Bang & Olufsen

Interim report Q2 2020/21 - Seite 2

Follow-up on strategic initiatives
The execution pace and momentum from Q1 were maintained and the company made good progress in support of its key strategic priorities:

• The company remained focused on go-to-market execution in the six core European markets, which grew by 13%. The company is working on changing the multibrand operating model, and to further accelerate performance the company signed Ingram Micro and Tech Data as new distribution partners covering Europe.
• Four new and upgraded products were successfully launched in Q2. The company continued moving forward with the product roadmap and now expects to launch more than five new and upgraded products in H2.
• Throughout Q2, the company accelerated several digital initiatives to mitigate the COVID-19 revenue risk caused by local market lockdowns. Examples of these include: Click & Collect, scaling of direct-to-consumer eCommerce and increased consumer communication.
• Finally, the cost reduction programme targeting DKK 175m in annual savings from 2021/22 progressed, and the company realised cost savings of DKK 32m in Q2 and DKK 63m in H1 2020/21. The target and timing of the programme remain unchanged.

       
       
Outlook
The company’s outlook for 2020/21 as updated on 15 December 2020 remains unchanged:

·Revenue:	DKK 2.3bn to 2.5bn (unchanged)
·EBIT before special items:	DKK -50m to +25m (unchanged)
·Free cash flow:	DKK -50m to +100m (unchanged)

The outlook is based on certain assumptions and furthermore subject to high uncertainty due to COVID-19.

Conference call for analysts and investors
The company will host a webcast on 12 January 2021 at 10:00 CET, where the financial development for Q2 2020/21 will be presented.

The webcast can be accessed at https://streams.eventcdn.net/bo/202101q2

Dial-in details for participants in the Q&A:
DK: [phone]
UK: [phone]
US: [phone]

For further information, please contact:

Martin Raasch Egenhardt
Director, Investor Relations
Phone: [phone]

Attachments

• BO_2022_Interim report Q2 2020-21_UK
• Interim report H1 2020-21