Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2019-05-31 | 2462000000 | vDKK |
| ifrs-full:Assets | 2018-05-31 | 2921000000 | vDKK |
| ifrs-full:Assets | 2018-05-31 | 2168000000 | vDKK |
| ifrs-full:Assets | 2019-05-31 | 1500000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2018-06-01 | 2019-05-31 | 2838000000 | vDKK |
| ifrs-full:Revenue | 2017-06-01 | 2018-05-31 | 3285000000 | vDKK |
| ifrs-full:Revenue | 2018-06-01 | 2019-05-31 | 455000000 | vDKK |
| ifrs-full:Revenue | 2017-06-01 | 2018-05-31 | 595000000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/11975214/ZG9rdW1lbnRsYWdlcjovLzAzLzc1L2ZlLzU1L2E5L2FkY2MtNGFhMC1iYjJlLWE0OGY3MzZiMjgwZQ.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">In 2018/19, Bang &amp; Olufsen made further progress in the companyâs efforts to increase the positive impact and minimise the negative impact by adopting more sustainable and socially responsible practices and launching several new initiatives.</td></tr><tr><td colspan="1">A more detailed description of Bang &amp; Olufsenâs CSR strategy, targets, key initiatives and results achieved in 2018/19 along with the activities and objectives planned for 2019/20 can be found in Bang &amp; Olufsenâs Corporate Social Responsibility report 2018/19.</td></tr><tr><td colspan="1">The report complies with sections 99a and 99b of the Danish Financial Statements Act, and it is available in its entirety on the Bang &amp; Olufsen website at: https://www.bangolufsen.com/da/corporate/responsibility/corporateÂsocialÂresponsibility.</td></tr><tr><td colspan="1">BANG &amp; OLUFSEN CSR STRATEGY</td></tr><tr><td colspan="1">Last financial year, Bang &amp; Olufsen launched a revised threeÂyear CSR strategy. The strategy reflects the companyâs ambition to increase the positive impact and minimise the negative impact Bang &amp; Olufsen has on the environment and society.</td></tr><tr><td colspan="1">The strategy consists of four focus areas; Environmental &amp; Climate Impact, Responsible Employer, Role in Society and Responsible Partner. Action plans have been developed for each commitment to ensure progress and for the next three years, Bang &amp; Olufsen will work actively to achieve the KPIs set forward.</td></tr><tr><td colspan="1">The strategy was developed on the basis of input from both internal and external stakeholders (e.g. consumers) and on an assessment of the societal and environmental impact of the company and existing efforts.</td></tr><tr><td colspan="1">The CSR strategy provides a coherent framework for Bang &amp; Olufsen, building on the companyâs core values and brand and guided by the 17 United Nations Sustainable Development Goals (SDGs).</td></tr><tr><td colspan="1">Bang &amp; Olufsen is committed to the UN Global Compact principles, the ILO declaration on human rights, labour rights, environment and antiÂcorruption. Bang &amp; Olufsen contributes to a number of SDGs, and the company will step up its efforts on two specific SDGs, namely âGood Health &amp; wellÂBeingâ and âQuality Educationâ (goals No. 3 and 4) in relation to the âSound &amp; Healthâ and âFuture Innovatorsâ commitments in the companyâs strategy.</td></tr><tr><td colspan="1">Environmental &amp; Climate impact</td></tr><tr><td colspan="1">Bang &amp; Olufsen is committed to minimising the adverse impact on the environment and climate from the companyâs own operations and its supply chain as well as to continuously reducing the environmental footprint of the companyâs products over their entire lifecycle.</td></tr><tr><td colspan="1">Resource efficiency, serviceability and highÂquality standards have been an integral part of the companyâs daily operations for years, and Bang &amp; Olufsen has been widely recognised from a functional, aesthetical and a technological perspective for designing and creating longÂlasting products. However, it is the companyâs ambition to do even more by creating more sustainable products while also improving the user experience. This will include exploring the use of more recycled materials, improved sourcing, better packaging and the introduction of more circular principles in the design of products.</td></tr><tr><td colspan="1">Bang &amp; Olufsen will work to reduce the CO2 emissions of its operations by managing its energy consumption and environmental impact in accordance with the ISO 14001 standard.</td></tr><tr><td colspan="1">Responsible employer</td></tr><tr><td colspan="1">Bang &amp; Olufsen wants to be recognized as a peopleÂoriented and responsible company. This involves a strong focus on empowering the companyâs employees and helping them develop their competencies as well as promoting the health and wellÂbeing of people working at Bang &amp; Olufsen. Ensuring that employees have the proper knowledge to perform their work in a safe manner also remains a priority. Bang &amp; Olufsen respects employeesâ right to freedom of association and collective bargaining and the right to raise concerns without fear of retaliation.</td></tr><tr><td colspan="1">Bang &amp; Olufsen believes that diversity in general, including diversity of gender, culture, nationality and competencies strengthens the way the company operates. Consequently, the company is committed to fostering a diverse workplace that attracts and retains the best talents from all over the world. Further details can be found in the CSR report on https://investor.bangÂolufsen.com</td></tr><tr><td colspan="1">The company has set targets for female representation in both the Board of Directors and the senior management team, defined as the Executive Management Board and the Director+ group.</td></tr><tr><td colspan="1">Senior management should consist of no less than 25% female members by 2021. In 2018/19, the share of female leaders in senior management roles increased to 19%. The senior management team has a diverse composition with a large share of international profiles, as 36% of senior management were nonÂDanish on 31 May 2019.</td></tr><tr><td colspan="1">The Board of Directors believes that members should be chosen for their overall competences, and also recognises the benefits of a diverse board in respect of experience, culture and gender. In 2015, the Board of Directors set a target for female representation according to which the company's goal is to have two female members of the Board of Directors elected by the General Meeting by 2019.</td></tr><tr><td colspan="1">Role in society</td></tr><tr><td colspan="1">Bang &amp; Olufsen operates in a responsible and transparent manner and is committed to creating value to all the companyâs stakeholders. The company will continue to share knowledge and making the companyâs expertise available to society and stakeholders, while continuing to support community initiatives in the societies in which the company operates. Towards 2020/21, the company will work to enhance two particular areas</td></tr><tr><td colspan="1">⢠Sound &amp; Health: Bang &amp; Olufsen aims to use its core capabilities within sound to help improve the quality of life for people by contributing to research and helping to create awareness of the positive effect sound can have in healthÂrelated areas.</td></tr><tr><td colspan="1">⢠Future Innovators: Help nurture and inspire the next generation to develop skillsets within areas such as technology engineering craftsmanship and design, which is related to the companyâs core capabilities. Bang &amp; Olufsen aims to do that by sharing expertise, making the companyâs resources available and working with relevant institutions and partner</td></tr><tr><td colspan="1">Responsible partner</td></tr><tr><td colspan="1">Bang &amp; Olufsen wants to ensure responsible supplier and retail relationships by integrating the companyâs environmental, social and ethical standards and by continuing to focus on impact and risk in its dialogue with key partners.</td></tr><tr><td colspan="1">In particular, supply chain relationship is becoming an increasingly important aspect, given the everÂhigher stakeholder expectations, and because Bang &amp; Olufsenâs business model is changing towards becoming more of a partnerÂbased approach. Therefore, the company will continue its constructive dialogue with its supply chain based with a view to driving continuous improvements and based on the assumption that suppliers share Bang &amp; Olufsenâs commitments to international principles for human rights, labour rights, the environment and anticorruption.</td></tr><tr><td colspan="1">In addition, Bang &amp; Olufsen will work with retail partners to ensure that they live up to the ethical and social standards and expectations from all stakeholders.</td></tr><tr><td colspan="1">CSR HIGHLIGHTS 2018/19</td></tr><tr><td colspan="1">In 2018/19, Bang &amp; Olufsen made good progress on several key focus areas in the CSR strategy.</td></tr><tr><td colspan="1">The highlights were</td></tr><tr><td colspan="1">⢠The company reduced its CO2 emissions and completed a comprehensive analysis of the environmental and climate impact of the companyâs products. Key recommendations from this analysis will be implemented during 2019/20.</td></tr><tr><td colspan="1">⢠Employee engagement fell slightly. This was likely due to several organisational changes. Measures have been initiated to counter that development.</td></tr><tr><td colspan="1">⢠Thanks to a focused effort, the company saw a decline in longÂterm illness caused by psychological work environment compared to last year.</td></tr><tr><td colspan="1">⢠The company did not succeed in reducing the accident frequency enough to achieve the target for 2018/19.</td></tr><tr><td colspan="1">⢠Bang &amp; Olufsen saw an increase in female leaders in senior management roles, which is now at 19% and very close to the diversity target for the year.</td></tr><tr><td colspan="1">⢠Bang &amp; Olufsen supported 16 new startÂups as part of the companyâs partnership with Sound Hub Denmark. Also, the company initiated more than 11 new STEMÂrelated initiatives to help inspire young people.</td></tr><tr><td colspan="1">⢠while the company contributed with two new research initiatives related to sound and health, Bang &amp; Olufsen did not identify a global organisation to partner with in order to raise awareness of the positive impact music may have on mental health.</td></tr><tr><td colspan="1">⢠All tier 1 suppliers have now been certified and monobrand retail partners in EU signed the new data protection agreements as part of the GDPR programme.</td></tr><tr><td colspan="1">Bang &amp; Olufsen made solid progress on its CSR strategy in 2017/18. In 2019/20, the company will continue to execute on the strategy with a particular focus on sustainable products and packaging, working with key partners to reduce the companyâs environmental footprint and increase Bang &amp; Olufsen's contribution to society.</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">Bang &amp; Olufsen has a twoÂtiered management structure. As per current practice in Denmark, responsibility is divided between the nonÂexecutive Board of Directors and the Executive Management Board, which are independent of each other. The Board of Directors determines the overall strategy and supervises Bang &amp; Olufsenâs activities, management and organisation, while the Executive Management Board is in charge of the dayÂtoÂday management.</td></tr><tr><td colspan="1">Members of the Executive Management Board do not serve on the Board of Directors.</td></tr><tr><td colspan="1">The companyâs Board of Directors and Executive Management Board constantly strive to ensure transparency and accountability by building trusting relationships with shareholders, consumers, suppliers, employees and the local communities in which the company operates.</td></tr><tr><td colspan="1">Compliance with the Recommendations on Corporate Governance</td></tr><tr><td colspan="1">Bang &amp; Olufsen is subject to the Recommendations on Corporate Governance as updated in November 2017 (the âRecommendationsâ), prepared by the Danish Committee on Corporate</td></tr><tr><td colspan="1">Governance.</td></tr><tr><td colspan="1">The Board of Directors regularly reviews Bang &amp; Olufsenâs corporate governance framework and policies in relation to the Recommendations as well as any relevant statutory requirements and continuously assesses the need for adjustments. At 31 May 2019, Bang &amp; Olufsen followed all Recommendations.</td></tr><tr><td colspan="1">Bang &amp; Olufsen has prepared a detailed Corporate Governance Report in accordance with Section 107b of the Danish Financial Statements Act, which includes a description of the composition of the Board of Directors and its work over the past year as well as a description of the main elements of the companyâs internal control and risk management system. The Corporate Governance Report can be found at https://investor.bangÂolufsen.com.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">The Board of Directors currently has eleven members, eight of whom are elected by the shareholders. Three Board members are elected by the employees in accordance with the Danish Companies Act. The shareholderÂelected members are elected for terms of one year while employee representatives are elected for terms of four years in accordance with current legislation. All shareholderÂelected members are independent. For further information about the individual board members, please see the section âBoard of Directorsâ on pages 51Â54.</td></tr><tr><td colspan="1">Between eight and ten board meetings are held each year, with ad hoc meetings being held if necessary. In 2018/19, the Board of Directors held 13 meetings.</td></tr><tr><td colspan="1">The Board of Directors believes that members should be chosen on the basis of their overall competencies, and also recognises the benefits of board diversity in respect of experience, cultural background and gender. Each year, the Board of Directors considers the skills and competencies that should be represented on the Board of Directors on the basis of a recommendation from the Nomination Committee. These skills are described in detail in the Companyâs Corporate Governance Report. For skills and competences possessed by each respective member of the Board of Directors, please see the section âBoard of Directorsâ on pages 51Â54.</td></tr><tr><td colspan="1">Board committees</td></tr><tr><td colspan="1">The Board of Directors has established four committees: a Remuneration Committee, a Nomination Committee, an Audit Committee and a Technology Committee. The committees are tasked with preparing decisions and recommendations for assessment and approval by the Board of Directors. The committees report to the Board of Directors and each committee has a detailed charter setting out its most important tasks and responsibilities. The tasks and work of the committees are described in more detail in the Corporate Governance Report.</td></tr><tr><td colspan="1">The table below illustrates Board meeting and committee attendance over the past year.</td></tr><tr><td colspan="1">Board evaluation process</td></tr><tr><td colspan="1">The Chairman of the Board of Directors conducts an annual board selfÂassessment and review of the Boardâs performance, addressing the effectiveness of the Board, the processes supporting its work, individual board membersâ contributions, the Chairmanâs performance and the cooperation with the Executive Management Board.</td></tr><tr><td colspan="1">Each year the individual members of the Board of Directors and Executive Management Board perform a selfÂevaluation by anonymously completing a comprehensive online questionnaire, which is then summarised by an external consultant. Ratings and comments are consolidated and shared with the Board of Directors followed by a Board discussion on potential improvements.</td></tr><tr><td colspan="1">The Chairman presented the results of the evaluation to the Board of Directors in August 2018. According to the conclusion of the evaluation, the Board of Directors is generally well organised, wellÂfunctioning and work on the Board is characterised by an open and trusting relationship and cooperation both among the members of the Board and with the Executive Management Board. The selfÂassessment also concluded that the Board of Directors continues to demonstrate industry knowledge and experience which is well suited to support Bang &amp; Olufsenâs business and strategic direction.</td></tr><tr><td colspan="1">The evaluation also identified certain areas for improvement within the following areas</td></tr><tr><td colspan="1">i) increase focus on structured succession planning and talent development,</td></tr><tr><td colspan="1">ii) ensure that relevant inspiration and data is sought outside the Company in specific areas where experience or insight is currently limited, and</td></tr><tr><td colspan="1">iii) ensure that strong relations and cooperation are built between the Board of Directors and new members of the Executive Management Board.</td></tr><tr><td colspan="1">Steps have been taken to achieve improvements within all of these areas.</td></tr><tr><td colspan="1">The Chairman has held individual meetings with each of the other members of the Board of Directors to review their performance.</td></tr><tr><td colspan="1">Remuneration</td></tr><tr><td colspan="1">The remuneration of the Board of Directors and the Executive Management Board is designed to support the strategic goals of the company and to promote value creation for the benefit of the companyâs shareholders and other stakeholders. Remuneration levels must ensure that the company is able to attract, motivate and retain highly qualified members for both the Executive Management Board and the Board of Directors.</td></tr><tr><td colspan="1">The company's remuneration policy is reviewed annually by the Remuneration Committee and the Board of Directors.</td></tr><tr><td colspan="1">The remuneration policy as well as the full remuneration report for the financial year 2018/19 can be found at https://investor.bangÂolufsen.com.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">The remuneration of members of the Board of Directors comprises a fixed annual base fee and fixed annual supplementary fees for the Chairman, the Deputy Chairman, and members and chairmen of permanent committees.</td></tr><tr><td colspan="1">Members of the Board of Directors do not receive incentiveÂbased remuneration. However, to align the interests of the Board of Directors with the companyâs shareholders, each member of the Board elected by the general meeting is obliged to invest in shares issued by the company not later than 12 months after the date of the memberâs election to the Board for an amount at least corresponding to the annual base fee paid to an ordinary member of the Board according to the most recent annual report and to keep such shareholding for as long as the individual is a member of the Board.</td></tr><tr><td colspan="1">Executive Management Board</td></tr><tr><td colspan="1">Members of the Executive Management Board are entitled to an annual remuneration in accordance with the remuneration policy which may consist of the following fixed and variable remuneration components</td></tr><tr><td colspan="1">⢠Fixed base salary, including pension contribution</td></tr><tr><td colspan="1">⢠Variable remuneration consisting of</td></tr><tr><td colspan="1">i) nonÂshare based cash bonus and/or (ii) shareÂbased remuneration</td></tr><tr><td colspan="1">⢠Termination and severance payments</td></tr><tr><td colspan="1">⢠Customary nonÂmonetary employment benefits</td></tr><tr><td colspan="1">The individual composition of remuneration is determined with a view to contributing to the companyâs ability to attract and retain competent key employees while, at the same time, ensuring that the Executive Management Board has an incentive through variable remuneration to create added value for the benefit of the company's shareholders. For detailed information on remuneration, see notes 3.2 and 3.3 as well as the remuneration report for 2018/19 which is available at https://investor.bangÂolufsen.com</td></tr></table></mrv:CorporateGovernanceReport>
<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 Board have today discussed and approved the Annual Report of the Bang &amp; Olufsen Group and the parent company for 2018/19.</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 has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish 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 and the Parent Companyâs financial statements give a true and fair view of the Groupâs and the Parent Companyâs financial position at 31 May 2019 and of the results of the Groupâs and the Parent Companyâs operations and cash flow for the financial year 1 June 2018 â 31 May 2019.</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">Further, in our opinion the Management review includes a fair review of the development in the Groupâs and the Parent Companyâs operations and financial matters, of the result for the year, and of the Groupâs and the Parent Companyâs financial position as well as describing the significant risks and uncertainties affecting the Group and the Parent Company.</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 that the Annual General Meeting approve the Annual Report.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Struer</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2019-07-11</sob:DateOfApprovalOfAnnualReport>
<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 AUDITOR'S 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 2018 â 31 May 2019, which comprise income statement, statement of comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the 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.</td></tr><tr><td colspan="1">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 2019 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 June 2018 â 31 May 2019 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 "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") 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 Accountants' 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.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not provided any prohibited nonÂaudit 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 7 years up until and including the financial year 2018/19.</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 2018/19. 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 "Auditor's responsibilities for the audit of the financial statements" 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 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">Valuation of deferred tax assets</td></tr><tr><td colspan="1">The group has recognised deferred tax assets of DKK 261 million as at 31 May 2019 of which DKK 149 million relate to tax loss carry forwards and DKK 112 million relate to temporary differences. The group has recognised the deferred 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 2.4 â Tax of the consolidated financial statements. This area was significant to our audit due to the amount of the recognised deferred tax assets as well as the inherent uncertainty related to Managementâs estimates in forecasting future taxable profits, including expectations for future revenue and margin developments.</td></tr><tr><td colspan="1">Our audit procedures included evaluating Managementâs assumptions and method ologies, and testing consistency between the assumptions used in the measurement of deferred tax assets against the longterm forecast and strategy plans. Furthermore, we assessed the appropriateness of the disclosures in Note 2.4 Â Tax of the consolidated financial statements against applicable financial reporting standards.</td></tr><tr><td colspan="1">Revenue recognition</td></tr><tr><td colspan="1">Revenue is recognised when control of the goods have been transferred to the customer and is measured at the fair value of the expected consideration to be received, less rebates, discounts, sales taxes, duties and expected sales returns. we refer to Note 2.2 Â Revenue of the consolidated financial statements. Revenue recognition was a significant matter in our audit due to the estimates and judgements necessary by Management in respect of timing of transfer of control to the customers and measurement of rebates and discounts.</td></tr><tr><td colspan="1">Our procedures included considering the appropriateness of the groupâs accounting policies in relation to revenue, assessment of internal controls related to timing and measurement of revenue and test of a sample of customer contracts to assess the completeness and measurement of recognised rebates and discounts. we have applied data analytics and performed sample testing of sales transactions close to the balance sheet date as well as credit notes issued after the balance date to verify whether those transactions were recognised in the correct period and at correct amounts. Furthermore, we assessed the appropriateness of the disclosures in note 2.2 Â Revenue against applicable financial reporting standards.</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 Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's 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 Management's 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 Management's 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 Management's 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">Management's 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 Group's and the Parent Company's 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">Auditor's 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 auditor's 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 Group's and the Parent Company's 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 Management's 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 Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's 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 auditor's 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 significant 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 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 are therefore the key audit matters. we describe these matters in our auditor's 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 adverse 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">2019-07-11</arr:SignatureOfAuditorsDate>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">Bang & Olufsen A/S</gsd:NameOfReportingEntity>
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<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">41257911</gsd:IdentificationNumberCvrOfReportingEntity>
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<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2017-06-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2018-05-31</gsd:PredingReportingPeriodEndDate>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">5000 Odense</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2019-08-21</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">KÃ¥re Stult</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
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<cmn:NameOfAuditFirm contextRef="ctx28" xml:lang="da">Ernst & Young Godkendt Revisionspartnerskab</cmn:NameOfAuditFirm>
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