The Group's profit before tax was DKK 524 million against DKK 431 million last
year. This represents an increase of DKK 93 million, or 22 per cent. Previously
announced expectations were DKK 490-520 million. The result is based on a
turnover of DKK 4,376 million against a turnover in 2005/06 of DKK 4,225
million. The Group's increase in turnover totalled DKK 151 million, or 4 per
cent.
Growth in the branded business for the 2006/07 financial year totalled 6 per
cent. The markets in Asia/Pacific recorded two-digit growth figures as did
Spain, Norway, Sweden and Belgium. Germany saw growth of 6 per cent while
turnover in the UK market was disappointing with a fall of 4 per cent.
The Group achieved its target of opening net 50 B1 shops as net 52 B1 shops
opened during the financial year. Of these, 32 opened in the fourth quarter and
therefore had a limited impact on the growth for the year.
A range of new products was launched during the financial year, including the
BeoCenter 6 and BeoVision 9 as well as the BeoLab 9 and BeoVox 1 loudspeakers.
The new TV family, BeoVision 8, and BeoVision7 for the USA were delayed, and
had no impact on the year's turnover.
In the Automotive area, turnover for 2006/07 increased from DKK 19 million to
DKK 87 million.
Turnover for Bang & Olufsen ICEpower a/s increased from DKK 100 million to DKK
117 million, and at the same time the company's profit before tax increased by
DKK 9 million to DKK 39 million in 2006/07.
After payment of dividend and share buy-back of DKK 471 million, the cash flow
was negative at DKK 346 million.
The company has a satisfactory financial position, and the Board recommends
that a dividend of DKK 20 per share be paid (DKK 16 last year) corresponding to
approx. DKK 242 million (approx. DKK 200 million last year) and that a further
DKK 200 million will be used for the purchase of own shares during the quarters
of the coming financial year.
Expectations for the 2007/08 financial year are for a turnover growth of
approx. 8 per cent so that the turnover reaches DKK 4,700-4,800 million. The
operating profit is expected to total DKK 560-590 million, while the profit
before tax is expected to increase to DKK 540-570 million.
