Bang & Olufsen A/S · OMXCOP:BO
Bang & Olufsen A/S — H1 2003/04 Earnings Presentation
20 slides from Bang & Olufsen A/S's earnings presentation, Jan 14, 2004
Slide 1: Interim Report 2003/04
Bang & Olufsen Group Interim Report 2003/04
Slide 2: Headlines
Bang & Olufsen Group Headlines 1st half year: • Turnover declined to DKK 1,709 mio. from DKK 2,058 mio., down DKK 349 mio. (-17%). • Result from ordinary operations before tax DKK 109 mio. vs. DKK 136 mio. last year. • Continous improvement of gross margin, from 41.8% to 44.0%, up 2.2%. 2nd quarter:
Slide 3: Net turnover - 1st half year
Bang & Olufsen Group • BeoVision 5 launches in Net turnover - 1st half year 1st half year 2002/03. DKK million • Weak sales in Southern and Central European markets. • Exchange rate effect DKK -64 million (USD and GBP). • UK - growth at 7% compared with Q2 last year. • DK - modest but positive growt
Slide 4: Net turnover/Result from ordinary operations before tax
Bang & Olufsen Group Net turnover/Result from ordinary operations before tax 2002/03 - 2003/04 DKK million
Slide 5: Net turnover/Result before tax, 2nd quarter
Bang & Olufsen Group Net turnover/Result from ordinary operations before tax 2002/03 - 2003/04 DKK million, 2nd quarter
Slide 6: Result from ordinary operations before tax
Bang & Olufsen Group Result from ordinary operations before tax - 1st half year DKK million • Improved gross margin from 41.8% to 44.0%. • Cost savings DKK 75 million - of this non-recurring costs in the US DKK 23 million. • Development costs DKK 169 million compared to DKK 172 last year before capi
Slide 7: Result after tax
Bang & Olufsen Group Result after tax* - 1st half year DKK million * Tax on ordinary result is influenced positively by DKK 23 million as a result of the dept conversions of the account with the American subsidiary.
Slide 8: Total assets
Bang & Olufsen Group Total assets - 1st half year DKK million • Inventory decreased with DKK 100 million compared to first half year last year. • Accounts receivable decreased. • Cash decreased due to share buy back and dividend.
Slide 9: Cash flow
Bang & Olufsen Group Cash flow - 1st half year DKK million • DKK 190 million distributed to shareholders: - share buy back DKK 96 million. - dividend DKK 94 million compared to DKK 47 million last year.
Slide 10: Branded Business turnover per market 2003/04
Bang & Olufsen Branded Business Turnover per market 2003/04 - 1st half year DKK million ** * Russia, Middle East, South America and East Europe.
Slide 11: Branded Business development in local currency per market
Bang & Olufsen Branded Business Development in local currency per market 2003/04 - 1st half year
Slide 12: Number of B1 shops per market
Bang & Olufsen Number of B1 shops per market 30.11.03 (A/V)
Slide 13: Shops world-wide 1999/00 - 2003/04
Bang & Olufsen Shops world-wide per 1999/00 - 2003/04 - 1st half year (A/V) • Net turnover loss from closings of stores approx. DKK 60 million.
Slide 14: Turnover share by types of shops
Bang & Olufsen Turnover share by types of shops in 2003/04 - 1st half year (A/V) • A total of 70% of the turnover is generated through the B1 distribution.
Slide 15: Development in the B1 shop segment
Bang & Olufsen Development in the B1 shop segment 30.11.02 - 30.11.03 Average decline -9% - in mature stores - in local currencies (A/V)
Slide 16: Medicom a/s: Turnover and ordinary result before tax
Bang & Olufsen Medicom a/s Turnover and ordinary result before tax - 1st half year DKK million
Slide 17: ICEpower a/s: Turnover and ordinary result before tax
Bang & Olufsen ICEpower a/s Turnover and ordinary result before tax - 1st half year DKK million
Slide 18: Product launches 2003/04
Bang & Olufsen a/s Product launches 2003/04 BeoLab 5 BeoVision 6 August 2003 November 2003 BeoCenter 2 BeoLab 3 BeoVision 4 January 2004 February 2004 Q4 2003/04
Slide 19: Product launches 2003/04
Bang & Olufsen a/s Product launches 2003/04 BeoVision MX 4200 BeoVision 3 - 28” BeoCom 1 US August 2003 October 2003 November 2003
Slide 20: Expectations and outlook
Bang & Olufsen Group Expectations and outlook • Turnover below 2002/03. • Turnover in 2nd half year above 1st half year due to product launches. • Pre-tax result DKK 300-330 million maintained.