Bang & Olufsen A/s · OMXCOP:BO
Bang & Olufsen A/s — H1 2006/07 Earnings Presentation
27 slides from Bang & Olufsen A/s's earnings presentation, Jan 10, 2007
Slide 1: Bang & Olufsen Group Interim report 2006/07
Bang & Olufsen Group Interim report 2006/07
Slide 2: Headlines: 1st half year
Bang & Olufsen Group Headlines 1st half year: • Result from ordinary operations before tax, DKK 238 million against DKK 185 million, i.e. an increase of DKK 53 million (29 %). • Turnover DKK 2,069 million against DKK 1,924 million, i.e. an increase of DKK 145 million (8 %). • Generally satisfactory
Slide 3: Headlines: 2nd quarter
Bang & Olufsen Group Headlines 2nd quarter: • Result from ordinary operations before tax for Q2 was DKK 181 million against DKK 135 million, i.e. an increase of DKK 46 million (34 %). • Turnover in Q2 was DKK 1,193 million against DKK 1,126 million, i.e. an increase of DKK 67 million (6 %). 3
Slide 4: Net turnover - 1st half year
Bang & Olufsen Group Net turnover - 1st half year DKK million • Turnover distribution (mio. DKK): 2006/07 2005/06 Branded business 1,965 1,797 Medicom a/s 75 107 ICEpower a/s 50 41 Internal turnover -21 -21 2,069 1,924 4
Slide 5: Profit before tax - 1st half year
Bang & Olufsen Group Profit before tax - 1st half year DKK million • The increase in the operating profit is due to: - Increase in turnover. - Gross margin on par with last - half year. - Development costs excl. - Automotive on the same level - as last half year. - The level of distribution and - ma
Slide 6: Profit for the half year after tax
Bang & Olufsen Group Profit for the half year after tax DKK million • Tax on ordinary profit for the half year was DKK 72 million corresponding to a tax percentage of 30 (last half year 32). (Only the comparison figures for 04/05 and the following years have been adjusted to IFRS) 6
Slide 7: Total assets - per 30/11
Bang & Olufsen Group Total assets - per 30/11 DKK million • Capitalized development costs were 69 million against DKK 81 million last year. • Intangible fixed assets increased by DKK 45 million. • Tangible fixed assets increased by DKK 22 million. • Inventory and receivables increased by DKK 282 mil
Slide 8: Cash flow 1/6 - 30/11
Bang & Olufsen Group Cash flow 1/6 - 30/11 DKK million • DKK 290 million paid out in investor related initiatives against DKK 246 million the year before. • Increased liquidity tie-up as a consequence of the increased activity level: - Inventory: + DKK 203 million. - Trade receivables: + DKK 57 mill
Slide 9: Turnover per market/segment 2005/06 - 1st half year
Bang & Olufsen Branded business Turnover per market/segment 2005/06 - 1st half year 9 * Russia, South America and East Europe
Slide 10: Development per market 2006/07 - 1st half year
Bang & Olufsen Branded business Development per market 2006/07 - 1st half year (local currency) 10
Slide 11: Shops world-wide per 30.11 - 1st half year
Bang & Olufsen Branded business Shops world-wide per 30.11 - 1st half year • Change in the number of shops compared to 31/5-06: B1 +8 SIS -32 Other shops -29 Total -53 11
Slide 12: Number of B1 shops per market 30.11.06
Bang & Olufsen Branded business Number of B1 shops per market 30.11.06 • Total number of B1 shops: 733 Number of B1 1/6-06 725 New 23 Upgraded 7 Closed/downgraded -22 Total 30/11-06 733 12
Slide 13: Share of turnover by types of shops
Bang & Olufsen Branded business Share of turnover by types of shops in 2006/07 - 1st half year • Turnover allocated by segment: 2006/07 2005/06 B1 76 % 73 % SIS 24 % 26 % Other 0% 1% 100 % 100 % 14 13
Slide 14: Turnover development in the B1 shops - older than 24 months
Bang & Olufsen Branded business Turnover development in the B1 shops - older than 24 months 14
Slide 15: Medicom a/s: Turnover and result before tax
Bang & Olufsen Medicom a/s Turnover and result before tax 1st half year DKK million • Turnover of DKK 75 million. • Result before tax of DKK 3 million. • 65 % of the share in Bang & Olufsen Medicom a/s have been sold to LD Equity. • As of 1 March 2007 an associated company in Bang & Olufsen a/s. 15
Slide 16: ICEpower a/s: Turnover and result before tax
Bang & Olufsen ICEpower a/s Turnover and result before tax 1st half year DKK million • Increase in turnover of DKK 9 million against DKK 20 million last year. • 90 % of the turnover relates to external partners compared to 86 % in the same period last year. 16
Slide 17: Expectations for the financial year 2006/07
Bang & Olufsen Group Expectations for the financial year 2006/07: • The objective for the year is for a net addition of 50 new B1 shops. • Turnover growth of roughly 8 %. • The high activity level within product development and marketing is maintained. • The possitive net effect of capitalisations i
Slide 18: New products
New products 1st half year 2006/07
Slide 19: BeoCenter 6
BeoCenter 6 19
Slide 20: BeoSystem 3
20 BeoSystem 3 BANG & OLUFSEN
Slide 21: EarSet 2
21 EarSet 2 o > — (9) ‘4 oO 3 i 5 “n m — BANG & OLUFSEN
Slide 22: Audi R8 - Sound System
Audi R8 - Sound System BANG & OLUFSEN BS
Slide 23: Expected product launches
Expected product launches 2nd half year 2006/07
Slide 24: BeoVision 9 (Europe)
24 7 BeoVision 9 (Europe) BANG & OLUFSEN
Slide 25: BeoLab 9
25 ‘Bi BeoLab 9 BANG & OLUFSEN R & O
Slide 26: BeoVox 1
26 BeoVox 1 BANG & OLUFSEN
Slide 27: BeoVision 8
27 BeoVision 8 BANG & OLUFSEN