Bang & Olufsen A/s · OMXCOP:BO
Bang & Olufsen A/s — Q2 2019/20 Earnings Presentation
16 slides from Bang & Olufsen A/s's earnings presentation, Jan 14, 2020
Slide 1: Q2 2019/20 Webcast Presentation, 14 January 2020
Q 2 2 0 1 9 /2 0 1 W E B C A S T P R E S E N TAT I O N , 1 4 J A N U A R Y 2 0 2 0 1|
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities issued by Bang & Olufsen a/s in any jurisdiction, including the United States of America, Canada, Australia, Japan o
Slide 3: Agenda
AGENDA Key hig hlig hts Financial highlights Outlook 3|
Slide 4: Q2 impacted by transition to demand-driven model
Q 2 I M PAC T E D BY T R A N S I T I O N TO D E M A N D - D R I V E N M O D E L | O U T LO O K F RO M 1 7 D EC E M B E R 2 0 2 0 M A I N TA I N E D Q2 2019/20 H1 2019/20 OUTLOOK 19/20 REVENUE GROWTH REVENUE GROWTH REVENUE GROWTH H2 to be supported by (local currencies) (local currencies) (local curr
Slide 5: Products for Q2 launched as expected
P RO D U C T S FO R Q 2 L AU N C H E D A S E X P EC T E D | A D D I T I O N A L P RO D U C T S P L A N N E D FO R H 2 Q2 2019/20 Q3 2019/20 Q4 2019/20 Beovision Harmony 77’’ Flexible Living On-the-go • Merchandising: Monobrand • Merchandising: Mono-, multibrand and • Merchandising: Mono-, multibrand
Slide 6: In-store upgrades lower than expected
I N - STO R E U P G R A D ES S LOW E R T H A N E X P EC T E D | P L A N FO R T H E F U L L Y EA R M A I N TA I N E D STORE / POS DEVELOPMENT COMPARED TO FULL-YEAR PLAN MULTIBRAND OVERVIEW Multibrand Monobrand Q1 Q2 Other +155 29% +130 Branded spaces 2% Number of 81 79 Shelf multibrand POS 15% 23 3,7
Slide 7: Sell-out in monobrand Europe: positive trend but lower than expected
S E L L - O U T I N M O N O B R A N D E U RO P E | P O S I T I V E S E L L - O U T T R E N D B U T LOW E R T H A N E X P EC T E D – R E TA I L I N V E N TO RY R E D U C E D SELL-OUT PERFORMANCE VS. LAST YEAR* SELL-OUT VS. SELL-IN PERFORMANCE** Index (2019/20 vs. 2018/19) 160 All products Effect of l
Slide 8: Agenda
AGENDA Key highlights Financ ial hig hlig hts Outlook 8|
Slide 9: Revenue and profitability
R E V E N U E A N D P RO F I TA B I L I T Y REVENUE, DKKm GROSS MARGIN EBIT MARGIN -31% -6.7pp 909 9.9% 865 830 49.2% 49.0% 48.5% 5.7% 6.6% 46.9% 4.2% 44.3% 43.6% 710 42.5% 0.9% 601 618 627 36.7% 419 -10.7% -12.1% -30.8% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017/18
Slide 10: Revenue per region and product category
R E V E N U E | P E R R EG I O N A N D P RO D U C T C AT EG O RY EMEA AMERICAS ASIA • Staged: down by 24%, impacted by • Staged: up by 23% supported by new products • Staged: up by 58%, both related to existing products and the launch of new products – Normalisation of retail inventory • Flexible Li
Slide 11: Capacity costs
C A PAC I T Y CO ST S DISTRIBUTION DEVELOPMENT COSTS, DKKm AND MARKETING COSTS, DKKm A D M I N I S T R AT I O N C O S T S , D K K m Incurred development costs before capitalisation 43.6% Development costs recognised in the consolidated income statement -10% Administration costs excl. -8.9% special i
Slide 12: Balance sheet and cash flow
BA L A N C E S H E E T A N D C A S H F LOW CAPEX , DKKm NWC , DKKm FREE CASH FLOW , DKKm NET CASH POSITION , DKKm Intangible Tangible % of revenue LTM 32 NIBD Leasing liability 511 50 51 51 Target excluding leasing liabilities 393 400 410 400 -13 20 36 18 22 -69 10 -84 24 -105 193 862 17 5 33 636 20
Slide 13: Development in net working capital
D E V E LO P M E N T I N N E T WO R K I N G C A P I TA L INVENTORY T R A D E PAYA B L E S T R A D E R EC E I VA B LES DKKm DKKm DKKm % of revenue w/ extended credit 710 596 585 764 557 505 568 543 536 610 451 517 505 425 562 566 414 473 398 442 503 510 374 429 415 352 456 430 387 375 18% 14% 20% 26%
Slide 14: Agenda
AGENDA Key highlights Financial highlights Outlook 14 |
Slide 15: Outlook for 2019/20 unchanged compared to 17 December 2020 announcement
O U T LO O K FO R 2 0 1 9 / 2 0 | U N C H A N G E D CO M PA R E D TO 1 7 D EC E M B E R 2 0 2 0 A N N O U N C E M E N T OUTLOOK MAIN ASSUMPTIONS • Revenue in H2 positively impacted by revenue from products launched in Q2 and new product launches in H2 • Several initiatives will be launched to improv
Slide 16: Investor Relations Contact
INVESTOR RELATIONS CONTACT Martin Egenhardt +45 53707439 mare@bang-olufsen.dk 16 |