BANG & OLUFSEN A/S 12 APRIL 2010
ANNOUNCEMENT NO. 09.16 TRANSLATION
Bang & Olufsen a/s launches BeoLab 11
BeoLab 11 is a new elegant subwoofer from Bang & Olufsen which combines excellent bass performance, intriguing design and unorthodox placement possibilities.
BeoLab 11 is composed of two identical loudspeaker cabinets, with baffles facing each other. The new subwoofer provides a significant addition to the bass experience in any small to medium loudspeaker setup, adding low frequencies from 300 Hz and down. The unique acoustic design of BeoLab 11 allows it to be placed on the floor, in a corner, or mounted on the wall. In fact, due to its minimal vibrations, it is one of the very few subwoofers in the world that can be mounted on a wall. And with the sculptural design of BeoLab 11, you will want to put it on display, instead of hiding it behind a sofa. The outer shells are made of aluminium and are available in silver and white. The launch of BeoLab 11 does not affect Bang & Olufsens expectations for the current financial year. BeoLab 11 can be experienced together with BeoVision 10-46 and Adaptive Sound Technology at an event for the national and international lifestyle press, which takes place in DR Byen in Copenhagen Wednesday 14 April at 2.00 PM CET. Karl Kristian Hvidt Nielsen President & CEO
For further information, please contact: President & CEO Karl Kristian Hvidt Nielsen, tel: +5000

BANG & OLUFSEN A/S 24 AUGUST 2010
Announcement No. 10.03 TRANSLATION
Report for the 2009/10 financial year for Bang & Olufsen a/s
The Groups turnover for the 2009/10 financial year totalled DKK 2,762 million against DKK 2,790 million last year. Turnover for the fourth quarter was DKK 779 million against DKK 617 million for the same period last year. This corresponds to an increase of 26 per cent. The result before tax for the 2009/10 financial year was negative at DKK 50 million against a negative result of DKK 523 million last year. The result before tax for the fourth quarter was positive at DKK 22 million against a negative result of DKK 108 million for the fourth quarter of 2008/09. The Group has reduced its capacity costs by DKK 465 million from DKK 1,602 million last year to DKK 1,137 million. The Group has, however, maintained a high activity level in the development department in order to secure growth going forward. The Groups gross margin for the 2009/10 financial year was 39.5 per cent, which is on a par with last years gross margin. Sales growth in the second half year was primarily driven by a number of important product launches. 35 per cent of the Groups sales within the audio and video business therefore derived from new products, with new defined as sales in the first 12 months after the launch. The majority of the Groups markets showed progress in the fourth quarter and the Groups two largest markets, Germany and Denmark, reported turnover growth of DKK 34 million, equating to 27 per cent. Automotive showed continued growth in the 2009/10 financial year, i.e. a turnover of DKK 268 million against DKK 174 million last year. In the fourth quarter, Automotive achieved a turnover of DKK 101 million against DKK 41 million for the same period last year. Based on a continuing high activity level within product development and an increased marketing effort, Bang & Olufsen expects that the 2010/11 financial year as a whole will result in a positive development in the turnover and a positive result before tax based on a gross margin not deviating significantly from the level achieved in the 2009/10 financial year. The group expects that the turnover in the first quarter of the 2010/11 financial year will be at the same level as the previous year.
Jrgen Worning Chairman Enquiries about this statement can be addressed to: President & CEO Karl Kristian Hvidt Nielsen, tel: +5000.
Karl Kristian Hvidt Nielsen President & CEO
BANG & OLUFSEN A/S 24 AUGUST 2010 Managements report
Main figures Bang & Olufsen a/s - Group
(DKK million) Main figures for the period 1/6 31/5 Net turnover Gross profit Gross margin Operating profit / loss Result of investments in associates after tax Financial items, net Result before tax Tax on result for the year Result for the year Attributable to: Shareholders of the parent company Minority interests Result for the year Earnings per share Earnings per share, DKK Diluted earnings per share, DKK (1.0) (1.0) 2009/10 2,761.5 1,089.5 39.5 % (33.8) (6.7) (9.1) (49.6) 16.7 (32.9)
2008/09 2,789.5 1,105.7 39.6 % (495.9) 2.3 (29.8) (523.4) 140.3 (383.1)

(34.4) 1.5 (32.9)

(385.4) 2.3 (383.1)

(15.7) (15.7)

Result for the year Other comprehensive income, net of tax Comprehensive income for the year

(32.9) 10.1 (22.8)

(383.1) (13.3) (396.4)
Balance sheet information Intangible assets Tangible assets Investment property Financial assets Deferred tax assets Total non-current assets Inventories Receivables Cash Total current assets Total assets Equity Non-current liabilities Current liabilities Total equity and liabilities

31/546.5 560.5 45.4 46.7 140.4 1,339.5 563.6 490.6 253.6 1,307.8 2,647.3 1,496.2 377.7 773.4 2,647.3
31/481.2 613.2 49.1 69.9 104.9 1,318.3 593.3 491.0 258.1 1,342.4 2,660.7 1,516.7 422.6 721.4 2,660.7
Parentheses denote negative figures or amounts to be deducted.
Development in equity 1/6 31/5 Equity as at 1 June Accumulated effect at the beginning of the year from changes to accounting principles applied Adjusted equity as at 1 June Comprehensive income for the year Capital increase Costs related to capital increase Tax on costs related to capital increase Purchase of 10 % equity interest in Bang & Olufsen ICEpower a/s Employee shares Grant of share options Sale of own shares Sale of subscription rights Dividend paid, minority interests Dividend paid Dividend, own shares Equity as at 31 May (22.8) (2.8) 1.2 6.2 (2.3) 1,496.2 2009/10 1,516.7

2008/09 1,483.8

(3.1) 1,480.7 (396.4) 459.1 (25.8) 1.0 (23.0) 4.7 6.1 46.0 3.8 (5.2) (36.2) 1.9 1,516.7
Cash flows, main figures 1/6 31/5 Cash flows from operating activities Cash flows from investment activities Cash flows from financing activities Cash flows for the year
2009/10 256.7 (215.9) (44.2) (3.4)
2008/09 113.2 (339.2) 417.7 191.7
Comments on developments during the 2009/10 financial year
The Groups total turnover for the 2009/10 financial year was DKK 2,762 million against DKK 2,790 million last year. Net turnover according to business area (DKK million) 2009/10 2008/09
Branded business Non-branded business Intra-Group turnover Net turnover in total

2,(13) 2,762

2,(8) 2,790
While the first half year continued to be characterised by a general downturn in sales, the second half year was characterised by an increase in turnover. A key reason for the positive development in sales in the second half year was that launch of new products met sales expectations and sales requirements for new products. As a result, 35 per cent of Bang & Olufsens sales within the audio and video business derived from new products defined as sales in the 12 months after the launch. Automotive also continued to develop positively. Branded business turnover according to product categories (DKK million) 2009/10 2008/09
Video Loudspeakers Audio Telephones Spareparts, accessories etc. Automotive Total turnover

1,2,695

1,2,713
For the 2009/10 financial year, the Groups gross margin was 39.5 per cent, which is on a par with 2008/09. The result before tax was negative at DKK 50 million against a negative result of DKK 523 million. The Group has reduced its capacity costs by DKK 465 million from DKK 1,602 million for the same period last year to DKK 1,137 million. Distribution and marketing costs were reduced by DKK 220 million during the financial year from DKK 929 million to DKK 709 million. Losses and changes in provision for bad debts and dealer loans during the 2009/10 financial year were expensed at DKK 61 million against DKK 60 million last year. Administration expenses etc. declined by DKK 20 million, from DKK 105 million to DKK 85 million during the 2009/10 financial year.

Development in the markets for the 2009/10 financial year
While the Group saw a decline in turnover in most markets during the first half of the 2009/10 financial year, the second half of the financial year showed a significant improvement in most markets, which can largely be attributed to the successful product launches. Denmark, Switzerland, Italy and the Asian markets showed advances on last year while one of the Groups main markets, UK, experienced a decline in sales of 9 per cent measured in local currency.

Product launches

Bang & Olufsen has focused on product development with the objective of launching several new products. The results of this effort materialised in the 2009/10 financial year where a number of important new products were launched: BeoVision 10-40 In October 2009, Bang & Olufsen launched the first member of a new TV family which is characterised by a new, unique design expression. BeoVision 10-40 is a Full HD LCD TV with LED backlight, based on a slim 200 Hz panel. Despite its slim design, the new TV offers excellent sound quality through integrated stereo speakers and a digital surround sound module. As the wall bracket for the BeoVision 10-40 is an integral part of the product, it only adds 4 mm extra depth to the TV when wall mounted. The TV also offers a unique turning option enabling the screen to be viewed in the preferred viewing position. BeoVision 10-46 BeoVision 10-46 is based on the same chassis as the 40 version, but differentiates itself visually by having a 32 per cent larger screen and a white rear cover which gives the TV an even lighter expression and supports the concept of a TV that blends into the wall. BeoVision 10-46 has an LED-based LCD screen with Full HD and a frame rate updating speed of 200/240 Hz. The concept has integrated surround sound and DVB-HD modules, electronic curtains and an extended connection panel allowing the user to add a total surround sound set-up with up to five extra loudspeakers as well as a wide range of external units. BeoVision 7-55 Bang & Olufsen has also launched a new model for the BeoVision 7 family in the form of a 55 inch Full HD LCD TV with direct type LED backlight with local dimming, which breaks new ground in terms of increased contrast level for LCD TV technology. The new TV offers sublime sound quality via BeoLab 7-4, a dedicated mono speaker for surround sound or via BeoLab 7-6, which is a dedicated stereo loudspeaker. In addition, the TV offers an integrated digital surround sound module and an integrated Blu-ray player as an option. BeoCom 5 In November, Bang & Olufsen launched a cordless telephone with an integrated speaker for hands-free telephony and conference calls. The combination of hands-free telephony and the integrated speaker offers new conversation options in the home. BeoCom 5 also provides for two separate telephone lines so users can combine a conventional fixed network line and IP-telephony or use one line for private calls and the other line for business calls if the user works from home. BeoCom 5 is characterised by superlative sound quality with the integrated speaker based on the same acoustic competencies that Bang & Olufsen uses in traditional loudspeakers, which gives a natural and clear sound performance. BeoTime Bang & Olufsen has launched the unique BeoTime, which combines an alarm clock with a remote control. BeoTime allows the user to choose to wake up to the sound of a gentle alarm clock and the sound of a TV programme, a radio station or music from the Bang & Olufsen system. In addition, BeoTime has a built-in sleep timer, which enables the user to fall asleep to the users preferred music or TV programme in that BeoTime shuts down the system at a pre-set time. Since November, BeoTime has offered increased system functionality in that home automation sources such as light, curtains etc. can now be activated in combination with MasterLink Gateway. Adaptive Sound Technology (AST) Adaptive Sound Technology (AST) is a new patented technology which enables the listener to optimise the sound from different locations in the home irrespective of the position of the loudspeakers. In a normal stereo or surround sound set up, for example, the loudspeakers need to be placed symmetrically. In many homes, this presents inconvenient restrictions in relation to the design of the room. AST technology provides the user with the freedom to position the loudspeakers in harmony with the rest of the design and the

Bang & Olufsen Automotive
For the 2009/10 financial year, Bang & Olufsen Automotive achieved a turnover of DKK 268 million against DKK 174 million last year. In the fourth quarter, turnover totalled DKK 101 million against DKK 41 million for the 2008/09 financial year. The satisfactory growth is partly owing to a general increase in sales of cars and partly to the launch of new sound systems over the period.
During the 2009/10 financial year, the partnership with Audi was extended through the launch of Bang & Olufsen Advanced Sound System for the new Audi A8 and Audi A8 Long as well as in the recently launched Audi A7. The co-operation with Aston Martin has also developed positively in that all Aston Martin models on the market are now available with Bang & Olufsen sound systems and Aston Martin has even chosen to install Bang & Olufsen as the standard system in both Aston Martin DBS and Aston Martin Rapide in order to provide their customers with the ultimate sound experience. Bang & Olufsens partnership with Mercedes-AMG reached an important milestone during the 2009/10 financial year when, in the autumn, the first, concrete result of the co-operation became evident: a Bang & Olufsen sound system customised for Mercedes-Benz SLS AMG. Both car and sound system have been well received by the market. At the same time, the partnership with Mercedes-AMG has resulted in a high level of activity following the development of no fewer than five further sound systems. The first of these, BeoSound AMG for MercedesBenz S-Class, has just been introduced to the worlds media and will be available as an option in almost all Mercedes-Benz S-Class versions, including AMG versions. With the continued expansion of the portfolio in partnership with a number of high profile partners, Automotive is expected to continue the growth over the coming years.
Bang & Olufsen ICEpower a/s
Turnover for Bang & Olufsen ICEpower a/s totalled DKK 80 million for the 2009/10 financial year against DKK 85 million last year. Bang & Olufsen ICEpower a/s supplies patented amplifier technology which combines high efficiency with low energy consumption and superb sound quality. As the ICEpower amplifier has very high energy efficiency, it allows for more compact constructions which, in turn, offer greater design freedom. In addition, the reduced heat generation means that the life-cycle of the electronic components is increased. A significant part of the turnover continues to derive from sales of standard amplifier modules and customised solutions for quality manufacturers in the global audio market. In addition, Bang & Olufsen ICEpower a/s receives royalties from the sale of amplifier technology and acoustic solutions for major OEM partners.

Dividend

The Board of Directors recommends that no dividend be paid.
BANG & OLUFSEN A/S 24 AUGUST 2010 Expectations for the 2010/11 financial year

Product portfolio

The Groups objective for the 2010/11 financial year is to support the growth ambitions within the branded business through a continued high activity level within product development. The Group therefore expects that approximately 25 per cent of the Groups turnover from the audio and video business will be derived from new products, with new defined as sales in the first 12 months after the launch.
Based on the recent positive turnover development in the mature shops, the Group plans to intensify the efforts to recruit new outlets. The Group expects that the total number of B1-shops will not be significantly different at the end of the 2010/11 financial year compared to the end of the 2009/10 financial year.
Expectations for the Group result for 2010/11
Based on a continuing high activity level within product development and an increased marketing effort, Bang & Olufsen expects that the 2010/11 financial year as a whole will result in a positive development in the turnover and a positive result before tax based on a gross margin not deviating significantly from the level achieved in the 2009/10 financial year. The group expects that the turnover in the first quarter of the 2010/11 financial year will be at the same level as the previous year.

Risk factors

The report contains statements relating to expectations for future developments, including future turnover and operating results as well as expected business-related events. Such statements are uncertain and carry an element of risk since many factors, of which some are beyond Bang & Olufsens control, can mean that actual developments will deviate significantly from the expectations expressed in the report. Without being exhaustive, such factors include among others general economic and commercial factors, including market and competitive matters, supplier issues and financial issues in the form of foreign exchange, interest rates, credit and liquidity risks.
BANG & OLUFSEN A/S 24 AUGUST 2010 Statement by the Management

We have today considered and approved the announcement of the annual report and the Annual Report for the financial year 1 June 2009 - 31 May 2010 for Bang & Olufsen a/s. The Annual Report is presented in accordance with International Financial Reporting Standards as endorsed by the EU and further Danish disclosure requirements for annual reports for listed companies. It is our opinion that the consolidated and annual accounts provide a true and fair view of the Groups and Parent Companys assets, liabilities and financial position as at 31 May 2010 and the results of the Groups and Parent Companys operations and cash flows for the financial year 1 June May 2010. It is also our opinion that the management report in the Annual Report gives a true and fair view of developments in the Groups and Parent Companys activities and finances, results for the year and the Groups and Parent Companys financial position in general as well as a description of the most significant risks and uncertainties to which the Group and Parent Company are exposed. Lyngby, 24 August 2010 The Board of Directors for Bang & Olufsen a/s ______________________ Jrgen Worning Chairman ______________________ Niels B. Christiansen ______________________ Knud Olesen ______________________ Rolf Eriksen Deputy chairman ______________________ Ole Andersen ______________________ Jesper Olesen ______________________ Peter Skak Olufsen ______________________ Tue Mantoni ______________________ Anette Revsgaard Sejbjerg
The Board of Management for Bang & Olufsen a/s ______________________ Karl Kristian Hvidt Nielsen President & CEO ______________________ Christian Winther Executive Vice President ______________________ John Bennett-Therkildsen Executive Vice President

Profit and loss account

Bang & Olufsen a/s

(DKK million)

Group 1/3 - 31/5 2009/10 * Notes Net turnover Production costs Gross profit 2 Development costs Distribution and marketing costs Administration costs etc. Restructuring costs Other operating income Operating profit / loss Result of investments in associates after tax Financial income Financial costs Financial items, net Result before tax Tax on result for the year Result for the year 779.3 (460.2) 319.1 (89.4) (183.9) (17.6) 28.2 (4.7) 5.3 (6.4) (1.1) 22.4 2.9 25.3 617.0 (389.4) 227.6 (110.0) (207.7) (16.2) (0.9) (107.2) (0.7) 2.2 (2.5) (0.3) (108.2) 43.7 (64.5) 2,761.5 (1,672.0) 1,089.5 (342.8) (708.5) (85.3) 13.3 (33.8) (6.7) 15.4 (24.5) (9.1) (49.6) 16.7 (32.9) 2,789.5 (1,683.8) 1,105.7 (462.7) (928.9) (104.5) (105.5) (495.9) 2.3 11.4 (41.2) (29.8) (523.4) 140.3 (383.1) 1/3 - 31/5 2008/09 * 1/6 - 31/5 2009/10 1/6 - 31/5 2008/09

Attributable to: Shareholders of the parent company Minority interests 25.0 0.3 25.3 (64.8) 0.3 (64.5) (34.4) 1.5 (32.9) (385.4) 2.3 (383.1)
Earnings per share Earnings per share, DKK Diluted earnings per share, DKK 0.7 0.7 (2.4) (2.4) (1.0) (1.0) (15.7) (15.7)
* The amounts are unaudited.
Statement of comprehensive income
Group 1/3 - 31/5 2009/10 * Notes Result for the year Exchange rate adjustment of foreign subsidiaries Change in fair value of derivative financial instruments used as cash flow hedges Transfer to the profit and loss account of fair value adjustments of derivative financial instruments used as cash flow hedges Tax on other comprehensive income Other comprehensive income, net of tax Comprehensive income for the year 25.3 4.4 (3.0) (64.5) 9.0 (1.0) (32.9) 12.8 (4.6) (383.1) (12.3) (1.0) 1/3 - 31/5 2008/09 * 1/6 - 31/5 2009/10 1/6 - 31/5 2008/09

1.3 0.7 3.4 28.7

8.0 (56.5)

0.6 1.3 10.1 (22.8)

(13.3) (396.4)
Attributable to: Shareholders of the parent company Minority interests 28.4 0.3 28.7 (56.8) 0.3 (56.5) (24.3) 1.5 (22.8) (398.7) 2.3 (396.4)

Balance sheet Assets

(DKK million) Group 31/5 - 10 Notes Intangible assets Goodwill Acquired rights Completed development projects Development projects in progress Total intangible assets Tangible assets Land and buildings Plant and machinery Other equipment Leasehold improvements Tangible assets in progress and prepayment for tangible assets Total tangible assets Investment property Financial assets Investments in associates Other financial receivables Total financial assets Deferred tax assets Total non-current assets Inventories Receivables Trade receivables Receivables from associates Income tax receivables Other receivables Prepayments Total receivables Cash Total current assets Total assets 44.7 46.0 249.1 206.7 546.5

31/5 - 09

44.8 50.8 200.6 185.0 481.2
240.9 209.4 34.9 23.2 52.1 560.5 45.4
269.9 229.5 48.4 32.2 33.2 613.2 49.1
5.3 41.4 46.7 140.4 1,339.5 563.6
9.5 60.4 69.9 104.9 1,318.3 593.3
417.9 1.5 21.2 27.6 22.4 490.6 253.6 1,307.8 2,647.3
407.9 1.4 21.7 31.6 28.4 491.0 258.1 1,342.4 2,660.7
Balance sheet Equity and liabilities
(DKK million) Group 31/5 - 10 Notes Equity Share capital Share premium Translation reserve Reserve for cash flow hedges Retained earnings Equity attributable to shareholders of the parent company Minority interests Total equity Non-current liabilities Pensions Deferred tax Provisions Mortgage loans Loans from banks etc. Other non-current liabilities Total non-current liabilities Current liabilities Mortgage loans Loans from banks etc. Overdraft facilities Provisions Trade payables Income tax Other payables Deferred income Total current liabilities Total liabilities Total equity and liabilities 362.4 232.1 13.1 (5.0) 892.1 1,494.7 1.5 1,496.2

362.4 232.1 (39.6) (1.0) 960.5 1,514.4 2.3 1,516.7
7.8 6.2 78.2 225.8 52.8 6.9 377.7
7.0 4.8 78.1 230.3 95.7 6.7 422.6
4.6 42.8 11.9 52.7 259.4 20.0 323.3 58.7 773.4 1,151.1 2,647.3
6.5 32.6 13.0 65.7 188.3 21.2 324.6 69.5 721.4 1,144.0 2,660.7
Cash flow statement 1/6 31/5
Group Notes Result for the year Depreciation, amortisation and impairment losses Adjustments Change in working capital Cash flows from operating loss Interest received etc. Interest paid etc. Income tax paid Cash flows from operating activities 2009/10 (32.9) 245.4 (14.1) 82.1 280.5 15.4 (24.5) (14.7) 256.7 2008/09 (383.1) 285.7 (92.7) 358.2 168.1 11.4 (41.2) (25.1) 113.2
Purchase of intangible non-current assets Purchase of tangible non-current assets Sale of intangible non-current assets Sale of tangible non-current assets Received reimbursements, intangible non-current assets Capital increase, Bang & Olufsen Medicom a/s Purchase of 10 % equity interest in Bang & Olufsen ICEpower a/s Change in financial receivables Cash flows from investment activities
(211.6) (82.7) 34.7 24.7 19.0 (215.9)
(211.5) (111.4) 10.8 7.9 (3.6) (23.0) (8.4) (339.2)
Capital increase Costs related to capital increase Proceeds from loans Repayment of long-term loans Dividend paid, minority interests Dividend paid Dividend, own shares Dividend from associates Sale of own shares Sale of subscription rights Cash flows from financing activities
(2.8) (39.1) (2.3) (44.2)
459.1 (25.8) 14.8 (37.9) (5.2) (36.2) 1.9 1.0 42.2 3.8 417.7
Changes in cash and cash equivalents Cash and cash equivalents 1 June Cash and cash equivalents 31 May

(3.4) 245.1 241.7

191.7 53.4 245.1
Statement of changes in equity
Bang & Olufsen a/s, Group
Equity attributable to shareholders of the parent company Reserve for cash flow hedges -

Minority interests

Share capital Equity 1 June 2008 Accumulated effect at the beginning of the year from changes to accounting principles Adjusted equity 1 June 2008 Comprehensive income for the year Capital increase Costs related to capital increase Tax on costs related to capital increase Purchase of 10 % equity interest in Bang & Olufsen ICEpower a/s Employee shares Grant of share options Sale of own shares Sale of subscription rights Dividend paid regarding 2007/08 Dividend, own shares Equity 31 May 2009 120.8

Share premium 14.6

Translation reserve (42.9)
Retained earnings 1,379.2 12.1

Equity Group 1,483.8

120.8 241.6 362.4

14.6 217.5 232.1

(42.9) 3.3 (39.6)

(1.0) (1.0)

(3.1) 1,376.1 (401.0) (25.8) 1.0 (16.1) 4.7 6.1 46.0 3.8 (36.2) 1.9 960.5

2. Development costs Development costs incurred before capitalisation Amount hereof capitalised Total amortisation and impairment losses on development projects Development costs recognised in restructuring costs Development costs recognised in the profit and loss account
3. Restructuring costs Restructuring costs by functions: Production costs Development costs Distribution and marketing costs Administration costs etc. Restructuring costs (2.1) (0.4) 1.6 1.8 0.9 11.0 14.4 74.3 5.8 105.5
Functions including restructuring costs: Production costs Development costs Distribution and marketing costs Administration costs etc. Total 460.2 89.4 183.9 17.6 751.1 387.3 109.6 209.3 18.0 724.2 1,672.0 342.8 708.5 85.3 2,808.6 1,694.8 477.1 1,003.2 110.3 3,285.4
(DKK million) Group 1/3 - 31/5 2009/10 * 1/3 - 31/5 2008/09 * -
4. Other operating income Profit on sale of property, Switzerland Other operating income
1/6 - 31/5 2009/10 13.3 13.3

1/6 - 31/5 2008/09 -

5. Financial income Interest income from banks etc. Exchange rate gains, net Other financial income Financial income 0.4 2.7 2.2 5.3 0.1 2.1 2.2 1.0 7.8 6.6 15.4 2.2 9.2 11.4
6. Financial costs Interest costs on bank loans etc. Interest costs on mortgage loans Exchange rate losses, net Other financial costs Financial costs 2.3 3.6 0.5 6.4 2.9 3.8 (5.2) 1.0 2.5 6.8 14.3 3.4 24.5 16.0 14.6 7.2 3.4 41.2
7. Adjustments Change in other liabilities Financial income etc. Financial costs etc. Result of investments in associates after tax Gain/loss on sale of non-current assets Tax on result for the year Various adjustments Adjustments (11.9) (15.4) 24.5 6.7 (9.0) (16.7) 7.7 (14.1) 18.1 (11.4) 41.2 (2.3) 1.4 (140.3) 0.6 (92.7)
8. Change in working capital Change in receivables Change in inventories Change in accounts payables etc. Change in working capital 29.7 52.4 82.1 194.5 204.0 (40.3) 358.2

Key figures

(DKK million) 9. Main and key figures Profit and loss account Net turnover Of which from foreign markets, % Operating profit/loss Financial items, net Result before tax Result for the year Result for the year, shareholders of the parent company Balance sheet Total assets, end of year Share capital Equity, end of year Equity attributable to shareholders of the parent company, end of year Minority interests Cash flows for the year Of which cash flows from: Operating activities Investment activities - of which investment in tangible non-current assets - of which investment in intangible non-current assets - of which investment in equity interests Financing activities Employment Number of employees, end of year Key figures EBITDA EBITDA-margin, % Profit ratio, % Return on assets, % Return on invested capital, excl. goodwill, % Return on equity, % Current ratio Equity ratio, % Financial gearing Net interest-bearing debt Net turnover/Invested capital excl. goodwill Earnings per share (nom. DKK 10), DKK * Diluted earnings per share (nom. DKK 10), DKK * Intrinsic value per share (nom. DKK 10), DKK * Quotation as at 28 February * Price/earnings * Price/earnings, diluted * Quotation/Intrinsic value per share * Dividend paid/proposed per share (nom. DKK 10), DKK Number of shares, end of the year Number of own shares, end of the year Average number of shares in circulation * Average dilutive effect of outstanding share options * Average number of shares in circulation - diluted * 2009/10

2008/09

2007/08

2006/07

2005/06
2,(34) (9) (50) (33) (34)
2,(496) (30) (523) (383) (385)

4,195 (30) 105

4,530 (16) 367

4,439 (7) 294

2,1,496 1,(3) 257 (216) (83) (212) (44)
2,1,517 1,(339) (111) (212) (27) 418
2,1,481 1,(104) 332 (254) (190) (125) (181)
2,1,679 1,(346) 521 (378) (158) (210) (488)
2,1,739 1,(229) 395 (379) (185) (171) (246)
212 (210) (8) 16 (1) (18) 10 (2) (20) (22) 40 (26) 17 (2) 1.7 1.9 1.9 1.9 2.0.1 0.1 0.2 0.0 (0.1) (219) 2.0 1.7 2.4 2.8 3.1 (16) 12 (1) (1) (16) 330 (59) (3) 28 (59) (3) 28 1.4 1.1 2.2 5.0 4.9 0.00 3.00 20.00 16.00 0.00 36,244,014 36,244,014 12,081,338 12,081,338 12,450,925 90,372 110,076 767,787 619,923 669,587 36,147,002 24,581,720 23,585,489 24,221,216 24,613,475 25,942 86,401 36,147,002 24,581,720 23,585,489 24,247,158 24,699,876
* The amounts for 2005/06 - 2007/08 are adjusted due to the dilution resulting from the bonus element related to the rights issue in the spring of 2009 in accordance with IAS 33. The key figures for 2005/06 - 2008/09 are adjusted due to the change in the accounting principles applied. Parentheses denote negative figures.
Definitions of key figures:
EBITDA: EBITDA-margin: Profit ratio (EBIT): Rate on assets: EBITA: Return on invested capital, excl. goodwill: Return on equity: Current ratio: Equity ratio: Financial gearing: Net turnover/invested capital, excl. goodwill: Earnings per share (nom. DKK 10), DKK: Diluted earnings per share (nom. DKK 10), DKK: Intrinsic value per share (nom. DKK 10), DKK: Price / earnings: Price/earnings, diluted:
Result before interests, tax, depreciation, amortisation, impairment losses and result of investments in associates after tax EBITDA x 100 Net turnover Operating profit/loss x 100 Net turnover Operating profit/loss x 100 Average operational assets Result before interests, tax, amortisation, impaiment losses on intangible assets and result of investments in associates after tax EBITA x 100 Average invested capital, excl. goodwill Result for the year, excl. minority interests x 100 Average equity, excl. minority interests Current assets Current liabilities Equity, end of year, excl. minority interests x 100 Total equity and liabilities, end of year Interest bearing debt (net) end of year Equity, end of year Net turnover Average invested capital, excl. goodwill Result for the year, excl. minority interests Average number of shares in circulation Result for the year, excl. minority interests Average number of shares in circulation - diluted Equity, end of year, excl. minority interests Number of shares, end of year Quotation Earnings per share (nom. DKK 10) Quotation Diluted earnings per share (nom. DKK 10)

In the calculation of the above key figures for 2005/06 -2007/08 the number of shares and the quotation are adjusted for the dilution resulting from the bonus element related to the rights issue in the spring of 2009 in accordance with IAS 33: Adjusted number of shares: Adjusted quotation: Adjustment factor for the dilution related to the rights issue: Original number of shares before the rights issue Adjustment factor for the dilution related to the rights issue Quotation before the rights issue x adjustment factor for the dilution related to the rights issue Theoretical quotation after the rights issue Quotation immediately before the rights issue
Main and key figures are prepared in accordance with IFRS and Recommendations and Key Figures 2010 from The Danish Association of Financial Analysts, except from those that are not defined in there. Comparison figrues are adjusted.
10. Segment information The period 1/to 31/Branded business
Non-branded business Bang & Olufsen Medicom a/s (5.6) Bang & Olufsen ICEpower a/s 79.9 (13.4) 66.5 16.9 Total segments 2,759.4 (13.4) 2,746.0 (49.6)
(DKK million) Net turnover Internal turnover External turnover Result before tax
Bang & Olufsen 2,679.5 2,679.5 (60.9)
The period 1/to 31/Branded business
Non-branded business Bang & Olufsen Medicom a/s 1.2 Bang & Olufsen ICEpower a/s 85.0 (7.5) 77.5 10.3 Total segments 2,810.7 (7.5) 2,803.2 (523.4)
Bang & Olufsen 2,725.7 2,725.7 (534.9)
Reconciliation of segment information Net turnover, total segments Effect of differences in exchange rates used in the internal management accounting Elimination of internal turnover Net turnover, Group
1/6 - 31/5 2009/10 2,759.4 15.5 (13.4) 2,761.5
1/6 - 31/5 2008/09 2,810.7 (13.7) (7.5) 2,789.5
Result before tax, total segments Result before tax, Group

(49.6) (49.6)

(523.4) (523.4)
11. Turnover branded business*
Turnover 1/6 - 31/5 2009/10 Denmark Germany Automotive United Kingdom Switzerland Asian markets, excl. Japan Holland France North America Spain/Portugal Italy Expansion markets, excl. Russia Enterprise ** Russia Belgium Sweden Middle East Austria Norway Japan Other Total branded business 8 2,695 Turnover 1/6 - 31/5 2008/2,713 Growth in local currency 11.0 % (1.8) % 54.0 % (9.0) % 7.5 % 8.2 % (7.5) % (10.2) % (18.5) % (2.5) % 2.7 % (10.4) % (20.9) % (8.0) % (3.7) % (11.0) % (7.7) % (3.8) % (12.8) % (35.8) % (66.7) %
Turnover 1/3 - 31/5 2009/6 758

2008/09 Accumulated quarterly results 1 quarter * 2 quarter * 3 quarter * 4 quarter 757.2 320.8 (54.9) (3.0) (3.7) (61.6) 10.7 (50.9) (1.1) 1,532.5 621.9 (208.2) 0.1 (2.2) (210.3) 45.6 (164.7) (1.2) 2,172.5 878.1 (388.7) 3.0 (29.5) (415.2) 96.6 (318.6) (2.0) 2,789.5 1,105.7 (495.9) 2.3 (29.8) (523.4) 140.3 (383.1) (2.3)

(52.0)

(113.9)

(154.7)

(64.8)

(165.9)

(320.6)

(385.4)