKK 7m to DKK 135m. The increase was primarily related to higher accruals for employee bonuses and cost for reorganisation. 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 the sale 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) 2023/24 2022/23 Development costs Incurred development costs before capitalisation 315 319 Of which capitalised -127 -117 Incurred development costs after capitalisation 188 202 Capitalisation (%) 40.2% 36.7% Total amortisation and impairment losses on development projects 98 99 Development costs recognised in the consolidated income statement 286 301 Incurred development costs before capitalisation ratio (% of revenue) 12.2% 11.6% Development costs decreased by DKK 15m to DKK 286m as a result of higher capitalisation of development cost. Incurred development costs after capitalisations were DKK 14m lower than last year, reflecting the timing of projects related to 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 primarily consist of staff cost, premises, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2023/24 2022/23 Development costs 286 301 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 1,361 1,339", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__55": { "value": "2.2 Costs (DKK million) 2023/24 2022/23 Breakdown by function: Production costs 1,209 1,538 Development costs 286 300 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 2,570 2,876 Specification: Materials and consumables 1,102 1,424 Staff costs 795 764 Other costs 243 264 Depreciation, amortisation and impairment 239 222 Marketing costs 191 202 Total 2,570 2,876 Depreciation, amortisation and impairment Intangible assets, amortisation 138 128 Property, plant and equipment, depreciation 50 54 Right-of-use assets, depreciation 46 40 Loss on disposals 5 - Total 239 222 Depreciation, amortisation and impairment relate to: Production costs 29 32 Development costs 112 110 Distribution and marketing costs 86 72 Administrative costs 12 8 Total 239 222 In 2023/24, total operating expenses recognised in the income statement decreased by DKK 306m to DKK 2,570m, corresponding to a decrease of 11%. The overall decrease was driven by reduced production costs which has helped improve the overall gross margin. Production costs decreased during the year in line with the overall trend in the activity. We saw a decrease in activity but an improved gross margin during the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 30m to DKK 940m. The increase was primarily related to increased reorganisation costs and increased depreciation offset by lower warranty costs. Administrative costs increased by DKK 7m to DKK 135m. The increase was primarily related to higher accruals for employee bonuses and cost for reorganisation. 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 the sale 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) 2023/24 2022/23 Development costs Incurred development costs before capitalisation 315 319 Of which capitalised -127 -117 Incurred development costs after capitalisation 188 202 Capitalisation (%) 40.2% 36.7% Total amortisation and impairment losses on development projects 98 99 Development costs recognised in the consolidated income statement 286 301 Incurred development costs before capitalisation ratio (% of revenue) 12.2% 11.6% Development costs decreased by DKK 15m to DKK 286m as a result of higher capitalisation of development cost. Incurred development costs after capitalisations were DKK 14m lower than last year, reflecting the timing of projects related to 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 primarily consist of staff cost, premises, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2023/24 2022/23 Development costs 286 301 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 1,361 1,339", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__53": { "value": "2.2 Costs (DKK million) 2023/24 2022/23 Breakdown by function: Production costs 1,209 1,538 Development costs 286 300 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 2,570 2,876 Specification: Materials and consumables 1,102 1,424 Staff costs 795 764 Other costs 243 264 Depreciation, amortisation and impairment 239 222 Marketing costs 191 202 Total 2,570 2,876 Depreciation, amortisation and impairment Intangible assets, amortisation 138 128 Property, plant and equipment, depreciation 50 54 Right-of-use assets, depreciation 46 40 Loss on disposals 5 - Total 239 222 Depreciation, amortisation and impairment relate to: Production costs 29 32 Development costs 112 110 Distribution and marketing costs 86 72 Administrative costs 12 8 Total 239 222 In 2023/24, total operating expenses recognised in the income statement decreased by DKK 306m to DKK 2,570m, corresponding to a decrease of 11%. The overall decrease was driven by reduced production costs which has helped improve the overall gross margin. Production costs decreased during the year in line with the overall trend in the activity. We saw a decrease in activity but an improved gross margin during the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 30m to DKK 940m. The increase was primarily related to increased reorganisation costs and increased depreciation offset by lower warranty costs. Administrative costs increased by DKK 7m to DKK 135m. The increase was primarily related to higher accruals for employee bonuses and cost for reorganisation. 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 the sale 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) 2023/24 2022/23 Development costs Incurred development costs before capitalisation 315 319 Of which capitalised -127 -117 Incurred development costs after capitalisation 188 202 Capitalisation (%) 40.2% 36.7% Total amortisation and impairment losses on development projects 98 99 Development costs recognised in the consolidated income statement 286 301 Incurred development costs before capitalisation ratio (% of revenue) 12.2% 11.6% Development costs decreased by DKK 15m to DKK 286m as a result of higher capitalisation of development cost. Incurred development costs after capitalisations were DKK 14m lower than last year, reflecting the timing of projects related to 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 primarily consist of staff cost, premises, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2023/24 2022/23 Development costs 286 301 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 1,361 1,339", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__51": { "value": "2.2 Costs (DKK million) 2023/24 2022/23 Breakdown by function: Production costs 1,209 1,538 Development costs 286 300 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 2,570 2,876 Specification: Materials and consumables 1,102 1,424 Staff costs 795 764 Other costs 243 264 Depreciation, amortisation and impairment 239 222 Marketing costs 191 202 Total 2,570 2,876 Depreciation, amortisation and impairment Intangible assets, amortisation 138 128 Property, plant and equipment, depreciation 50 54 Right-of-use assets, depreciation 46 40 Loss on disposals 5 - Total 239 222 Depreciation, amortisation and impairment relate to: Production costs 29 32 Development costs 112 110 Distribution and marketing costs 86 72 Administrative costs 12 8 Total 239 222 In 2023/24, total operating expenses recognised in the income statement decreased by DKK 306m to DKK 2,570m, corresponding to a decrease of 11%. The overall decrease was driven by reduced production costs which has helped improve the overall gross margin. Production costs decreased during the year in line with the overall trend in the activity. We saw a decrease in activity but an improved gross margin during the year. The development costs are commented on the following page. Distribution and marketing costs increased by DKK 30m to DKK 940m. The increase was primarily related to increased reorganisation costs and increased depreciation offset by lower warranty costs. Administrative costs increased by DKK 7m to DKK 135m. The increase was primarily related to higher accruals for employee bonuses and cost for reorganisation. 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 the sale 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) 2023/24 2022/23 Development costs Incurred development costs before capitalisation 315 319 Of which capitalised -127 -117 Incurred development costs after capitalisation 188 202 Capitalisation (%) 40.2% 36.7% Total amortisation and impairment losses on development projects 98 99 Development costs recognised in the consolidated income statement 286 301 Incurred development costs before capitalisation ratio (% of revenue) 12.2% 11.6% Development costs decreased by DKK 15m to DKK 286m as a result of higher capitalisation of development cost. Incurred development costs after capitalisations were DKK 14m lower than last year, reflecting the timing of projects related to 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 primarily consist of staff cost, premises, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2023/24 2022/23 Development costs 286 301 Distribution and marketing costs 940 910 Administrative costs 135 128 Total 1,361 1,339", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__54-1": { "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 the sale 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 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 the 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 to 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 lives 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 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__52": { "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 the sale 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__56": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__60": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__59": { "value": "2.3 Government grants (DKK million) 2023/24 2022/23 Government grants 16 8 Breakdown by function: Production costs 2 3 Development costs 9 - Distribution and marketing costs 2 5 Administrative costs 1 - Financial expenses 2 - Total 16 8 Government grants in 2023/24 related primarily to an adjustment of Danish COVID-19 packages of DKK 16m. In 2022/23, government grants consisted of grants received in China, Hong Kong and Singapore. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__61": { "value": "2.4 Special items (DKK million) 2023/24 2022/23 Restructuring costs and severance 43 19 Total 43 19 Production costs 4 2 Development costs 11 10 Distribution and marketing costs 26 7 Administrative costs 2 0 Total 43 19 A reorganisation to support our strategy execution was announced in Q4 of 2023/24. Special items in 2023/24 amounted to DKK 43m (2022/23: DKK 19m) and related to reorganisation and severance costs including garden leave and other employee expenses. Special items in 2022/23 related primarily to restructuring and severance costs in respect of the reorganisation including garden leave for a key employee. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__62": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__64": { "value": "2.5 Tax Tax for the year Tax on profit was DKK 10m in 2023/24 against DKK -11m in 2022/23. The effective tax rate was -138.7% in 2023/24 against 7.6% in 2022/23. The effective tax rate was primarily affected by the impairment of deferred tax assets of DKK 11.6m. 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. 2023/24 2022/23 Other Other Income comprehensive Income comprehensive (DKK million) statement income Total tax statement income Total tax Tax for the year Current tax 1 -1 - 9 - 9 Change in deferred tax during the year - - - -14 - -14 Change in deferred tax as a result of change in tax rate2 - 2 2 - 2 Current tax adjustments to prior years -1 - -1 5 5 Deferred tax adjustments to prior years 8 - 8 -13 - -13 Total 10 -1 9 -11 - -11 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 FTE at end of Profit/loss before accrued (DKK Income tax paid Legal entities in(DKK million) period tax (DKK million) million) (DKK million) Denmark 1,216 713 -63.3 -8.5 -4.6 Norway 15 - 0.5 - - Sweden 20 2 0.5 -0.1 0.1 Germany 125 16 8.1 2.1 5.0 Switzerland 94 7 4.8 1.1 0.6 Austria 17 7 0.3 0.1 0.2 UK 156 39 6.6 1.7 1.6 Netherlands 72 4 1.6 0.3 0.2 Belgium 32 3 0.6 0.2 0.2 France 58 18 1.6 0.4 - Spain 44 10 2.3 0.6 1.5 Italy 39 5 1.1 0.3 0.6 USA 279 36 10.2 0.2 0.3 Japan 20 5 0.3 - -0.1 China 345 45 22.4 2.7 2.0 Hong Kong 56 30 -5.0 - 1.5 Singapore - 45 0.3 - 0.6 Bulgaria - 13 - - - Total 2,588 998 -7.1 1.1 9.7 EFFECTIVE TAX RATE FOR THE YEAR % Amount Non-Non-Tax deductible Tax deductible calculated Deviating costs and Adjust-calculated Deviating costs and Adjust-on result tax rates in non-ments to Foreign Impairment on result tax rates in non-ments to Foreign Impairment for the year foreign taxable Changes in prior withholdinof deferred for the year foreign taxable Changes in prior withholdinof deferred Countrybefore tax subsidiaries income tax rates periods g tax tax assets Other Total before tax subsidiaries income tax rates periods g tax tax assets Other Total Denmark 22.0% - -2.9% - 0.2% -1.5% -18.4% 4.8% 4.2% -13.9 - 1.8 - -0.2 0.9 11.6 -3.0 -2.8 Norway 22.0% - - - -16.9% - - -0.7% 4.4% 0.1 - - - -0.1 - - - - Sweden 22.0% -1.4% - - 7.7% - - -16.6% 11.7% 0.1 - - - - - - - 0.1 Germany 22.0% 3.4% - - -0.5% - - 0.1% 25.0% 1.8 0.3 - - - - - - 2.1 Switzerland 22.0% 3.8% - - -8.0% - - -3.0% 14.8% 1.1 0.2 - - -0.3 - - -0.1 0.9 Austria 22.0% 2.0% - - -5.7% - - -0.9% 17.4% 0.1 - - - - - - - 0.1 UK 22.0% 2.9% - - 10.2% - - 0.9% 36.0% 1.5 0.2 - - 0.7 - - 0.1 2.5 Netherlands 22.0% -3.0% - - -6.3% - - 0.1% 12.8% 0.3 - - - -0.1 - - - 0.2 Belgium 22.0% 3.0% - - 7.7% - - 0.2% 32.9% 0.1 - - - - - - - 0.1 France 22.0% 3.0% - - -39.3% - - 0.2% -14.1% 0.3 - - - -0.6 - - - -0.3 Spain 22.0% 3.0% - - 40.4% - - 0.0% 65.4% 0.5 0.1 - - 0.9 - - - 1.5 Italy 22.0% 5.9% - - 14.5% - - 0.1% 42.5% 0.2 0.1 - - 0.2 - - - 0.5 USA 22.0% 4.9% - - 13.2% - - -94.2% -54.1% 2.2 0.5 - - 1.4 - - -9.7 -5.6 Japan 22.0% 6.0% - - 86.1% - - 18.1% 132.2% 0.1 - - - 0.5 - - 0.1 0.7 China 22.0% 3.0% 0.3% - 25.6% - - 0.2% 51.1% 4.9 0.7 0.1 - 5.8 - - - 11.5 Hong Kong 22.0% -5.5% - - 2.7% - - -0.1% 19.1% -1.1 0.3 - - -0.1 - - - -0.9 Singapore 22.0% -5.0% - - -232.7% - - -0.1% -215.8% 0.1 - - - -0.6 - - - -0.5 Bulgaria 22.0% -11.7% - - 34.6% - - 0.2% 45.1% - - - - - - - - - 2023/24 22.0% -32.0% -26.7% - -104.4% -13.2% -164.7% 180.3% -138.7% -1.6 2.4 1.9 - 7.5 0.9 11.6 -12.6 10.1 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 Deferred tax At 31 May 2024, net deferred tax assets amounted to DKK 84m (31 May 2023: DKK 93m). The decrease is reflected in non-current assets. 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 92m (31 May 2023: DKK 99m), of which DKK 74m related to the Group\u2019s jointly-taxed companies in Denmark, DKK 2m related to China, and DKK 9m to the US, whereas the remaining DKK 7m related to other of the Group\u2019s foreign legal entities. Tax loss carryforwards at 31 May 2024 amounted to DKK 36m (31 May 2023: DKK 45m). The Group's tax policy is available on the Group\u2019s website. Assets Liabilities Net assets (DKK million) 31-05-24 31-05-23 31-05-24 31-05-23 31-05-24 31-05-23 Deferred tax Non-current assets - 39 7 6 -7 33 Inventories 5 5 0 - 5 5 Receivables 2 2 0 -0 2 2 Provisions 30 6 0 -0 30 6 Tax loss carryforwards 36 45 0 0 36 45 Other 19 2 1 - 18 2 Total 92 99 8 6 84 93 (DKK million) 2023/24 2022/23 Change in deferred tax, net during the year Non-current assets -40 7 Inventories 0 -12 Receivables 0 2 Provisions 24 2 Tax loss carryforwards -9 35 Other 16 -12 Total -9 22 At 31 May 2024, the value of unrecognised deferred tax assets amounted to DKK 323m. Of this amount, DKK 292m related to Denmark, DKK 23m to the US, and DKK 8m to other legal entities abroad. A total of DKK 245m related to tax loss carryforwards, DKK 218m 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 judgementsDeferred tax assets On an ongoing basis management performs an impairment test of the deferred tax asset. Based on the Group\u2019s 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 2024. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__63": { "value": "2.5 Tax Tax for the year Tax on profit was DKK 10m in 2023/24 against DKK -11m in 2022/23. The effective tax rate was -138.7% in 2023/24 against 7.6% in 2022/23. The effective tax rate was primarily affected by the impairment of deferred tax assets of DKK 11.6m. 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. 2023/24 2022/23 Other Other Income comprehensive Income comprehensive (DKK million) statement income Total tax statement income Total tax Tax for the year Current tax 1 -1 - 9 - 9 Change in deferred tax during the year - - - -14 - -14 Change in deferred tax as a result of change in tax rate2 - 2 2 - 2 Current tax adjustments to prior years -1 - -1 5 5 Deferred tax adjustments to prior years 8 - 8 -13 - -13 Total 10 -1 9 -11 - -11 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 FTE at end of Profit/loss before accrued (DKK Income tax paid Legal entities in(DKK million) period tax (DKK million) million) (DKK million) Denmark 1,216 713 -63.3 -8.5 -4.6 Norway 15 - 0.5 - - Sweden 20 2 0.5 -0.1 0.1 Germany 125 16 8.1 2.1 5.0 Switzerland 94 7 4.8 1.1 0.6 Austria 17 7 0.3 0.1 0.2 UK 156 39 6.6 1.7 1.6 Netherlands 72 4 1.6 0.3 0.2 Belgium 32 3 0.6 0.2 0.2 France 58 18 1.6 0.4 - Spain 44 10 2.3 0.6 1.5 Italy 39 5 1.1 0.3 0.6 USA 279 36 10.2 0.2 0.3 Japan 20 5 0.3 - -0.1 China 345 45 22.4 2.7 2.0 Hong Kong 56 30 -5.0 - 1.5 Singapore - 45 0.3 - 0.6 Bulgaria - 13 - - - Total 2,588 998 -7.1 1.1 9.7 EFFECTIVE TAX RATE FOR THE YEAR % Amount Non-Non-Tax deductible Tax deductible calculated Deviating costs and Adjust-calculated Deviating costs and Adjust-on result tax rates in non-ments to Foreign Impairment on result tax rates in non-ments to Foreign Impairment for the year foreign taxable Changes in prior withholdinof deferred for the year foreign taxable Changes in prior withholdinof deferred Countrybefore tax subsidiaries income tax rates periods g tax tax assets Other Total before tax subsidiaries income tax rates periods g tax tax assets Other Total Denmark 22.0% - -2.9% - 0.2% -1.5% -18.4% 4.8% 4.2% -13.9 - 1.8 - -0.2 0.9 11.6 -3.0 -2.8 Norway 22.0% - - - -16.9% - - -0.7% 4.4% 0.1 - - - -0.1 - - - - Sweden 22.0% -1.4% - - 7.7% - - -16.6% 11.7% 0.1 - - - - - - - 0.1 Germany 22.0% 3.4% - - -0.5% - - 0.1% 25.0% 1.8 0.3 - - - - - - 2.1 Switzerland 22.0% 3.8% - - -8.0% - - -3.0% 14.8% 1.1 0.2 - - -0.3 - - -0.1 0.9 Austria 22.0% 2.0% - - -5.7% - - -0.9% 17.4% 0.1 - - - - - - - 0.1 UK 22.0% 2.9% - - 10.2% - - 0.9% 36.0% 1.5 0.2 - - 0.7 - - 0.1 2.5 Netherlands 22.0% -3.0% - - -6.3% - - 0.1% 12.8% 0.3 - - - -0.1 - - - 0.2 Belgium 22.0% 3.0% - - 7.7% - - 0.2% 32.9% 0.1 - - - - - - - 0.1 France 22.0% 3.0% - - -39.3% - - 0.2% -14.1% 0.3 - - - -0.6 - - - -0.3 Spain 22.0% 3.0% - - 40.4% - - 0.0% 65.4% 0.5 0.1 - - 0.9 - - - 1.5 Italy 22.0% 5.9% - - 14.5% - - 0.1% 42.5% 0.2 0.1 - - 0.2 - - - 0.5 USA 22.0% 4.9% - - 13.2% - - -94.2% -54.1% 2.2 0.5 - - 1.4 - - -9.7 -5.6 Japan 22.0% 6.0% - - 86.1% - - 18.1% 132.2% 0.1 - - - 0.5 - - 0.1 0.7 China 22.0% 3.0% 0.3% - 25.6% - - 0.2% 51.1% 4.9 0.7 0.1 - 5.8 - - - 11.5 Hong Kong 22.0% -5.5% - - 2.7% - - -0.1% 19.1% -1.1 0.3 - - -0.1 - - - -0.9 Singapore 22.0% -5.0% - - -232.7% - - -0.1% -215.8% 0.1 - - - -0.6 - - - -0.5 Bulgaria 22.0% -11.7% - - 34.6% - - 0.2% 45.1% - - - - - - - - - 2023/24 22.0% -32.0% -26.7% - -104.4% -13.2% -164.7% 180.3% -138.7% -1.6 2.4 1.9 - 7.5 0.9 11.6 -12.6 10.1 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 Deferred tax At 31 May 2024, net deferred tax assets amounted to DKK 84m (31 May 2023: DKK 93m). The decrease is reflected in non-current assets. 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 92m (31 May 2023: DKK 99m), of which DKK 74m related to the Group\u2019s jointly-taxed companies in Denmark, DKK 2m related to China, and DKK 9m to the US, whereas the remaining DKK 7m related to other of the Group\u2019s foreign legal entities. Tax loss carryforwards at 31 May 2024 amounted to DKK 36m (31 May 2023: DKK 45m). The Group's tax policy is available on the Group\u2019s website. Assets Liabilities Net assets (DKK million) 31-05-24 31-05-23 31-05-24 31-05-23 31-05-24 31-05-23 Deferred tax Non-current assets - 39 7 6 -7 33 Inventories 5 5 0 - 5 5 Receivables 2 2 0 -0 2 2 Provisions 30 6 0 -0 30 6 Tax loss carryforwards 36 45 0 0 36 45 Other 19 2 1 - 18 2 Total 92 99 8 6 84 93 (DKK million) 2023/24 2022/23 Change in deferred tax, net during the year Non-current assets -40 7 Inventories 0 -12 Receivables 0 2 Provisions 24 2 Tax loss carryforwards -9 35 Other 16 -12 Total -9 22 At 31 May 2024, the value of unrecognised deferred tax assets amounted to DKK 323m. Of this amount, DKK 292m related to Denmark, DKK 23m to the US, and DKK 8m to other legal entities abroad. A total of DKK 245m related to tax loss carryforwards, DKK 218m 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 judgementsDeferred tax assets On an ongoing basis management performs an impairment test of the deferred tax asset. Based on the Group\u2019s 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 2024. 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:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__65": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__67-1": { "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 policiesAs 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 in the income statement pension contributions, which can either be a fixed amount or a fixed percentage of the monthly salarycosts, 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 as well as 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 or losses. Such gains or 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__66-1": { "value": "3.1 Staff costs (DKK million) 2023/24 2022/23 Wages and other remuneration 703 674 Share-based payments 17 12 Pensions 46 46 Other social security costs 29 32 Total staff costs 795 764 Average number of employees 999 1.038 Staff costs relate to: Production costs 134 138 Development costs 223 198 Distribution and marketing costs 347 325 Administrative costs 91 103 Total staff costs 795 764 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) 2023/24 2022/23 Amount recognised in the income statement Defined contribution plans 46 46 Defined benefit plans 0 0 Total pension amount charged to the income statement 46 46 Amount recognised in the balance sheet Wholly unfunded defined benefit plans 2 3 Wholly or partly funded defined benefit plans 16 16 Present value of defined benefit obligation at 31 May 18 19 Fair value of plan assets -8 -8 Defined benefit plan obligation at 31 May 10 11 (DKK million) 2023/24 2022/23 Present value of future payments 16 16 Fair value of plan assets -8 -8 Actuarially calculated net obligation 8 8 Wholly unfunded defined benefit plans 2 3 Defined benefit plans at 31 May, net 10 11 Actuarial assumptions Discount rate p.a. 4.0% 4.0% Expected salary increase p.a. 2.4% 2.4% Expected rate of return p.a. 2.4% 2.4% The majority of the pension plans operated by the Group are defined contribution plans. 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. Accounting policiesAs 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 in the income statement pension contributions, which can either be a fixed amount or a fixed percentage of the monthly salarycosts, 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 as well as 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 or losses. Such gains or 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__69": { "value": "3.2 Remuneration of management Total remuneration to the Executive Management Board (EMB) amounted to DKK 38m. This represented an increase of DKK 5m compared to 2022/23, which was primarily driven by our improved earnings and the resulting achievement of certain KPIs leading to pay-outs under the short-term cash bonus plan for the Executive Management Board. In total, four out of five KPIs were met in the financial year 2023/24. The Board of Directors decided to extend the special short-term cash-based retention programme for the members of the Executive Management Board (EMB) to the financial year 2023/24. The programme is subject to requirements of continued service and satisfactory performance review ratings and was established for the purpose 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. The costs of the share-based payments (LTIP) were higher than last year, driven primarily by the improved EBIT performance. Termination and severance payments for the year amounted to DKK 4m and related to two key employees who left the Company (2022/23: DKK 3m). The terms of notice of the members of the Executive Management Board are consistent with normal market conditions (up to 24 months). 2023/24 2022/23 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 14 24 6 16 27 Pensions - 1 2 - 1 3 Bonus - 18 20 - 12 17 Termination and severance payments- - 4 - - 3 Total 6 33 50 6 29 50 Share-based payments - 5 4 - 4 3 Total remuneration 6 38 54 6 33 53 Board of Directors In 2023/24, the Board of Directors received total remuneration of DKK 6m (2022/23: DKK 6m). The full remuneration report for the financial year 2023/24 can be found at https://investor.bang-olufsen.com.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__70": { "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 achievement. Any vested restricted shares will be released after the adoption of the Annual Report at an annual general meeting following 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 recognised expensed grant Shares (DKK (DKK (DKK Award Vesting Performance perioddate 31 May million) million) million) date date Programme start date 12.07.2021 01.06.2021-31.05.2024 33.11 482,926 74 16 - 12.07.2021 31.05.2024 11.07.2022 01.06.2022-31.05.2025 14.28 1,941,243 76 13 17 11.07.2022 31.05.2025 13.07.2023 01.06.2023-31.05.2026 10.36 3,921,233 80 8 35 13.07.2023 31.05.2026 Total 6,345,402 230 37 52 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. We now have three ongoing incentive programmes as per the below table. During 2023/24, a total of 1,215,508 shares were exercised under the programme initiated in 2020. This programme ended with a weighted index of 82 over the three-year period at the grant share price of 12.93. The programme initiated in 2021 ended at 31 May 2024 and approximately 482,926 shares will be exercised after the annual general meeting. The programme ended with a weighted index of 56 over the three year period, at the grant share price of 33.11. The costs of the share programmes for the year were DKK 17m (2022/23: DKK 12m). The increase was driven by the improved earnings for the year. The accumulated costs recognized for the three ongoing programmes totalled DKK 37m (2022/23: DKK 37m) with an estimated remaining maximum value to be expensed of DKK 52m (2022/23: DKK 50m).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 the 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 1,786,231 shares at 31 May 2024 (31 May 2023: 2,983,739 shares). TABLE - SHARES OUTSTANDING Executive Management Other Shares outstandingBoard employees Total 2023/24 Shares outstanding at 1 June 1,626,112 3,818,548 5,444,660 Shares granted during the year 1,672,368 4,215,286 5,887,654 Shares exercised during the year -520,773 -694,735 - 1,215,508 Shares lapsed during the year -736,006 -3,035,398 - 3,771,404 Total number of shares outstanding 2,041,701 4,303,701 6,345,402 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", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__71": { "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 the 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__75": { "value": "Accounting policies Inventories are measured at the lower of cost according to the FIFO principle and net realisable value. The cost of raw materials, consumables and purchased goods consists of the acquisition price including delivery costs. The cost of finished goods and work in progress consists of costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation of 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__74": { "value": "4.1 Inventories (DKK million) 2023/24 2022/23 Inventories before write-downs 485 542 Write-downs -38 -43 Total 447 499 Raw materials 35 31 Work in progress 14 17 Spare parts 71 71 Finished goods 327 380 Total 447 499 Cost of sales recognised in production costs 1,102 1,424 Critical accounting estimates and judgements A 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 from the previous year.Accounting policies Inventories are measured at the lower of cost according to the FIFO principle and net realisable value. The cost of raw materials, consumables and purchased goods consists of the acquisition price including delivery costs. The cost of finished goods and work in progress consists of costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation of 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__78": { "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 the 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 measuring expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on a 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__77": { "value": "4.2 Trade receivables (DKK million) 2023/24 2022/23 Trade receivables at 31 May, before impairment 318 356 Impairment at 1 June -15 -59 Impairment losses recognised 2 4 Realised impairment losses 6 42 Reversed impairment losses -2 -2 Impairment at 31 May -9 -15 Trade receivables at 31 May 309 341 Receivables are recognised when control has been transferred and 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. 31-05-24 31-05-23 (DKK million) Amount Impairment Amount Impairment Maturity analysis: Amounts not due 312 -3 332 -1 Past due up to 30 days 0 0 0 0 Past due between 31 and 60 days 0 0 0 0 Past due between 61 and 90 days 0 0 0 0 Past due between 91 and 120 days 0 0 2 -1 Past due more than 120 days 6 -6 22 -13 Trade receivables 318 -9 356 -15 See note 7.1 for details about credit risk associated with trade receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__76": { "value": "4.2 Trade receivables (DKK million) 2023/24 2022/23 Trade receivables at 31 May, before impairment 318 356 Impairment at 1 June -15 -59 Impairment losses recognised 2 4 Realised impairment losses 6 42 Reversed impairment losses -2 -2 Impairment at 31 May -9 -15 Trade receivables at 31 May 309 341 Receivables are recognised when control has been transferred and 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. 31-05-24 31-05-23 (DKK million) Amount Impairment Amount Impairment Maturity analysis: Amounts not due 312 -3 332 -1 Past due up to 30 days 0 0 0 0 Past due between 31 and 60 days 0 0 0 0 Past due between 61 and 90 days 0 0 0 0 Past due between 91 and 120 days 0 0 2 -1 Past due more than 120 days 6 -6 22 -13 Trade receivables 318 -9 356 -15 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 the 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 measuring expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on a 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__81": { "value": "Accounting policies Contract assets and liabilities The 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. 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 in 2023/24 or in previous years. This is common practice in the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__80": { "value": "4.3 Contract assets and liabilities (DKK million) 2023/24 2022/23 Trade receivables 309 341 Right-of-return assets* 2 3 Total contract assets 311 344 Deferred income - non-current** 0 0 Deferred income - current** 3 6 Refund liabilities** 3 6 Total contract liabilities 6 12 * Right-of-return assets have been recognised in current other receivables. ** Deferred income and refund liabilities have 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 liabilities The 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. 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 in 2023/24 or in previous years. This is common practice in the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__79": { "value": "4.3 Contract assets and liabilities (DKK million) 2023/24 2022/23 Trade receivables 309 341 Right-of-return assets* 2 3 Total contract assets 311 344 Deferred income - non-current** 0 0 Deferred income - current** 3 6 Refund liabilities** 3 6 Total contract liabilities 6 12 * Right-of-return assets have been recognised in current other receivables. ** Deferred income and refund liabilities have 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 liabilities The 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. 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 in 2023/24 or in previous years. This is common practice in the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__82": { "value": "4.4 Net working capital (DKK million) 31-05-24 31-05-23 Change Inventories 447 499 -52 Trade receivables 309 341 -32 Other receivables* 52 66 -14 Prepayments 27 24 3 Trade payables -401 -565 164 Other liabilities -171 -143 -28 Total 263 222 41 * Other receivables were adjusted for financial receivables relating to leases of DKK 1m not included as net working capital at 31 May 2024 (31 May 2023: DKK 2m). Net working capital increased by DKK 41m during the year to DKK 263m (31 May 2023: DKK 222m). Inventories decreased by DKK 52m as a result of a continued focus on inventory management. Trade receivables decreased year over year due to lower revenue in Q4 2023/24 compared to last year. Payables decreased by DKK 136m, driven by the timing of payments and offset by an increase in bonus accruals. Accounting policies Prepayments Prepayments 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__90": { "value": "5.1 Intangible assets and property, plant and equipment Property, plant Completed Development and equipment Acquired rights development projects in Intangible Land and Plant and Other Leasehold under Property, plant (DKK million) Goodwill and software projects progress assets buildings machinery equipment improvements construction and equipment Cost At 1 June 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 Reclassification from asset held for sale to land and buildings- - - - - - - - - - - Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - Exchange rate adjustments - - - - - - - - - - - At 31 May 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals - -5 -162 - -167 - 0 0 -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Depreciation, amortisation and impairment At 1 June 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 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals - 1 162 - 163 - 0 0 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Carrying amount At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 Impairment Recognised impairment No impairment was recognised in 2023/24. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2023: 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% (2022/23: 1.5%) and a discount rate of 9.25% were applied (2022/23: 8.75%). The impairment test showed significant 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 previous year. Development projects amounted to DKK 282m at 31 May 2024 (31 May 2023: DKK 253m). The main additions in the 2023/24 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 the 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 to 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 lives 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__88": { "value": "5.1 Intangible assets and property, plant and equipment Property, plant Completed Development and equipment Acquired rights development projects in Intangible Land and Plant and Other Leasehold under Property, plant (DKK million) Goodwill and software projects progress assets buildings machinery equipment improvements construction and equipment Cost At 1 June 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 Reclassification from asset held for sale to land and buildings- - - - - - - - - - - Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - Exchange rate adjustments - - - - - - - - - - - At 31 May 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals - -5 -162 - -167 - 0 0 -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Depreciation, amortisation and impairment At 1 June 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 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals - 1 162 - 163 - 0 0 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Carrying amount At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 Impairment Recognised impairment No impairment was recognised in 2023/24. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2023: 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% (2022/23: 1.5%) and a discount rate of 9.25% were applied (2022/23: 8.75%). The impairment test showed significant 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 previous year. Development projects amounted to DKK 282m at 31 May 2024 (31 May 2023: DKK 253m). The main additions in the 2023/24 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 the 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 to 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 lives 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__86": { "value": "5.1 Intangible assets and property, plant and equipment Property, plant Completed Development and equipment Acquired rights development projects in Intangible Land and Plant and Other Leasehold under Property, plant (DKK million) Goodwill and software projects progress assets buildings machinery equipment improvements construction and equipment Cost At 1 June 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 Reclassification from asset held for sale to land and buildings- - - - - - - - - - - Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - Exchange rate adjustments - - - - - - - - - - - At 31 May 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals - -5 -162 - -167 - 0 0 -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Depreciation, amortisation and impairment At 1 June 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 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals - 1 162 - 163 - 0 0 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Carrying amount At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 Impairment Recognised impairment No impairment was recognised in 2023/24. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2023: 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% (2022/23: 1.5%) and a discount rate of 9.25% were applied (2022/23: 8.75%). The impairment test showed significant 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 previous year. Development projects amounted to DKK 282m at 31 May 2024 (31 May 2023: DKK 253m). The main additions in the 2023/24 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 the 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 to 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 lives 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 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:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__85": { "value": "5.1 Intangible assets and property, plant and equipment Property, plant Completed Development and equipment Acquired rights development projects in Intangible Land and Plant and Other Leasehold under Property, plant (DKK million) Goodwill and software projects progress assets buildings machinery equipment improvements construction and equipment Cost At 1 June 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 Reclassification from asset held for sale to land and buildings- - - - - - - - - - - Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - Exchange rate adjustments - - - - - - - - - - - At 31 May 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals - -5 -162 - -167 - 0 0 -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Depreciation, amortisation and impairment At 1 June 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 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals - 1 162 - 163 - 0 0 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Carrying amount At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 Impairment Recognised impairment No impairment was recognised in 2023/24. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2023: 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% (2022/23: 1.5%) and a discount rate of 9.25% were applied (2022/23: 8.75%). The impairment test showed significant 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 previous year. Development projects amounted to DKK 282m at 31 May 2024 (31 May 2023: DKK 253m). The main additions in the 2023/24 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 the 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 to 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 lives 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__84": { "value": "5.1 Intangible assets and property, plant and equipment Property, plant Completed Development and equipment Acquired rights development projects in Intangible Land and Plant and Other Leasehold under Property, plant (DKK million) Goodwill and software projects progress assets buildings machinery equipment improvements construction and equipment Cost At 1 June 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 Reclassification from asset held for sale to land and buildings- - - - - - - - - - - Completed development projects and assets - - 111 -111 - 4 20 2 13 -39 - Exchange rate adjustments - - - - - - - - - - - At 31 May 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals - -5 -162 - -167 - 0 0 -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Depreciation, amortisation and impairment At 1 June 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 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals - 1 162 - 163 - 0 0 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Carrying amount At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 At 31 May 2023 42 80 129 124 375 93 48 21 30 23 215 Impairment Recognised impairment No impairment was recognised in 2023/24. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2023: 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% (2022/23: 1.5%) and a discount rate of 9.25% were applied (2022/23: 8.75%). The impairment test showed significant 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 previous year. Development projects amounted to DKK 282m at 31 May 2024 (31 May 2023: DKK 253m). The main additions in the 2023/24 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 the 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 to 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 lives 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__91": { "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 the 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 to 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 lives 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__89": { "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 the 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 to 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 lives 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__87": { "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 the 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 to 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 lives 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__93-1": { "value": "5.2 Right-of-use assets Land and (DKK million)buildings Other equipment Total Costs At 1 June 2022 201 6 207 Additions 36 5 41 Remeasurements 12 - 12 Terminations -14 -3 -17 At 31 May 2023 235 8 243 Additions 21 1 22 Remeasurements 40 - 40 Terminations -24 -2 -26 At 31 May 2024 272 7 279 Depreciation, amortisation and impairment At 1 June 2022 -95 -4 -99 Depreciation -37 -3 -40 Terminations 13 3 16 At 31 May 2023 -119 -4 -123 Depreciation -43 -3 -46 Terminations 24 2 26 At 31 May 2024 -138 -5 -143 Carrying amount At 31 May 2024 134 2 136 At 31 May 2023 116 4 120 Repayment of lease liability amounted to DKK 45m in 2023/24 (2022/23: DKK 40m). Expenses relating to low-value leases were insignificant. (DKK million)2023/24 2022/23 Amounts recognised in the income statement: Interest expenses -7 -6 Short-term leases - -1 Expenses relating to variable payments -7 -4 Income from subleases 2 2 Lease liabilities Non-current 117 109 Current 45 37 Total lease liabilities 162 146 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 lease liabilities in 2023/24 was around 5.7% (2022/23: 5.2%). Estimated useful life at 31 May 2024 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 becomes 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 implied 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 the 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 31-05-24 31-05-23 Nominal Year of Carrying Carrying (DKK million) interest value maturity amount amount Interest profile of mortgage loan Fixed rate loans, DKK 3.3% 2040 56 59 Total loans 56 59 Financing Additions and Reclassifi- Financing Additions and Reclassifi- (DKK million) 31-05-22 cash flow remeasurements cations 31-05-23 cash flow remeasurements cations 31-05-24 Change in interest bearing debts Lease liabilities 134 -40 52 - 146 -45 61 - 162 Long-term mortgage loans 58 - - -2 56 - - -3 53 Short-term mortgage loans 4 -3 - 2 3 -3 - 3 3 Bank loans 276 110 - - 386 -6 1 - 381 Other non-current liabilities 6 -3 - - 3 - -1 - 2 Total 478 64 52 - 594 -54 61 - 601 We have a mortgage loan with a three-year interest refinancing period. No extraordinary repayments were made on the mortgage loan during 2023/24. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__94": { "value": "Accounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset becomes 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 implied 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 the 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__96": { "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 the risk and return 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. At 31 May 2024, repo transactions amounted to DKK 381m (31 May 2023: DKK 386m). Net interest-bearing debt amounted to DKK 34m (31 May 2023: a deposit of DKK 19m). The decrease was mainly due to additions and remeasurement of lease liabilities DKK 62m (2022/23: DKK 53m) and the free cash flow of DKK 11m (2022/23: negative DKK 20m). (DKK million) 31-05-24 31-05-23 Mortgage loans (non-current) -53 -56 Mortgage loans (current) -3 -3 Bank loans (current) -381 -386 Lease liabilities (non-current) -117 -109 Lease liabilities (current) -45 -37 Other non-current liabilities -2 -3 Interest-bearing debt -601 -594 Finance lease receivables (non-current) 1 1 Finance lease receivables (current) 1 2 Cash (current) 177 216 Securities (current) 388 394 Interest-bearing assets 567 613 Net interest-bearing deposit/(debt) -34 19 Net available liquidity was DKK 184m (31 May 2023: DKK 224m), consisting of cash and securities offset by repo transactions. (DKK million) 31-05-24 31-05-23 Cash (current) 177 216 Securities (current) 388 394 Offset by repo transactions presented as bank loans (current) -381 -386 Available liquidity 184 224 Including the undrawn part of the credit facility, capital resources were DKK 344m (31 May 2023: DKK 384m), consisting of available liquidity of DKK 184m (31 May 2023: DKK 224m) and undrawn committed credit facilities of DKK 160m (31 May 2023: DKK 160m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__95-1": { "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 the risk and return 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. At 31 May 2024, repo transactions amounted to DKK 381m (31 May 2023: DKK 386m). Net interest-bearing debt amounted to DKK 34m (31 May 2023: a deposit of DKK 19m). The decrease was mainly due to additions and remeasurement of lease liabilities DKK 62m (2022/23: DKK 53m) and the free cash flow of DKK 11m (2022/23: negative DKK 20m). (DKK million) 31-05-24 31-05-23 Mortgage loans (non-current) -53 -56 Mortgage loans (current) -3 -3 Bank loans (current) -381 -386 Lease liabilities (non-current) -117 -109 Lease liabilities (current) -45 -37 Other non-current liabilities -2 -3 Interest-bearing debt -601 -594 Finance lease receivables (non-current) 1 1 Finance lease receivables (current) 1 2 Cash (current) 177 216 Securities (current) 388 394 Interest-bearing assets 567 613 Net interest-bearing deposit/(debt) -34 19 Net available liquidity was DKK 184m (31 May 2023: DKK 224m), consisting of cash and securities offset by repo transactions. (DKK million) 31-05-24 31-05-23 Cash (current) 177 216 Securities (current) 388 394 Offset by repo transactions presented as bank loans (current) -381 -386 Available liquidity 184 224 Including the undrawn part of the credit facility, capital resources were DKK 344m (31 May 2023: DKK 384m), consisting of available liquidity of DKK 184m (31 May 2023: DKK 224m) and undrawn committed credit facilities of DKK 160m (31 May 2023: DKK 160m). 6.3 Liabilities from financing activities 31-05-24 31-05-23 Nominal Year of Carrying Carrying (DKK million) interest value maturity amount amount Interest profile of mortgage loan Fixed rate loans, DKK 3.3% 2040 56 59 Total loans 56 59 Financing Additions and Reclassifi- Financing Additions and Reclassifi- (DKK million) 31-05-22 cash flow remeasurements cations 31-05-23 cash flow remeasurements cations 31-05-24 Change in interest bearing debts Lease liabilities 134 -40 52 - 146 -45 61 - 162 Long-term mortgage loans 58 - - -2 56 - - -3 53 Short-term mortgage loans 4 -3 - 2 3 -3 - 3 3 Bank loans 276 110 - - 386 -6 1 - 381 Other non-current liabilities 6 -3 - - 3 - -1 - 2 Total 478 64 52 - 594 -54 61 - 601 We have a mortgage loan with a three-year interest refinancing period. No extraordinary repayments were made on the mortgage loan during 2023/24. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__100": { "value": "6.2 Financial instruments by category (DKK million)31-05-24 31-05-23 Non-current other receivables 20 23 Trade receivables 309 341 Other receivables 53 68 Cash 177 216 Financial assets at amortised cost 559 648 Securities 388 394 Fair value through income statement 388 394 Derivatives used for hedge accounting 1 0 Fair value through other comprehensive income 1 0 Financial assets 948 1,042 Mortgage loans 56 59 Bank loans 381 386 Lease liabilities 162 146 Trade payables 401 565 Financial liabilities at amortised cost 1,000 1,156 Derivatives used for hedge accounting 6 8 Fair value through other comprehensive income 6 8 Financial liabilities 1,006 1,164 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 risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-24 Mortgage loans 3 12 41 56 56 Lease liabilities 53 114 16 183 162 Bank loans 381 - - 381 381 Trade payables 401 - - 401 401 31-05-23 Mortgage loans 3 12 44 59 59 Lease liabilities 44 104 18 166 146 Bank loans 386 - - 386 386 Trade payables 565 - - 565 565 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 or expenses. The purchase or sale of securities is 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__98": { "value": "6.2 Financial instruments by category (DKK million)31-05-24 31-05-23 Non-current other receivables 20 23 Trade receivables 309 341 Other receivables 53 68 Cash 177 216 Financial assets at amortised cost 559 648 Securities 388 394 Fair value through income statement 388 394 Derivatives used for hedge accounting 1 0 Fair value through other comprehensive income 1 0 Financial assets 948 1,042 Mortgage loans 56 59 Bank loans 381 386 Lease liabilities 162 146 Trade payables 401 565 Financial liabilities at amortised cost 1,000 1,156 Derivatives used for hedge accounting 6 8 Fair value through other comprehensive income 6 8 Financial liabilities 1,006 1,164 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 risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-24 Mortgage loans 3 12 41 56 56 Lease liabilities 53 114 16 183 162 Bank loans 381 - - 381 381 Trade payables 401 - - 401 401 31-05-23 Mortgage loans 3 12 44 59 59 Lease liabilities 44 104 18 166 146 Bank loans 386 - - 386 386 Trade payables 565 - - 565 565 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 or expenses. The purchase or sale of securities is 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__97": { "value": "6.2 Financial instruments by category (DKK million)31-05-24 31-05-23 Non-current other receivables 20 23 Trade receivables 309 341 Other receivables 53 68 Cash 177 216 Financial assets at amortised cost 559 648 Securities 388 394 Fair value through income statement 388 394 Derivatives used for hedge accounting 1 0 Fair value through other comprehensive income 1 0 Financial assets 948 1,042 Mortgage loans 56 59 Bank loans 381 386 Lease liabilities 162 146 Trade payables 401 565 Financial liabilities at amortised cost 1,000 1,156 Derivatives used for hedge accounting 6 8 Fair value through other comprehensive income 6 8 Financial liabilities 1,006 1,164 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 risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-24 Mortgage loans 3 12 41 56 56 Lease liabilities 53 114 16 183 162 Bank loans 381 - - 381 381 Trade payables 401 - - 401 401 31-05-23 Mortgage loans 3 12 44 59 59 Lease liabilities 44 104 18 166 146 Bank loans 386 - - 386 386 Trade payables 565 - - 565 565 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 or expenses. The purchase or sale of securities is 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__101": { "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 or expenses. The purchase or sale of securities is 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__99": { "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 or expenses. The purchase or sale of securities is 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__104": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__108": { "value": "Dividend Dividend is recognised as a liability at the time it is approved at an annual general meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__109": { "value": "Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such shares are recognised directly in equity under retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__111": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__107": { "value": "6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2023/24 2022/23 2023/24 2022/23 2023/24 2022/23 Treasury shares 1 June 2,983,739 3,244,692 15 17 2.4 2.7 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme- - - - - - Share-based programmes -1,215,508 -260,953 -6 -2 -1.0 -0.3 31 May 1,768,231 2,983,739 9 15 1.4 2.4 All treasury shares are held by Bang & Olufsen A/S. (DKK million) 2023/24 2022/23 Share repurchases for the year - - 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. The capital structure consists mainly of equity, working capital and lease liabilities. The Group capital structure also includes minor mortgage financing of the HQ buildings in Struer. In addition to the Group\u00b4s capital structure, the Group holds a committed revolving credit facility of DKK 200m (31 May 2023: DKK 200m) with its primary bank. On 31 May 2024, the revolving credit facility was unutilized. At 31 May 2024, Bang & Olufsen held a total of 1,768,231 treasury shares (31 May 2023: 2,983,739) for the purpose of hedging the value of its share-based programmes. No purchases of treasury shares were made during 2023/24. 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 at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__106": { "value": "6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2023/24 2022/23 2023/24 2022/23 2023/24 2022/23 Treasury shares 1 June 2,983,739 3,244,692 15 17 2.4 2.7 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme- - - - - - Share-based programmes -1,215,508 -260,953 -6 -2 -1.0 -0.3 31 May 1,768,231 2,983,739 9 15 1.4 2.4 All treasury shares are held by Bang & Olufsen A/S. (DKK million) 2023/24 2022/23 Share repurchases for the year - - 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. The capital structure consists mainly of equity, working capital and lease liabilities. The Group capital structure also includes minor mortgage financing of the HQ buildings in Struer. In addition to the Group\u00b4s capital structure, the Group holds a committed revolving credit facility of DKK 200m (31 May 2023: DKK 200m) with its primary bank. On 31 May 2024, the revolving credit facility was unutilized. At 31 May 2024, Bang & Olufsen held a total of 1,768,231 treasury shares (31 May 2023: 2,983,739) for the purpose of hedging the value of its share-based programmes. No purchases of treasury shares were made during 2023/24. 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 at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__105": { "value": "6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2023/24 2022/23 2023/24 2022/23 2023/24 2022/23 Treasury shares 1 June 2,983,739 3,244,692 15 17 2.4 2.7 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme- - - - - - Share-based programmes -1,215,508 -260,953 -6 -2 -1.0 -0.3 31 May 1,768,231 2,983,739 9 15 1.4 2.4 All treasury shares are held by Bang & Olufsen A/S. (DKK million) 2023/24 2022/23 Share repurchases for the year - - 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. The capital structure consists mainly of equity, working capital and lease liabilities. The Group capital structure also includes minor mortgage financing of the HQ buildings in Struer. In addition to the Group\u00b4s capital structure, the Group holds a committed revolving credit facility of DKK 200m (31 May 2023: DKK 200m) with its primary bank. On 31 May 2024, the revolving credit facility was unutilized. At 31 May 2024, Bang & Olufsen held a total of 1,768,231 treasury shares (31 May 2023: 2,983,739) for the purpose of hedging the value of its share-based programmes. No purchases of treasury shares were made during 2023/24. 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 at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__119": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__118": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__117": { "value": "6.5 Financial items (DKK million) 2023/24 2022/23 Interest income from banks 41 22 Other financial income 9 6 Financial income 50 28 Interest expenses to banks -50 -30 Other financial expenses -7 -8 Fair value adjustments of securities 0 -6 Interest expenses on lease liabilities -7 -6 Exchange rate loss, net -11 -6 Financial expenses -75 -56 Financial items, net -25 -28 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__116": { "value": "6.5 Financial items (DKK million) 2023/24 2022/23 Interest income from banks 41 22 Other financial income 9 6 Financial income 50 28 Interest expenses to banks -50 -30 Other financial expenses -7 -8 Fair value adjustments of securities 0 -6 Interest expenses on lease liabilities -7 -6 Exchange rate loss, net -11 -6 Financial expenses -75 -56 Financial items, net -25 -28 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__115": { "value": "6.5 Financial items (DKK million) 2023/24 2022/23 Interest income from banks 41 22 Other financial income 9 6 Financial income 50 28 Interest expenses to banks -50 -30 Other financial expenses -7 -8 Fair value adjustments of securities 0 -6 Interest expenses on lease liabilities -7 -6 Exchange rate loss, net -11 -6 Financial expenses -75 -56 Financial items, net -25 -28 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__114": { "value": "6.5 Financial items (DKK million) 2023/24 2022/23 Interest income from banks 41 22 Other financial income 9 6 Financial income 50 28 Interest expenses to banks -50 -30 Other financial expenses -7 -8 Fair value adjustments of securities 0 -6 Interest expenses on lease liabilities -7 -6 Exchange rate loss, net -11 -6 Financial expenses -75 -56 Financial items, net -25 -28 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__113": { "value": "6.5 Financial items (DKK million) 2023/24 2022/23 Interest income from banks 41 22 Other financial income 9 6 Financial income 50 28 Interest expenses to banks -50 -30 Other financial expenses -7 -8 Fair value adjustments of securities 0 -6 Interest expenses on lease liabilities -7 -6 Exchange rate loss, net -11 -6 Financial expenses -75 -56 Financial items, net -25 -28 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__112": { "value": "6.5 Financial items (DKK million) 2023/24 2022/23 Interest income from banks 41 22 Other financial income 9 6 Financial income 50 28 Interest expenses to banks -50 -30 Other financial expenses -7 -8 Fair value adjustments of securities 0 -6 Interest expenses on lease liabilities -7 -6 Exchange rate loss, net -11 -6 Financial expenses -75 -56 Financial items, net -25 -28 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__121": { "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 occurring in the financial year or in 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__120": { "value": "6.6 Provisions Other (DKK million) Warranty Restructuring provisions Total At 31 May 2022 83 6 8 97 Provisions in the year 52 10 1 63 Provisions used during the year -50 -6 - -56 Provisions reversed during the year - - -4 -4 At 31 May 2023 85 10 5 100 Provisions in the year 49 33 - 82 Provisions used during the year -39 -10 -2 -51 Provisions reversed in the year - - -1 -1 At 31 May 2024 95 33 2 130 Maturity analysis for provisions Due between 1-5 years 44 - 2 46 Due after 5 years - - - - Non-current provisions 44 - 2 46 Due within one year 51 33 - 84 At 31 May 2024 95 33 2 130 Provisions for warranty of DKK 95m were recognised at 31 May 2024 (31 May 2023: DKK 85m) to cover expected warranty claims. The size and timing of the provisions are based on previous experience of the level and timing of repairs and returns. Provision for restructuring of DKK 33m was recognised at 31 May 2024 (31 May 2023: DKK 10m) to cover severance costs in respect of the reorganisation announced in Q4 23/24. Other provisions of DKK 2m (31 May 2023: DKK 5m) related primarily to employee anniversary benefit 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 occurring in the financial year or in 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__128": { "value": "global", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__123-1": { "value": "Foreign exchange rate risk The Group\u2019s presentation currency is DKK, but the majority of our activities and investments are denominated in currencies other 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 2023/24, 91% of the Group's revenue (2022/23: 92%) was in foreign currencies. Functional Change during Entities incurrency 2023/24 (in %) Eurozone EUR 0.25% China CNY -7.47% US USD -3.21% UK GBP 1.88% Switzerland CHF 0.53% Changes in exchange rates reduced revenue by 1% in 2023/24 (2022/23: increased by 1%). 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 on up to a 12-months horizon using FX forward contracts. Short-term exposure is hedged up to 75% of the expected net exposure, while hedge ratios gradually decrease on longer time 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 to the 31 May 2023 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates are presented below on an unhedged basis. 2023/24 2022/23 (DKK million) Increase Revenue Profit/loss before tax Equity before tax Revenue Profit/loss before tax Equity before tax USD 5.0% 25 -14 7 21 -21 4 GBP 5.0% 10 7 3 12 9 8 CNY 5.0% 19 13 7 22 15 9 CHF 5.0% 5 4 1 5 4 1 Other 5.0% 9 6 2 10 7 0 Total 68 16 20 70 14 22", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__122-1": { "value": "7.1 Financial risks We have global activities that expose us to a range of financial risks. The management of financial risks is centralised. The overall objectives and policies for the Group\u2019s financial risk management are outlined in our 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 our activities and investments are denominated in currencies other 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 2023/24, 91% of the Group's revenue (2022/23: 92%) was in foreign currencies. Functional Change during Entities incurrency 2023/24 (in %) Eurozone EUR 0.25% China CNY -7.47% US USD -3.21% UK GBP 1.88% Switzerland CHF 0.53% Changes in exchange rates reduced revenue by 1% in 2023/24 (2022/23: increased by 1%). 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 on up to a 12-months horizon using FX forward contracts. Short-term exposure is hedged up to 75% of the expected net exposure, while hedge ratios gradually decrease on longer time 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 subject to ongoing evaluation and monitoring in accordance with the Treasury guideline. We do not hold material levels of long-term interest-bearing debt. Increasing macroeconomic uncertainty and high inflationary pressure have a negative impact on the market value of the Group\u2019s holdings of Danish mortgage bonds, and when interest rates increase, the market value of the Group\u2019s bond portfolio will decrease. Our interest-bearing assets mainly consisted of bank deposits and securities. Bank deposits, which totalled DKK 177m (2022/23: DKK 216m), yield interest in the short-term money market. Securities, which totalled DKK 388m (2022/23: DKK 394m), 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 2023/24, the value of the bond portfolio decreased by DKK 6m primarily driven by drawing of bonds. Interest-bearing debt consisted of bank loans of DKK 381m (2022/23: DKK 386m); mortgage debt of DKK 56m (2022/23: DKK 59m), at a floating rate that is fixed until March 2026; and lease liabilities of DKK 162m (2022/23: DKK 146m). At the end of the financial year, the Group's net interest-bearing debt totalled DKK 34m (2022/23: net interest-bearing deposit of DKK 19m), corresponding to 2% of the total financial position (2022/23: 1%). See note 6.1 for further details on the 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 use credit insurance to mitigate our credit risk, and 48% of total trade receivables were insured via credit insurance at 31 May 2024 (31 May 2023: 54%). We have a limited number of large key partners, which constitutes a concentration risk on receivables. Top 5 debtors accounted for 39% of total trade receivables (2022/23: 34%). The nature of our business involves a few major key partners and several smaller, but important partners. Concentration risk is monitored closely and mitigated via credit insurance. The 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 2023/24, 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 as and when needed. At 31 May 2024, cash and cash equivalents amounted to DKK 177m (2022/23: DKK 216m). Including securities and repo, available liquidity amounted to DKK 184m (2022/23: DKK 224m). 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 2024, and the commitment was maintained at DKK 200m (31 May 2023: DKK 200m) with a duration to cover the entire 2024/25 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 4% of our production costs (2022/23: 3%). We are mitigating the price and supply risk by purchasing aluminium in large volumes to provide better price stability and ensure a sufficient supply of aluminium to meet production requirements. We had a continuing focus on energy risk and have in recent years taken several precautionary measures to manage energy risk, e.g., in 2022/23 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 we mitigate 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 a negative effect of DKK 5.7m on financial items (2022/23: negative DKK 6.4m). 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 (2022/23: DKK 2.8m), offset by a negative fair value adjustment of DKK 4.2m (2022/23: negative DKK 5.1m). The effect from other interest-bearing debt and deposits would be negative at DKK 4.3m (2022/23: negative DKK 4.1m), mainly driven by repo loans offset 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 to the 31 May 2023 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates are presented below on an unhedged basis. 2023/24 2022/23 (DKK million) Increase Revenue Profit/loss before tax Equity before tax Revenue Profit/loss before tax Equity before tax USD 5.0% 25 -14 7 21 -21 4 GBP 5.0% 10 7 3 12 9 8 CNY 5.0% 19 13 7 22 15 9 CHF 5.0% 5 4 1 5 4 1 Other 5.0% 9 6 2 10 7 0 Total 68 16 20 70 14 22", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__124-1": { "value": "Interest rate risk Our exposure to interest rate risk is considered to be limited and is subject to ongoing evaluation and monitoring in accordance with the Treasury guideline. We do not hold material levels of long-term interest-bearing debt. Increasing macroeconomic uncertainty and high inflationary pressure have a negative impact on the market value of the Group\u2019s holdings of Danish mortgage bonds, and when interest rates increase, the market value of the Group\u2019s bond portfolio will decrease. Our interest-bearing assets mainly consisted of bank deposits and securities. Bank deposits, which totalled DKK 177m (2022/23: DKK 216m), yield interest in the short-term money market. Securities, which totalled DKK 388m (2022/23: DKK 394m), 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 2023/24, the value of the bond portfolio decreased by DKK 6m primarily driven by drawing of bonds. Interest-bearing debt consisted of bank loans of DKK 381m (2022/23: DKK 386m); mortgage debt of DKK 56m (2022/23: DKK 59m), at a floating rate that is fixed until March 2026; and lease liabilities of DKK 162m (2022/23: DKK 146m). At the end of the financial year, the Group's net interest-bearing debt totalled DKK 34m (2022/23: net interest-bearing deposit of DKK 19m), corresponding to 2% of the total financial position (2022/23: 1%). See note 6.1 for further details on the 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 4% of our production costs (2022/23: 3%). We are mitigating the price and supply risk by purchasing aluminium in large volumes to provide better price stability and ensure a sufficient supply of aluminium to meet production requirements. We had a continuing focus on energy risk and have in recent years taken several precautionary measures to manage energy risk, e.g., in 2022/23 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 we mitigate 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 a negative effect of DKK 5.7m on financial items (2022/23: negative DKK 6.4m). 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 (2022/23: DKK 2.8m), offset by a negative fair value adjustment of DKK 4.2m (2022/23: negative DKK 5.1m). The effect from other interest-bearing debt and deposits would be negative at DKK 4.3m (2022/23: negative DKK 4.1m), mainly driven by repo loans offset 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 to the 31 May 2023 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates are presented below on an unhedged basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__125": { "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 use credit insurance to mitigate our credit risk, and 48% of total trade receivables were insured via credit insurance at 31 May 2024 (31 May 2023: 54%). We have a limited number of large key partners, which constitutes a concentration risk on receivables. Top 5 debtors accounted for 39% of total trade receivables (2022/23: 34%). The nature of our business involves a few major key partners and several smaller, but important partners. Concentration risk is monitored closely and mitigated via credit insurance. The 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 2023/24, we did not experience any significant bad debt losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__126": { "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 as and when needed. At 31 May 2024, cash and cash equivalents amounted to DKK 177m (2022/23: DKK 216m). Including securities and repo, available liquidity amounted to DKK 184m (2022/23: DKK 224m). 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 2024, and the commitment was maintained at DKK 200m (31 May 2023: DKK 200m) with a duration to cover the entire 2024/25 financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__132": { "value": "7.3 Derivative financial instruments Derivative financial instruments comprise primarily foreign exchange contracts used to hedge 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 foreign exchange risk related to future transactions are specified below: 31-05-24 31-05-23 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 6,82 0 177 Negative 12 months 7,11 -4 149 GBP Positive 12 months 8,52 -2 89 Positive 12 months 8,40 -2 72 CHF Positive 12 months 7,73 0 48 Positive 12 months 7,63 0 27 CNY Positive 12 months 0,93 -3 165 Positive 12 months 0,96 -2 71 SGD Negative 12 months 5,17 0 12 Negative 12 months 5,23 0 19 Total -5 491 -8 338 Foreign exchange swaps CHF/DKK 0 4 0 4 SGD/DKK 0 1 0 72 CNY/DKK 0 12 0 2 Total 0 17 0 78 Derivatives for hedging -5 508 -8 416 The fair value of derivative financial instruments is recognised in the statement of financial position as follows: (DKK million) 31-05-24 31-05-23 Other receivables, current 1 0 Other liabilities, current -6 -8 Total -5 -8 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 in 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 at 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__133": { "value": "Accounting policies Derivative financial instruments are recognised at 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__134": { "value": "8.1 Fees to auditors (DKK million) 2023/24 2022/24 Statutory audit 1.8 1.5 Other assurance services 1.8 1.6 Tax services 0.3 - Other services 0.3 0.1 Total 4.2 3.2 Fees for services other than statutory audit of the financial statements provided by Deloitte 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__135": { "value": "8.2 Earnings per share (1,000 shares) 2023/24 2022/23 Profit/loss for the year, DKKm -17 -141 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 -0.1 -1.2 Earnings per share, diluted (EPS-D), DKK -0.1 -1.2", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__138": { "value": "8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 84m (31 May 2023: DKK 85m). The guarantees mainly relate to a rent obligation related to the previously owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 56m (31 May 2023: DKK 59m) as security for DKK 56m of the Group\u2019s mortgage loan (31 May 2023: DKK 59m). Other tangible assets relating to land and buildings are included in the mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 93m (31 May 2023: DKK 93m). When entering into repo transactions with its bank, Bang & Olufsen uses a proportional part of its securities as collateral in the repo transaction with the bank. At 31 May 2024, repo transactions amounted to DKK 381m (31 May 2023: 386m). The Group has pledged inventories, debtors, plant, machinery and other equipment as security for its committed credit facility with its bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounting to DKK 100m (31 May 2023: DKK 100m), and a Dutch floating charge on 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 in its ordinary course of business, assisted by external advisers 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__137": { "value": "8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 84m (31 May 2023: DKK 85m). The guarantees mainly relate to a rent obligation related to the previously owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 56m (31 May 2023: DKK 59m) as security for DKK 56m of the Group\u2019s mortgage loan (31 May 2023: DKK 59m). Other tangible assets relating to land and buildings are included in the mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 93m (31 May 2023: DKK 93m). When entering into repo transactions with its bank, Bang & Olufsen uses a proportional part of its securities as collateral in the repo transaction with the bank. At 31 May 2024, repo transactions amounted to DKK 381m (31 May 2023: 386m). The Group has pledged inventories, debtors, plant, machinery and other equipment as security for its committed credit facility with its bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounting to DKK 100m (31 May 2023: DKK 100m), and a Dutch floating charge on 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 in its ordinary course of business, assisted by external advisers 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__136": { "value": "8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 84m (31 May 2023: DKK 85m). The guarantees mainly relate to a rent obligation related to the previously owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 56m (31 May 2023: DKK 59m) as security for DKK 56m of the Group\u2019s mortgage loan (31 May 2023: DKK 59m). Other tangible assets relating to land and buildings are included in the mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 93m (31 May 2023: DKK 93m). When entering into repo transactions with its bank, Bang & Olufsen uses a proportional part of its securities as collateral in the repo transaction with the bank. At 31 May 2024, repo transactions amounted to DKK 381m (31 May 2023: 386m). The Group has pledged inventories, debtors, plant, machinery and other equipment as security for its committed credit facility with its bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounting to DKK 100m (31 May 2023: DKK 100m), and a Dutch floating charge on 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 in its ordinary course of business, assisted by external advisers 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__139": { "value": "8.4 Related parties The Bang & Olufsen Group has no related parties with a controlling interest in 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 with members of the Board of Directors, Executive Management Board or other key management personnel in 2023/24 other than ordinary remuneration, as described in notes 3.2 and 3.3, and sales of products on employee terms and conditions. Professional fees in connection with assistance on tax-related matters incurred by the Executive Management Board are reimbursed when they are incurred. Other transactions There were no other transactions with related parties in 2023/24.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__140": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__142": { "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% 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 APAC Bang & Olufsen Asia Pte Ltd. Singapore, SG SGD 2 100.0% Bang & Olufsen Limited Hong Kong, HK HKD 1,000,000 100.0% 3 Bang & Olufsen Japan KK Tokyo, JP JPY 10,000,000 100.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__141": { "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% 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 APAC Bang & Olufsen Asia Pte Ltd. Singapore, SG SGD 2 100.0% Bang & Olufsen Limited Hong Kong, HK HKD 1,000,000 100.0% 3 Bang & Olufsen Japan KK Tokyo, JP JPY 10,000,000 100.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__193": { "value": "Bang & Olufsen A/S", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__192": { "value": "Bang & Olufsen A/S", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__189": { "value": "Bang & Olufsen A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__194": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "s10_notesesefdkgaap__7__195": { "value": "Bang & Olufsen All\u00e9 1, DK-7600 Struer", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:52990018KGR3ILFDNJ20", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } } } }