You can download today's financial statement using the links on the righthand side of this page.

Well worth reading and gives an indication of the success of various products. Looks as if they've just about got back into profit.

Graham

EDIT

Here's the front page:

 
Report for the 2009/10 financial year for Bang & Olufsen a/s
 
 
 The Group’s 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 Group’s gross margin for the 2009/10 financial year was 39.5 per cent, which is on a par with last
year’s gross margin. 
 
 Sales growth in the second half year was primarily driven by a number of important product launches. 35
per cent of the Group’s 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 Group’s markets showed progress in the fourth quarter and the Group’s 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.
 
 
 
Jørgen Worning             Karl Kristian Hvidt Nielsen
Chairman              President & CEO      
 
 

Thanks Graham

It does look as if the current management are managing to turn things around, which is good news.

Simon

Back to black, it seems... good.

No word on upcoming products, though.

Very happy to see the improvement!!

The markets are not impressed. B&O shares have dropped another 3.5% this morning to 49.2DKK.

Graham

It's (yet another) downhill day for the markets in general, though - so this financial statement probably didn't have much effect on the share price either way.

No good and no new bad information in the financial statement 2009/2010.
We have to wait and see if the wind for B&O is really turning to what we are hoping for.

During reading this statement my thoughts kept hammering that Beovision 10 and automotive sales are changing the turnover decline.
In this statement there is sadly for us no peek under the curtain regarding new product developments. (I always liked this news in the expectations section from last decade statements.)

Who knows more about new products up to mid next year?

Regards, Robert

Shares still drifting down. Now around 47DKK.  About 10% down in four days.

Graham

Down another 2% today. Now 45.2DKK

I think that the news must be getting about that Peter traded in his BV10 for an old BV5!

Graham