Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-05-31 | 2167800000 | vDKK |
| ifrs-full:Assets | 2017-05-31 | 2179100000 | vDKK |
| ifrs-full:Assets | 2018-05-31 | 2920800000 | vDKK |
| ifrs-full:Assets | 2017-05-31 | 2847400000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2017-06-01 | 2018-05-31 | 3285500000 | vDKK |
| ifrs-full:Revenue | 2016-06-01 | 2017-05-31 | 2954000000 | vDKK |
| ifrs-full:Revenue | 2017-06-01 | 2018-05-31 | 595400000 | vDKK |
| ifrs-full:Revenue | 2016-06-01 | 2017-05-31 | 304200000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/11975214/ZG9rdW1lbnRsYWdlcjovLzAzLzk2LzhjL2I0LzkyL2I0MWItNDJhZC04NDhmLTRjNTkxYjNmMTM4Nw.xml
Separator
The full data:
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<mrv:DescriptionOfPoliciesOnSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CORPORATE SOCIAL RESPONSIBILITY</td></tr><tr><td colspan="1">At Bang &amp; Olufsen, CSR is an integral part of the companyâs</td></tr><tr><td colspan="1">business model. It is Bang &amp; Olufsen belief that businesses</td></tr><tr><td colspan="1">acting responsibly will create long-term value for both their</td></tr><tr><td colspan="1">stakeholders and for society, and Bang &amp; Olufsen works</td></tr><tr><td colspan="1">closely with key stakeholders to stay focused on CSR in its</td></tr><tr><td colspan="1">daily operations.</td></tr><tr><td colspan="1">In 2017/18, Bang &amp; Olufsen made further</td></tr><tr><td colspan="1">progress in the companyâs efforts to</td></tr><tr><td colspan="1">minimise its adverse impact on society</td></tr><tr><td colspan="1">and adopt more sustainable and socially</td></tr><tr><td colspan="1">responsible practices. A detailed</td></tr><tr><td colspan="1">description of Bang &amp; Olufsenâs CSR</td></tr><tr><td colspan="1">efforts, key initiatives and results achieved</td></tr><tr><td colspan="1">in 2017/18, as well as the activities and</td></tr><tr><td colspan="1">objectives planned for 2018/19, can be</td></tr><tr><td colspan="1">found in Bang &amp; Olufsenâs Corporate</td></tr><tr><td colspan="1">Social Responsibility report 2017/18. The</td></tr><tr><td colspan="1">report complies with section 99a of the</td></tr><tr><td colspan="1">Danish Financial Statements Act, and it</td></tr><tr><td colspan="1">is available in its entirety on the Bang &amp;</td></tr><tr><td colspan="1">Olufsen website at https://www.bangolufsen.com/da/corporate/responsibility/corporate-social-responsibility.</td></tr><tr><td colspan="1">Bang &amp; Olufsen recognises the UN Global</td></tr><tr><td colspan="1">Compact and the ILO declaration on</td></tr><tr><td colspan="1">human rights, labour rights, environment</td></tr><tr><td colspan="1">and anti-corruption. Consequently, the</td></tr><tr><td colspan="1">companyâs CSR efforts and CSR policy</td></tr><tr><td colspan="1">are structured in accordance with the UN</td></tr><tr><td colspan="1">Global Compact guidelines.</td></tr><tr><td colspan="1">Bang &amp; Olufsenâs CSR policy</td></tr><tr><td colspan="1">The Bang &amp; Olufsen CSR policy covers</td></tr><tr><td colspan="1">the policy areas in accordance with international</td></tr><tr><td colspan="1">standards. The policy is supported</td></tr><tr><td colspan="1">by Bang &amp; Olufsenâs code of business</td></tr><tr><td colspan="1">conduct and its anti-corruption policy,</td></tr><tr><td colspan="1">which describe Bang &amp; Olufsenâs CSR</td></tr><tr><td colspan="1">requirements to suppliers and guidelines</td></tr><tr><td colspan="1">for their employees.</td></tr><tr><td colspan="1">Bang &amp; Olufsenâs CSR policy sets out the</td></tr><tr><td colspan="1">guidelines for corporate social responsibility</td></tr><tr><td colspan="1">activities within the framework of</td></tr><tr><td colspan="1">the Bang &amp; Olufsen Group.</td></tr><tr><td colspan="1">Bang &amp; Olufsen commits to ensuring</td></tr><tr><td colspan="1">compliance both within the organisation</td></tr><tr><td colspan="1">as well as for partners and suppliers.</td></tr><tr><td colspan="1">Human rights</td></tr><tr><td colspan="1">Bang &amp; Olufsen commits, in all matters</td></tr><tr><td colspan="1">within the Groupâs control, to supporting</td></tr><tr><td colspan="1">and respecting the protection of internationally</td></tr><tr><td colspan="1">proclaimed human rights.</td></tr><tr><td colspan="1">Employee rights</td></tr><tr><td colspan="1">Bang &amp; Olufsen commits to showing the</td></tr><tr><td colspan="1">greatest degree of social responsibility</td></tr><tr><td colspan="1">towards its employees. Bang &amp; Olufsen</td></tr><tr><td colspan="1">supports the abolition of child labour and</td></tr><tr><td colspan="1">forced labour, and condemns discrimination</td></tr><tr><td colspan="1">in employment and occupation.</td></tr><tr><td colspan="1">Bang &amp; Olufsen attaches great importance</td></tr><tr><td colspan="1">to freedom of association and recognises</td></tr><tr><td colspan="1">the right to collective bargaining.</td></tr><tr><td colspan="1">Bang &amp; Olufsen commits to be a tolerant</td></tr><tr><td colspan="1">workplace where each employee thrives</td></tr><tr><td colspan="1">and has the possibility to develop and</td></tr><tr><td colspan="1">create a good work-life balance.</td></tr><tr><td colspan="1">Anti-corruption (business integrity)</td></tr><tr><td colspan="1">Bang &amp; Olufsen strongly dissociates itself</td></tr><tr><td colspan="1">from all kinds of corruption, including extortion,</td></tr><tr><td colspan="1">bribery, and facilitation payments</td></tr><tr><td colspan="1">of any kind. Bang &amp; Olufsen does not</td></tr><tr><td colspan="1">tolerate the acceptance, offering, promising</td></tr><tr><td colspan="1">or paying of bribes of any form.</td></tr><tr><td colspan="1">Reports of breaches to the policy will be investigated thoroughly and appropriate</td></tr><tr><td colspan="1">actions will be taken on the basis of such</td></tr><tr><td colspan="1">investigation.</td></tr><tr><td colspan="1">Reports of breaches to the policy will be</td></tr><tr><td colspan="1">investigated thoroughly and appropriate</td></tr><tr><td colspan="1">actions will be taken based on such</td></tr><tr><td colspan="1">investigation. Bang &amp; Olufsen is subject</td></tr><tr><td colspan="1">to serious criminal and civil penalties for</td></tr><tr><td colspan="1">breaches of applicable anti-corruption</td></tr><tr><td colspan="1">laws. Consequently, any employee who</td></tr><tr><td colspan="1">breaches the Anti-Corruption policy may</td></tr><tr><td colspan="1">be subject to criminal and/or civil penalties,</td></tr><tr><td colspan="1">including imprisonment and very</td></tr><tr><td colspan="1">substantial fines, which will not be reimbursed</td></tr><tr><td colspan="1">by Bang &amp; Olufsen. In addition,</td></tr><tr><td colspan="1">any employee who breaches the policy</td></tr><tr><td colspan="1">may be subject to disciplinary action by</td></tr><tr><td colspan="1">Bang &amp; Olufsen, up to and including termination</td></tr><tr><td colspan="1">of their contract of employment.</td></tr><tr><td colspan="1">Environment</td></tr><tr><td colspan="1">Bang &amp; Olufsen has an integrated thinking</td></tr><tr><td colspan="1">with regard to the environmental consequences</td></tr><tr><td colspan="1">the production and products</td></tr><tr><td colspan="1">have on employees, customers and the</td></tr><tr><td colspan="1">environment. This means that we include</td></tr><tr><td colspan="1">the aspects of environment, working</td></tr><tr><td colspan="1">environment and product environment,</td></tr><tr><td colspan="1">in the production and in the products.</td></tr><tr><td colspan="1">We use the word âenvironmentâ broadly to cover the areas of work environment,</td></tr><tr><td colspan="1">product environment and external environment,</td></tr><tr><td colspan="1">and these areas are all integrated</td></tr><tr><td colspan="1">in the production.</td></tr><tr><td colspan="1">As a responsible company, Bang &amp;</td></tr><tr><td colspan="1">Olufsen commits to creating sustainable</td></tr><tr><td colspan="1">products in a sustainable way. The considerations</td></tr><tr><td colspan="1">involved in the operation, design,</td></tr><tr><td colspan="1">and longevity of products must be</td></tr><tr><td colspan="1">in mutual balance with the environmental</td></tr><tr><td colspan="1">impact of production. Bang &amp; Olufsen</td></tr><tr><td colspan="1">complies with existing legislation in the</td></tr><tr><td colspan="1">countries where Bang &amp; Olufsen produces</td></tr><tr><td colspan="1">and sells products.</td></tr><tr><td colspan="1">More specifically, Bang &amp; Olufsen aims</td></tr><tr><td colspan="1">to focus on the areas where the right</td></tr><tr><td colspan="1">balance between effort and impact can</td></tr><tr><td colspan="1">be achieved</td></tr><tr><td colspan="1">⢠Improve the work environment and</td></tr><tr><td colspan="1">the health and safety conditions of</td></tr><tr><td colspan="1">employees.</td></tr><tr><td colspan="1">⢠Prevent work-related illnesses and/or</td></tr><tr><td colspan="1">injuries.</td></tr><tr><td colspan="1">⢠Improve and prevent negative environmental</td></tr><tr><td colspan="1">impact from production.</td></tr><tr><td colspan="1">⢠Prevent negative environmental and</td></tr><tr><td colspan="1">climate impact from use of products</td></tr><tr><td colspan="1">as well as maintain high focus on developing</td></tr><tr><td colspan="1">sustainable products.</td></tr><tr><td colspan="1">CSR efforts, objectives and results</td></tr><tr><td colspan="1">In 2017/18, Bang &amp; Olufsen continued the</td></tr><tr><td colspan="1">work to continually improve the working</td></tr><tr><td colspan="1">environment and reduce the environmental</td></tr><tr><td colspan="1">impact of the Groupâs activities. Independent</td></tr><tr><td colspan="1">supplier audits were conducted</td></tr><tr><td colspan="1">with re-audits of suppliers with zero deviations</td></tr><tr><td colspan="1">from the Code of Conduct. Bang</td></tr><tr><td colspan="1">&amp; Olufsenâs CSR activities and targets for</td></tr><tr><td colspan="1">2017/18 year are summarised in the table</td></tr><tr><td colspan="1">below.</td></tr><tr><td colspan="1">The company did not manage to reduce</td></tr><tr><td colspan="1">the accident frequency or the number of</td></tr><tr><td colspan="1">cases involving long-term illness caused</td></tr><tr><td colspan="1">by psychological work environment. The</td></tr><tr><td colspan="1">rise in accident frequency was mainly due</td></tr><tr><td colspan="1">to special weather conditions in Struer,</td></tr><tr><td colspan="1">causing black ice in the parking lot. New</td></tr><tr><td colspan="1">procedures are in place to avoid this in</td></tr><tr><td colspan="1">the future. The number of long-term</td></tr><tr><td colspan="1">illness cases due to psychological work</td></tr><tr><td colspan="1">environment rose from 4 to 11. Bang &amp;</td></tr><tr><td colspan="1">Olufsen will take action to counter that</td></tr><tr><td colspan="1">by ensuring much closer follow-ups in the</td></tr><tr><td colspan="1">Health, Safety and Environment groups</td></tr><tr><td colspan="1">and taking action, based on insights from</td></tr><tr><td colspan="1">the annual engagement survey, a new</td></tr><tr><td colspan="1">survey introduced in January to track employee</td></tr><tr><td colspan="1">engagement and satisfaction.</td></tr></table></mrv:DescriptionOfPoliciesOnSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CORPORATE GOVERNANCE</td></tr><tr><td colspan="1">Compliance with recommendations</td></tr><tr><td colspan="1">for corporate governance</td></tr><tr><td colspan="1">The companyâs Board of Directors and</td></tr><tr><td colspan="1">Executive Management Board constantly</td></tr><tr><td colspan="1">strive to ensure transparency</td></tr><tr><td colspan="1">and accountability through building</td></tr><tr><td colspan="1">trusted relationships with shareholders,</td></tr><tr><td colspan="1">customers, suppliers, employees and the</td></tr><tr><td colspan="1">community.</td></tr><tr><td colspan="1">Being listed on NASDAQ Copenhagen</td></tr><tr><td colspan="1">A/S, and in accordance with Section</td></tr><tr><td colspan="1">107b of the Danish Financial Statements</td></tr><tr><td colspan="1">Act, the company is covered by</td></tr><tr><td colspan="1">the recommendations for corporate</td></tr><tr><td colspan="1">governance implemented by NASDAQ</td></tr><tr><td colspan="1">Copenhagen A/S in ârules for issuers of</td></tr><tr><td colspan="1">sharesâ. The company follows all recommendations</td></tr><tr><td colspan="1">that are part of the Corporate</td></tr><tr><td colspan="1">Governance disclosure requirements</td></tr><tr><td colspan="1">applicable to companies listed on</td></tr><tr><td colspan="1">NASDAQ Copenhagen.</td></tr><tr><td colspan="1">Pursuant to these rules, the company</td></tr><tr><td colspan="1">must apply the recommendations</td></tr><tr><td colspan="1">adopted based on the âcomply-or</td></tr><tr><td colspan="1">explainâ principle. In November 2014,</td></tr><tr><td colspan="1">NASDAQ Copenhagen A/S implemented</td></tr><tr><td colspan="1">revised recommendations for corporate</td></tr><tr><td colspan="1">governance. These recommendations</td></tr><tr><td colspan="1">were revised in November 2017. The</td></tr><tr><td colspan="1">company complies with the recommendations</td></tr><tr><td colspan="1">currently applicable and expect</td></tr><tr><td colspan="1">to comply with the revised recommendations</td></tr><tr><td colspan="1">when these become effective</td></tr><tr><td colspan="1">from 2018/19.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Governance Report</td></tr><tr><td colspan="1">The Board of Directors of the company</td></tr><tr><td colspan="1">has prepared a report on corporate</td></tr><tr><td colspan="1">governance for 2017/18. This report is</td></tr><tr><td colspan="1">available for review and download at</td></tr><tr><td colspan="1">www.bang-olufsen.com/investor/corporate-governance/uk. The report contains</td></tr><tr><td colspan="1">three parts</td></tr><tr><td colspan="1">⢠a description of the management</td></tr><tr><td colspan="1">structure</td></tr><tr><td colspan="1">⢠a description of the companyâs approach</td></tr><tr><td colspan="1">to the âRecommendations for</td></tr><tr><td colspan="1">Corporate Governanceâ</td></tr><tr><td colspan="1">⢠the main elements of the companyâs</td></tr><tr><td colspan="1">internal control and risk management</td></tr><tr><td colspan="1">systems</td></tr><tr><td colspan="1">Management structure</td></tr><tr><td colspan="1">The companyâs management structure</td></tr><tr><td colspan="1">comprises the Board of Directors</td></tr><tr><td colspan="1">and Executive Management Board.</td></tr><tr><td colspan="1">Further information is available in the</td></tr><tr><td colspan="1">above-mentioned corporate governance</td></tr><tr><td colspan="1">report.</td></tr><tr><td colspan="1">Board self-assessment</td></tr><tr><td colspan="1">The Chairman of the Board of Directors</td></tr><tr><td colspan="1">is responsible for conducting an annual</td></tr><tr><td colspan="1">review of the Boardâs performance, addressing</td></tr><tr><td colspan="1">the effectiveness of the Board,</td></tr><tr><td colspan="1">the processes supporting its work, individual</td></tr><tr><td colspan="1">board membersâ contributions</td></tr><tr><td colspan="1">and the Chairmanâs performance.</td></tr><tr><td colspan="1">In Summer 2017/18, an evaluation was</td></tr><tr><td colspan="1">conducted by the individual directors</td></tr><tr><td colspan="1">and executives anonymously completing</td></tr><tr><td colspan="1">a comprehensive online questionnaire</td></tr><tr><td colspan="1">which was summarised by an external</td></tr><tr><td colspan="1">consultant.</td></tr><tr><td colspan="1">The result of the evaluation was presented</td></tr><tr><td colspan="1">to the Board of Directors on 13 September</td></tr><tr><td colspan="1">2017 by the Chairman. Conclusion</td></tr><tr><td colspan="1">of the evaluation is that the Board</td></tr><tr><td colspan="1">of Directors is generally well organised</td></tr><tr><td colspan="1">and well-functioning and gives an</td></tr><tr><td colspan="1">overall impression of a high-performing</td></tr><tr><td colspan="1">board of directors. The evaluation also</td></tr><tr><td colspan="1">identified some minor areas in which</td></tr><tr><td colspan="1">improvements can be achieved. These</td></tr><tr><td colspan="1">improvements have been initiated. The</td></tr><tr><td colspan="1">Chairman held individual meetings</td></tr><tr><td colspan="1">with the other directors to review their</td></tr><tr><td colspan="1">performance.</td></tr><tr><td colspan="1">Diversity</td></tr><tr><td colspan="1">The Board of Directors believes that diversity</td></tr><tr><td colspan="1">in general, including diversity of</td></tr><tr><td colspan="1">gender, culture, nationality and competencies</td></tr><tr><td colspan="1">strengthens the way a company</td></tr><tr><td colspan="1">operates. In April 2013, the Board of</td></tr><tr><td colspan="1">Directors adjusted the companyâs objectives</td></tr><tr><td colspan="1">for the diversity of the members</td></tr><tr><td colspan="1">of the Board of Directors elected by the</td></tr><tr><td colspan="1">General Meeting in relation to gender in</td></tr><tr><td colspan="1">order to comply with new Danish legislation</td></tr><tr><td colspan="1">of objectives to increase the proportion</td></tr><tr><td colspan="1">of the underrepresented gender</td></tr><tr><td colspan="1">on the Board of Directors.</td></tr><tr><td colspan="1">The Board of Directors believes that</td></tr><tr><td colspan="1">members should be chosen for their</td></tr><tr><td colspan="1">overall competences, and also recognises</td></tr><tr><td colspan="1">the benefits of a diverse Board in respect</td></tr><tr><td colspan="1">of experience, culture and gender.</td></tr><tr><td colspan="1">In 2015, the Board of Directors set a target</td></tr><tr><td colspan="1">for female representation according</td></tr><tr><td colspan="1">to which the company's goal is to have</td></tr><tr><td colspan="1">two female members of the Board of Directors</td></tr><tr><td colspan="1">elected by the General Meeting</td></tr><tr><td colspan="1">by 2018. Target date for this goal was in</td></tr><tr><td colspan="1">June 2018 and is now postponed to the</td></tr><tr><td colspan="1">General Meeting 2019.</td></tr><tr><td colspan="1">There is currently one female member in</td></tr><tr><td colspan="1">the Board of Directors and 3 members</td></tr><tr><td colspan="1">who are non-local. Since the new target</td></tr><tr><td colspan="1">was set, the Board has been extended</td></tr><tr><td colspan="1">with two male candidates, one proposed</td></tr><tr><td colspan="1">by a major shareholder and the other</td></tr><tr><td colspan="1">proposed by the Board based on his specific</td></tr><tr><td colspan="1">skills within technology. No further</td></tr><tr><td colspan="1">candidates were elected at the General</td></tr><tr><td colspan="1">Meeting 2017. The Board will continue to</td></tr><tr><td colspan="1">assess the need for new candidates.</td></tr><tr><td colspan="1">In 2017, the company reached its goal of</td></tr><tr><td colspan="1">having not less than 15 per cent female</td></tr><tr><td colspan="1">members at senior management level.</td></tr><tr><td colspan="1">However, the share of women in senior</td></tr><tr><td colspan="1">management in the Bang &amp; Olufsen</td></tr><tr><td colspan="1">Group decreased from 15.7 per cent on</td></tr><tr><td colspan="1">31 May 2017 to 12.5 per cent on 31 May</td></tr><tr><td colspan="1">2018. However, the share of women had</td></tr><tr><td colspan="1">increased to 17.1% on 1 July 2018. Senior</td></tr><tr><td colspan="1">management is defined as the Executive</td></tr><tr><td colspan="1">Management Board and the Director+</td></tr><tr><td colspan="1">group. The total number of employees</td></tr><tr><td colspan="1">in this group at the end of May 2017 was</td></tr><tr><td colspan="1">40 employees.</td></tr><tr><td colspan="1">The Board of Directors has set out a policy</td></tr><tr><td colspan="1">to increase the proportion of women</td></tr><tr><td colspan="1">in senior management where the relevant</td></tr><tr><td colspan="1">action points are as follows</td></tr><tr><td colspan="1">⢠Secure at least one female candidate</td></tr><tr><td colspan="1">for vacancies arising in senior</td></tr><tr><td colspan="1">management</td></tr><tr><td colspan="1">⢠Ensuring an appropriate level of</td></tr><tr><td colspan="1">female participants in the Bang &amp;</td></tr><tr><td colspan="1">Olufsen talent programme</td></tr><tr><td colspan="1">Following the fact that the goal for 2017</td></tr><tr><td colspan="1">was reached, a new target for the share</td></tr><tr><td colspan="1">of women in senior management in the</td></tr><tr><td colspan="1">Bang &amp; Olufsen Group was set. The goal</td></tr><tr><td colspan="1">is hereafter to have not less than 25 per</td></tr><tr><td colspan="1">cent female members at Director+ level</td></tr><tr><td colspan="1">by May 2020.</td></tr><tr><td colspan="1">The senior management team has</td></tr><tr><td colspan="1">a diverse composition with a large</td></tr><tr><td colspan="1">number of international profiles. On 31</td></tr><tr><td colspan="1">May 2018, a total of 32.5 per cent of</td></tr><tr><td colspan="1">senior management were non-Danish.</td></tr><tr><td colspan="1">Other information in accordance with</td></tr><tr><td colspan="1">the Financial Statements Act § 107 a</td></tr><tr><td colspan="1">The companyâs Articles of Association</td></tr><tr><td colspan="1">state the following</td></tr><tr><td colspan="1">The Board of Directors is in the period</td></tr><tr><td colspan="1">until 31 May 2019 authorised at one or</td></tr><tr><td colspan="1">more times to decide to increase the</td></tr><tr><td colspan="1">company's share capital by up to a nominal</td></tr><tr><td colspan="1">value of DKK 43,197,470 by issuing new shares at market price or at a discount</td></tr><tr><td colspan="1">to market price by way of cash</td></tr><tr><td colspan="1">contribution or otherwise. The capital increase</td></tr><tr><td colspan="1">shall be with preemptive subscription</td></tr><tr><td colspan="1">rights for the company's existing</td></tr><tr><td colspan="1">shareholders. The new shares shall in all</td></tr><tr><td colspan="1">respects rank pari passu with the existing</td></tr><tr><td colspan="1">shares. The new shares shall be negotiable</td></tr><tr><td colspan="1">instruments, shall be issued to named</td></tr><tr><td colspan="1">holders and shall rank for dividends and</td></tr><tr><td colspan="1">other rights in the company from such</td></tr><tr><td colspan="1">time as is determined by the Board of</td></tr><tr><td colspan="1">Directors in its decision to increase the</td></tr><tr><td colspan="1">company's share capital pursuant to this</td></tr><tr><td colspan="1">section, although no more than one year</td></tr><tr><td colspan="1">after the date of registration.</td></tr><tr><td colspan="1">The Board of Directors is in the period</td></tr><tr><td colspan="1">until 31 May 2019 authorised at one</td></tr><tr><td colspan="1">or more times to decide to increase</td></tr><tr><td colspan="1">the company's share capital by up to</td></tr><tr><td colspan="1">a nominal value of DKK 43,197,470 by</td></tr><tr><td colspan="1">issuing new shares at market price by</td></tr><tr><td colspan="1">way of cash contribution or otherwise.</td></tr><tr><td colspan="1">The capital increase shall be without</td></tr><tr><td colspan="1">pre-emptive subscription rights for the</td></tr><tr><td colspan="1">company's existing shareholders. The</td></tr><tr><td colspan="1">new shares shall in all respects rank pari</td></tr><tr><td colspan="1">passu with the existing shares. The new</td></tr><tr><td colspan="1">shares shall be negotiable instruments,</td></tr><tr><td colspan="1">shall be issued to named holders and</td></tr><tr><td colspan="1">shall rank for dividends and other rights</td></tr><tr><td colspan="1">in the company from such time as is</td></tr><tr><td colspan="1">determined by the Board of Directors in</td></tr><tr><td colspan="1">its decision to increase the company's</td></tr><tr><td colspan="1">share capital pursuant to this section, although</td></tr><tr><td colspan="1">no more than one year after the</td></tr><tr><td colspan="1">date of registration.</td></tr><tr><td colspan="1">Pursuant to Article 4, sections 4 and 5 in</td></tr><tr><td colspan="1">the Articles of Association, the Board of</td></tr><tr><td colspan="1">Directors may not decide to increase the</td></tr><tr><td colspan="1">companyâs share capital by more than</td></tr><tr><td colspan="1">a total nominal value of DKK 43,197,470</td></tr><tr><td colspan="1">equal to 10 per cent of the total share</td></tr><tr><td colspan="1">capital of the company.</td></tr><tr><td colspan="1">The Board of Directors may implement</td></tr><tr><td colspan="1">the necessary amendments to the Articles</td></tr><tr><td colspan="1">of Association in connection with</td></tr><tr><td colspan="1">changes to the capital structure in accordance</td></tr><tr><td colspan="1">with the above resolution.</td></tr><tr><td colspan="1">This authorisation has not been utilised</td></tr><tr><td colspan="1">in 2017/18.</td></tr><tr><td colspan="1">At the Annual General Meeting in September</td></tr><tr><td colspan="1">2017, the Board of Directors</td></tr><tr><td colspan="1">were authorised in the period until 30</td></tr><tr><td colspan="1">September 2018, to let the company</td></tr><tr><td colspan="1">acquire own shares up to a nominal</td></tr><tr><td colspan="1">value corresponding to 10 per cent of</td></tr><tr><td colspan="1">the companyâs share capital, provided</td></tr><tr><td colspan="1">that the share price does not deviate</td></tr><tr><td colspan="1">by more than 10 per cent from the most</td></tr><tr><td colspan="1">recently quoted market price for the</td></tr><tr><td colspan="1">shares on NASDAQ Copenhagen A/S at</td></tr><tr><td colspan="1">the time of the purchase. This authorisation</td></tr><tr><td colspan="1">has not been utilised in 2017/1018.</td></tr><tr><td colspan="1">Specific information concerning the</td></tr><tr><td colspan="1">possibilities of amending the Articles of</td></tr><tr><td colspan="1">Association can be found in the company's</td></tr><tr><td colspan="1">Articles of Association on the company's</td></tr><tr><td colspan="1">website: http://www.bangolufsen.com/da/investors.</td></tr><tr><td colspan="1">The company shall be managed by a</td></tr><tr><td colspan="1">Board of Directors of between 4 and 8</td></tr><tr><td colspan="1">members elected by the shareholders</td></tr><tr><td colspan="1">at the Annual General Meeting and any</td></tr><tr><td colspan="1">representatives elected by the companyâs</td></tr><tr><td colspan="1">employees as required by law.</td></tr><tr><td colspan="1">The members of the Board of Directors</td></tr><tr><td colspan="1">elected at the Annual General Meeting</td></tr><tr><td colspan="1">shall retire at each yearâs Annual General</td></tr><tr><td colspan="1">Meeting, but shall be eligible for</td></tr><tr><td colspan="1">re-election. Board members elected by</td></tr><tr><td colspan="1">the Annual General Meeting comprise a</td></tr><tr><td colspan="1">group of experienced international business</td></tr><tr><td colspan="1">executives. The previous age limit</td></tr><tr><td colspan="1">for members of the Board of Directors</td></tr><tr><td colspan="1">no longer applies.</td></tr><tr><td colspan="1">Under the Danish Companies Act, employees</td></tr><tr><td colspan="1">in the Groupâs Danish companies</td></tr><tr><td colspan="1">have the right to elect a number of directors</td></tr><tr><td colspan="1">and alternates to the Board of Directors.</td></tr><tr><td colspan="1">Employees are entitled to elect the</td></tr><tr><td colspan="1">equivalent of half the board members</td></tr><tr><td colspan="1">elected by the Annual General Meeting,</td></tr><tr><td colspan="1">albeit not less than two members.</td></tr><tr><td colspan="1">Employees have chosen to elect board</td></tr><tr><td colspan="1">members on group level, which means</td></tr><tr><td colspan="1">that only representatives on the Board of</td></tr><tr><td colspan="1">Directors of the parent company, Bang &amp;</td></tr><tr><td colspan="1">Olufsen a/s are elected. The employees</td></tr><tr><td colspan="1">have, therefore, elected three colleagues</td></tr><tr><td colspan="1">to the main Board of Directors.</td></tr><tr><td colspan="1">The latest election of employees to the</td></tr><tr><td colspan="1">Board of Directors took place in June</td></tr><tr><td colspan="1">2015 by means of a written, secret and</td></tr><tr><td colspan="1">direct vote. Employee-elected board</td></tr><tr><td colspan="1">members are elected for a four-year</td></tr><tr><td colspan="1">period and eligible employees are those</td></tr><tr><td colspan="1">who are of age and who on the election</td></tr><tr><td colspan="1">day have been employed by the company</td></tr><tr><td colspan="1">for at least 12 months. The three Employee-</td></tr><tr><td colspan="1">elected board members which</td></tr><tr><td colspan="1">were elected at the election in June</td></tr><tr><td colspan="1">2015 joined the Board of Directorâs after</td></tr><tr><td colspan="1">the Annual General Meeting in September</td></tr><tr><td colspan="1">2015. The election of employees to join the Board of Directors at the Annual</td></tr><tr><td colspan="1">General Meeting in 2019 for a four-year</td></tr><tr><td colspan="1">period will take place early 2019.</td></tr><tr><td colspan="1">Should an Employee-elected board</td></tr><tr><td colspan="1">memberâs employment be terminated,</td></tr><tr><td colspan="1">the employee in question will retire from</td></tr><tr><td colspan="1">the Board of Directors and be replaced</td></tr><tr><td colspan="1">by an elected substitute. An employee-</td></tr><tr><td colspan="1">elected board member has the same</td></tr><tr><td colspan="1">rights, obligations and responsibilities as</td></tr><tr><td colspan="1">the other board members.</td></tr><tr><td colspan="1">Remuneration</td></tr><tr><td colspan="1">Remuneration is based on responsibilities,</td></tr><tr><td colspan="1">competencies and performance</td></tr><tr><td colspan="1">and is designed to be competitive and in</td></tr><tr><td colspan="1">line with market practice of comparable</td></tr><tr><td colspan="1">listed companies.</td></tr><tr><td colspan="1">The company's remuneration policy is</td></tr><tr><td colspan="1">reviewed annually by the Remuneration</td></tr><tr><td colspan="1">Committee and the Board and the overall</td></tr><tr><td colspan="1">objective of the Remuneration Policy</td></tr><tr><td colspan="1">is to attract, motivate and retain qualified</td></tr><tr><td colspan="1">members of the Board and the Executive</td></tr><tr><td colspan="1">Management Board as well as to</td></tr><tr><td colspan="1">align the interests of the Board and the</td></tr><tr><td colspan="1">Executive Management Board with the</td></tr><tr><td colspan="1">interests of the companyâs shareholders.</td></tr><tr><td colspan="1">The remuneration of the Board and</td></tr><tr><td colspan="1">the Executive Management Board shall</td></tr><tr><td colspan="1">be designed to support the strategic</td></tr><tr><td colspan="1">goals of the company and to promote</td></tr><tr><td colspan="1">value creation for the benefit of the</td></tr><tr><td colspan="1">shareholders of the company. Finally,</td></tr><tr><td colspan="1">the remuneration levels shall ensure</td></tr><tr><td colspan="1">that the company is able to attract and</td></tr><tr><td colspan="1">retain highly qualified members for both</td></tr><tr><td colspan="1">its Executive Management Board and</td></tr><tr><td colspan="1">Board of Directors.</td></tr><tr><td colspan="1">Executive Management Board</td></tr><tr><td colspan="1">The remuneration of the Executive Management</td></tr><tr><td colspan="1">Board and Board of Directors</td></tr><tr><td colspan="1">is assessed annually. The Board of Directors</td></tr><tr><td colspan="1">decides on the remuneration of the</td></tr><tr><td colspan="1">Executive Management Board and other</td></tr><tr><td colspan="1">key employees based on a recommendation</td></tr><tr><td colspan="1">from the Remuneration Committee</td></tr><tr><td colspan="1">of the Board.</td></tr><tr><td colspan="1">Members of the Executive Management</td></tr><tr><td colspan="1">Board receives an annual base in line</td></tr><tr><td colspan="1">with market practice and based on the</td></tr><tr><td colspan="1">individual memberâs responsibilities and</td></tr><tr><td colspan="1">performance. Further, they are entitled</td></tr><tr><td colspan="1">to customary non-monetary benefits</td></tr><tr><td colspan="1">such as company car, insurance, newspaper,</td></tr><tr><td colspan="1">telephony and internet access.</td></tr><tr><td colspan="1">The Annual General Meeting has adopted</td></tr><tr><td colspan="1">"General guidelines concerning</td></tr><tr><td colspan="1">incentive-based remuneration" pursuant</td></tr><tr><td colspan="1">to which members of the Management</td></tr><tr><td colspan="1">Board and other key employees, at the</td></tr><tr><td colspan="1">discretion of the Board of Directors, can</td></tr><tr><td colspan="1">be offered to participate in a Matching</td></tr><tr><td colspan="1">Shares Program.</td></tr><tr><td colspan="1">The companyâs CEO can terminate his</td></tr><tr><td colspan="1">employment by giving 12 monthsâ notice</td></tr><tr><td colspan="1">and the company can terminate the employment</td></tr><tr><td colspan="1">by giving 24 monthsâ notice.</td></tr><tr><td colspan="1">The CEO is subject to a non-competition</td></tr><tr><td colspan="1">clause. For further information about</td></tr><tr><td colspan="1">remuneration to the CEO refer to note</td></tr><tr><td colspan="1">2.2 and note 4 in the consolidated and</td></tr><tr><td colspan="1">the parent company financial statements</td></tr><tr><td colspan="1">respectively.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">The remuneration of members of the</td></tr><tr><td colspan="1">Board of Directors comprises a fixed</td></tr><tr><td colspan="1">annual base fee and fixed annual supplementary</td></tr><tr><td colspan="1">fees for the Chairman, Vice</td></tr><tr><td colspan="1">Chairman, and members and chairmen</td></tr><tr><td colspan="1">of permanent committees. Members of</td></tr><tr><td colspan="1">the Board of Directors do not receive</td></tr><tr><td colspan="1">any incentive-based remuneration.</td></tr></table></mrv:CorporateGovernanceReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITORâS REPORT</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Bang &amp; Olufsen a/s</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Bang &amp; Olufsen A/S for the financial year 1 June 2017 â 31 May 2018, which comprise income statement, statement of comprehensive income, balance sheet, cash flow statement, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the</td></tr><tr><td colspan="1">parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 May 2018 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 June 2017 â 31 May 2018 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our longform audit report to the Audit Committee and the Board of Directors.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the âAuditorâs responsibilities for the audit of the consolidated financial statements and the parent company financial statementsâ (hereinafter collectively referred to as âthe financial statementsâ) section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.</td></tr><tr><td colspan="1">Appointment of auditor</td></tr><tr><td colspan="1">We were initially appointed as auditor of Bang &amp; Olufsen A/S for the financial year 2012/13. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 6 years upuntil the financial year 2017/18.</td></tr></table></arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2017/18. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.</td></tr><tr><td colspan="1">We have fulfilled our responsibilities described in the âAuditorâs responsibilities for the audit of the financial statementsâ section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment</td></tr><tr><td colspan="1">of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.</td></tr><tr><td colspan="1">Measurement of deferred tax assets</td></tr><tr><td colspan="1">The group has recognised a deferred tax asset of DKK 249 million as at 31 May 2018 of which DKK 149 million relate to tax loss carry forwards and DKK 100 million relate to temporary differences. The group has recognised the tax assets to the extent that the realisation of the related tax benefits through future taxable profits are probable within a foreseeable future. We refer to Note 2.5 of the consolidated financial statements. This area was important to our audit due to the amount of the recognized tax asset as well as the Managementâs estimates involved in forecasting future taxable profits, including expectations for future sales and margin developments.</td></tr><tr><td colspan="1">Our audit procedures include evaluating Managementâs assumptions, methodologies, consistency with assumptions used in the impairment test and the long-term forecast and strategy plans and adequacy of the disclosures in Note 2.5 to the consolidated financial statements.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Managementâs review</td></tr><tr><td colspan="1">Management is responsible for the Managementâs review. Our opinion on the financial statements does not cover the Managementâs review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Managementâs review and, in doing so, consider whether the Managementâs review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Managementâs review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Managementâs review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Managementâs review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditorâs responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">⢠Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding among other matters, the planned scope and timing of the audit and significate audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and the other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and therefor the key audit matters. We describe there matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the advance consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2018-07-12</arr:SignatureOfAuditorsDate>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENTâS STATEMENT</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Management</td></tr><tr><td colspan="1">Board have today considered and approved the annual</td></tr><tr><td colspan="1">report of Bang &amp; Olufsen a/s for the financial year 1</td></tr><tr><td colspan="1">June 2017 â 31 May 2018.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with In-</td></tr><tr><td colspan="1">ternational Financial Reporting Standards as adopted</td></tr><tr><td colspan="1">by the EU and additional requirements in the Danish</td></tr><tr><td colspan="1">Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements</td></tr><tr><td colspan="1">and the parent company financial statements give a</td></tr><tr><td colspan="1">true and fair view of the Groupâs and the parent com-</td></tr><tr><td colspan="1">panyâs financial position at 31 May 2018 as well as of</td></tr><tr><td colspan="1">their financial performance and their cash flow for the</td></tr><tr><td colspan="1">financial year 1 June 2017 â 31 May 2018.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We believe that the management commentary contains</td></tr><tr><td colspan="1">a true and fair review of the development and perfor-</td></tr><tr><td colspan="1">mance of the Groupâs and the parent companyâs busi-</td></tr><tr><td colspan="1">ness activities and financial situation, the earnings for</td></tr><tr><td colspan="1">the year and the financial position of the parent com-</td></tr><tr><td colspan="1">pany and the financial position as a whole of the entities</td></tr><tr><td colspan="1">included in the consolidated financial statements, to-</td></tr><tr><td colspan="1">gether with a description of the principal risks and un-</td></tr><tr><td colspan="1">certainties that the Group and the parent company face.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend the annual report for adoption at the</td></tr><tr><td colspan="1">Annual General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Struer</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2018-07-12</sob:DateOfApprovalOfAnnualReport>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">Bang & Olufsen A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx1" xml:lang="da">Peter Bangs Vej</gsd:AddressOfReportingEntityStreetName>
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<ifrs-full:CurrentAssets contextRef="ctx26" unitRef="vDKK" decimals="-6">977000000</ifrs-full:CurrentAssets>
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<ifrs-full:RetainedEarnings contextRef="ctx26" unitRef="vDKK" decimals="-5">625400000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx26" unitRef="vDKK" decimals="-5">1192700000</ifrs-full:Equity>
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<ifrs-full:NoncurrentLiabilities contextRef="ctx26" unitRef="vDKK" decimals="-5">270700000</ifrs-full:NoncurrentLiabilities>
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<ifrs-full:CashAndCashEquivalents contextRef="ctx28" unitRef="vDKK" decimals="-5">715300000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>