Progress continues in Q2 and outlook for the year is maintained
"Bang & Olufsen delivered a satisfactory result in a difficult market with second quarter revenues marginally above last year, an increase in gross margin of 1.7 percentage point to 43.8 per cent and operating profit (EBIT) growth of 27 per cent. The result before tax was DKK 41 million in the second quarter compared to DKK 36 million last year-, says CEO Tue Mantoni.
"We continue to see a strong performance in our B2B (business-to-business) line (Automotive and ICEpower), whereas the B2C (business-to-consumer) line (AV and B&O PLAY) remains challenged. We took the decision to postpone the launch of B&O PLAY from second quarter to third quarter to ensure sufficient launch quantities of the Beolit 12. The postponement obviously had an adverse impact on the results for the quarter-.
"For the financial year, an outlook of a 2011/12 result before tax is maintained at the level of DKK 100 million based on a revenue level exceeding DKK 3,000 million-.
Headlines
The Group's revenues for the second quarter of the 2011/12 financial year were DKK 776 million, which is marginally above last year's level.
The B2C business line recorded revenues of DKK 617 million in the second quarter of the 2011/12 financial year compared to revenues of DKK 619 million in the same period last year. The B2B business line recorded revenues of DKK 163 million in the second quarter of the 2011/12 financial year compared to revenues of DKK 148 million in the same period last year. This corresponds to a growth of 10 per cent.
AV revenues in BRIC markets grew 25 per cent, whereas Europe declined 8 per cent.
The Group's gross margin for the second quarter of the 2011/12 financial year was 43.8 per cent against a gross margin of 42.1 per cent for the same period last year. The higher gross margin is partly due to a change in the product mix.
The result before tax for the second quarter was positive at DKK 41 million against a positive result last year of DKK 36 million. The result in the second quarter of the 2011/12 financial year is positively affected by non-recurring items of DKK 5 million.
Free cash flow in the second quarter was positive at DKK 17 million compared to DKK 30 million in the same period last year. The Group's net working capital was DKK 533 million at the end of the second quarter of the 2011/12 financial year, which is on the same level as last year.
The Group's total revenues for the first half of the 2011/12 financial year was DKK 1,374 million against DKK 1,336 million last year, which equates to a growth of 3 per cent. The result before tax for the first half of the 2011/12 financial year was DKK 8 million against DKK 2 million last year. In the first half of the 2011/12 financial year, the net impact from non-recurring items is negative at DKK 1 million. Free cash flow in the first half of the 2011/12 financial year was negative at DKK 123 million compared to negative DKK 67 million last year.
For the financial year, an outlook of a 2011/12 result before tax is maintained at the level of DKK 100 million based on a revenue level exceeding DKK 3,000 million. The EBIT-margin for the 2011/12 financial year is expected to be 3.5-4.0 per cent.
After the reporting period, we have launched the B&O PLAY brand and Beolit 12 and announced the launch of Beolab 12 and Beovision 12.
Any enquiries about this announcement can be addressed to: President & CEO Tue Mantoni, tel.: +45 9684 5000.
We will host a webcast on 18 January 2012 at 10.00. Access to the webcast is obtained through our home page www.bang-olufsen.com.
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"Bang & Olufsen delivered a satisfactory result in a difficult market with second quarter revenues marginally above last year, an increase in gross margin of 1.7 percentage point to 43.8 per cent and operating profit (EBIT) growth of 27 per cent. The result before tax was DKK 41 million in the second quarter compared to DKK 36 million last year-, says CEO Tue Mantoni.
"We continue to see a strong performance in our B2B (business-to-business) line (Automotive and ICEpower), whereas the B2C (business-to-consumer) line (AV and B&O PLAY) remains challenged. We took the decision to postpone the launch of B&O PLAY from second quarter to third quarter to ensure sufficient launch quantities of the Beolit 12. The postponement obviously had an adverse impact on the results for the quarter-.
"For the financial year, an outlook of a 2011/12 result before tax is maintained at the level of DKK 100 million based on a revenue level exceeding DKK 3,000 million-.
Headlines
The Group's revenues for the second quarter of the 2011/12 financial year were DKK 776 million, which is marginally above last year's level.
The B2C business line recorded revenues of DKK 617 million in the second quarter of the 2011/12 financial year compared to revenues of DKK 619 million in the same period last year. The B2B business line recorded revenues of DKK 163 million in the second quarter of the 2011/12 financial year compared to revenues of DKK 148 million in the same period last year. This corresponds to a growth of 10 per cent.
AV revenues in BRIC markets grew 25 per cent, whereas Europe declined 8 per cent.
The Group's gross margin for the second quarter of the 2011/12 financial year was 43.8 per cent against a gross margin of 42.1 per cent for the same period last year. The higher gross margin is partly due to a change in the product mix.
The result before tax for the second quarter was positive at DKK 41 million against a positive result last year of DKK 36 million. The result in the second quarter of the 2011/12 financial year is positively affected by non-recurring items of DKK 5 million.
Free cash flow in the second quarter was positive at DKK 17 million compared to DKK 30 million in the same period last year. The Group's net working capital was DKK 533 million at the end of the second quarter of the 2011/12 financial year, which is on the same level as last year.
The Group's total revenues for the first half of the 2011/12 financial year was DKK 1,374 million against DKK 1,336 million last year, which equates to a growth of 3 per cent. The result before tax for the first half of the 2011/12 financial year was DKK 8 million against DKK 2 million last year. In the first half of the 2011/12 financial year, the net impact from non-recurring items is negative at DKK 1 million. Free cash flow in the first half of the 2011/12 financial year was negative at DKK 123 million compared to negative DKK 67 million last year.
For the financial year, an outlook of a 2011/12 result before tax is maintained at the level of DKK 100 million based on a revenue level exceeding DKK 3,000 million. The EBIT-margin for the 2011/12 financial year is expected to be 3.5-4.0 per cent.
After the reporting period, we have launched the B&O PLAY brand and Beolit 12 and announced the launch of Beolab 12 and Beovision 12.
Any enquiries about this announcement can be addressed to: President & CEO Tue Mantoni, tel.: +45 9684 5000.
We will host a webcast on 18 January 2012 at 10.00. Access to the webcast is obtained through our home page www.bang-olufsen.com.
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