Page — 1
Interim report
H1 2024/25
June-November 2024
Page — 2
Management’s review
Interim report H1 2024/25
Bang & Olufsen reports a Q2 in line with our expectations. While the EMEA
region and the Americas generated positive revenue growth year-on-year,
group revenue was 1% lower due to negative growth in China. The gross
margin increased year-on-year to 53.7%. As planned, the directed share issue
was successfully completed in November 2024, raising DKK 228 million in
gross proceeds.
“Our financial year 2024/25 is a transition year, and the second quarter was in
line with our expectations and plans. The EMEA region and the Americas
generated positive revenue growth year-on-year, while group revenue declined
marginally as the Chinese market continues to be challenged. Gross margin
improved further year-on-year, providing us with a more robust financial
foundation. Demand for our newly launched flagship headphones, H100,
exceeded expectations, confirming our strategic direction of strengthening our
position in the luxury audio market. We successfully completed the directed
share issue as planned, which was a key event in the quarter. We are now ready to
accelerate our strategic execution to drive long-term profitable growth.”
Kristian Teär, CEO
Financial highlights (Q2 23/24 in brackets)
• Like-for-like sell-out grew by 1% (2%). Like-for-
like sell out for Branded channels grew 5% (0%).
• Revenue declined by 0.4% (-18.5%) year-on-year,
or -1% in local currencies (-16%), to DKK 698m
(DKK 700m).
• Revenue from Branded channels declined by 5%
(-7%), or -6% in local currencies (-5%).
• Gross margin was up by 0.6pp to 53.7% (53.1%).
• EBITDA before special items was DKK 72m
(DKK 82m), EBITDA margin before special items
of 10.2% (11.7%).
• EBIT before special items was DKK 12m
(DKK 21m). EBIT margin before special items
of 1.7% (3.0%).
• The free cash flow was DKK 30m (DKK 24m).
FY 2024/25 financial guidance maintained
• Revenue growth in local currencies: -3% to 3%.
• EBIT margin before special items: -2% to 1%.
• Free cash flow: DKK -100m to 0m.
Business highlights
• A directed share issue was successfully
completed, raising DKK 228 million in gross
proceeds. The proceeds were received in the
beginning of December and will be used for
investments to realise the announced 3-year
growth plan.
• Demand for flagship headphones, H100,
launched in September 2024, exceeded
expectations.
• Beoplay Eleven earphones with enhanced Active
Noise Cancellation were launched.
• Continued optimisation of the retail network,
reducing monobrand partners by 36 (net) year-
on-year across regions.
• The customer base grew by 4% and the number of
customers owning two or more Bang & Olufsen
products increased by 4% quarter-on-quarter.
Q2 highlights
Revenue growth in LC*
-1%
Gross margin
53.7%
EBIT margin bsi**
1.7%
Free cash flow, DKK
30m
* Local currencies ** Before special items
Q2 2024/25 conference call
10 January 2025, at 10.00 CEST via
https://bangolufsen.eventcdn.net/events/interim-report-2nd-quarter
Dial-in details (Pin: 193621):
DK: +45 78768490
UK: +44 2037696819
US: +1 6467870157
Page — 3
Management’s review
Interim report H1 2024/25
For definitions, see note 8.7 to the Annual Report 2023/24.
Key figures
Q2
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Key figures
Gross margin, total, %
53.7 53.1 54.3 52.8 53.3
Gross margin, Products, total %
48.6 48.9 49.6 48.3 49.0
Gross margin, Brand Partnering & other activities,
%
94.4 87.9 92.2 87.9 83.3
Growth in local currencies, %
-1
-16
-6
-8
-5
Like-for- like sell-out growth, %
1 2 -1 5 3
Point of sale - Monobrand, number of doors
367 403 367 403 387
Point of sale - Multibrand, number of doors
1,790 2,400 1,790 2,400 2,317
Point of sale - Custom installers, number of doors
124 76 124 76 101
EBITDA margin before special items, %
10.2 11.7 8.9 11.8 11.6
EBITDA margin, %
9.7 11.1 8.4 11.5 9.9
EBIT margin before special items, %
1.7 3.0 -0.4 2.8 2.4
EBIT margin, %
1.1 2.4 -1.0 2.5 0.7
Marketing cost ratio, %
9.3 10.6 9.7 11.1 10.2
Incurred development costs before capitalisation
ratio, %
13.0
11.1
13.7
10.7
12.2
Return on assets, %
-1.4 0.7 -1.4 0.7 -0.7
Return on invested capital, excl. goodwill, %
-10.1 12.6 -10.1 12.6 16.7
Return on equity, %
-3.2 1.4 -3.2 1.4 -1.8
Full-time employee (FTE) at end of period
1,002 1,006 1,002 1,006 998
Stock-related key figures
Earnings per share, basic (EPS) and diluted (EPS-
D), DKK
-0.1
0.1
-0.2
0.1
-0.1
Price/Earnings
-92.3 148.9 -39.7 85.4 -75.7
Q2
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Income statement
Revenue
698 700 1,242 1,319 2,588
EMEA
352 342 603 645 1,249
Americas
86 72 155 139 287
APAC
182
211
347
383
726
Brand Partnering & other activities
78 75 138 152 326
EBITDA before special items
72 82 111 156 300
EBITDA
68 78 104 152 257
EBIT before special items
12
21
-5
37
61
EBIT
8 17 -12 33 18
Special items, net
-4 -4 -7 -4 -43
Financial items, net
-12 -12 -13 -17 -25
Profit/loss before tax (EBT)
-4 5 -25 16 -7
Profit/loss for the period
-13 8 -30 15 -17
Financial position
Total assets
2,223 2,279 2,223 2,279 2,297
Equity
942 983 942 983 956
Cash
87 154 87 154 177
Available liquidity
159 163 159 163 184
Capital resources
319 323 319 323 344
Net interest-bearing deposit/debt
-45
-33
-45
-33
-34
Net working capital
250 286 250 286 263
Cash flows
Cash flows from operating activities
84 80 87 61 226
Operational investments
-54 -56 -93 -98 -215
Free cash flow
30 24 -6 -37 11
Page — 4
Management’s review
Interim report H1 2024/25
Developments in Q2 2024/25
Our performance in Q2 was in line with our plans and
expectations. Overall, like-for-like sell-out grew by 1%.
For the branded channels (company-owned stores,
monobrand and e-commerce) like-for-like sell-out grew
5% year-on-year.
Revenue (sell-in) in local currencies was 1% lower year-
on-year. Our branded channels outperformed
multibrand channels, except in the APAC region where
the economic climate in China impacted the
performance.
While revenue from EMEA grew year-on-year and
growth was reported across all branded channels in the
region, the UK market and the German market continue
to be challenged.
In the Americas, we saw a strong performance across
channels. The monobrand channel also grew year-on-
year despite having fewer monobrand stores in the
region.
We continued the transformation of the multibrand
distribution channels, thereby improving the
underlying quality of the revenue. In EMEA, the
number of multibrand doors was reduced by more than
400 year-on-year.
In APAC, the shift in the multibrand channel towards
travel retail positively impacted channel performance.
The gross margin rose to 53.7% compared to 53.1% in Q2
last year. The higher gross margin is a testament to the
progress we are making and our strategic focus on
building a robust financial foundation for the future.
EBIT margin before special items was 1.7% compared to
3.0% in Q2 last year. The modest decline in revenue and
improved gross margin was more than offset by
increased development costs.
Free cash flow improved by DKK 6m year-on-year to a
free cash flow of DKK 30m that was supported by
increased cash flow from operating activities.
The inventory level was reduced by DKK 25m to DKK
426m during the quarter. Overall, the composition and
ageing within finished goods improved. We saw the
lowest inventory level in more than three years.
Strategy execution
On 27 November 2024, we successfully completed a
capital increase as a directed issue and private
placement without pre-emptive rights for existing
shareholders.
The offering raised gross proceeds of DKK 228 million
through the issuance of 24,554,416 new shares at an
offer price of DKK 9.27 per share.
We are encouraged by the strong support from both
existing and new investors with demand exceeding the
size of the offering.
Proceeds are intended to fund our acceleration of the
strategic execution and drive long-term profitable
growth. We believe that the targeted investments will
strengthen our position in the luxury audio market by
increasing global brand awareness, optimising the
retail network and continuing to further enhance the
product portfolio.
To ensure better and faster execution of our growth
plans, we are changing our sales organisation. By mid-
January 2025, the three regional sales functions will be
consolidated into a single global sales function. In
addition, we are establishing dedicated functions for
new partnerships and adding more local sales and
marketing resources. These changes will enhance our
focus on key cities and enable us to better serve our
customers.
Brand awareness and pricing
In October 2024, we announced the second Special
Edition Ferrari Collection, revealing three new product
collaborations.
With the made-to-order collection, Bang & Olufsen has
reimagined its Beolab 50 speaker, Beosound Theatre
Soundbar solution and Beovision Theatre TV solution.
The design integrates Ferrari's charcoal Grigio Corsa
colourway combined with a striking shade of red to
create an unmistakable connection to the motorsport
icon and the first Ferrari collection launched in 2023.
The first special edition comprised four products; the
Beosound 2 home speaker, Beoplay H95 headphones,
Beoplay EX earphones and the portable speaker
Beosound Explore.
Business review
Page — 5
Management’s review
Interim report H1 2024/25
A key strategic focus is a closer and broader
engagement with our customers, and during Q2 we
grew our customer base by 4% (quarter-on-quarter). In
addition, the number of customers owning two or more
B&O products grew 4% during the quarter.
We continued to implement our pricing strategy in line
with our efforts to strengthen our luxury positioning.
Modest price increases were implemented on a few
selected products in November.
Product innovations
In the beginning of September 2024, we launched our
new flagship headphones, Beoplay H100, the first
headphones built on our proprietary software platform,
the Amadeus platform. The higher price point
compared to previous headphones not only reflects that
Beoplay H100 are the best headphones we have created
to date, it also confirms our strategic direction of
further strengthening our position in the luxury audio
market. The sales performance of Beoplay H100 got off
to a good start with demand exceeding our
expectations.
In November 2024, we launched the Beoplay Eleven,
which is the next generation of the successful Beoplay
EX earphones. The Beoplay Eleven features improved
acoustic performance thanks to enhanced Active Noise
Cancellation, more transparency and voice clarity.
Channel development
As we prepared for the strategy acceleration, we
focused on optimising our retail network and creating
unique and luxurious experiences in our branded
channels.
We continue to improve our store network in EMEA
and have since Q2 of last year reduced our monobrand
network in the EMEA region by 28 stores (net) year-on-
year to 270 stores at quarter-end. During the quarter, we
expanded our presence in the Middle East with the
opening of a monobrand store in Abu Dhabi. In APAC,
the number of monobrand stores was reduced by three
(net).
In the US, we reduced the number of monobrand stores
by five, all situated in California. We continue with our
US expansion in accordance with our mid-term plan. In
California, where we are rebuilding a strong presence,
we have found a new resourceful and experienced
partner with whom we will open several flagship stores.
In addition, we have increased our presence through
our custom installer, Origin Acoustics, which is an
important partner in the region.
We collaborate with numerous luxury monobrand
partners across all regions to utilise the strength of
combining our company-owned stores with the
presence of strong partner driven monobrand stores.
Out of our 13 defined global Win cities, we are now in
execution in four cities: New York, London, Paris and
Hong Kong. In terms of performance, the Win cities
collectively reported sell-out growth of 24%, which
comprises sell-out across channels in the cities. All
cities reported growth.
Monobrand *
Multibrand
Custom installers
Points of sale, number of doors
30-11-2024
30-11-2023
30-11-2024
30-11-2023
30-11-2024
30-11-2023
EMEA
270 298 961 1,422 N/A N/A
Americas
24
29
20
37
124
76
APAC
73 76 809 941 N/A N/A
Total
367 403 1,790 2,400 124 76
* Monobrand is including company-owned stores
Page — 6
Management’s review
Interim report H1 2024/25
New York and London reported double-digit growth.
New York was positively impacted by low comparables
as one store was closed for relocation in October last
year while London was positively impacted by the
opening of New Bond Street store in December 2023.
Paris and Hong Kong reported single-digit growth year-
on-year.
In total, our monobrand network including company-
owned stores constituted 367 stores, which was a net
reduction of 36 since the end of Q2 last year. This is in
line with our ongoing assessment and plan to ensure
that all monobrand stores deliver unique and luxurious
experiences.
In terms of multibrand and eTail, we continue to limit
our presence and be more selective in both channels.
For multibrand, we have changed our partner setup in
China towards travel retail and further expanded the
number of doors in Q2 24/25. In EMEA, we decided to
discontinue with selected multibrand partners in
accordance with our efforts to optimise our presence in
the channel.
License business and Strategic partnerships
We continued the ramp-up of the six-year licensing
partnership with TCL, announced in July 2024.
Through this partnership we bring elevated audio
experiences to TCL’s premium TV portfolio with our
“Audio by Bang & Olufsen” proposition, distributed
globally via TCL’s channels and customers.
A key strategic focus is to further develop our offering
of software propositions in order to expand
partnerships and offerings to the hospitality industry.
Case study: Introducing Beoplay Eleven
In November 2024, we launched the next generation
of the successful Beoplay EX earphones, the Beoplay
Eleven. Beoplay EX revolutionised our wireless
earphone category with its superior sound and
cutting-edge design.
With the Beoplay Eleven, we have improved the
acoustic performance thanks to enhanced Active
Noise Cancellation (ANC), more transparency and
voice clarity.
The ANC function provides double the noise
reduction at low frequencies and improved
optimisation across ear shapes and sizes, creating
the best ANC technology in a B&O earphone to date.
The earphones feature six updated microphones
that work faster and more efficiently, with
significantly lower hiss noise levels to provide a
clearer, louder and more natural transparency
mode. For the external microphones, additional
holes are integrated in the stem to give a more open
sound and help relieve wind pressure.
Connectivity is improved thanks to Multipoint and
voice call performance also benefits from the
addition of new microphones.
The Beoplay Eleven comes in two new colourways,
Natural Aluminium and Copper Tone Aluminium.
Page — 7
Management’s review
Interim report H1 2024/25
Like-for-like sell-out
In terms of demand from our end customers, like-for-
like sell-out in EMEA was on a par with last year.
Excluding end-of-life deals, like-for-like sell-out growth
was mid-single-digit year-on-year.
Like-for-like sell-out for company-owned stores and
monobrand grew over the period. Multibrand declined
as expected, while eTail increased due to positive
traction at the end of the quarter.
In terms of product categories, our Staged products
delivered single-digit growth compared to Q2 last year.
The Flexible Living category declined, while the On-
the-go category reported a modest increase.
Revenue
Revenue was DKK 352m (Q2 23/24: DKK 342m),
equivalent to an increase of 2.9% (3% in local
currencies).
Our branded channels reported a single-digit increase
in revenue year-on-year. Revenue from company-
owned stores rose, while revenue from the monobrand
channel was on a par with last year. The development
in the monobrand channel was driven by increased
revenue from the Staged and On-the-go categories,
offset by a revenue decline from the Flexible Living
category.
Revenue from eTail increased compared to last year.
We continue to focus on a selected presence in the eTail
channel as well as in the assortment.
The number of multibrand stores was reduced by 461
year-on-year and revenue from the channel declined by
a double-digit percentage. This was driven by a decision
to close several multibrand doors primarily in Germany
in line with the strategic transformation.
Overall, revenue from the Staged category increased 8%
while the Flexible Living category decreased by 12%.
Revenue from the On-the-go category increased by 2%.
Gross profit
Gross profit amounted to DKK 173m (Q2 23/24:
DKK 166m), corresponding to a gross margin of 49.3%
(Q2 23/24: 48.5%).
The margin was positively impacted by a change in
product mix towards higher margin products and
generally improved product margins.
H1 2024/25
Revenue was DKK 603m (H1 23/24: DKK 645m). This
represented a decline of 6.5% (-7% in local currencies).
The decline was across categories.
Gross margin increased by 1.1pp to 49.1%, primarily
driven by increased gross margins in all product
categories.
EMEA
Q2
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Like-for-like sell-out growth
0% -1% 0% -2%
Revenue
352 342 603 645
Growth in local currencies
3%
-15%
-7%
1%
Gross profit
173 166 296 310
Gross margin
49.3%
48.5%
49.1%
48.0%
Share of total revenue
51%
Page — 8
Management’s review
Interim report H1 2024/25
Like-for-like sell-out
Sell-out in the Americas grew by 8%. Branded channels
combined reported a double-digit increase year-on-year
supported by double-digit growth in all channels. Both
company-owned stores delivered good performance
and were positively impacted by low comparables as
one store was closed for relocation in October last year.
Sell-out reported from the eTail channel declined
significantly due to our decision to reduce presence in
the channel.
In terms of product categories, our Staged products
delivered double-digit growth compared to Q2 last year.
The Flexible Living category reported a decline, while
the On-the-go category was largely unchanged year-on-
year.
Revenue
Revenue was DKK 86m (Q2 23/24: DKK 72m), equivalent
to an increase of 19.4% (17% in local currencies).
Revenue growth from branded channels was double-
digit, supported by growth in all channels. Revenue
from the monobrand channel grew year-on-year
despite a reduction in the number of stores in
California. We continue with our US expansion in
accordance with our mid-term plan. In California,
where we are rebuilding a strong presence, we found a
new resourceful and experienced partner with whom
we will open several flagship stores.
Revenue growth from Custom installers was stable and
the enterprise showed good traction supported by our
collaboration with the Korean luxury auto maker,
Genesis, who has installed Staged products in selected
Genesis showrooms across the US.
Revenue from the multibrand channel was minimal
and comprised a limited share of total revenue in the
Americas. This is in line with the strategic
transformation to reduce our multibrand presence. At
end of quarter, we were present in 20 stores.
In terms of product categories, revenue from our Staged
products increased 59% compared to Q2 last year. The
Flexible Living category reported a decline of 5%, while
the On-the-go category grew by 10%.
Gross profit
Gross profit amounted to DKK 41m (Q2 23/24:
DKK 32m). This was equivalent to a gross margin of
48.0% (Q2 23/24: 42.9%). The margin was positively
impacted by a change in product mix towards higher
margin products and improved product margins.
H1 2024/25
Revenue was DKK 154m (H1 23/24: DKK 139m),
equivalent to a year-on-year increase of 10.7% (9% in
local currencies). The increase was primarily driven by
growth in the Staged category.
Gross margin increased by 5.2pp to 49.4% driven by
improved margins across categories as well as positive
changes in the product mix and pricing.
Americas
Q2
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Like-for-like sell-out growth
8% -6% -2% -1%
Revenue
86 72 154 139
Growth in local currencies
17%
-27%
9%
-13%
Gross profit
41 32 76 62
Gross margin
48.0%
42.9%
49.4%
44.2%
Share of total revenue
12%
Page — 9
Management’s review
Interim report H1 2024/25
Like-for-like sell-out
Like-for-like sell-out in APAC declined by 1%. The
Branded channels reported growth year-on-year driven
by a pickup across the channels (company-owned
stores, monobrand stores and e-commerce).
Like-for-like sell-out in the eTail channel declined. In
the multibrand channel, only a modest decline in sell-
out was reported, positively impacted by travel retail.
China like-for-like sell-out declined 7%. Like-for-like
sell-out in the monobrand channel was on a par with
last year excluding sell-out from one partner. South
Korea and Taiwan reported sell-out growth and Japan
reported sell-out growth in the branded channels.
In terms of product categories, our Staged products
delivered double-digit growth compared to Q2 of last
year. The Flexible Living category and On-the-go
category declined.
Revenue
Revenue was DKK 182m (Q2 23/24: DKK 211m),
corresponding to a decline of 13.1% (-13% in local
currencies).
Revenue from China declined 12.3% (-14% in local
currencies) and accounted for approximately 55% of
total revenue in APAC. Revenue from Japan and
Taiwan grew year-on-year, while South Korea was
temporarily impacted by a planned reduction in the
partner setup.
Revenue from our monobrand channel in China
declined year-on-year. Excluding one partner, revenue
from the monobrand channel was largely unchanged
year-on-year.
As part of our strategic transformation in China we
have implemented a structural change in the
multibrand setup and eTail network and we saw
increased revenue from both channels year-on-year.
In terms of product categories, revenue from the Staged
category declined by 12%. The Flexible Living category
decreased by 42% while the On-the-go category grew by
8%. The Flexible Living category was impacted by end-
of-life deals made in Q2 of last year.
Gross profit
Gross profit amounted to DKK 87m (Q2 23/24:
DKK 108m), equivalent to a gross margin of 47.4%
(Q2 23/24: 51.6%) and a decline of 3.4 pp. year
on year.
The margin was mainly impacted by a change in
product mix towards lower margin products. Product
margins were impacted by less revenue to absorb fixed
production costs.
H1 2024/25
Revenue was DKK 347m (H1 23/24: DKK 383m),
equivalent to a year-on-year decrease of 8.3% (-9% in
local currencies). The Staged category increased, while
the Flexible Living and the On-the-go categories
declined.
Gross margin increased by 0.3pp to 50.5% driven by
margin improvements in the Staged and Flexible Living
categories, while the On-the-go category declined.
APAC
Q2
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Like-for-like sell-out growth
-1%
8%
-3%
18%
Revenue
182 211 347 383
Growth in local currencies
-13%
-10%
-9%
-13%
Gross profit
87 108 176 192
Gross margin
47.4%
51.6%
50.5%
50.2%
Share of total revenue
26%
Page — 10
Management’s review
Interim report H1 2024/25
Revenue
Revenue was DKK 78m (Q2 23/24: DKK 75m),
corresponding to an increase of 4.0% (on a par in local
currencies).
Overall license fees increased by 21%. License revenue
from the automotive industry grew year-on-year while
license from HP declined in line with our expectations
due to the expiry of the agreement. Licensing income
accounted for 89% of total revenue in Brand Partnering
& other activities (Q2 23/24: 74%).
Revenue from Cisco co-branded products declined
year-on-year due to a ramp-up in Q2 of last year.
Revenue related to aluminium production for third
parties declined compared to Q2 of last year.
Gross profit
Gross profit amounted to DKK 73m (Q2 23/24:
DKK 66m), equivalent to a gross margin of 94.4%
(Q2 23/24: 87.9%). The margin increased due to the
change in mix between license and product sales
compared to Q2 of last year.
H1 2024/25
Revenue was DKK 138m (H1 23/24: DKK 152m),
equivalent to a year-on-year decrease of 9.3% (-12% in
local currencies). The decline came mainly from our
Cisco co-branded products due to ramp-up in H1 of last
year and lower license revenue from HP as expected.
License revenue from TCL is ramping up as expected.
Gross margin increased by 4.3pp to 92.2% mainly
driven by the reduced share of product revenue from
our brand collaboration with Cisco.
Brand Partnering
& other activities
Q2
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Revenue
78 75 138 152
Growth in local currencies
0%
-26%
-12%
-20%
Gross profit
73 66 127 133
Gross margin
94.4%
87.9%
92.2%
87.9%
Share of total revenue
11%
Page — 11
Management’s review
Interim report H1 2024/25
Like-for-like sell-out
Sell-out grew by 1% compared to the same period last
year. Excluding end-of-life products, like-for-like sell-
out grew by mid-single digits compared to Q2 last year.
Like-for-like sell-out for our branded channels
combined grew 5% compared to Q2 of last year.
In terms of product categories, our Staged category
grew by 9%, while the Flexible Living category and On-
the-go category declined by 10% and 3%, respectively.
Revenue in Q2
Revenue in Q2 was DKK 698m compared to DKK 700m
in Q2 of last year. This was equivalent to a decline of
0.4% year-on-year (-1% in local currencies).
The drop in reported revenue related to a decline in
product sales of 0.8% (-1% in local currencies), while
Brand Partnering and other activities increased by
4.0% (unchanged in local currencies).
Product revenue, regions
The development in product revenue was driven by
reported single-digit growth in branded channels in
EMEA, double-digit growth in the Americas while
APAC declined.
Reported revenue from the multibrand channel grew
year-on-year mainly driven by APAC and the expansion
in travel retail.
Product revenue, categories
Staged category
Revenue increased by 7% to DKK 297m. This was
mainly driven by increased revenue from TV’s &
soundbars.
Flexible Living category
Revenue declined by 26% to DKK 100m. The decline
was mainly driven by the launch of our first Ferrari
product collection last year and end-of-life deals.
On-the-go category
Revenue increased by 5% to DKK 223m. Growth was
mainly driven by the successful launch of H100.
Brand Partnering & other activities
The 4.0% growth (largely unchanged in local
currencies) in Brand Partnering & other activities was
mainly due to the favourable impact of currency
exchange rates. The expected reduced license income
from HP year-on-year was more than offset by
increased revenue from automotive. In Q2 of last year,
license income from automotive was impacted by
factory strikes. Revenue from the Brand collaboration
with Cisco declined due to ramp-up in Q2 of last year.
Gross profit
Gross profit was DKK 374m (Q2 23/24: DKK 372m),
corresponding to a gross margin of 53.7% against 53.1%
last year.
Gross profit from regional product sales was DKK 302m
(Q2 23/24: DKK 306m), corresponding to a gross margin
of 48.6% (Q2 23/24: 48.9%). The gross margin improved
in the EMEA and Americas regions driven by a positive
change in product mix, while APAC declined. The gross
margin for the Staged category declined due to a higher
Financial review
Revenue split by region, DKKm
Revenue split by category, DKKm
LIKE-FOR-LIKE SELL-OUT GROWTH*
Q2 24/25
Q2 24/25
EMEA
0%
Staged
9%
Americas
8%
Flexible Living
-10%
APAC
-1%
On-the-go
-3%
Total
1%
Total
1%
* Defined as sell-out from the same stores, provided they were open and active in both periods.
342
352
72
86
211
182
75
78
EMEA
Americas
APAC
Brand Partnering & other activities
Q2 2024/25
Q2 2023/24
278
297
135
100
212
223
75
78
Staged
Flexible Living
On-the-go
Brand Partnering & other activities
Q2 2024/25
Q2 2023/24
Page — 12
Management’s review
Interim report H1 2024/25
share of fixed production costs. The Flexible living and
On-the-go categories increased year-on-year. The On-
the-go category was positively impacted by the launch
of H100.
Gross profit from Brand Partnering & other activities
was DKK 73m (Q2 23/24: DKK 66m), equivalent to a
gross margin of 94.4% (Q2 23/24: 87.9%). The gross
margin increased due to the mix having lower product
sales.
Currency movements had an immaterial impact on the
gross margin for the quarter.
Capacity costs
Capacity costs grew 3% to DKK 366m (Q2 23/24: DKK
355m) mainly driven by increased development costs.
Development costs increased by DKK 20m to DKK 91m
(Q2 23/24: DKK 71m). The incurred development costs
before capitalisation increased by DKK 13m and the
ratio was up by 1.9 pp to 13.0% of revenue mainly
driven by higher advisory costs and higher
amortisation due to product launches.
Distribution and marketing costs decreased by DKK
12m to DKK 234m (Q2 23/24: DKK 246m). The
marketing cost ratio was 9.3% compared to 10.6% in Q2
last year. The decrease was driven by lower marketing
activity, especially within the regions.
Administrative expenses increased by DKK 3m to
DKK 41m (Q2 23/24: DKK 38m) primarily driven by
higher advisory costs related to our strategy
acceleration plans.
EBITDA
EBITDA was DKK 68m (Q2 23/24: DKK 78m). This was
equivalent to a margin of 9.7% (Q2 23/24: 11.1%).
EBITDA before special items was DKK 72m (Q2 23/24:
DKK 82m), equivalent to a margin of 10.2% (Q2 23/24:
11.7%).
Special items were DKK 4m (Q2 23/24: DKK 4m) and
related to the re-organisations made,
EBIT
EBIT was a profit of DKK 8m (Q2 23/24: Profit of
DKK 17m). This was equivalent to an EBIT margin
of 1.1% (Q2 23/24: 2.4%).
EBIT before special items was a profit of DKK 12m (Q2
23/24: Profit of DKK 21m), equivalent to a margin of
1.7% (Q2 23/24: 3.0%).
Q2
YTD
GROSS MARGIN
2024/25
2023/24
2024/25
2023/24
Staged
56.8%
58.4%
57.0%
56.0%
Flexible Living
53.5% 53.4% 53.1% 51.1%
On-the-go
35.4%
33.6%
34.8%
34.1%
Products, total
48.6% 48.9% 49.6% 48.3%
Brand Partnering & other activities
94.4%
87.9%
92.2%
87.9%
Total
53.7% 53.1% 54.3% 52.8%
Page — 13
Management’s review
Interim report H1 2024/25
Cash flows
Free cash flow was DKK 30m compared to DKK 24m
last year. The year-on-year improvement related
primarily to increased cash flows from operating
activities (DKK 4m) and less outflow to investing
activities (DKK 4m).
Cash flows from operational investments totalled an
outflow of DKK 54m and were slightly lower than last
year (Q2 23/24: DKK 56m).
Cash flows from financing activities were an outflow of
DKK 78m (Q2 23/24: DKK 12m) relating mainly to net
repo transactions of DKK 65m and repayment of lease
liabilities.
The cash position at the end of the quarter was DKK
87m (31 August 2024: DKK 131m). Total available
liquidity was DKK 159m (31 August 2024: DKK 138m),
consisting of cash DKK 87m and securities DKK 387m
less DKK 315m in bank loans related to repo
transactions.
Subsequent to the closing of the quarter, gross proceeds
of DKK 228m were transferred to our bank account at
the beginning of December 2024 following the
completion of the new share offering.
Net working capital
Net working capital decreased by DKK 32m during the
quarter to DKK 250m (31 August 2024: DKK 282m).
Net working capital to the last 12 months’ revenue was
10.0% (Q1 24/25: 11.2%).
Trade receivables increased by DKK 112m to DKK 347m.
The increase was driven by higher sales in Q2 than in
Q1. Sales with extended credit accounted for 1% of
revenue for the quarter (Q1 24/25: 3%).
Inventories decreased by DKK 25m during the quarter
to DKK 426m. Overall, finished goods were improved in
terms of composition and ageing.
Trade payables increased by DKK 61m to DKK 426m,
mainly related to timing.
Other short-term liabilities increased by DKK 63m to
DKK 189m during the quarter primarily driven by
employee-related liabilities and VAT.
Net interest-bearing deposits/debt
Net interest-bearing debt amounted to DKK 45m,
compared to DKK 34m at year-end, 31 May 2024. The
increase in debt was mainly due to the negative free
cash flow of DKK 6m for H1 and the repayment of lease
liabilities. For further details, please see note 7.
Page — 14
Management’s review
Interim report H1 2024/25
Financial performance H1 2024/25
Revenue amounted to DKK 1,242m (H1 23/24: DKK
1,319m) and declined by 5.9% (-6% in local currencies).
EMEA revenue declined by 6.5% compared to H1 23/24
(-7% in local currencies). Revenue in branded channels
(company-owned stores, monobrand and e-commerce)
declined -4.5% year-on-year (-6% in local currencies)
mainly driven by a high comparable in H1 of last year.
The Americas reported growth of 10.7% (9% in local
currencies) mainly driven by increased revenue from
the branded channel and the eTail channel. Revenue
from the multibrand channel declined year-on-year.
APAC revenue declined by 9% (-9% in local currencies).
Revenue from the monobrand channel declined and
was impacted by low performance from one partner. As
part of our strategic transformation in China, we have
implemented a structural change in the eTail network
and multibrand setup. As a result, revenue from the
eTail channel declined year-on-year whereas the
multibrand channel increased driven by a changed
focus towards travel retail.
Revenue in the Staged category grew by 1% supported
by a solid performance from our Beolab speakers and
Beoconnect Core. TVs and soundbars declined year-on-
year, mainly due to a high comparable in Q1 of last
year.
The Flexible Living category decreased by 20%. The
decline was mainly driven by end-of-life deals made in
H1 of last year. In addition, we saw good traction for
Beosound 2 in H1 of last year supported by the Ferrari
edition.
The On-the-go category declined by 7%. Strong
performance was reported from the Launch of H100 in
September 2024, which was offset by lower revenue
from headphones and earphones in general.
The revenue from Brand Partnering & other activities
decreased 9% year-on-year due to declining income
from HP and reduced income from the Cisco
collaboration as a result of the ramp-up in H1 of last
year.
Gross margin was 54.3% (H1 23/24: 52.8%), equivalent
to a year-on-year increase of 1.5pp.
The gross margin was favourably impacted by a change
in product mix towards higher margin products as well
as price increases implemented since last year.
Currency movements had an immaterial effect on the
gross margin and EBIT compared to last year.
Capacity costs amounted to DKK 687m (H1 23/24: DKK
664m). The increase was driven by higher development
costs, while distribution and marketing costs declined.
EBITDA was DKK 104m (H1 23/24: DKK 152m). The
decline was driven by lower gross profit and increased
capacity cost. This was equivalent to a margin of 8.4%
vs. 11.5% last year.
EBITDA before special items was DKK 111m (H1 23/24:
DKK 156m), equivalent to a margin of 8.9% compared
to 11.8% last year.
EBIT was DKK -12m (H1 23/24: DKK 33m), equivalent to
a margin of -1.0% (H1 23/24: 2.5%).
EBIT before special items was DKK -5m (H1 23/24: DKK
37m) with a margin of -0.4% (H1 23/24: 2.8%).
Special items were DKK 7m (H1 23/24: DKK 4m) and
primarily related to the re-organisations made.
Free cash flow was DKK -6m (H1 23/24: DKK -37m)
primarily driven by a lower EBITDA of DKK 104m (H1
23/24: DKK 152m) and offset by a positive change in net
working capital of DKK 13m (H1 23/24: negative at DKK
64m).
Our combined capital resources (available liquidity and
the undrawn part of our ESG-linked credit facility)
amounted to DKK 319m (31 May 2024: DKK 344m). The
difference being due to the change in free cash flow and
the repayment of lease liabilities.
At the end of the quarter, we announced the
completion of the new share offering, raising gross
proceeds of DKK 228m.
Page — 15
Management’s review
Interim report H1 2024/25
Outlook for 2024/25
The outlook for 2024/25 is based on a transition year
prior to accelerating the strategic execution and
investments as described in relation to the medium-
term ambitions in the annual report 2023/24. Targeted
investments will be funded by the capital raise
completed at the end of November 2024.
Revenue growth
Revenue growth in local currencies is expected to be
from -3% to 3%.
EBIT margin before special items
EBIT margin before special items is expected to be from
-2% to 1%.
Free cash flow
Free cash flow is expected to be from DKK -100m to
DKK 0m.
Assumptions
The expectations are subject to the following
assumptions:
• Launch of four or more product innovations
(including H100 and Beoplay Eleven)
• No deterioration of macroeconomic conditions in
our main markets
• No major changes to events impacting our
monobrand distribution setup in China.
• Exchange rates against DKK, including in particular
USD, CNY and EUR, in line with current exchange
rate levels overall.
• CAPEX is expected to be around DKK 250-275m.
• Capacity costs are expected to increase by around
DKK 100m from 2023/24.
Sensitivities
The outlook for 2024/25 is subject to uncertainty
related to consumer sentiment. In addition, there
continues to be geopolitical and economic uncertainty.
Forward looking expectations
The report contains statements relating to expectations
for future developments, including future revenues
and operating results, as well as expected business-
related events. Such statements, including without
limitation those relating to the outlook and the
medium-term ambitions, are subject to uncertainty
and carry an element of risk since many factors, some
of which are beyond Bang & Olufsen's control, may
cause actual developments to deviate significantly
from the expectations expressed in this report. Without
being exhaustive, such factors include general
economic and commercial factors, such as market and
competitive matters, supplier issues and financial
issues in the form of foreign exchange, interest rates,
credit and liquidity risk.
Outlook for 2024/25 maintained
Revenue growth in local
currencies
-3% to 3%
EBIT margin before
special items
-2% to 1%
Free cash flow (DKK)
-100m to 0m
Safe harbour statement
Mid-term financial ambitions
Organic growth
8%
CAGR* 25/26-27/28
EBIT margin bsi**
8%
in 27/28
Free cash flow
DKK 250m
in 27/28
Assumptions
Our financial ambitions are based on constant
currencies and on the current political and economic
environment and projections. Any change to these
factors may impact the ambitions. The sensitivities
relating to the outlook for 2024/25 apply equally to
the period for the medium-term ambitions.
*
Compound annual growth rate ** Before special items
Page — 16
Consolidated financial statements
H1 2024/25
Q2
YTD
Year
(DKK million)
Notes
2024/25
2023/24
2024/25
2023/24
2023/24
Revenue
4
Production costs
-324 -328 -567 -622 -1,209
Gross profit
Development costs
5
-91 -71 -170 -134 -286
Distribution and marketing costs
-234 -246 -440 -461 -940
Administrative expenses
-41 -38 -77 -69 -135
Operating profit/loss (EBIT)
Financial income
Financial expenses
-26 -23 -48 -40 -75
Financial items, net
-12 -12 -13 -17 -25
Profit/loss before tax (EBT)
-4 5 -25 16 -7
Income tax
-9 3 -5 -1 -10
Profit/loss for the period
-13 8 -30 15 -17
Earnings per share
Earnings per share, basic (EPS) and
diluted (EPS
-D), DKK
-0.1 0.1 0.2 0.1 0.1
0Condensed income statement
Page — 17
Consolidated financial statements
H1 2024/25
Q2
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Profit/loss for the period
-13 8 -30 15 -17
Items that will be reclassified subsequently to the income
statement:
Exchange adjustments of subsidiaries
Fair value adjustments of hedging instruments
Value adjustments of hedging instruments reclassified in
Revenue
Production costs
-1 1 -1 5 5
Tax on other comprehensive income/loss
-1
-1
-1
Items that will not be reclassified subsequently to the income
statement:
Actuarial gains/losses on defined benefit plans
Tax on other comprehensive income
Other comprehensive income/loss for the period, net of tax
Total comprehensive income/loss for the period
-2 8 -25 15 -19
1BCondensed statement of comprehensive income
Page — 18
Consolidated financial statements
H1 2024/25
ASSETS
(DKK million)
Notes
30-11-24
30-11-23
31-05-24
Goodwill
Acquired rights and software
Completed development projects
Development projects in progress
5 83 104 132
Intangible assets
Property, plant and equipment
Right-of-use assets
Tangible assets
Non-current other receivables
Deferred tax assets
Total non-current assets
Inventories
Trade receivables
Tax receivable
Other receivables
Prepayments
Securities
7 387 391 388
Cash
7 87 154 177
Total current assets
Total assets
EQUITY AND LIABILITIES
(DKK million)
Notes
30-11-24
30-11-23
31-05-24
Share capital
Translation reserve
Cash flow hedge reserve
-2 -2 -2
Retained earnings
Total equity
Lease liabilities
Pensions
Deferred tax
Provisions
Mortgage loans
Non-current other liabilities
Total non-current liabilities
Lease liabilities
Mortgage loans
Bank loans
7 315 382 381
Provisions
Trade payables
Tax payable
Other liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
Condensed statement of financial position
Page — 19
Consolidated financial statements
H1 2024/25
Q2
YTD
Year
(DKK million)
Notes
2024/25
2023/24
2024/25
2023/24
2023/24
Profit/loss before tax (EBT)
-4 5 -25 16 -7
Financial items, net
Depreciation, amortisation and impairment
Operating profit/loss before depreciation,
amortisation and impairment (EBITDA)
Other non-cash items
-13 -9 -24 -12 33
Change in net working capital
6 32 25 13 -64 -41
Interest received
Interest paid
-19
-15
-43
-29
-63
Income tax received/paid
Cash flows from operating activities
Purchase of intangible non-current assets
-43 -38 -77 -70 -163
Purchase of tangible non-current assets
-11 -19 -17 -29 -55
Sublease payment
Other cash flows from investing activities
-1
Operational investments
-54 -56 -93 -98 -215
Free cash flow
Purchase of securities
Sale of securities
Financial investments
Cash flows from investing activities
-52 -56 -89 -95 -209
Q2
YTD
Year
(DKK million)
Notes
2024/25
2023/24
2024/25
2023/24
2023/24
Repayment of lease liabilities
-13 -11 -24 -21 -45
Repayment of mortgage loans
-1
-1
-3
Proceeds from loans and borrowings
Repayment of loans and borrowings
-65 -1 -71 -4 -
Cash flows from financing activities
-78 -12 -90 -26 -54
Cash and cash equivalents, opening
balance
Foreign exchange gain/loss on cash and
cash equivalents
Change in cash and cash equivalents
-46 12 -92 -60 -37
Cash and cash equivalents, closing
balance
Available liquidity
7 159 163 159 163 184
Condensed statement of cash flows
Page — 20
Consolidated financial statements
H1 2024/25
Condensed statement of changes in equity
(DKK million)
Share capital*
Translation
reserve
Cash flow
hedge reserve
Retained
earnings
Total
Equity 1 June 2024
Profit/loss for the period
Exchange adjustments of subsidiaries
Fair value adjustments of hedging instruments
Value adjustments of hedging instruments reclassified in
Revenue
Production costs
-1
-1
Income tax on items that will be reclassified to the income statement
Comprehensive income/loss for the period
Share-based payments
Equity 30 November 2024
Equity 1 June 2023
Profit/loss for the period
Exchange adjustments of subsidiaries
Fair value adjustments of hedging instruments
-4
-4
Value adjustments of hedging instruments reclassified in
Revenue
Production costs
Income tax on items that will be reclassified to the income statement
-1
-1
Comprehensive income/loss for the period
Share-based payments
Equity 30 November 2023
* The company holds a total of 1,318,414 treasury shares (1,768,231 shares as of 31 May 2024).
Page — 21
Consolidated financial statements
H1 2024/25
1 Basis of reporting
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the
EU, and additional Danish disclosure requirements for interim financial reports of listed companies.
No interim report has been prepared for the parent company.
The accounting policies applied in this interim report are consistent with those applied in the Annual Report
for 2023/24.
New standards, interpretations and amendments adopted by Bang & Olufsen
Bang & Olufsen has implemented the International Financial Reporting Standards (IFRS) and amendments
effective as of 1 June 2024 and endorsed by the EU. The implementation of new or amended standards and
interpretations had no material impact on the interim financial statements.
2 Critical accounting estimates and judgements
When preparing the interim financial report, Management makes various accounting estimates and assumptions
that form the basis of the presentation, recognition and measurement of Bang & Olufsen's assets and liabilities.
Estimates and judgements are reassessed on a regular basis.
All critical accounting estimates and judgements are consistent with those applied in note 1.2 to the consolidated
financial statements in the 2023/24 Annual Report, to which reference is made.
3 Seasonality
Due to the composition of the Bang & Olufsen business, some degree of seasonality of revenue must be expected.
Historically, reported revenue has been the highest in the second quarter due to the seasonal nature of the
business.
Notes
Page — 22
Consolidated financial statements
H1 2024/25
4 Segment information – Q2
(DKK million)
EMEA
Americas
APAC
Regions, total
Brand Partnering
& other activities
All
Q2 2024/25 revenue by strategic market
Revenue
352 86 182 620 78 698
Production costs
-179
-45
-95
-319
-5
-324
Gross profit
173 41 87 301 73 374
Gross margin
49.3%
48.0%
47.4%
48.6%
94.4%
53.7%
Q2 2023/24 revenue by strategic market
Revenue
342 72 211 625 75 700
Production costs
-176
-40
-103
-319
-9
-328
Gross profit
166 32 108 306 66 372
Gross margin
48.5%
42.9%
51.6%
48.9%
87.9%
53.1%
(DKK million)
Staged Flexible Living On-the-go Products, total
Brand Partnering
& other activities All
Q2 2024/25 revenue by product category
Revenue
297 100 223 620 78 698
Production costs
-128 -46 -145 -319 -5 -324
Gross profit
169 54 78 301 73 374
Gross margin
56.8% 53.5% 35.4% 48.6% 94.4% 53.7%
Q2 2023/24 revenue by product category
Revenue
278 135 212 625 75 700
Production costs
-115 -63 -141 -319 -9 -328
Gross profit
163 72 71 306 66 372
Gross margin
58.4% 53.4% 33.6% 48.9% 87.9% 53.1%
Gross profit is a segment KPI. There are no unallocated elements, and total gross profit reconciles to the income statement.
Page — 23
Consolidated financial statements
H1 2024/25
Segment information – YTD
(DKK million)
EMEA Americas APAC Regions, total
Brand Partnering
& other activities
All
2024/25 revenue by strategic market
Revenue
603 154 347 1,104 138 1,242
Production costs
-307 -78 -171 -556 -11 -567
Gross profit
296 76 176 548 127 675
Gross margin
49.1% 49.4% 50.5% 49.6% 92.2% 54.3%
2023/24 revenue by strategic market
Revenue
645 139 383 1,167 152 1,319
Production costs
-335 -77 -191 -603 -19 -622
Gross profit
310 62 192 564 133 697
Gross margin
48.0% 44.2% 50.2% 48.3% 87.9% 52.8%
(DKK million)
Staged
Flexible Living
On-the-go
Products, total
Brand Partnering
& other activities
All
2024/25 revenue by product category
Revenue
577 195 332 1,104 138 1,242
Production costs
-248
-91
-217
-556
-11
-567
Gross profit
329 104 115 548 127 675
Gross margin
57.0%
53.1%
34.8%
49.6%
92.2%
54.3%
2023/24 revenue by product category
Revenue
569 242 356 1,167 152 1,319
Production costs
-250
-118
-235
-603
-19
-622
Gross profit
319 124 121 564 133 697
Gross margin
56.0%
51.1%
34.1%
48.3%
87.9%
52.8%
Gross profit is a segment KPI. There are no unallocated elements, and total gross profit reconciles to the income statement.
Page — 24
Consolidated financial statements
H1 2024/25
5 Development costs
Q2
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Incurred development costs before capitalisation
91 78 170 141 315
Of which capitalised
-27
-31
-50
-57
-127
Incurred development costs after capitalisation
64
47
120
84
188
Capitalisation (%)
29.8% 39.1% 29.5% 40.5% 40.2%
Total charges and impairment losses on development projects
27
24
50
50
98
Development costs recognised in the consolidated income statement
91 71 170 134 286
Incurred development costs before capitalisation ratio (% of revenue)
13.0%
11.1%
13.7%
10.7%
12.2%
6 Change in net working capital
Change in
Change in
Change in
(DKK million)
30-11-24
31-05-24
Q2 2024/25 YTD
Q2 2023/24 YTD
2023/24
Inventories
426 447 21 39 -52
Trade receivables
347
309
-38
-24
-32
Other receivables*
55 52 -3 20 -14
Prepayments
37
27
-10
-2
3
Trade payables
-426 -401 25 -114 164
Other liabilities
-189
-171
18
17
-28
Total
250 263 13 -64 41
*Other receivables were adjusted for financial receivables related to leases of DKK 1m not included as net working capital at 30 November 2024 (31 May 2024: DKK 1m).
Page — 25
Consolidated financial statements
H1 2024/25
7 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 our banks bonds in return for cash while committing to a
reverse transaction at a predetermined future date. Bonds are presented as securities on the balance sheet, as
ownership of the bonds remains with the company during the term of the repo. The obligation to return cash for
bonds under such repo transactions is recognised as short-term bank loans. As of 30 November, repo transactions
amounted to DKK 315m.
During the quarter, net interest-bearing debt decreased by DKK 23m to DKK 45m.
(DKK million)
30-11-24
30-11-23
31-05-24
Mortgage loans (non-current)
-52 -52 -53
Mortgage loans (current)
-3 -6 -3
Bank loans (current)
-315
-382
-381
Lease liabilities (non-current)
-100 -96 -117
Lease liabilities (current)
-49 -42 -45
Other non-current liabilities*
-1 -3 -2
Interest-bearing debt
-520 -581 -601
Finance lease receivables (non-current)
0 2 1
Finance lease receivables (current)
1 1 1
Cash (current)
87 154 177
Securities (current)
387
391
388
Interest-bearing assets
475 548 567
Net interest-bearing deposit/debt
-45 -33 -34
* Only the interest-bearing part of Other non-current liabilities has been included in net interest-bearing deposit/debt.
During the quarter, net available liquidity increased by DKK 20 to DKK 159m, consisting of cash and securities
offset by repo transactions.
(DKK million)
30-11-24
30-11-23
31-05-24
Cash (current)
87
154
177
Securities (current)
387 391 388
Bank loans (current)
-315 -382 -381
Available liquidity
159 163 184
Including the undrawn part of our ESG-linked credit facility, capital resources were DKK 319m (year-end 2023/24:
DKK 344m), consisting of available liquidity of DKK 159m and undrawn committed credit facilities of DKK 160m.
Page — 26
Consolidated financial statements
H1 2024/25
Financial instruments by category
(DKK million)
30-11-24
30-11-23
31-05-24
Non-current other receivables
20
22
20
Trade receivables
347 365 309
Other receivables
56 47 53
Cash
87 154 177
Financial assets at amortised cost
510 588 559
Securities
387 391 388
Fair value through income statement
387 391 388
Derivatives used for hedge accounting
4 0 1
Fair value through other comprehensive income
4 0 1
Financial assets
901 979 948
Mortgage loans
55 58 56
Bank loans
315 382 381
Lease liabilities
149 138 162
Trade payables
426
451
401
Financial liabilities at amortised cost
945 1,029 1,000
Derivatives used for hedge accounting
9 6 6
Fair value through other comprehensive income
9 6 6
Financial liabilities
954 1,035 1,006
The fair value is approximately equal to the carrying amount for all financial assets and liabilities.
Securities
Securities comprise listed Danish mortgage bonds and are measured at fair value with all changes in fair value
recorded in the income statement. Bonds are measured using observable market values (level 1 in the fair value
hierarchy). We use repo transactions and as ownership of the bonds remains with us during the term of the repo,
the bonds remain recognised on the balance sheet.
Derivative financial instruments
Derivative financial instruments comprise primarily foreign exchange contracts used to hedge foreign exchange
risk related to unrecognised future transactions. Derivatives are measured at fair value in accordance with level 2
in the fair value hierarchy using valuation techniques that apply market data such as exchange rates, credit risk
and volatility.
See note 7.3 to the 2023/24 Annual Report for an overview of foreign exchange contracts.
9 Subsequent events
Subsequent to the closing of the quarter, gross proceeds of DKK 228m were transferred to our bank account at the
beginning of December 2024 as a result of the completion of the directed share issue.
Except as described above, no other events have occurred in the period from the balance sheet date until the
presentation of the financial statements that materially affect the assessment of the consolidated financial
statements.
8 Financial instruments
Page — 27
Consolidated financial statements
H1 2024/25
The Board of Directors and the Executive Management
Board have today discussed and approved the interim
report of Bang & Olufsen A/S for the period 1 June 2024
– 30 November 2024.
The interim report, which has not been audited or
reviewed by the company's auditor, is presented in
accordance with IAS 34 Interim Financial Reporting, as
adopted by the EU, and additional Danish disclosure
requirements for interim financial reports of listed
companies.
In our opinion, the interim report gives a true and fair
view of the Group's assets, liabilities and financial
position at 30 November 2024, and of the results of the
Group's operations and cash flows for the period 1 June
2024 – 30 November 2024. In our opinion, the
Management's review includes a fair review of the
development in the Group's operations and financial
matters, the results for the period, and the financial
position in general, as well as a description of the
significant risks and uncertainty factors pertaining to
the Group.
Management's statement
