Page — 1
Interim report
9M 2024/25
June 2024-February 2025
Page — 2
Management’s review
Interim report 9M 2024/25
Bang & Olufsen reports a Q3 with topline growth, margin improvement and
profit. Our strategic transition continued according to plans during Q3.
Group revenue grew by 2% in local currencies driven by growth in EMEA and
the Americas, while APAC declined. The gross margin rose to a record-high
55.4% and the quarter generated an EBIT margin before special items of
3.8%, net profit and a positive free cash flow of DKK 18m.
“We are pleased with the performance in Q3, with revenue growth of 2% led by
most markets in EMEA and a strong performance in the Americas. We also
achieved, a record-high gross margin of 55.4%, positive earnings and a positive
free cash flow. Amid geopolitical uncertainties including the recent announced
tariffs and possibility of further tariff changes, we are continuing our strategic
transition by investing the proceeds of our recent capital raise in future profitable
growth.
With the aim to strengthen our position in the luxury audio market even further,
we will continue to enhance our product portfolio, opening stores in key cities
and creating awareness of our unmatched sound quality and craftsmanship.
During the quarter we introduced Bang & Olufsen Atelier, offering our clients the
opportunity to create custom-made products in collaboration with our master
artisans.”
Kristian Teär, CEO
Financial highlights (Q3 23/24 in brackets)
• Like-for-like sell-out grew by 15% (-2%). Like-for-
like sell-out for Branded channels grew 21% (-8%).
• Revenue increased by 2.8% (-3.4%) year-on-year,
or 2% in local currencies (-3%), to DKK 631m
(DKK 614m).
• Revenue from Branded channels increased by 6%
(0%), or 5% in local currencies (0%).
• Gross margin was up by 2.2pp to 55.4% (53.2%).
• EBITDA before special items was DKK 87m
(DKK 72m), EBITDA margin before special items
of 13.7% (11.7%).
• E
BIT before special items was DKK 24m.
(DKK 11m). EBIT margin before special items
of 3.8% (1.8%).
• The free cash flow was DKK 18m (DKK 5m).
FY 2024/25 financial guidance narrowed
• Revenue growth in local currencies: -3% to 3%.
• EBIT margin before special items: -2% to 1%.
• Free cash flow: DKK -100m to 0m.
Revenue growth in local currencies is expected in
the lower end of range. Ebit margin before special
items is expected in the mid-range and free cash
flow is expected in the top range.
Business highlights
• On 4 December 2024, we received funds raised
through the directed issue completed on 27
November 2024. DKK 217 million in net proceeds
was raised and will be used for investments to
realise the announced 3-year growth plan.
• Bang & Olufsen Atelier was launched, offering
custom-made products.
• Launch of a recreated Beogram 4000c product
collaboration with Saint Laurent.
• The Beolab 8 and the Beosound Theatre received
Cradle to Cradle (C2C) certification.
• Win-cities collectively reported sell-out growth of
36%.
• Locations in place for one new store in Paris and
three stores in California, with openings expected
in 2025/26.
• The customer base grew by 5% and the number of
customers owning two or more Bang & Olufsen
products increased by 4% quarter-on-quarter.
Q3 highlights
Revenue growth in LC*
2%
Gross margin
55.4%
EBIT margin bsi**
3.8%
Free cash flow, DKK
18m
* Local currencies ** Before special items
Q3 2024/25 conference call
9 April 2025, at 10.00 CEST via
https://bangolufsen.eventcdn.net/events/interim-report-3rd-
quarter-202425
Dial-in details (Pin: 193621):
DK: +45 78768490
UK: +44 2037696819
US: +1 6467870157
Page — 3
Management’s review
Interim report 9M 2024/25
For definitions, see note 8.7 to the Annual Report 2023/24.
Key figures
Q3
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Key figures
Gross margin, total, %
55.4 53.2 54.7 52.9 53.3
Gross margin, Products, total %
52.2 49.1 50.5 48.5 49.0
Gross margin, Brand Partnering & other activities, %
81.1
84.5
88.4
86.7
83.3
Growth in local currencies, %
2 -3 -4 -7 -5
Like-for- like sell-out growth, %
15
-2
4
3
3
Point of sale - Monobrand, number of doors
359 395 359 395 387
Point of sale - Multibrand, number of doors
1,742
2,410
1,742
2,410
2,317
Point of sale - Custom installers, number of doors
107 101 107 101 101
EBITDA margin before special items, %
13.8
11.7
10.6
11.8
11.6
EBITDA margin, %
14.1 11.2 10.3 11.4 9.9
EBIT margin before special items, %
3.8
1.8
1.0
2.5
2.4
EBIT margin, %
4.0 1.3 0.7 2.1 0.7
Marketing cost ratio, %
6.5
8.6
8.8
10.3
10.2
Incurred development costs before capitalisation
ratio, %
13.4 12.0 13.6 11.0 12.2
Return on assets, %
-1.1
0.8
-1.1
0.8
-0.7
Return on invested capital, excl. goodwill, %
12.9 12.6 12.9 12.6 16.7
Return on equity, %
-2.0
1.8
-2.0
1.8
-1.8
Full-time employee (FTE) at end of period
Stock-related key figures
Earnings per share, basic (EPS) and diluted (EPS-D),
DKK
0.0 0.0 -0.2 0.1 -0.1
Price/Earnings
205.6
389.2
-62.4
66.2
-75.7
Q3
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Income statement
Revenue
631 614 1,873 1,933 2,588
EMEA
311 293 914 938 1,249
Americas
86 70 240 209 287
APAC
164
180
511
563
726
Brand Partnering & other activities
70 71 208 223 326
EBITDA before special items
88 72 199 228 300
EBITDA
89 69 193 221 257
EBIT before special items
24
11
19
48
61
EBIT
25 8 13 41 18
Special items, net
1 -3 -6 -7 -43
Financial items, net
-9 -2 -22 -19 -25
Profit/loss before tax (EBT)
16 6 -9 22 -7
Profit/loss for the period
7 3 -23 18 -17
Financial position
Total assets
2,166 2,220 2,166 2,220 2,297
Equity
1,173 989 1,173 989 956
Cash
129 149 129 149 177
Available liquidity
372 158 372 158 184
Capital resources
532 318 532 318 344
Net interest-bearing deposit/debt
181
-24
181
-24
-34
Net working capital
255 297 255 297 263
Cash flows
Cash flows from operating activities
77 52 164 113 226
Operational investments
-59 -47 -152 -145 -215
Free cash flow
18 5 12 -32 11
Page — 4
Management’s review
Interim report 9M 2024/25
Developments in Q3 2024/25
Our transition year continued in Q3 with positive
momentum. Like-for-like sell-out grew by 15%. For the
branded channels (company-owned stores, monobrand
and e-commerce) like-for-like sell-out grew 18% year-
on-year. The like-for-like sell-out growth was positively
affected by successful campaigns and the execution of
project sales among our partners. In our win cities, the
reported sell-out growth collectively was 36% year-on-
year.
Revenue (sell-in) in local currencies grew 2% year-on-
year. Revenue from our branded channels grew 6%
supported by revenue growth in the staged product
category. Revenue from the eTail channel declined
year-on-year.
Revenue from EMEA grew 6% year-on-year driven by
double-digit growth in the branded channels. Despite
the current high level of uncertainty in the market,
growth was reported across most of the European
markets. Moreover, average revenue per multibranded
store increased, with the channel reporting double-digit
growth combined with a reduction of more than 400
doors year-on-year.
In the Americas, a strong performance was driven by
double-digit growth across all branded channels and
with fewer stores in the monobrand channel year-on-
year.
The APAC region reported negative growth mainly due
to challenges in China and especially negative growth
in the eTail channels. As part of the investment in
future growth, we have initiated the next step towards
operating the primary Chinese eTail channels directly.
In April we will take over the online flagship store on
the eTail platform Tmall. Thereby, operating the two
largest eTail platforms in China directly.
The gross margin rose to a record-high 55.4% compared
to 53.2% in Q3 last year. The reported gross margin has
been above 50% for the past eight consecutive quarters
and is thus strengthening the financial foundation for
the strategic acceleration.
EBIT margin before special items was 3.8% compared to
1.8% in Q3 of last year. The improvement was driven by
the higher reported gross margin and partly offset by
higher capacity costs year-on-year.
Free cash flow improved by DKK 13m year-on-year to
DKK 18m, supported by increased cash flow from
operating activities.
Net available liquidity increased by DKK 213 to DKK
372m during the quarter, mainly due to funding
received from the capital raise.
The inventories were reduced by DKK 13m during the
quarter to DKK 413m. At quarter end, we reported the
lowest inventory level in more than three years with
improved composition and ageing within finished
goods.
Strategy execution
In the beginning of December, we received the proceeds
from the directed issue completed on 27 November
2024. The offering raised gross proceeds of DKK 228 m
and DKK 217m net.
The strategy acceleration is progressing with targeted
investments aiming to 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.
Following the organisational change implemented in
January 2025, consolidating our sales regions into one
global sales function, 12 clusters were formed to further
enhance our city focus. In addition, we have
consolidated our service and support functions under
global sales.
New, dedicated functions for new partnerships and the
addition of more local sales and marketing resources
will also enable us to better serve our customers.
We expect more resources to be onboarded for the
remainder of the financial year.
Brand awareness and pricing
We continued our long-term collaboration with Saint
Laurent with a release in March to mark the fifth joint
creation. For this exclusive release, Saint Laurent and
Bang & Olufsen have restored ten original Beogram
4000 Series turntables, originally introduced in the
early 1970s.
Each piece is housed in a solid ziricote wood case,
individually numbered, accented with aluminium
details, and features an etched logo.
The 2025 Formula 1 season kicked off in March 2025
and featured Ferrari’s new F1 car with the B&O logo
displayed once again with prominent logo placement.
Business review
Page — 5
Management’s review
Interim report 9M 2024/25
A key strategic focus for B&O is a closer and broader
engagement with our customers, and in Q3 we grew our
customer base by 5% (quarter-on-quarter). In addition,
the number of customers owning two or more B&O
products grew 4% during the quarter.
In terms of pricing, modest price increases were
implemented on selected products in January 2025.
Further price increases will be implemented by 1 May
2025, in response to normal price adjustments and
recent tariffs.
Product innovations
Our Beoplay H100, launched in September, continued
to perform well in Q3, while the newly launched
Beoplay Eleven also got off to a good start.
As part of the strategy acceleration, we continue to
elevate our product offering.
In February 2025, we introduced Atelier, offering
clients the opportunity to create custom-made products
in collaboration with our master artisans in Struer,
Denmark. This milestone underscores the brand's rich
legacy of unmatched sound quality and craftsmanship,
offering opportunities for personal expression through
one-of-a-kind creations and an array of customisation
options.
In February and March 2025, the Beolab 8 and
Beosound Theatre received Cradle to Cradle (C2C)
certification at Bronze level, bringing the total number
of products with cradle to cradle certification in our
product portfolio to five.
Notably, Beosound Theatre is the first soundbar in the
world to be Cradle to Cradle Certified®, highlighting our
role in leading the movement toward more circular
product design and manufacturing.
Channel development
A key part of the strategy acceleration is optimising our
footprint, and we are working on the pipeline across
geographies in accordance with our mid-term plan.
Retail excellence is undergoing improvement by
training staff, upgrading store designs and increasing
brand compliance across the network.
In EMEA, we reduced our monobrand network to 260
stores at quarter-end. During the quarter, we have
signed agreements to open a new partner store in Milan
and a new company-owned store in Paris. The stores
are expected to open in Q4 24/25 and 2025/26,
respectively. In London, an agreement is in place to
expand our Harrods store and upgrade to our new store
design.
Our expansion in the US is also continuing. In
California, we are rebuilding a strong presence with our
new, resourceful and experienced partner with whom
we will open a number of flagship stores. Three stores
are currently planned to open in 2025/26.
Partnering with custom installers is an important part
of our future setup. Over the past year we have
increased our cooperation with Origin Acoustics, a key
partner in the Americas.
Monobrand *
Multibrand
Custom installers
Points of sale, number of doors
28-02-2025
28-02-2024
28-02-2025
28-02-2024
28-02-2025
28-02-2024
EMEA
260 290 964 1,417 N/A N/A
Americas
24
30
21
37
107
101
APAC
75 75 757 956 N/A N/A
Total
359 395 1,742 2,410 107 101
* Monobrand is including company-owned stores
Page — 6
Management’s review
Interim report 9M 2024/25
Out of our 13 defined global Win cities, we have
implemented our Concept in four: New York, London,
Paris and Hong Kong. In terms of performance, the Win
cities collectively reported sell-out growth of 36%,
which comprises sell-out across channels in the cities.
All cities reported growth.
New York, London and Paris reported double-digit
growth. New York was positively impacted by low
comparables as one store was in ramp-up after being
closed for relocation in October 2023. Hong Kong
reported single-digit growth year-on-year. The solid
growth rates underpin the planned expansions.
In addition, we have initiated the first phase of the Win
City Concept to support and accelerate growth in Los
Angeles and Tokyo.
In total, our monobrand network including company-
owned stores comprised 359 stores, which was a net
reduction of 36 since the end of Q3 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, we continue to be more
selective. In EMEA, we decided to discontinue our
collaboration 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 our 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.
In December 2024, TCL launched the TCL X965 TV, and
in January 2025, the C series was lunched as the fourth
product featuring ‘Audio by Bang & Olufsen’.
Following the successful partnership with Hyundai
Motor Group on the Genesis brand since 2018, Bang &
Olufsen and HARMAN Automotive will be expanding
the partnership into the Hyundai brand, introducing
our ’Audio by Bang & Olufsen’ in-car proposition. We
are excited to bring together Hyundai’s tech-forward
vision with Bang & Olufsen’s expertise in acoustics and
digital audio experiences. The first Hyundai vehicle
featuring the ‘Audio by Bang & Olufsen’ system is
expected to debut in 2025.
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: Atelier
Our Atelier offering delivers customisation
opportunities within the following areas:
• Atelier Bespoke: Collaborating directly with
an Atelier artisan, clients can create custom
product incorporating materials or specific
colours for a one-off creation.
• Atelier Catalogue: Customers can choose from
over 500,000 possible combinations of fabric,
wood and aluminium finishes to customise
their product.
• Atelier Editions: Limited editions of iconic
products in the portfolio, showcasing the
finest Bang & Olufsen craftsmanship.
To celebrate the Atelier launch and 100 years, we have
created the Atelier Limited Edition Beosound 2
Gradient Collection. Featuring 10 different gradient
combinations inspired by emotions shaped through
sound, each colour gradient is limited to 10 engraved
and numbered pieces. The meticulous finish is
achieved thanks to our aluminium expertise in Factory
5 in Struer, Denmark.
The full Atelier experience will be available at select
Bang & Olufsen stores. Customers can also explore
customisation opportunities in the newly released
digital composer at B&O.com.
Page — 7
Management’s review
Interim report 9M 2024/25
Like-for-like sell-out
In terms of demand from our end customers, like-for-
like sell-out in EMEA grew by 18%.
Branded channels all generated double-digit like-for-
like sell-out growth supported by successful campaigns.
The eTail channel reported like-for-like sell-out growth
year-on-year.
In terms of product categories, our Staged and On-the-
go categories delivered double-digit growth compared
to Q3 last year. The Flexible Living category declined.
Revenue
Revenue was DKK 311m (Q3 23/24: DKK 293m),
equivalent to an increase of 6.2% (6% in local
currencies).
Our branded channels reported high single-digit
growth in revenue year-on-year. Revenue from
company-owned stores rose by double digits, while
revenue from the monobrand channel experienced
single-digit growth. The development was positively
impacted by the recent launches of Beoplay H100 and
Beoplay Eleven.
The number of multibrand stores was reduced by 453,
mainly driven by a decision to close several multibrand
doors primarily in Germany in line with the strategic
transformation. Despite the reduction in number of
stores, revenue from the multibranded channels grew
year-on-year. Revenue from eTail declined compared to
last year.
Overall, revenue from the Staged category increased by
6%, while the Flexible Living category increased by
10%. Revenue from the On-the-go category increased by
3%.
Gross profit
Gross profit amounted to DKK 160m (Q3 23/24:
DKK 143m), corresponding to a gross margin of 51.0%
(Q3 23/24: 48.7%).
The margin was mainly driven by improved product
margins in the Flexible Living and On-the-go
categories.
9M 2024/25
Revenue was DKK 914m (9M 23/24: DKK 938m). This
represented a decline of 2.5% (-3% in local currencies).
The decline was mainly driven by the Flexible Living
and the On-the-go categories.
Gross margin increased by 1.5pp to 49.8%, primarily
driven by increased gross margins in the Flexible and
On-the-go product categories.
EMEA
Q3
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Like-for-like sell-out growth
18% -13% 7% -5%
Revenue
311 293 914 938
Growth in local currencies
6%
-12%
-3%
-4%
Gross profit
160 143 456 453
Gross margin
51.0%
48.7%
49.8%
48.3%
Share of total revenue
49%
Page — 8
Management’s review
Interim report 9M 2024/25
Like-for-like sell-out
Sell-out in the Americas grew by 49%. Branded
channels combined reported a high double-digit
increase year-on-year driven by solid growth in all
channels. Company-owned stores were positively
impacted by low comparables in Q3 last year due to
ramp up after relocation in Q2 23/24, while the
monobrand channel was positively affected by
campaigns and the execution of project sales.
Like-for-like sell-out from the eTail channel
experienced single-digit growth.
In terms of product categories, growth was reported
across product categories, and our Staged category and
On-the-go category generated double-digit growth.
Revenue
Revenue was DKK 86m (Q3 23/24: DKK 70m),
equivalent to an increase of 23.3% (18% in local
currencies).
Revenue growth from branded channels was high
double-digit, supported by growth in all channels.
Revenue from the monobrand channel generated solid
growth year-on-year despite a reduction in the number
of stores in California.
We continue with our US expansion. In California, we
are rebuilding a strong presence in collaboration with
our new resourceful and experienced partner with
whom we will open a number of flagship stores. Three
stores are currently planned to open in 2025/26.
Revenue growth from Custom installers was stable,
while the enterprise channel showed single digit
growth and was affected by high comparables due to
the ramp up of our collaboration with Genesis in Q3 of
last year.
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 21 stores.
In terms of product categories, revenue from our Staged
products increased 19% compared to Q3 last year. The
Flexible Living category reported a decline of 11%, while
the On-the-go category grew by 46%.
Gross profit
Gross profit amounted to DKK 43m (Q3 23/24:
DKK 31m). This was equivalent to a gross margin of
49.6% (Q3 23/24: 45.9%). The margin was positively
impacted by improved product margins across the
product categories.
9M 2024/25
Revenue was DKK 240m (9M 23/24: DKK 209m),
equivalent to a year-on-year increase of 15.0% (11% in
local currencies). The increase was driven by growth in
the Staged and On-the-go categories.
Gross margin increased by 4.8pp to 49.5% driven by
improved margins across categories as well as positive
changes in the product mix.
Americas
Q3
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Like-for-like sell-out growth
49% -7% 12% -3%
Revenue
86 70 240 209
Growth in local currencies
18%
1%
11%
-10%
Gross profit
43 31 119 93
Gross margin
49.6%
45.9%
49.5%
44.7%
Share of total revenue
14%
Page — 9
Management’s review
Interim report 9M 2024/25
Like-for-like sell-out
Like-for-like sell-out in APAC declined by 3%. The
branded channels reported double-digit growth year-
on-year driven by growth across the channels.
The multibrand channel reported single-digit like-for-
like sell-out growth while sell-out in the eTail channel
declined.
China like-for-like sell-out declined by 13%. Like-for-
like sell-out in the monobrand channel grew year-on-
year while eTail declined.
Excluding China, sell-out in APAC experienced single
digit growth. South Korea and Taiwan reported sell-out
growth while Japan reported a modest decline.
In terms of product categories, our Staged products
delivered double-digit growth compared to Q3 of last
year. The Flexible Living category and On-the-go
category declined.
Revenue
Revenue was DKK 164m (Q3 23/24: DKK 180m),
corresponding to a decline of 8.5% (-8% in local
currencies).
Revenue from China declined 8.7% (-11% in local
currencies) and accounted for approximately 46% of
total revenue in APAC. Revenue from our monobrand
channel in China reported a modest increase year-on-
year which was more than offset by a decline in the
eTail channel. As part of the investment in future
growth, we have initiated the next step towards
operating the primary Chinese eTail channels directly.
In April we will take over the online flagship store on
the eTail platform Tmall. Thereby, operating the two
largest eTail platforms in China directly.
Revenue from South Korea and Taiwan grew, while
Japan declined due to currency impact. Adjusted for
currency impact, revenue from Japan grew year-on-
year.
In terms of product categories, revenue from the Staged
category declined by 2%. The Flexible Living category
decreased by 22% while the On-the-go category
declined by 4%. The Flexible Living category was
impacted by end-of-life deals made in Q3 of last year.
Gross profit
Gross profit amounted to DKK 91m (Q3 23/24:
DKK 92m), equivalent to a gross margin of 55.7%
(Q3 23/24: 50.8%) and an increase of 4.9pp. year-on-
year.
The margin was positively impacted by improved gross
margins across product categories and a change in
product mix towards higher margin products.
9M 2024/25
Revenue was DKK 511m (9M 23/24: DKK 563m),
equivalent to a year-on-year decrease of 9.1% (-9% in
local currencies). The Staged category increased, while
the Flexible Living and the On-the-go categories
declined.
Gross margin increased by 1.8pp to 52.2% driven by
margin improvements across product categories and
changes in the product mix.
APAC
Q3
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Like-for-like sell-out growth
-3%
23%
-3%
21%
Revenue
164 180 511 563
Growth in local currencies
-8%
27%
-9%
-4%
Gross profit
91 92 267 284
Gross margin
55.7%
50.8%
52.2%
50.4%
Share of total revenue
26%
Page — 10
Management’s review
Interim report 9M 2024/25
Revenue
Revenue was DKK 70m (Q3 23/24: DKK 71m),
corresponding to a decrease of 0.4% (-2% in local
currencies).
Overall license revenue declined by 15%. License
revenue from the automotive industry grew year-on-
year while license income from HP declined in line with
our expectations due to the expiry of the agreement.
Licensing income accounted for 68% of total revenue in
Brand Partnering & other activities (Q3 23/24: 78%).
Revenue from Cisco co-branded products increased
year-on-year.
Revenue related to aluminium production for partners
increased compared to Q3 of last year.
Gross profit
Gross profit amounted to DKK 57m (Q3 23/24:
DKK 60m), equivalent to a gross margin of 81.1%
(Q3 23/24: 84.5%). The margin declined due to the
change in mix between license and product sales
compared to Q3 of last year.
9M 2024/25
Revenue was DKK 208m (9M 23/24: DKK 223m),
equivalent to a year-on-year decrease of 6.4% (-9% in
local currencies). The decline was mainly driven by
lower license revenue from HP as expected, while
automotive increased. License revenue from TCL is
ramping up as expected.
Gross margin increased by 1.7pp to 88.4% mainly driven
by the lower share of product revenue from our brand
collaboration with Cisco.
Brand Partnering
& other activities
Q3
YTD
(DKK million)
2024/25
2023/24
2024/25
2023/24
Revenue
70 71 208 223
Growth in local currencies
-2%
-17%
-9%
-20%
Gross profit
57 60 184 193
Gross margin
81.1%
84.5%
88.4%
86.7%
Share of total revenue
11%
Page — 11
Management’s review
Interim report 9M 2024/25
Like-for-like sell-out
Sell-out grew by 15% compared to the same period last
year. Excluding end-of-life products, like-for-like sell-
out grew by 19% compared to Q3 last year.
Like-for-like sell-out for our branded channels
combined grew 21% compared to Q3 of last year.
In terms of product categories, our Staged category
grew by 24%, while the Flexible Living category
declined by 7% and the On-the-go category grew by
19%.
Revenue in Q3
Revenue in Q3 was DKK 631m compared to DKK 614m
in Q3 last year. This was equivalent to an increase of
2.8% year-on-year (2% in local currencies).
The increase in reported revenue related to an increase
in product sales of 3.5% (3% in local currencies), while
Brand Partnering and other activities experienced a
modest decline of DKK 1m to DKK 70m (-2% in local
currencies.)
Product revenue, regions
The development in product revenue was driven by
reported growth in branded channels. EMEA and the
Americas generated growth in branded channels while
APAC reported a low single-digit decline.
Reported revenue from the multibrand channel grew
year-on-year mainly driven by EMEA despite reduction
in the number of doors. In the Americas, revenue from
multibrand was limited. Revenue from eTail declined
mainly due to declining revenue in China.
Product revenue, categories
Staged category
Revenue increased by 6% to DKK 301m. This was
mainly driven by increased revenue from TV’s &
soundbars.
Flexible Living category
Revenue declined by 8% to DKK 97m. The decline was
mainly due to decline in APAC across products.
Revenue from the Flexible Living category grew in
EMEA.
On-the-go category
Revenue increased by 7% to DKK 163m. Growth was
mainly driven by the successful launch of Beoplay
H100 and Beoplay Eleven.
Brand Partnering & other activities
The 0.4% decline (-2% in local currencies) to DKK 70m
in Brand Partnering & other activities was mainly due
to the expected fall in license income from HP year-on-
year partly offset by increased revenue from
automotive.
Gross profit
Gross profit was DKK 351m (Q3 23/24: DKK 326m),
corresponding to a gross margin of 55.4%, an
improvement of 2.2pp. compared to 53.2% in Q3 of last
year.
Gross profit from regional product sales was DKK 294m
(Q3 23/24: DKK 266m), corresponding to a gross margin
of 52.2% (Q3 23/24: 49.6%). Improved gross margins
were reported across regions. The gross margin for the
Financial review
Revenue split by region, DKKm
Revenue split by category, DKKm
LIKE-FOR-LIKE SELL-OUT GROWTH*
Q3 24/25
Q3 24/25
EMEA
18%
Staged
24%
Americas
49%
Flexible Living
-7%
APAC
-3%
On-the-go
19%
Total
15%
Total
15%
* Defined as sell-out from the same stores, provided they were open and active in both periods.
293
311
70
86
180
164
71
70
EMEA
Americas
APAC
Brand Partnering & other activities
Q3 2024/25
Q3 2023/24
285
301
105
97
153
163
71
70
Staged
Flexible Living
On-the-go
Brand Partnering & other activities
Q3 2024/25
Q3 2023/24
Page — 12
Management’s review
Interim report 9M 2024/25
Staged category experienced a modest increase while
the Flexible Living and On-the-go categories reported
mid-single-digit growth year-on-year. The On-the-go
category was positively impacted by the launch of
Beoplay H100 and Beoplay Eleven.
Gross profit from Brand Partnering & other activities
was DKK 57m (Q3 23/24: DKK 60m), equivalent to a
gross margin of 81.1% (Q3 23/24: 84.5%). The gross
margin decreased due to the mix.
Currency movements had a negative impact of 0.2% on
the gross margin for the quarter.
Capacity costs
Capacity costs grew 3% to DKK 326m (Q3 23/24: DKK
318m).
Development costs increased by DKK 6m to DKK 78m
(Q3 23/24: DKK 72m). Incurred development costs
before capitalisation increased by DKK 12m and the
ratio was up by 1.4 pp to 13.4% of revenue mainly
driven by higher activity to support the strategy.
Distribution and marketing costs decreased by DKK 4m
to DKK 213m (Q3 23/24: DKK 217m). The marketing cost
ratio was 6.5% compared to 8.6% in Q3 last year. The
decrease was driven by lower marketing activity,
especially within the regions.
Administrative expenses increased by DKK 6m to
DKK 35m (Q3 23/24: DKK 29m) primarily driven by
higher advisory costs related to our strategy
acceleration plans.
EBITDA
EBITDA was DKK 88m (Q3 23/24: DKK 69m). This was
equivalent to a margin of 13.9% (Q3 23/24: 11.2%).
EBITDA before special items was DKK 87m (Q3 23/24:
DKK 72m), equivalent to a margin of 13.7% (Q3 23/24:
11.7%).
Special items were an income of DKK 1m (Q2 23/24:
DKK 3m) and related to an adjustment of the provision
made regarding the re-organisation in Q4 of last year.
EBIT
EBIT was DKK 25m (Q3 23/24: DKK 8m). This was
equivalent to an EBIT margin of 4.0% (Q3 23/24: 1.3%).
EBIT before special items was DKK 24m (Q3 23/24: DKK
11m), equivalent to a margin of 3.8% (Q3 23/24: 1.8%).
Q3
YTD
GROSS MARGIN
2024/25
2023/24
2024/25
2023/24
Staged
57.9%
57.2%
57.4%
56.5%
Flexible Living
58.4% 52.6% 54.9% 51.5%
On-the-go
37.9%
31.6%
35.8%
33.3%
Products, total
52.2% 49.1% 50.5% 48.5%
Brand Partnering & other activities
81.1%
84.5%
88.4%
86.7%
Total
55.4% 53.2% 54.7% 52.9%
Page — 13
Management’s review
Interim report 9M 2024/25
Cash flows
Free cash flow was DKK 18m compared to DKK 5m last
year. The year-on-year improvement related primarily
to increased cash flows from operating activities (DKK
25m) partly offset by an increase in investing activities
(DKK 12m) that were primarily driven development
projects.
Cash flows from operational investments totalled an
outflow of DKK 59m and were DKK 12m higher than
last year driven by development projects (Q3 23/24:
DKK 47m).
Cash flows from financing activities were a net inflow
of DKK 24m (Q3 23/24: outflow of DKK 13m). The
amount consists of net proceeds of DKK 217m from the
completion of the new share offering offset by
repayment of repo and lease liabilities.
The cash position at the end of the quarter was DKK
129m (30 November 2024: DKK 87m). Total available
liquidity was DKK 372m (30 November 2024: DKK
159m), consisting of cash DKK 129m and securities DKK
383m less DKK 140m in bank loans related to repo
transactions. The bank loans related to repo were
lowered by DKK 175m during the quarter supported by
the capital increase.
Net working capital
Net working capital increased by DKK 5m during the
quarter to DKK 255m (30 November 2024: DKK 250m).
Net working capital to the last 12 months’ revenue was
10.1% (Q2 24/25: 10.0%).
Trade receivables decreased by DKK 79m to DKK 269m.
The decrease was driven by collections from the higher
sales in Q2 as per our normal seasonality. Sales with
extended credit accounted for 2% of revenue for the
quarter (Q2 24/25: 1%).
Inventories decreased by DKK 13m during the quarter
to DKK 413m.
Trade payables decreased by DKK 105m to DKK 321m,
mainly related to payments subsequent to the higher
activity levels in Q2 and timing.
Other short-term liabilities increased by DKK 13m to
DKK 202m during the quarter primarily driven by
employee-related liabilities offset by VAT payments.
Net interest-bearing deposits/debt
Net interest-bearing deposit amounted to DKK 181m,
compared to a net debt of DKK 34m at 31 May 2024. The
decrease was mainly driven by the net proceeds from
the capital increase of DKK 217m and the free cash flow
of DKK 12m YTD offset by the repayment of lease
liabilities. For further details, please see note 7.
Page — 14
Management’s review
Interim report 9M 2024/25
Financial performance 9M 2024/25
Revenue amounted to DKK 1,873m (9M 23/24: DKK
1,933m) and declined by 3.1% (-4% in local currencies).
EMEA revenue declined by 2.5% compared to 9M 23/24
(-3% in local currencies). Revenue in branded channels
(company-owned stores, monobrand and e-commerce)
declined by -0.6% year-on-year (-1% in local
currencies). The decline was mainly driven by the
Flexible Living and the On-the-go categories.
The Americas reported growth of 15.0% (11% in local
currencies) mainly driven by increased revenue from
the branded channels. Revenue from the multibrand
and eTail channels declined year-on-year.
APAC revenue declined by 9.1% (-9% in local
currencies). Revenue from the monobrand channel
declined and was impacted by low performance from
one partner. Revenue from the eTail channel declined
year-on-year whereas the multibrand channel
increased.
Revenue in the Staged category grew by 3%, while the
Flexible Living and the On-the-go categories decreased
by 16% and 3%, respectively.
The revenue from Brand Partnering & other activities
decreased 6% year-on-year mainly driven by lower
license revenue from HP as expected, while automotive
increased. License revenue from TCL is ramping up as
expected.
Gross margin was 54.7% (9M 23/24: 52.9%), equivalent
to a year-on-year increase of 1.8pp.
The gross margin was favourably impacted by a change
in product mix towards higher margin products as well
improved gross margins across regions and product
categories, supported by implemented prices increases.
Currency movements had a negative impact of 0.3% on
the gross margin and a positive effect of 0.1% on the
EBIT margin compared to last year.
Capacity costs amounted to DKK 1,013m (9M 23/24:
DKK 982m). The increase was driven by higher
development costs, while distribution and marketing
costs declined.
EBITDA was DKK 193m (9M 23/24: DKK 221m). The
decline was driven by increased capacity costs
especially within development costs. This was
equivalent to a margin of 10.3% vs. 11.4% last year.
EBITDA before special items was DKK 199m (9M 23/24:
DKK 228m), equivalent to a margin of 10.6% compared
to 11.8% last year.
EBIT was DKK 13m (9M 23/24: DKK 41m), equivalent to
a margin of 0.7% (9M 23/24: 2.1%).
EBIT before special items was DKK 19m (9M 23/24: DKK
48m) with a margin of 1.0% (9M 23/24: 2.5%).
Special items were DKK 6m (9M 23/24: DKK 7m) and
primarily related to the undertaken re-organisations.
Free cash flow was DKK 12m (9M 23/24: DKK -32m)
equivalent to an improvement of DKK 44m. This was
primarily due to an improved cash flow from operating
activities of DKK 51m to driven by a positive change in
net working capital offset by a lower EBITDA.
Our combined capital resources (available liquidity and
the undrawn part of our ESG-linked credit facility)
amounted to DKK 532m (31 May 2024: DKK 344m). The
difference is primarily driven by the completion of the
new share offering, raising net proceeds of DKK 217m
followed by the positive change in free cash flow offset
by the repayment of lease liabilities.
Page — 15
Management’s review
Interim report 9M 2024/25
Outlook for 2024/25
The outlook for 2024/25 reflects 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.
Revenue growth
Revenue growth in local currencies is expected to be
from -3% to 3%.
Revenue growth is expected to be in the lower end of
the range due to persistent challenges in APAC.
EBIT margin before special items
EBIT margin before special items is expected to be from
-2% to 1%.
EBIT margin before special items is expected to be in
the mid-range mainly due to the positive development
of the gross margin.
Free cash flow
Free cash flow is expected to be from DKK -100m to
DKK 0m.
Free cash flow is expected to be in the higher end of the
range mainly due to the development in net working
capital and secondly timing of capex investments.
Assumptions
The expectations are subject to the following
assumptions:
• Launch of one or more product innovations for the
remainder of the year.
• No further deterioration in 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.
• Capacity costs are expected to increase by around
DKK 100m from 2023/24.
• No significant impact from tariffs for the remainder
of the year.
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
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
Interim report 9M 2024/25
Q3
YTD
Year
(DKK million)
Notes
2024/25
2023/24
2024/25
2023/24
2023/24
Revenue
4 631 614 1,873 1,933 2,588
Production costs
-280 -288 -847 -910 -1,209
Gross profit
Development costs
5 -78 -72 -248 -206 -286
Distribution and marketing costs
-213 -217 -653 -678 -940
Administrative expenses
-35 -29 -112 -98 -135
Operating profit/loss (EBIT)
Financial income
Financial expenses
-17 -14 -65 -54 -75
Financial items, net
-9 -2 -22 -19 -25
Profit/loss before tax (EBT)
Income tax
-9 -3 -14 -4 -10
Profit/loss for the period
Earnings per share
Earnings per share, basic (EPS) and
diluted (EPS
-D), DKK
0Condensed income statement
Page — 17
Consolidated financial statements
Interim report 9M 2024/25
Q3
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Profit/loss for the period
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
-4 - -5 5 5
Tax on other comprehensive income/loss
-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
1BCondensed statement of comprehensive income
Page — 18
Consolidated financial statements
Interim report 9M 2024/25
ASSETS
(DKK million)
Notes
28-02-25
29-02-24
31-05-24
Goodwill
Acquired rights and software
Completed development projects
Development projects in progress
5 105 108 132
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
7 383 390 388
Cash
7 129 149 177
Total current assets
Total assets
EQUITY AND LIABILITIES
(DKK million)
Notes
28-02-25
29-02-24
31-05-24
Share capital
Translation reserve
Cash flow hedge reserve
-1 -1 -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
7 140 381 381
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
Interim report 9M 2024/25
Q3
YTD
Year
(DKK million)
Notes
2024/25
2023/24
2024/25
2023/24
2023/24
Profit/loss before tax (EBT)
Financial items, net
Depreciation, amortisation and impairment
Operating profit/loss before depreciation,
amortisation and impairment (EBITDA)
Other non-cash items
-3 1 -27 -11 33
Change in net working capital
6 -5 -11 8 -75 -41
Interest received
Interest paid
-9
-16
-52
-45
-63
Income tax received/paid
-3 -3 -1 -12 -10
Cash flows from operating activities
Purchase of intangible non-current assets
-48 -33 -125 -103 -163
Purchase of tangible non-current assets
-11 -15 -28 -44 -55
Sublease payment
Other cash flows from investing activities
Operational investments
-59 -47 -152 -145 -215
Free cash flow
Purchase of securities
Sale of securities
-1 3 3 6 6
Financial investments
-1 3 3 6 6
Cash flows from investing activities
-60 -44 -149 -139 -209
Q3
YTD
Year
(DKK million)
Notes
2024/25
2023/24
2024/25
2023/24
2023/24
Repayment of lease liabilities
-11 -11 -35 -32 -45
Repayment of mortgage loans
-1
-1
-2
-2
-3
Proceeds from loans and borrowings
-252 - -246 - -6
Repayment of loans and borrowings
Purchase of treasury shares
-6 - -6 - -
Capital increase
Cash flows from financing activities
Cash and cash equivalents, opening
balance
Foreign exchange gain/loss on cash and
cash equivalents
Change in cash and cash equivalents
Cash and cash equivalents, closing
balance
Available liquidity
7 372 158 372 158 184
Condensed statement of cash flows
Page — 20
Consolidated financial statements
Interim report 9M 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
-4
-4
Value adjustments of hedging instruments reclassified in
-
Revenue
Production costs
Income tax on items that will be reclassified to the income statement
Comprehensive income/loss for the period
Share-based payments
Capital increase
Costs relating to capital increase
-11
-11
Acquisition of own shares
Equity 28 February 2025
Equity 1 June 2023
Profit/loss for the period
Exchange adjustments of subsidiaries
Fair value adjustments of hedging instruments
-3
-3
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 29 February 2024
* The company holds a total of 1,805,700 treasury shares (1,768,231 shares as of 31 May 2024).
Page — 21
Consolidated financial statements
Interim report 9M 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 as well as 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 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
Interim report 9M 2024/25
4 Segment information – Q3
(DKK million)
EMEA
Americas
APAC
Regions, total
Brand Partnering
& other activities
All
Q3 2024/25 revenue by strategic market
Revenue
311 86 164 561 70 631
Production costs
-151
-43
-73
-267
-13
-280
Gross profit
160 43 91 294 57 351
Gross margin
51.0%
49.6%
55.7%
52.2%
81.1%
55.4%
Q3 2023/24 revenue by strategic market
Revenue
293 70 180 543 71 614
Production costs
-150
-39
-88
-277
-11
-288
Gross profit
143 31 92 266 60 326
Gross margin
48.7%
45.9%
50.8%
49.1%
84.5%
53.2%
(DKK million)
Staged Flexible Living On-the-go Products, total
Brand Partnering
& other activities All
Q3 2024/25 revenue by product category
Revenue
301 97 163 561 70 631
Production costs
-126 -41 -100 -267 -13 -280
Gross profit
175 56 63 294 57 351
Gross margin
57.9% 58.4% 37.9% 52.2% 81.1% 55.4%
Q3 2023/24 revenue by product category
Revenue
285 105 153 543 71 614
Production costs
-122 -50 -105 -277 -11 -288
Gross profit
163 55 48 266 60 326
Gross margin
57.2% 52.6% 31.6% 49.1% 84.5% 53.2%
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
Interim report 9M 2024/25
Segment information – YTD
(DKK million)
EMEA Americas APAC Regions, total
Brand Partnering
& other activities
All
2024/25 revenue by strategic market
Revenue
914 240 511 1,665 208 1,873
Production costs
-458 -121 -244 -823 -24 -847
Gross profit
456 119 267 842 184 1,026
Gross margin
49.8% 49.5% 52.2% 50.5% 88.4% 54.7%
2023/24 revenue by strategic market
Revenue
938 209 563 1,710 223 1,933
Production costs
-485 -116 -279 -880 -30 -910
Gross profit
453 93 284 830 193 1,023
Gross margin
48.3% 44.7% 50.4% 48.5% 86.7% 52.9%
(DKK million)
Staged
Flexible Living
On-the-go
Products, total
Brand Partnering
& other activities
All
2024/25 revenue by product category
Revenue
878 292 495 1,665 208 1,873
Production costs
-374
-132
-317
-823
-24
-847
Gross profit
504 160 178 842 184 1,026
Gross margin
57.4%
54.9%
35.8%
50.5%
88.4%
54.7%
2023/24 revenue by product category
Revenue
854 347 509 1,710 223 1,933
Production costs
-372
-168
-340
-880
-30
-910
Gross profit
482 179 169 830 193 1,023
Gross margin
56.5%
51.5%
33.3%
48.5%
86.7%
52.9%
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
Interim report 9M 2024/25
5 Development costs
Q3
YTD
Year
(DKK million)
2024/25
2023/24
2024/25
2023/24
2023/24
Incurred development costs before capitalisation
85 73 255 213 315
Of which capitalised
-36
-25
-86
-81
-127
Incurred development costs after capitalisation
49
48
169
132
188
Capitalisation (%)
42.4% 34.1% 33.7% 38.3% 40.2%
Total charges and impairment losses on development projects
29
24
79
74
98
Development costs recognised in the consolidated income statement
78 72 248 206 286
Incurred development costs before capitalisation ratio (% of revenue)
13.4%
12.0%
13.6%
11.0%
12.2%
6 Change in net working capital
Change in
Change in
Change in
(DKK million)
28-02-25
31-05-24
Q3 2024/25 YTD
Q3 2023/24 YTD
2023/24
Inventories
413 447 34 30 -52
Trade receivables
269
309
40
21
-32
Other receivables*
54 52 -3 24 -14
Prepayments
41
27
-14
-2
3
Trade payables
-321 -401 -80 -141 164
Other liabilities
-201
-171
31
-7
-28
Total
255 263 8 -75 41
*Other receivables were adjusted for financial receivables related to leases of DKK 1m not included as net working capital at 28 February 2025 (31 May 2024: DKK 1m).
Page — 25
Consolidated financial statements
Interim report 9M 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 28 February, repo transactions
amounted to DKK 140m.
During the quarter, net interest-bearing debt decreased by DKK 226m to a deposit of DKK 181m.
(DKK million)
28-02-25
29-02-24
31-05-24
Mortgage loans (non-current)
-51 -54 -53
Mortgage loans (current)
-3 -3 -3
Bank loans (current)
-140
-381
-381
Lease liabilities (non-current)
-88 -89 -117
Lease liabilities (current)
-49 -37 -45
Other non-current liabilities*
-1 -2 -2
Interest-bearing debt
-332 -566 -601
Finance lease receivables (non-current)
0 2 1
Finance lease receivables (current)
1 1 1
Cash (current)
129 149 177
Securities (current)
383
390
388
Interest-bearing assets
513 542 567
Net interest-bearing deposit/debt
181 -24 -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 215 to DKK 374m, consisting of cash and securities
offset by repo transactions.
(DKK million)
28-02-25
29-02-24
31-05-24
Cash (current)
129
149
177
Securities (current)
383 390 388
Bank loans (current)
-140 -381 -381
Available liquidity
372 158 184
Including the undrawn part of our ESG-linked credit facility, capital resources were DKK 532m (year-end 2023/24:
DKK 344m), consisting of available liquidity of DKK 372m and undrawn committed credit facilities of DKK 160m.
Page — 26
Consolidated financial statements
Interim report 9M 2024/25
Financial instruments by category
(DKK million)
28-02-25
29-02-24
31-05-24
Non-current other receivables
19
22
20
Trade receivables
269 320 309
Other receivables
55 43 53
Cash
129 149 177
Financial assets at amortised cost
472 534 559
Securities
383 390 388
Fair value through income statement
383 390 388
Derivatives used for hedge accounting
4 0 1
Fair value through other comprehensive income
4 0 1
Financial assets
859 924 948
Mortgage loans
54 57 56
Bank loans
140 381 381
Lease liabilities
137 126 162
Trade payables
321
424
401
Financial liabilities at amortised cost
652 988 1,000
Derivatives used for hedge accounting
8 4 6
Fair value through other comprehensive income
8 4 6
Financial liabilities
660 992 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
No 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
Interim report 9M 2024/25
Executive Management Board:
Board of Directors:
Page — 28
Consolidated financial statements
Interim report 9M 2024/25
Bang & Olufsen A/S, Bang & Olufsen Allé 17600 Struer41257911