Bang & Olufsen A/S · OMXCOP:BO
Bang & Olufsen A/S — FY2002/03 Earnings Presentation
22 slides from Bang & Olufsen A/S's earnings presentation, Aug 15, 2003
Slide 1: Annual Report 2002/03
Bang & Olufsen Annual Report 2002/03
Slide 2: Headlines
Bang & Olufsen Headlines • Pretax profit of DKK 290 million • Strong cash flow of DKK 296 million • Disappointing turnover development -6% • The Group’s relative and absolute profitability has improved
Slide 3: Net turnover
Bang & Olufsen Net turnover • UK is now the Group’s largest market with a turnover of DKK 582 million. Growth in local currency of 10%. Turnover growth in Italy, • Spain/Portugal, Denmark, Belgium and Expansion Markets. Central Europe disappointed. Turnover declines in: • Germany: 16%. Holland: 21%.
Slide 4: Net turnover/Operating profit by segment
Bang & Olufsen Net turnover/Operating profit by segment 2001/02 - 2002/03
Slide 5: Operating profit
Bang & Olufsen Operating profit • The Group’s profitability has improved: - Gross margin increased by 3,6%. Development activities and - marketing continues with undiminished strength. Trading loss of DKK 73 million • in the US.
Slide 6: Result from ordinary operations before tax
Bang & Olufsen Result from ordinary operations before tax • Positive development in the financial items due to the Group’s improved cash flow and lower currency adjustments.
Slide 7: Result for the year
Bang & Olufsen Result for the year • The tax expense for the year was DKK 97 million corresponding to a tax percentage at 33,6%. The Group continues not to • capitalise deferred tax relating to the US market.
Slide 8: Total assets
Bang & Olufsen Total assets • Liquid funds increased by DKK 281 million to DKK 445 million. Inventories reduced by • DKK 123 million. Receivables reduced by • DKK 57 million.
Slide 9: Cash flow
Bang & Olufsen Cash flow • The strongest cash flow for 5 years. • No new loans during the year. • Re-payment of loans amounted to DKK 59 million.
Slide 10: Turnover (A/V)
Bang & Olufsen Turnover (A/V)
Slide 11: Turnover per market 2002/03 (A/V)
Bang & Olufsen Turnover per market 2002/03 (A/V)
Slide 12: Growth rate per market 2002/03 - local currency
Bang & Olufsen Growth rate per market 2002/03 - local currency (A/V)
Slide 13: Shops world-wide 1998/99 - 2002/03
Bang & Olufsen Shops world-wide 1998/99 - 2002/03 (A/V)
Slide 14: Number of B1 shops per market
Bang & Olufsen Number of B1 shops per market (A/V)
Slide 15: Turnover share of B1 shops in 2002/03
Bang & Olufsen Turnover share of B1 shops in 2002/03 (A/V)
Slide 16: Development in the B1 shop segment
Bang & Olufsen Development in the B1 shop segment Overall growth of 1% in mature shops (A/V)
Slide 17: AudioVisual a/s New products
Bang & Olufsen AudioVisual a/s New products BeoVision 5 US BeoSound 3200 BeoLab 5
Slide 18: AudioVisual a/s New products
Bang & Olufsen AudioVisual a/s New products BeoCom 4 EarSet 1
Slide 19: Medicom a/s Turnover and result
Bang & Olufsen Medicom a/s Turnover and result from ordinary operations before tax
Slide 20: ICEpower a/s Turnover and result
Bang & Olufsen ICEpower a/s Turnover and result from ordinary operations before tax
Slide 21: Product launches 2003/04
Bang & Olufsen Product launches 2003/04 • BeoLab 5 - high end loudspeaker • BeoCenter 2 - audio/video center • BeoVision 6 - 22” LCD-TV - flat-screen TV • High reproduction, compact loudspeaker Technological and design updates 2003/04 • MX 4200, 21” • BeoVision 3, 28” • BeoCom 1 • EarSet 1 Mobile
Slide 22: Expectations and actions
Bang & Olufsen Expectations and actions • Very moderate growth in turnover • A pretax result in the range of DKK 300-330 million • Intensified product development • Maintained marketing pressure • Dividend increase from DKK 3,50 to 7,00 per nominal share of DKK 10 • Share buy back and subsequent can