Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2021-05-31 | 2276000000 | vDKK |
| ifrs-full:Assets | 2020-05-31 | 1776000000 | vDKK |
| ifrs-full:Assets | 2021-05-31 | 1614000000 | vDKK |
| ifrs-full:Assets | 2020-05-31 | 1216000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-06-01 | 2021-05-31 | 2629000000 | vDKK |
| ifrs-full:Revenue | 2019-06-01 | 2020-05-31 | 2036000000 | vDKK |
| ifrs-full:Revenue | 2020-06-01 | 2021-05-31 | 400000000 | vDKK |
| ifrs-full:Revenue | 2019-06-01 | 2020-05-31 | 123000000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/11975214/amNsb3VkczovLzAzL2UzLzI3LzA0Lzk2Lzk5OWEtNDc5Yi05MmQ5LWFhYTM4ZTY3NDc5ZQ.xml
Separator
The full data:
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<gsd:ReportingPeriodStartDate contextRef="ctx1">2020-06-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1">2021-05-31</gsd:ReportingPeriodEndDate>
<mrv:StatementOfCorporateSocialResponsibility 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">CSR &amp; sustainability</td></tr><tr><td colspan="1">In 2020/21, Bang &amp; Olufsen</td></tr><tr><td colspan="1">continued to execute on its CSR &amp;</td></tr><tr><td colspan="1">sustainability strategy and achieved</td></tr><tr><td colspan="1">8 of 13 key targets for the year.</td></tr><tr><td colspan="1">Bang &amp; Olufsen has published a full CSR &amp; sustaina-</td></tr><tr><td colspan="1">bility report for 2020/21. The report outlines the</td></tr><tr><td colspan="1">companyâs strategy, initiatives and results achieved</td></tr><tr><td colspan="1">in the financial year. In addition, the report outlines</td></tr><tr><td colspan="1">the outlook and expectations for the financial year</td></tr><tr><td colspan="1">2021/22.</td></tr><tr><td colspan="1">The report complies with sections 99a and 99b of</td></tr><tr><td colspan="1">the Danish Financial Statements Act. The full report</td></tr><tr><td colspan="1">is available on the Bang &amp; Olufsen website at</td></tr><tr><td colspan="1">https://corporate.bang-olufsen.com/en/csr.</td></tr><tr><td colspan="1">ACTIVITIES AND RESULTS FOR 2020/21</td></tr><tr><td colspan="1">Bang &amp; Olufsenâs CSR &amp; sustainability strategy has</td></tr><tr><td colspan="1">four focus areas: Environmental Impact, Responsible</td></tr><tr><td colspan="1">Employer, Role in society, and Responsible partner.</td></tr><tr><td colspan="1">Action plans, annual targets and initiatives have</td></tr><tr><td colspan="1">been developed across all focus areas to ensure</td></tr><tr><td colspan="1">progress.</td></tr><tr><td colspan="1">In 2020/21, the company reached 8 out of 13 tar-</td></tr><tr><td colspan="1">gets.</td></tr><tr><td colspan="1">Due to higher than expected activity levels at the</td></tr><tr><td colspan="1">companyâs aluminium factory in Struer, Bang &amp;</td></tr><tr><td colspan="1">Olufsen saw an increase in the greenhouse gas</td></tr><tr><td colspan="1">emissions of its own buildings. Also, the company</td></tr><tr><td colspan="1">did not reach its target of reducing the emission in</td></tr><tr><td colspan="1">its own logistic system. This was primarily due to</td></tr><tr><td colspan="1">the COVID-19 pandemic that caused logistics and</td></tr><tr><td colspan="1">supply challenges and meant that more of the com-</td></tr><tr><td colspan="1">panyâs products had to be shipped by air rather</td></tr><tr><td colspan="1">than sea as planned. Product longevity has always</td></tr><tr><td colspan="1">been at the heart of Bang &amp; Olufsen, and with the</td></tr><tr><td colspan="1">launch of Beosound Level the company took an-</td></tr><tr><td colspan="1">other important step to deliver on its longevity</td></tr><tr><td colspan="1">promise. Based on a modular design approach, the</td></tr><tr><td colspan="1">speaker is built to last as technology changes.</td></tr><tr><td colspan="1">While the pandemic also had a major impact on the</td></tr><tr><td colspan="1">employees work life situation the company saw an</td></tr><tr><td colspan="1">increase in employee engagement, which was very</td></tr><tr><td colspan="1">encouraging. The company did not reach its targets</td></tr><tr><td colspan="1">to increase the share of women in senior manage-</td></tr><tr><td colspan="1">ments positions. Ensuring a diverse and inclusive</td></tr><tr><td colspan="1">culture is a priority for Bang &amp; Olufsen, and several initiatives will be launched to support that focus in</td></tr><tr><td colspan="1">2021/22, among other a Diversity, Equity &amp; Inclusion</td></tr><tr><td colspan="1">Council.</td></tr><tr><td colspan="1">Two of the six Board members elected by the Gen-</td></tr><tr><td colspan="1">eral Meeting are female and the company thus com-</td></tr><tr><td colspan="1">plies with the requirements for gender equality on</td></tr><tr><td colspan="1">the Board.</td></tr><tr><td colspan="1">Bang &amp; Olufsen supports start-ups via its partner-</td></tr><tr><td colspan="1">ship with Sound Hub Denmark in Struer. That work</td></tr><tr><td colspan="1">was, however, significantly impacted by the pande-</td></tr><tr><td colspan="1">mic and lockdowns, and thus the company did not</td></tr><tr><td colspan="1">achieve its target of helping at least 10 start-ups.</td></tr><tr><td colspan="1">The company will continue to strengthen its collaboration with Sound Hub Denmark to help the innovators of the future and explore new technology.</td></tr><tr><td colspan="1">The company continued to make improvements in</td></tr><tr><td colspan="1">line with its commitments to international principles</td></tr><tr><td colspan="1">of human â and labour rights, the environment and</td></tr><tr><td colspan="1">anti-corruption. A new compliance committee was</td></tr><tr><td colspan="1">established to strengthen procedures and culture,</td></tr><tr><td colspan="1">and a total of 346 employees received in-class training and an e-learning on business conduct and</td></tr><tr><td colspan="1">ethics. The company also achieved its target of im-</td></tr><tr><td colspan="1">proving the due diligence process for high-risk commercial partners. The company did not, however,</td></tr><tr><td colspan="1">manage to roll-out its new training programme on</td></tr><tr><td colspan="1">procurement processes to employees. This is not</td></tr><tr><td colspan="1">satisfactory and will be a key focus for the company</td></tr><tr><td colspan="1">next year.</td></tr><tr><td colspan="1">Update on sustainability targets 2020/21</td></tr><tr><td colspan="1">ENVIRONMENTAL IMPACT</td></tr><tr><td colspan="1">Bang &amp; Olufsen is committed to minimising the ad-</td></tr><tr><td colspan="1">verse impact on the environment and climate from</td></tr><tr><td colspan="1">the company's own operations and its supply chain</td></tr><tr><td colspan="1">as well as to continuously reducing the footprint of</td></tr><tr><td colspan="1">the company's products over their entire lifecycle.</td></tr><tr><td colspan="1">RESPONSIBLE EMPLOYER</td></tr><tr><td colspan="1">Bang &amp; Olufsen wants to be recognised as a people-</td></tr><tr><td colspan="1">oriented and responsible company. The company</td></tr><tr><td colspan="1">therefore has a strong focus on empowering employ-</td></tr><tr><td colspan="1">ees and helping them develop their skills as well as</td></tr><tr><td colspan="1">promoting the health and well-being of</td></tr><tr><td colspan="1">people at work. Furthermore, Bang &amp; Olufsen</td></tr><tr><td colspan="1">promotes diversity across gender, age, cultural back-</td></tr><tr><td colspan="1">ground, and competencies.</td></tr><tr><td colspan="1">ROLE IN SOCIETY</td></tr><tr><td colspan="1">Bang &amp; Olufsen operates in a responsible and trans-</td></tr><tr><td colspan="1">parent manner and is committed to creating value to</td></tr><tr><td colspan="1">all the company's stakeholders. The company will</td></tr><tr><td colspan="1">continue to share knowledge and make the compa-</td></tr><tr><td colspan="1">ny's expertise available to society and stakeholders,</td></tr><tr><td colspan="1">while continuing to support community initiatives in</td></tr><tr><td colspan="1">the societies in which the company operates.</td></tr><tr><td colspan="1">RESPONSIBLE PARTNER</td></tr><tr><td colspan="1">Bang &amp; Olufsen wants to strengthen partner relation-</td></tr><tr><td colspan="1">ships by engaging with suppliers to raise responsibi-</td></tr><tr><td colspan="1">lity standards and work with retail partners to create</td></tr><tr><td colspan="1">a strong compliance culture in order to ensure that</td></tr><tr><td colspan="1">they live up to the company's ethical and social</td></tr><tr><td colspan="1">standards and expectations from all stakeholders.</td></tr><tr><td colspan="1">CSR &amp; sustainability outlook 2021/22</td></tr><tr><td colspan="1">Since 2017/18, Bang &amp; Olufsen has been working to</td></tr><tr><td colspan="1">implement its CSR &amp; sustainability strategy with fo-</td></tr><tr><td colspan="1">cus on four key themes: Environmental Impact, Re-</td></tr><tr><td colspan="1">sponsible Employer, Role in Society, and Responsi-</td></tr><tr><td colspan="1">ble Partner.</td></tr><tr><td colspan="1">Despite the financial challenges facing the company</td></tr><tr><td colspan="1">throughout that period, Bang &amp; Olufsen has achie-</td></tr><tr><td colspan="1">ved good progress and integrated sustainability</td></tr><tr><td colspan="1">even more into its day-to-day operations, reducing</td></tr><tr><td colspan="1">its adverse environmental impact as well as</td></tr><tr><td colspan="1">strengthened the companyâs societal contribution.</td></tr><tr><td colspan="1">The company will continue to execute on the cur-</td></tr><tr><td colspan="1">rent strategy in 2021/22, but a strategy develop-</td></tr><tr><td colspan="1">ment process will be initiated during the financial</td></tr><tr><td colspan="1">year with the aim to present a new and revised su-</td></tr><tr><td colspan="1">stainability framework for Bang &amp; Olufsen.</td></tr><tr><td colspan="1">In the spring of 2020/21, Bang &amp; Olufsen completed</td></tr><tr><td colspan="1">an analysis and benchmarking of its sustainability</td></tr><tr><td colspan="1">efforts, and the company will engage in further dia-</td></tr><tr><td colspan="1">logue with key stakeholders in 2021/22 on environ-</td></tr><tr><td colspan="1">mental, social, and governance aspects.</td></tr><tr><td colspan="1">Based on this, Bang &amp; Olufsen will present a new</td></tr><tr><td colspan="1">strategy together with long-term key targets to en-</td></tr><tr><td colspan="1">sure that the company has the right metrics in place</td></tr><tr><td colspan="1">for tracking its impact and contribution in a reliable</td></tr><tr><td colspan="1">way.</td></tr><tr><td colspan="1">OUTLOOK FOR SUSTAINABILITY WORK 2021/22</td></tr><tr><td colspan="1">Theme Outlook</td></tr><tr><td colspan="1">Environmental impact</td></tr><tr><td colspan="1">⢠Continue work to minimise greenhouse gas footprint in buildings and own logistics system through targeted initiatives</td></tr><tr><td colspan="1">⢠Determine the companyâs greenhouse gas footprint according to the greenhouse gas protocol (scope 1-3) and set target for becoming climate neutral</td></tr><tr><td colspan="1">⢠Expand longevity and circularity product programmes to support the companyâs commitment to create more sustainable products and increase transparency across the value chain</td></tr><tr><td colspan="1">Responsible employer</td></tr><tr><td colspan="1">⢠Increase focus on good employee experiences throughout employee journeys</td></tr><tr><td colspan="1">⢠Establish a Diversity, Equity &amp; Inclusion Council</td></tr><tr><td colspan="1">⢠Ensure a fair, non-biased recruitment process with the right composition of gender, age, cultural background, and competencies</td></tr><tr><td colspan="1">⢠Continue to focus on building the companyâs talent pipeline and succession plan</td></tr><tr><td colspan="1">though the Leadership Accelerator Program and planned Talent Program</td></tr><tr><td colspan="1">Role in society ⢠Develop partnership with Sound Hub Denmark and Danish Sound Cluster to</td></tr><tr><td colspan="1">support innovators and development of STEM skills among young people</td></tr><tr><td colspan="1">⢠Maintain a focus on community engagement and stakeholder dialogue, including</td></tr><tr><td colspan="1">supporting STEM educations</td></tr><tr><td colspan="1">⢠Continue the efforts to explore the impact of sound on peopleâs health and well-</td></tr><tr><td colspan="1">being through research programmes</td></tr><tr><td colspan="1">Responsible partner ⢠Include relevant ESG statements in Business Conduct &amp; Ethics Policy and People</td></tr><tr><td colspan="1">&amp; Diversity Policy and set relevant compliance metrics</td></tr><tr><td colspan="1">⢠Continue work with embedding compliance even more into our day-to-day ope-</td></tr><tr><td colspan="1">rations and implement structured training programmes</td></tr><tr><td colspan="1">⢠Report on internal speak-up setup (whistleblower system)</td></tr><tr><td colspan="1">⢠Continue ethical screening and training of new monobrand partners</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<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 two-tiered management struc-</td></tr><tr><td colspan="1">ture. In accordance with current practice in Den-</td></tr><tr><td colspan="1">mark, responsibility is divided between the non-exe-</td></tr><tr><td colspan="1">cutive Board of Directors and the Executive Mana-</td></tr><tr><td colspan="1">gement Board, which are independent of each</td></tr><tr><td colspan="1">other. The Board of Directors determines the overall</td></tr><tr><td colspan="1">strategy and supervises Bang &amp; Olufsen's activities,</td></tr><tr><td colspan="1">management and organisation, while the Executive</td></tr><tr><td colspan="1">Management Board is in charge of the day-to-day</td></tr><tr><td colspan="1">management. Members of the Executive Manage-</td></tr><tr><td colspan="1">ment Board do not serve on the Board of Directors.</td></tr><tr><td colspan="1">The company's Board of Directors and Executive</td></tr><tr><td colspan="1">Management Board constantly strive to ensure</td></tr><tr><td colspan="1">transparency and accountability by building trusting</td></tr><tr><td colspan="1">relationships with shareholders, customers, suppli-</td></tr><tr><td colspan="1">ers, employees, and the local communities in which</td></tr><tr><td colspan="1">the company operates.</td></tr><tr><td colspan="1">Compliance with the Recommendations</td></tr><tr><td colspan="1">on Corporate Governance</td></tr><tr><td colspan="1">Bang &amp; Olufsen is subject to the Recommendations</td></tr><tr><td colspan="1">on Corporate Governance as updated in November</td></tr><tr><td colspan="1">2017 (the Recommendations), prepared by the Dan-</td></tr><tr><td colspan="1">ish Committee on Corporate Governance. The</td></tr><tr><td colspan="1">Board of Directors regularly reviews Bang &amp;</td></tr><tr><td colspan="1">Olufsen's corporate governance framework and po-</td></tr><tr><td colspan="1">licies in relation to the Recommendations as well as</td></tr><tr><td colspan="1">any relevant statutory requirements and continu-</td></tr><tr><td colspan="1">ously assesses the need for adjustments. At 31 May</td></tr><tr><td colspan="1">2021, Bang &amp; Olufsen was following all Recommen-</td></tr><tr><td colspan="1">dations.</td></tr><tr><td colspan="1">Bang &amp; Olufsen has prepared a detailed Corporate</td></tr><tr><td colspan="1">Governance Report in accordance with Section 107b</td></tr><tr><td colspan="1">of the Danish Financial Statements Act. The report</td></tr><tr><td colspan="1">includes a description of the composition of the</td></tr><tr><td colspan="1">Board of Directors and its work over the past year</td></tr><tr><td colspan="1">as well as a description of the main elements of the</td></tr><tr><td colspan="1">company's internal control and risk management</td></tr><tr><td colspan="1">system. The Corporate Governance Report can be</td></tr><tr><td colspan="1">found at https://investor.bang-olufsen.com.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">The Board of Directors currently has ten members,</td></tr><tr><td colspan="1">six of whom are elected by the shareholders. Four</td></tr><tr><td colspan="1">Board members are elected by the employees in ac-</td></tr><tr><td colspan="1">cordance with the Danish Companies Act. The</td></tr><tr><td colspan="1">shareholder-elected members are elected for terms</td></tr><tr><td colspan="1">of one year, while employee representatives are</td></tr><tr><td colspan="1">elected for terms of four years in accordance with</td></tr><tr><td colspan="1">current legislation. All shareholder-elected members</td></tr><tr><td colspan="1">are independent.</td></tr><tr><td colspan="1">Normally, between eight and ten Board meetings</td></tr><tr><td colspan="1">are held each year, with ad hoc meetings being held</td></tr><tr><td colspan="1">if necessary. In 2020/21, 13 meetings were held.</td></tr><tr><td colspan="1">The Board of Directors believes that members</td></tr><tr><td colspan="1">should be chosen on the basis of their overall com-</td></tr><tr><td colspan="1">petencies, and also recognises the benefits of Board</td></tr><tr><td colspan="1">diversity in respect of experience, cultural back-</td></tr><tr><td colspan="1">ground and gender. Each year, the Board of Direc-</td></tr><tr><td colspan="1">tors considers the skills and competencies that</td></tr><tr><td colspan="1">should be represented on the Board of Directors on</td></tr><tr><td colspan="1">the basis of a recommendation from the Nomination Committee. These skills are described in detail in the</td></tr><tr><td colspan="1">company's Corporate Governance Report.</td></tr><tr><td colspan="1">For more information about individual Board mem-</td></tr><tr><td colspan="1">bers, including skills and competencies possessed</td></tr><tr><td colspan="1">by each Board member, see the section 'Board of</td></tr><tr><td colspan="1">Directors' on pages 42-45.</td></tr><tr><td colspan="1">Board committees and Advisory Board</td></tr><tr><td colspan="1">The Board of Directors has established four commit-</td></tr><tr><td colspan="1">tees: a Remuneration Committee, a Nomination</td></tr><tr><td colspan="1">Committee, an Audit Committee and a Technology</td></tr><tr><td colspan="1">Committee. The committees are tasked with prepar-</td></tr><tr><td colspan="1">ing decisions and recommendations for assessment</td></tr><tr><td colspan="1">and approval by the Board of Directors. The com-</td></tr><tr><td colspan="1">mittees report to the Board of Directors. Each com-</td></tr><tr><td colspan="1">mittee has detailed terms of reference setting out</td></tr><tr><td colspan="1">its most important tasks and responsibilities. The</td></tr><tr><td colspan="1">tasks and work of the committees are described in</td></tr><tr><td colspan="1">more detail in the Corporate Governance Report.</td></tr><tr><td colspan="1">Furthermore, the Board of Directors has established</td></tr><tr><td colspan="1">a China Advisory Board to (i) ensure that trends and</td></tr><tr><td colspan="1">learnings from China are captured and (ii) provide</td></tr><tr><td colspan="1">guidance and support for the Chinese part of the</td></tr><tr><td colspan="1">business to support the growth trajectory in China.</td></tr><tr><td colspan="1">Board evaluation process</td></tr><tr><td colspan="1">The Chairman of the Board of Directors conducts an</td></tr><tr><td colspan="1">annual board self-assessment and review of the</td></tr><tr><td colspan="1">Board's performance, addressing the effectiveness</td></tr><tr><td colspan="1">of the Board, the processes supporting its work,</td></tr><tr><td colspan="1">individual Board members' contributions, the Chairman's performance, and the cooperation with</td></tr><tr><td colspan="1">the Executive Management Board.</td></tr><tr><td colspan="1">The assessment is conducted by way of each indi-</td></tr><tr><td colspan="1">vidual Board member and member of the Executive</td></tr><tr><td colspan="1">Management Board anonymously completing a</td></tr><tr><td colspan="1">comprehensive online questionnaire, which is then</td></tr><tr><td colspan="1">summarised by an external consultant. Ratings and</td></tr><tr><td colspan="1">comments are consolidated and shared with the</td></tr><tr><td colspan="1">Board of Directors followed by a Board discussion</td></tr><tr><td colspan="1">on potential improvements.</td></tr><tr><td colspan="1">The Chairman also conducts a personal interview</td></tr><tr><td colspan="1">with each of the members of the Board of Directors</td></tr><tr><td colspan="1">to collect detailed feed-back and input on the</td></tr><tr><td colspan="1">Board's performance and improvement areas.</td></tr><tr><td colspan="1">The Chairman presented the results of the evalua-</td></tr><tr><td colspan="1">tion to the Board of Directors in July 2021. Accord-</td></tr><tr><td colspan="1">ing to the conclusion of the evaluation, the Board of</td></tr><tr><td colspan="1">Directors identified certain minor areas for improve-</td></tr><tr><td colspan="1">ment within the following areas</td></tr><tr><td colspan="1">⢠Increase focus on structured succession planning.</td></tr><tr><td colspan="1">This has also been an observation in previous</td></tr><tr><td colspan="1">years. However, as the organisation has been sig-</td></tr><tr><td colspan="1">nificantly changed and many managers in leader-</td></tr><tr><td colspan="1">ship positions have been replaced during the past</td></tr><tr><td colspan="1">year, the succession planning process is still un-</td></tr><tr><td colspan="1">dergoing. The Board will maintain focus on this</td></tr><tr><td colspan="1">area and is also looking to couple the succession</td></tr><tr><td colspan="1">planning with the companyâs efforts within talent management to secure the succession pipeline is</td></tr><tr><td colspan="1">in place.</td></tr><tr><td colspan="1">⢠Allocation of more time for deep-dive discussions</td></tr><tr><td colspan="1">at each Board meeting.</td></tr><tr><td colspan="1">The Chairman has reviewed the performance with</td></tr><tr><td colspan="1">each member of the Board of Directors and pro-</td></tr><tr><td colspan="1">vided each member with feedback on their perfor-</td></tr><tr><td colspan="1">mance.</td></tr><tr><td colspan="1">Remuneration</td></tr><tr><td colspan="1">The remuneration of the Board of Directors and the</td></tr><tr><td colspan="1">Executive Management Board is designed to sup-</td></tr><tr><td colspan="1">port the strategic goals of the company and to pro-</td></tr><tr><td colspan="1">mote value creation for the benefit of the compa-</td></tr><tr><td colspan="1">ny's shareholders and other stakeholders.</td></tr><tr><td colspan="1">Remuneration levels must ensure that the company</td></tr><tr><td colspan="1">is able to attract, motivate and retain highly quali-</td></tr><tr><td colspan="1">fied members for both the Executive Management</td></tr><tr><td colspan="1">Board and the Board of Directors.</td></tr><tr><td colspan="1">The company's remuneration policy is reviewed</td></tr><tr><td colspan="1">annually by the Remuneration Committee and the</td></tr><tr><td colspan="1">Board of Directors. The remuneration policy and the</td></tr><tr><td colspan="1">full remuneration report for the financial year</td></tr><tr><td colspan="1">2020/21 can be found at https://investor.bang-</td></tr><tr><td colspan="1">olufsen.com.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">The remuneration of members of the Board of</td></tr><tr><td colspan="1">Directors comprises a fixed annual base fee and</td></tr><tr><td colspan="1">fixed annual supplementary fees for the Chairman,</td></tr><tr><td colspan="1">the Vice Chairman, and members and chairmen of permanent committees. As part of the company's</td></tr><tr><td colspan="1">COVID-19 initiatives, the Board of Directors accepted a temporary voluntary fee reduction of 20%</td></tr><tr><td colspan="1">from June 2020 to August 2020.</td></tr><tr><td colspan="1">Members of the Board of Directors do not receive</td></tr><tr><td colspan="1">incentive-based remuneration. To align the interests</td></tr><tr><td colspan="1">of the Board of Directors with the company's share-</td></tr><tr><td colspan="1">holders, each member of the Board elected by the</td></tr><tr><td colspan="1">general meeting is obliged to invest in shares issued</td></tr><tr><td colspan="1">by the company not later than 12 months after the</td></tr><tr><td colspan="1">date of the member's election to the Board for an</td></tr><tr><td colspan="1">amount at least corresponding to the annual base</td></tr><tr><td colspan="1">fee paid to an ordinary member of the Board ac-</td></tr><tr><td colspan="1">cording to the most recent annual report and to</td></tr><tr><td colspan="1">keep such shareholding for as long as the individual</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">entitled to annual remuneration in accordance with</td></tr><tr><td colspan="1">the remuneration policy. The policy may consist of</td></tr><tr><td colspan="1">the following fixed and variable remuneration com-</td></tr><tr><td colspan="1">ponents</td></tr><tr><td colspan="1">⢠Fixed base salary, including pension contribution</td></tr><tr><td colspan="1">⢠Variable remuneration consisting of (i) non-share-</td></tr><tr><td colspan="1">based cash bonus and/or (ii) share-based remu-</td></tr><tr><td colspan="1">neration</td></tr><tr><td colspan="1">⢠Termination and severance payments</td></tr><tr><td colspan="1">⢠Customary non-monetary employment benefits</td></tr><tr><td colspan="1">⢠Extraordinary incentive grants, including an extraordinary short-term cash-based retention pro-</td></tr><tr><td colspan="1">gramme</td></tr><tr><td colspan="1">The individual composition of remuneration is deter-</td></tr><tr><td colspan="1">mined with a view to contributing to the company's</td></tr><tr><td colspan="1">ability to attract and retain competent key employees while ensuring that the Executive Management</td></tr><tr><td colspan="1">Board has an incentive through variable remuneration to create added value for the benefit of the</td></tr><tr><td colspan="1">company's shareholders. For detailed information</td></tr><tr><td colspan="1">on remuneration, see notes 3.2 and 3.3 and the remuneration report for 2020/21, which is available at</td></tr><tr><td colspan="1">https://investor.bang-olufsen.com.</td></tr><tr><td colspan="1">As part of the company's COVID-19 initiatives, the</td></tr><tr><td colspan="1">Executive Management Board accepted a temporary voluntary fee reduction of 20% from June 2020</td></tr><tr><td colspan="1">to August 2020.</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 An-</td></tr><tr><td colspan="1">nual Report of the Bang &amp; Olufsen Group and the Parent Company for 2020/21.</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</td></tr><tr><td colspan="1">(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 Company financial statements give a</td></tr><tr><td colspan="1">true and fair view of the Groupâs and the Parent Companyâs assets, liabilities and financial position at 31 May</td></tr><tr><td colspan="1">2021, and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 June 2020 â 31 May 2021.</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">In our opinion, the Managementâs review includes a fair review of the development in the Groupâs and the</td></tr><tr><td colspan="1">Parent Companyâs operations and financial matters, of the result for the year, and of the Groupâs and the</td></tr><tr><td colspan="1">Parent Companyâs financial position in general, as well as a description of the significant risks and uncertainty factors pertaining to 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 approves the Annual Report.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Struer</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2021-07-07</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 state-</td></tr><tr><td colspan="1">ments and the parent company financial statements</td></tr><tr><td colspan="1">of Bang &amp; Olufsen A/S for the financial year 1 June</td></tr><tr><td colspan="1">2020 â 31 May 2021, which comprise income state-</td></tr><tr><td colspan="1">ment, statement of comprehensive income, state-</td></tr><tr><td colspan="1">ment of financial position, statement of cash flows,</td></tr><tr><td colspan="1">statement of changes in equity and notes, including</td></tr><tr><td colspan="1">accounting policies, for the Group and the Parent</td></tr><tr><td colspan="1">Company. The consolidated financial statements</td></tr><tr><td colspan="1">and the parent company financial statements are</td></tr><tr><td colspan="1">prepared in accordance with International Financial</td></tr><tr><td colspan="1">Reporting Standards as adopted by the EU and ad-</td></tr><tr><td colspan="1">ditional requirements of the Danish Financial State-</td></tr><tr><td colspan="1">ments Act.</td></tr><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 financial position of the</td></tr><tr><td colspan="1">Group and the Parent Company at 31 May 2021 and</td></tr><tr><td colspan="1">of the results of the Group's and the Parent Compa-</td></tr><tr><td colspan="1">ny's operations and cash flows for the financial year</td></tr><tr><td colspan="1">1 June 2020 â 31 May 2021 in accordance with Inter-</td></tr><tr><td colspan="1">national Financial Reporting Standards as adopted</td></tr><tr><td colspan="1">by the EU and additional requirements of the Danish</td></tr><tr><td colspan="1">Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our long-form audit</td></tr><tr><td colspan="1">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 Interna-</td></tr><tr><td colspan="1">tional Standards on Auditing (ISAs) and additional</td></tr><tr><td colspan="1">requirements applicable in Denmark. Our responsi-</td></tr><tr><td colspan="1">bilities under those standards and requirements are</td></tr><tr><td colspan="1">further described in the "Auditor's responsibilities</td></tr><tr><td colspan="1">for the audit of the consolidated financial state-</td></tr><tr><td colspan="1">ments and the Parent Company financial state-</td></tr><tr><td colspan="1">ments" (hereinafter collectively referred to as "the</td></tr><tr><td colspan="1">financial statements") section of our report. We be-</td></tr><tr><td colspan="1">lieve that the audit evidence we have obtained is</td></tr><tr><td colspan="1">sufficient and appropriate to provide a basis for our</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">with the International Ethics Standards Board for</td></tr><tr><td colspan="1">Accountants' Code of Ethics for Professional Ac-</td></tr><tr><td colspan="1">countants (IESBA Code) and additional require-</td></tr><tr><td colspan="1">ments applicable in Denmark, and we have fulfilled</td></tr><tr><td colspan="1">our other ethical responsibilities in accordance with</td></tr><tr><td colspan="1">these rules and requirements.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not provided</td></tr><tr><td colspan="1">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;</td></tr><tr><td colspan="1">Olufsen A/S for the financial year 2012/13. We have</td></tr><tr><td colspan="1">been reappointed annually by resolution of the</td></tr><tr><td colspan="1">general meeting for a total consecutive period of 9</td></tr><tr><td colspan="1">years up to and including the financial year 2020/21.</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 pro-</td></tr><tr><td colspan="1">fessional judgement, were of most significance in</td></tr><tr><td colspan="1">our audit of the financial statements for the financial</td></tr><tr><td colspan="1">year 2020/21. These matters were addressed during</td></tr><tr><td colspan="1">our audit of the financial statements as a whole and</td></tr><tr><td colspan="1">in forming our opinion thereon. We do not provide a</td></tr><tr><td colspan="1">separate opinion on these matters. For each matter</td></tr><tr><td colspan="1">below, our description of how our audit addressed</td></tr><tr><td colspan="1">the matter is provided in that context.</td></tr><tr><td colspan="1">We have fulfilled our responsibilities described in</td></tr><tr><td colspan="1">the "Auditor's responsibilities for the audit of the</td></tr><tr><td colspan="1">financial statements" section, including in relation to</td></tr><tr><td colspan="1">the key audit matters below. Accordingly, our audit</td></tr><tr><td colspan="1">included the design and performance of procedures</td></tr><tr><td colspan="1">to respond to our assessment of the risks of mate-</td></tr><tr><td colspan="1">rial misstatement of the financial statements. The</td></tr><tr><td colspan="1">results of our audit procedures, including the</td></tr><tr><td colspan="1">procedures performed to address the matters</td></tr><tr><td colspan="1">below, provide the basis for our audit opinion on the</td></tr><tr><td colspan="1">financial statements.</td></tr><tr><td colspan="1">Revenue recognition from sale of goods</td></tr><tr><td colspan="1">Revenue is recognised when control of the goods</td></tr><tr><td colspan="1">has been transferred to the customer and is meas-</td></tr><tr><td colspan="1">ured at the fair value of the expected consideration</td></tr><tr><td colspan="1">to be received, less rebates, discounts, sales taxes,</td></tr><tr><td colspan="1">duties and expected sales returns. We refer to Note</td></tr><tr><td colspan="1">2.1 Operating Segment information and Note 2.2</td></tr><tr><td colspan="1">Revenue to the consolidated financial statements.</td></tr><tr><td colspan="1">Revenue recognition was a significant matter in our</td></tr><tr><td colspan="1">audit due to the necessary estimates and judgements necessary by Management in respect of timing of transfer of control to customers and completeness and measurement of rebates and</td></tr><tr><td colspan="1">discounts.</td></tr><tr><td colspan="1">Our procedures included considering the appropriateness of the Groupâs accounting policies in relation to revenue against applicable accounting standards, performing analytical procedures over rebates and discounts in relation to revenue and</td></tr><tr><td colspan="1">testing provisions for rebates and discounts by in-</td></tr><tr><td colspan="1">specting supporting documentation including custo-</td></tr><tr><td colspan="1">mer contracts on a sample basis. We have applied</td></tr><tr><td colspan="1">data analytics on sales and performed sample test-</td></tr><tr><td colspan="1">ing of sales transactions close to the balance sheet</td></tr><tr><td colspan="1">date as well as credit notes issued after the balance</td></tr><tr><td colspan="1">date to verify whether those transactions were rec-</td></tr><tr><td colspan="1">ognised in the correct period and at the correct</td></tr><tr><td colspan="1">amounts.</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</td></tr><tr><td colspan="1">DKK 87 million as at 31 May 2021 (31 May 2020</td></tr><tr><td colspan="1">DKK 58 million) of which DKK 19 million relate to tax</td></tr><tr><td colspan="1">loss carry forwards and DKK 68 million relate to</td></tr><tr><td colspan="1">temporary differences. The Group has recognised</td></tr><tr><td colspan="1">deferred tax assets to the extent that the realisation</td></tr><tr><td colspan="1">of the related tax benefits through future taxable</td></tr><tr><td colspan="1">profits are probable within a foreseeable future. We</td></tr><tr><td colspan="1">refer to Note 2.6 Tax to the consolidated financial</td></tr><tr><td colspan="1">statements. This area was significant to our audit</td></tr><tr><td colspan="1">due to the amount of the recognised deferred tax</td></tr><tr><td colspan="1">assets as well as the inherent uncertainty related to</td></tr><tr><td colspan="1">Managementâs estimates in forecasting future taxa-</td></tr><tr><td colspan="1">ble profits, including expectations relating to future</td></tr><tr><td colspan="1">revenue and margin developments.</td></tr><tr><td colspan="1">Our audit procedures included evaluating Manage-</td></tr><tr><td colspan="1">mentâs assumptions for forecasting future taxable</td></tr><tr><td colspan="1">profits by assessing Managementâs underlying busi-</td></tr><tr><td colspan="1">ness plans, comparing previous forecasts to actual results and testing consistency between the fore-</td></tr><tr><td colspan="1">casts used in the measurement of deferred tax as-</td></tr><tr><td colspan="1">sets against the long-term forecast and business</td></tr><tr><td colspan="1">plans of the Group. Further, we evaluated the sensi-</td></tr><tr><td colspan="1">tivity of the impairment model for deferred tax as-</td></tr><tr><td colspan="1">sets. Furthermore, we assessed the adequacy of the</td></tr><tr><td colspan="1">disclosures in Note 2.6 Tax to the consolidated fi-</td></tr><tr><td colspan="1">nancial statements against applicable financial re-</td></tr><tr><td colspan="1">porting 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</td></tr><tr><td colspan="1">review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not</td></tr><tr><td colspan="1">cover the Management's review, and we do not ex-</td></tr><tr><td colspan="1">press any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial state-</td></tr><tr><td colspan="1">ments, our responsibility is to read the Manage-</td></tr><tr><td colspan="1">ment's review and, in doing so, consider whether</td></tr><tr><td colspan="1">the Management's review is materially inconsistent</td></tr><tr><td colspan="1">with the financial statements or our knowledge ob-</td></tr><tr><td colspan="1">tained during the audit, or otherwise appears to be</td></tr><tr><td colspan="1">materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider</td></tr><tr><td colspan="1">whether the Management's review provides the in-</td></tr><tr><td colspan="1">formation required under the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude</td></tr><tr><td colspan="1">that the Management's review is in accordance with</td></tr><tr><td colspan="1">the financial statements and has been prepared in</td></tr><tr><td colspan="1">accordance with the requirements of the Danish</td></tr><tr><td colspan="1">Financial Statements Act. We did not identify any</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">consolidated financial statements and Parent Com-</td></tr><tr><td colspan="1">pany financial statements that give a true and fair</td></tr><tr><td colspan="1">view in accordance with International Financial Re-</td></tr><tr><td colspan="1">porting 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</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management</td></tr><tr><td colspan="1">is responsible for assessing the Group's and the Pa-</td></tr><tr><td colspan="1">rent Company's ability to continue as a going concern, disclosing, as applicable, matters related to</td></tr><tr><td colspan="1">going concern and using the going concern basis of</td></tr><tr><td colspan="1">accounting in preparing the financial statements un-</td></tr><tr><td colspan="1">less Management either intends to liquidate the</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">as to whether the financial statements as a whole</td></tr><tr><td colspan="1">are free from material misstatement, whether due to</td></tr><tr><td colspan="1">fraud or error, and to issue an auditor's report that</td></tr><tr><td colspan="1">includes our opinion. Reasonable assurance is a high</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Misstatements can arise from fraud or error and are</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">ISAs and additional requirements applicable in Den-</td></tr><tr><td colspan="1">mark, we exercise professional judgement and</td></tr><tr><td colspan="1">maintain professional scepticism throughout the</td></tr><tr><td colspan="1">audit.</td></tr><tr><td colspan="1">We also</td></tr><tr><td colspan="1">⢠Identify and assess the risks of material misstatement of the financial statements, whether due to</td></tr><tr><td colspan="1">fraud or error, design and perform audit procedures responsive to those risks and obtain audit</td></tr><tr><td colspan="1">evidence that is sufficient and appropriate to</td></tr><tr><td colspan="1">provide a basis for our opinion. The risk of not</td></tr><tr><td colspan="1">detecting a material misstatement resulting from</td></tr><tr><td colspan="1">fraud is higher than for one resulting from error,</td></tr><tr><td colspan="1">as fraud may involve collusion, forgery, intentional</td></tr><tr><td colspan="1">omissions, misrepresentations or the override of</td></tr><tr><td colspan="1">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,</td></tr><tr><td colspan="1">but not for the purpose of expressing an opinion</td></tr><tr><td colspan="1">on the effectiveness of the Group's and the Parent</td></tr><tr><td colspan="1">Company's internal control.</td></tr><tr><td colspan="1">⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting</td></tr><tr><td colspan="1">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,</td></tr><tr><td colspan="1">based on the audit evidence obtained, whether a</td></tr><tr><td colspan="1">material uncertainty exists related to events or</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">material uncertainty exists, we are required to</td></tr><tr><td colspan="1">draw attention in our auditor's report to the related disclosures in the financial statements or, if</td></tr><tr><td colspan="1">such disclosures are inadequate, to modify our</td></tr><tr><td colspan="1">opinion. Our conclusions are based on the audit</td></tr><tr><td colspan="1">evidence obtained up to the date of our auditor's</td></tr><tr><td colspan="1">report. However, future events or conditions may</td></tr><tr><td colspan="1">cause the Group and the Parent Company to</td></tr><tr><td colspan="1">cease to continue as a going concern.</td></tr><tr><td colspan="1">⢠Evaluate the overall presentation, structure and</td></tr><tr><td colspan="1">contents of the financial statements, including the</td></tr><tr><td colspan="1">note disclosures, and whether the financial statements represent the underlying transactions and</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">business activities within the Group to express an</td></tr><tr><td colspan="1">opinion on the consolidated financial statements.</td></tr><tr><td colspan="1">We are responsible for the direction, supervision</td></tr><tr><td colspan="1">and performance of the Group audit. We remain</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">scope and timing of the audit and significant audit</td></tr><tr><td colspan="1">findings, including any significant deficiencies in</td></tr><tr><td colspan="1">internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance</td></tr><tr><td colspan="1">with a statement that we have complied with relevant ethical requirements regarding independence,</td></tr><tr><td colspan="1">and to communicate with them all relationships and</td></tr><tr><td colspan="1">other matters that may reasonably be thought to</td></tr><tr><td colspan="1">bear on our independence, and where applicable,</td></tr><tr><td colspan="1">related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those</td></tr><tr><td colspan="1">charged with governance, we determine those matters that were of most significance in the audit of</td></tr><tr><td colspan="1">the consolidated financial statements and the Pa-</td></tr><tr><td colspan="1">rent Company financial statements for the current</td></tr><tr><td colspan="1">period and are therefore the key audit matters. We</td></tr><tr><td colspan="1">describe these matters in our auditor's report unless</td></tr><tr><td colspan="1">law or regulation precludes public disclosure about</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">to outweigh the public interest benefits of such</td></tr><tr><td colspan="1">communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2021-07-07</arr:SignatureOfAuditorsDate>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">Bang & Olufsen A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx1" xml:lang="da">Bang & Olufsen Allé</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx1" xml:lang="da">1</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx1" xml:lang="da">7600</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="da">Struer</gsd:AddressOfReportingEntityDistrictName>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">41257911</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2019-06-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2020-05-31</gsd:PredingReportingPeriodEndDate>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2021-08-19</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Anders Ãrjan Jensen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<ifrs-full:Revenue contextRef="ctx1" unitRef="vDKK" decimals="-6">2629000000</ifrs-full:Revenue>
<easy:EasyX_1191512150 contextRef="ctx1" unitRef="vDKK" decimals="-6">1490000000</easy:EasyX_1191512150>
<ifrs-full:GrossProfit contextRef="ctx1" unitRef="vDKK" decimals="-6">1139000000</ifrs-full:GrossProfit>
<easy:EasyX_170881133 contextRef="ctx1" unitRef="vDKK" decimals="-6">258000000</easy:EasyX_170881133>
<easy:EasyX_1717149485 contextRef="ctx1" unitRef="vDKK" decimals="-6">727000000</easy:EasyX_1717149485>
<easy:EasyX_427640288 contextRef="ctx1" unitRef="vDKK" decimals="-6">135000000</easy:EasyX_427640288>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">19000000</ifrs-full:ProfitLossFromOperatingActivities>
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<ifrs-full:NoncurrentLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">101000000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">5000000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-dk:CurrentMortgageDebt contextRef="ctx24" unitRef="vDKK" decimals="-6">4000000</ifrs-dk:CurrentMortgageDebt>
<ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties contextRef="ctx24" unitRef="vDKK" decimals="-6">775000000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx24" unitRef="vDKK" decimals="-6">165000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentProvisions contextRef="ctx24" unitRef="vDKK" decimals="-6">10000000</ifrs-full:CurrentProvisions>
<easy:EasyX_111820271 contextRef="ctx24" unitRef="vDKK" decimals="-6">13000000</easy:EasyX_111820271>
<ifrs-full:OtherCurrentPayables contextRef="ctx24" unitRef="vDKK" decimals="-6">47000000</ifrs-full:OtherCurrentPayables>
<ifrs-full:CurrentLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">1019000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">1120000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">1216000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx24" unitRef="vDKK" decimals="-6">116000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx25" unitRef="vDKK" decimals="-6">116000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx26" unitRef="vDKK" decimals="-6">314000000</ifrs-full:CashAndCashEquivalents>
<cmn:NameOfAuditFirm contextRef="ctx27" xml:lang="da">EY Godkendt Revisionspartnerskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx27">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx27" xml:lang="da">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx27" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx27">mne24687</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx28" xml:lang="da">Morten Friis</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx28" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx28">mne32732</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx28">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx28" xml:lang="da">EY Godkendt Revisionspartnerskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>