• The Group recorded a turnover of DKK 4,092 million for the 2007/08 financial
year against DKK 4,376 million last year. Medicom was included in the
comparative figures for 2006/07 at DKK 101 million. Adjusted for this, the year
shows a decrease in turnover of DKK 183 million.
• The Group's gross margin was 46.2 per cent against 46.6 per cent in 2006/07.
• Operating profit totalled DKK 195 million against DKK 530 million, while
result before tax was DKK 154 million against DKK 524 million. Results before
tax was in part affected by non-recurring expenditures of DKK 40 million and a
negative change in the net effect of capitalisation of DKK 50 million - in
total DKK 90 million.
• The Board of Directors recommends that a dividend of DKK 3.00 per share will
be paid out, which is in line with the established dividend policy.
• The A/V business' three largest markets, Denmark, Germany and the UK, saw an
overall decline in turnover of DKK 228 million during the financial year. The
North American market declined by DKK 34 million. Measured in local currency,
the decline in the US amounts to 4 per cent for the financial year.
• The Group's fastest growing geographical markets were Expansion Markets,
Middle East and Asia Pacific at DKK 71 million. Among Expansion Markets,
particularly Russia has excelled with an increase of DKK 28 million. European
markets such as Switzerland and France also showed growth. Between them, the
business areas Automotive and Enterprise achieved turnover growth of DKK 95
million, of which DKK 14 million in the fourth quarter. ICEpower also ended the
year on a positive note.
• With the three high-end car manufacturers Audi, Aston Martin and Mercedes-AMG
as partners, Bang & Olufsen Automotive is well equipped to expand its position
as the most attractive supplier of in-car sound systems.
• During the financial year under review, Bang & Olufsen's launched the
ground-breaking, patented Automatic Colour Management technology, the new
remote control concept Beo5, BeoVision 8 in a 32 inch version and BeoVision
7-40 for the US market.
• In the fourth quarter and following the close of the financial year, the
Group satisfactorily settled a case against five former dealers in the US as
well as an arbitration case concerning the terms for Bang & Olufsen's
acquisition of the distribution in Holland and an offshoot of an arbitration
case from December last year.
• The Board of Directors expects the result for 2008/09 will be on or above the
level for 2007/08 based on an expected lower turnover than in the 2007/08
financial year.
Jørgen Worning Karl Kristian Hvidt Nielsen
Chairman President & CEO
For further information:
President & CEO Karl Kristian Hvidt Nielsen or Executive Vice President Peter
Thostrup, tel.: +45 6155 4141.
