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| ifrs-full:Assets | 2023-05-31 | 2385000000 | dkk |
| ifrs-full:Assets | 2022-05-31 | 2518000000 | dkk |
Revenue
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| ifrs-full:Revenue | 2022-06-01 | 2023-05-31 | 2752000000 | dkk |
| ifrs-full:Revenue | 2021-06-01 | 2022-05-31 | 2948000000 | dkk |
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s10_notesesefdkgaap__7__8" xml:lang="en">Environmental impact As outlined in our Stakeholder & Sustainability Policy, our approach to managing and mitigating our environmental impact from our operations and value chain is through circularity and science-based climate action. Sustainability is integrated into our operations through strategic targets and these are realised through cross-functional collaboration. Materials & Circularity We are committed to sourcing more sustainably and increasing our use of recycled materials. Aluminium is a signature material for us, but extraction and processing of virgin aluminium has significant environmental and climate impact. In 2022/23, we took several actions to mitigate our contribution to these negative impacts. Firstly, we joined the World Economic Forumâs First Movers Coalition (FMC) to drive the decarbonisation of the aluminium industry by supporting the scaling of both low-carbon and recycled aluminium. As part of our commitment to FMC, at least 10% of our aluminium will come from low emission producers by 2030. On top of this, we also chose to commit to the circularity target whereby at least 50% of all aluminium procured is sourced from recycled aluminium by 2030. This year, we also switched to a low-carbon aluminium product from our main supplier of extruded products. This consists of primary aluminium produced exclusively with hydropower, while the alloying and extrusion processing are powered using regeneration burners and waste heat recovery. As a result, the product has a carbon footprint of just 2.7 tCO2e/tAl, compared to an average of 6 tCO2e/tAl in Europe and a *global average of 16.7 tCO2e/tAl. In the coming year, we will be mapping our global aluminium supply to better understand the baseline impact for our products and begin work to integrating more post-industrial recycled content (PIR) and post-consumer recycled content (PCR) in our products in line with our Cradle to Cradle commitments. This year, we conducted an internal audit of waste management practices at our manufacturing and office locations. While all locations had waste management in place, not all had recycling. As part of our ambition to create circular long-lasting products for customers, we realise the need for us to address our operational waste in the same way. By introducing recycling across our estate, we have taken an important step towards having more circular operations. Our manufacturing, repair and office HQ in Struer Denmark is responsible for generating more than 90% of our waste. During 2022/23 73% of this was recycled, down from 74% in 2021/22, however 31% less waste was generated from 2021/22 to 2022/23. We will look to increase the amount of waste that goes to recycling in the future and set targets for improvement in 2023/24. We also entered a collaboration with Foxway, an organisation with a primary focus on circularity within IT equipment in Europe. Through partnership this we saved almost 18 tons CO2e through re-use and recycling of our old office IT equipment. Energy & Climate Our aim is to move away from dependence on fossil fuels, sourcing renewable and zero-emission energy across our whole organisation. We are committed to science-based climate action to address the impacts and emissions of our products and value chain. In 2022/23, we reduced our operational energy consumption by 21% compared to last year. There were several drivers, including new energy efficiency initiatives, improved data for fuel consumption for our car fleet and lower activity at our aluminium manufacturing site. Our decision to move away from fossil fuels in our operations has changed the profile of the energy consumed. The installation of an electric boiler, powered by renewable electricity, in Factory 5 was completed in Q2 2022/23. This resulted in a reduction of natural gas consumption by 67% compared to 2021/22. In the future, natural gas will be used only as a back-up power source. We made significant progress in our efforts to reduce our greenhouse gas (GHG) emissions in our operations. Our operational emissions were 955tCO2e (market-based), a reduction of 80% compared to 2021/22. This was primarily due to the procurement of renewable or zero-emission electricity for our operations, as well as the reduction in natural gas consumed at Factory 5. We have a target to have 100% renewable electricity for our global operations by 31 May 2025, we are on track to achieve this target. Emissions related to the energy consumed by our car fleet are now the largest contributor to our Scope 1 emissions figure. In 2022/23, we implemented a new car fleet policy with the aim to phase out petrol and diesel powered vehicles and have electric-only cars by 31 May 2025. To support this initiative, we invested in charging infrastructure for electrical vehicles at our headquarters in Struer this reporting year. This year, we completed a full inventory of our Scope 3 emissions for the first-time using 2021/22 as a baseline. We found that 97% of our emissions in 2021/22 were from Scope 3 and just 3% came from Scope 1 and 2. For 2022/23, our Scope 3 emissions were 99% of our total emissions, reflecting the emissions reduction activities we had implemented in our operations during the past year. These Scope 3 emissions were 148,798tCO2e, which is 20% lower than our 2021/22 baseline emissions. In 2022/23, the main impact categories continued to be product-related purchased goods and services (64% of total Scope 3) and use of sold products (26% of total Scope 3), followed by transport and distribution. The emission reductions for products were primarily driven by a combination of several factors. One was the change in the composition of sold product portfolio towards products with lower carbon intensity per unit. Also, our efforts to shift more product transport from air to sea cargo positively contributed. Finally, a lower sales volume compared to last year also had an impact. For 2022/23, we had a target to set emissions reduction targets in line with Science-Based Targets initiative (SBTi) framework for corporate climate action across Scope 1, 2 and 3. We have achieved that. We now have near-term and long-term targets for both our operations and value chain, and we expect to receive validation from SBTi for them in 2023/24. Our aim is to be operationally Net Zero in 2027* (scope 1 and 2). For our value chain, our near-term target is aligned to the 1.5°C reduction pathway required by climate science, meaning that in 2030** we will have achieved an absolute reduction in our Scope 3 emissions of at least 37.8%. Our long-term target will be to achieve Net Zero across our value chain in 2040***. These targets will replace our previous environmental targets and are subject to SBTi validation. We have identified reduction levers to 2030 and more to 2040 that address impacts across most of the Scope 3 categories. We will work with our suppliers and distributors to drive the transition away from fossil fuels towards renewable energy. We will also work to reduce the lifetime energy consumption of our products. This will be done through energy efficiency initiatives and innovations and by engaging with customers on how they use their products. On top of this, we will work with our partners and others in civil society to support the creation and adoption of more circular business models and behaviours. This will also contribute to reduce emissions from mining and manufacturing and promote material cycling and longer-lived, multiple-life products. Our emissions neutralisation strategy for residual emissions will focus on the promotion and conservation of biodiversity through regenerative means. Finally, we will use our voice and brand to advocate for a just transition to a low-carbon future. We will monitor our performance against our new environmental targets on an ongoing basis through the ESG & Sustainability governance structure. We view this as future proofing our business for the low carbon economy and taking responsibility for our impacts as a company. Social responsibility We take responsibility for our employees by focusing on diversity, equity & inclusion (DE&I). We also support society at large through education of future generations in STEM (Science, Technology, Engineering and Mathematics) and by informing people of the value of circular and long-lasting consumer electronics. Finally, we support our supply chain by implementing fair labour conditions and taking action on human rights. Diversity, Equity, & Inclusion As defined in our People & Diversity policy, we want to be representative of the society in which we operate, the markets in which we sell and the pool of talents we hire from. We know that diversity is valuable only in a work environment that is equitable and inclusive. Therefore, it is business critical for us that we continue to ensure such a work environment. This allows us to select from the widest talent pool possible, grow our talents and remain innovative and competitive. Our Executive Management Board consists of three members, one of whom is female (33%) and one is international (33%). The companyâs Board of Directors consists of 10 members including employee-elected representatives, four of whom are female (40%) and three members have international backgrounds (30%). Of the shareholder-elected members of the Board, 33% are female and 50% have an international background. The Board believes that members should be chosen for their overall competencies and recognise the benefits of a diverse Board in respect of experience, culture and gender. We adhere to the rules of target-setting for the underrepresented gender and therefore no targets are set for the Board and the Executive Management Board. We have updated our People & Diversity Policy to define diversity across age, gender, culture and competencies. Our ambition is to continue to diversify the representation in leadership positions and we will continue that work in the coming year. For leaders reporting to the Executive Management Board, we have a target to reach 25% of women by the end of 2025 and a minimum of 40% over time. In 2022/23, the figure was 16%. The companyâs DE&I ambition and women in leadership target is anchored with the Global Leadership Team (GLT) and implemented in all functions. That means that all GLT members set individual DE&I targets relevant to them and their organisation and report on progress. For the first time this year, all members of the GLT shared their progress on DE&I targets as part of our quarterly business reviews. We believe it is important to develop a diverse talent pipeline within our organisation and create a safe and inclusive workplace where our employees can thrive. Our target was to complete this at each quarterly business review. However, we used the first six months to identify the relevant targets for each GLT member, which meant that this target was not achieved. With the process in place, we expect to deliver on the target in 2023/24. We have also updated the wording for this target, so it reflects the governance structure in place. That means the GLT members will report on the progress made with their targets. For the updated target description, please refer to the Updated ESG & Sustainability Targets table on page 65. In 2021, we established our DE&I Council. The council is sponsored by our Global Leadership Team and has 13 members representing the global organisation. In 2022/23, the council took its first initiatives across three areas: Recruitment, People Development and Communication. Among several initiatives, the council worked with our Talent Attraction Team to ensure an unbiased recruitment process. This involved the testing of an Artificial Intelligence (AI) tool to change the tonality of job postings with the aim of expanding and diversifying our candidate pool. We did not achieve our target of specialist training for all our DE&I council members in 2022/23 and this will be a priority for next year. Our female leadership network continues to engage with colleagues and facilitate conversations with emphasis on the development of female leaders. Five roundtables were hosted by the female leadership group throughout the year which brought valuable knowledge which has been used to improve inclusiveness in our workplace. The mentor program initiated in 2021 where senior female colleagues mentor junior female colleagues from other functions captures both the benefits of mentoring and cross-functional sharing. More than fifty employees participate in the initiative. DE&I remains a priority in 2023/24. We will among other things focus on creating the best foundation for non-biased recruitment and ensure better representation of identity groups in senior leadership positions through internal development. People development Our aim is to have a culture in which people can realise their full potential and where everyone feels empowered to nurture their own development. We measure people, not only on results, but also how they deliver them. We believe that for Bang & Olufsen to be even more successful, we need people who feel they can meet their personal aspirations, grow their capabilities and feel motivated and engaged in their job. We measure employee engagement on an ongoing basis. We call our surveys BeoPulse and we conduct them with support from an external consultancy firm. In 2022/23, we completed two surveys, and this frequent feedback from the organisation enabled the Global Leadership Team to identify and address issues proactively and continuously with the rest of the organisation. This year, our average engagement score was 77. This year, we also hosted our second hackathon. This time with focus on sustainability. The purpose of our hackathons is to foster a strong culture of innovation and collaboration across the company â and bring out about new ground-breaking solutions. In May 2023, thirty-two colleagues from all over the world worked together for thirty-six hours on eight projects aimed at reducing B&O's climate footprint, supporting our longevity promise and improving customer experiences. To strengthen and develop skills, we have conducted a series of both virtual and face-to-face learning sessions in 2022/23 for all colleagues. These sessions included training with people managers to help them have impactful, dialogue-based feedback conversations. In 2023/24, we will, among others, launch a leadership development programme, which will include training in our leadership principles and behaviours. We will also continue our cross-functional hackathons to stimulate collaboration and innovation between and understanding of different functions. Occupational Health & Safety Health, safety and well-being of our employees are of the utmost importance to us. We are committed to creating a workplace where employees can perform, develop and grow while at work and to achieve this, we focus on both psychological and psychical safety. We work to prevent work-related injuries and ensure good physical work conditions. We have an equally strong focus on creating a constructive and positive workplace with a strong âspeak upâ culture to support psychological safety and to improve mental health. In the spring of 2022, we completed a physical and mental health workplace assessment. In 2022/23, we launched initiatives and completed actions derived from that assessment. To set the minimum standards for occupational health, safety and employee wellbeing, we introduced a Health & Safety guideline. We have also implemented an anti-harassment guideline linked to our company values and People & Diversity Policy. Workload and mental well-being have been two important focus areas for us in 2022/23. We have re-launched our BeoMinds universe, an online portal with tools that can help improve mental well-being. Together with our Works Council, we have introduced the B&O Wellbeing Guides. This team of colleagues acts as first aid responders within mental health and as first line of contact for colleagues. We have launched a new Health & Safety online portal to make accessing relevant information about occupational health and safety topics easier for the organisation. In 2023/24, we will introduce a Health & Safety dashboard with new performance indicators. Social Responsibility in the community We understand and embrace our role as a leader and corporate citizen in our local communities and we recognize that when they thrive, we thrive. We engage with our local communities in several ways, including through academic partnerships, local educational initiatives and student placements and support for cultural events. Our commitment to the promotion of STEM education through collaboration with leading technical universities in the field has been ongoing for more than 50 years and we have extended this remit to include sustainability, circularity and longevity as important topics for education and employee development across the board. Our Innovation Summer School targets students at bachelor and masters level and has been running annually (except during COVID) since 2008. This year it was hosted in partnership with Sound Hub Denmark, Struer Municipality, local companies and Danish universities. Sustainability and circularity were introduced as topics as part of the standard curriculum and the students learned about understanding and assessing product environmental impacts. For the 4th year in a row, in October 2022, we took part in the Danish campaign, âGirls Day in Scienceâ together with 140 other companies. The goal is to encourage more young women to choose to study science, technology, engineering and mathematics in high school and university. We had around 40 young women visiting our Struer Headquarters with our own female colleagues introducing them to our work. Encouraging entrepreneurship, innovation and knowledge exchange Sound Hub Denmark is a business accelerator in Struer and we are a founding partner. We support several initiatives. A key initiative this year was the Research project SOUNDS project (Service-Oriented, Ubiquitous, Network-Driven Sound). In this project, PhD students from throughout the world collaborate on cutting edge audio solutions to increase the quality of conversations and sound in normally challenging situations by adding a layer of software where audio devices can cooperate and thereby improving sound quality for the user. The project included lectures and workshops with B&O specialists and others in Sound Hub to share experiences and knowledge, including on sustainability and circularity in product design. In 2022/23, we also continued our work with the ISOBEL project, which is a DKK 30m project funded by the âInnovationsfondenâ. The purpose of this project is to create interactive sound zones for better living and improved health. The project will be concluded in 2023/24 and the findings published. B&O is the largest corporate employer in Struer. For this reason, we take an active part in funding and driving local events, such as music events, art exhibitions and other cultural activities, in collaboration with the municipality and other local partners. In 2022/23, this included being the main sponsor of the event âRun to the Beatâ, an international running event with approximately 3,500 people taking part. This was our 7th year sponsoring this music and running event. Raising awareness among consumers We have a target of reaching 1 million people with information on the benefits of longevity and circularity in consumer electronics by 31 May 2025. This year, we reached more than 100,000 people and we remain on track to reach our target. Informing the wider public and consumers is critical, and one of our key initiatives in 2022/23 was developing a Beosound Level workshop. We use the workshop to demonstrate how a modular approach to product design can enable product longevity and contribute to reversing the industry trend of increasing e-waste and decreasing product lifecycles. Using the Beosound Level, the first-ever Cradle to Cradle Certified product within the consumer electronics industry, participants are empowered to experiment with the device and explore different solutions for keeping their products alive and relevant for decades. By seeing first-hand how easy it is to extend the lifetime of their products from an emotional, functional and technological point of view, participants are educated about circular technology, modularity and the importance of longevity. This year, we launched a Longevity Pop-Up Store in central Copenhagen to engage with consumers on the idea of longevity in electronics and explore how we could work with longevity in a retail environment. The pilot lasted for one and a half months and was a combined learning space, showroom and drop-in repair shop where customer could bring in their products for repair. The project was a success with 150 classic Bang & Olufsen products being handed in for an initial assessment by our in-store technician and 85% of customers accepting the repair offer. At the same time, we saw high level of footfall and interest from media and on social media. We are now working to expand the concept in more of our key cities and to integrate elements into our future store concepts. 55 Number of different nationalities at Bang & Olufsen. Up from 49 in 2021/22</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-1" id="s10_notesesefdkgaap__7__9" xml:lang="en">Diversity, Equity, & Inclusion As defined in our People & Diversity policy, we want to be representative of the society in which we operate, the markets in which we sell and the pool of talents we hire from. We know that diversity is valuable only in a work environment that is equitable and inclusive. Therefore, it is business critical for us that we continue to ensure such a work environment. This allows us to select from the widest talent pool possible, grow our talents and remain innovative and competitive. Our Executive Management Board consists of three members, one of whom is female (33%) and one is international (33%). The companyâs Board of Directors consists of 10 members including employee-elected representatives, four of whom are female (40%) and three members have international backgrounds (30%). Of the shareholder-elected members of the Board, 33% are female and 50% have an international background. The Board believes that members should be chosen for their overall competencies and recognise the benefits of a diverse Board in respect of experience, culture and gender. We adhere to the rules of target-setting for the underrepresented gender and therefore no targets are set for the Board and the Executive Management Board. We have updated our People & Diversity Policy to define diversity across age, gender, culture and competencies. Our ambition is to continue to diversify the representation in leadership positions and we will continue that work in the coming year. For leaders reporting to the Executive Management Board, we have a target to reach 25% of women by the end of 2025 and a minimum of 40% over time. In 2022/23, the figure was 16%. The companyâs DE&I ambition and women in leadership target is anchored with the Global Leadership Team (GLT) and implemented in all functions. That means that all GLT members set individual DE&I targets relevant to them and their organisation and report on progress. For the first time this year, all members of the GLT shared their progress on DE&I targets as part of our quarterly business reviews. We believe it is important to develop a diverse talent pipeline within our organisation and create a safe and inclusive workplace where our employees can thrive. Our target was to complete this at each quarterly business review. However, we used the first six months to identify the relevant targets for each GLT member, which meant that this target was not achieved. With the process in place, we expect to deliver on the target in 2023/24. We have also updated the wording for this target, so it reflects the governance structure in place. That means the GLT members will report on the progress made with their targets. For the updated target description, please refer to the Updated ESG & Sustainability Targets table on page 65. In 2021, we established our DE&I Council. The council is sponsored by our Global Leadership Team and has 13 members representing the global organisation. In 2022/23, the council took its first initiatives across three areas: Recruitment, People Development and Communication. Among several initiatives, the council worked with our Talent Attraction Team to ensure an unbiased recruitment process. This involved the testing of an Artificial Intelligence (AI) tool to change the tonality of job postings with the aim of expanding and diversifying our candidate pool. We did not achieve our target of specialist training for all our DE&I council members in 2022/23 and this will be a priority for next year. Our female leadership network continues to engage with colleagues and facilitate conversations with emphasis on the development of female leaders. Five roundtables were hosted by the female leadership group throughout the year which brought valuable knowledge which has been used to improve inclusiveness in our workplace. The mentor program initiated in 2021 where senior female colleagues mentor junior female colleagues from other functions captures both the benefits of mentoring and cross-functional sharing. More than fifty employees participate in the initiative. DE&I remains a priority in 2023/24. We will among other things focus on creating the best foundation for non-biased recruitment and ensure better representation of identity groups in senior leadership positions through internal development.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">1038</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-43" decimals="0" unitRef="pure">1033</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s10_notesesefdkgaap__7__127" xml:lang="en">The Board of Directors and the Executive Management Board have today discussed and approved the Annual Report of the Bang & Olufsen Group and the Parent Company for 2022/23. 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. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Groupâs and the Parent Companyâs assets, liabilities and financial position at 31 May 2023, and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 June 2022 â 31 May 2023. In our opinion, the Managementâs 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 in general, as well as a description of the significant risks and uncertainty factors pertaining to the Group and the Parent Company. In our opinion, the Annual Report of Bang & Olufsen A/S for the financial year 1 June 2022 to 31 May 2023 with the file name 52990018KGR3ILFDNJ20-2023-05-31-en.zip has been prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the Annual General Meeting approves the Annual Report.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s10_notesesefdkgaap__7__128" xml:lang="en">Struer</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s10_notesesefdkgaap__7__129">2023-07-06</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-28" id="s10_notesesefdkgaap__7__130" xml:lang="en">Kristian Teär</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-28" id="s10_notesesefdkgaap__7__131" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-29" id="s10_notesesefdkgaap__7__132" xml:lang="en">Nikolaj Wendelboe</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-29" id="s10_notesesefdkgaap__7__133" xml:lang="en">EVP, CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-30" id="s10_notesesefdkgaap__7__134" xml:lang="en">Line Køhler Ljungdahl</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-30" id="s10_notesesefdkgaap__7__135" xml:lang="en">EVP, CLO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="s10_notesesefdkgaap__7__136" xml:lang="en">Juha Christensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" id="s10_notesesefdkgaap__7__137" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="s10_notesesefdkgaap__7__138" xml:lang="en">Albert Bensoussan</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" id="s10_notesesefdkgaap__7__139" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="s10_notesesefdkgaap__7__140" xml:lang="en">Anders Colding Friis</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" id="s10_notesesefdkgaap__7__144" xml:lang="en">Brian Bjørn Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="s10_notesesefdkgaap__7__141" xml:lang="en">Britt Lorentzen Jepsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="s10_notesesefdkgaap__7__145" xml:lang="en">Dorte Vegeberg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-35" id="s10_notesesefdkgaap__7__142" xml:lang="en">Jesper Jarlbæk</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-39" id="s10_notesesefdkgaap__7__146" xml:lang="en">M. Claire Chung</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" id="s10_notesesefdkgaap__7__143" xml:lang="en">Søren Balling</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="s10_notesesefdkgaap__7__147" xml:lang="en">Tuula Rytilä</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__150" xml:lang="en">To the shareholders of Bang & Olufsen A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__151" xml:lang="en">We have audited the consolidated financial statements and the parent financial statements of Bang & Olufsen A/S for the financial year 1 June 2022 â 31 May 2023, which comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash ï¬ow statement and notes, including a summary of significant accounting policies, for the Group as well as for the Parent. The consolidated financial statements and the parent financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Groupâs and the Parentâs financial position at 31 May 2023, and of the results of their operations and cash ï¬ows for the financial year 1 June 2022 â 31 May 2023 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__152" xml:lang="en">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditorâs responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is suï¬cient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014. We were appointed auditors of Bang & Olufsen A/S for the first time on 18 August 2022 for the financial year 2022/23. </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s10_notesesefdkgaap__7__153" xml:lang="en">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the parent financial statements for the financial year 1 June 2022 â 31 May 2023. These matters were addressed in the context of our audit of the consolidated financial statements and the parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Revenue recognition from sale of goods Revenue is recognised when control of the goods has 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 2.1 Revenue and operating segments 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. How the matter was addressed in our audit 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 testing provisions for rebates and discounts by inspecting supporting documentation including customer contracts on sample basis. We have applied data analytics on sales 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. Valuation of deferred tax assets The Group has recognised deferred tax assets of DKK 99m as at 31 May 2023 (31 May 2022: DKK 77m) of which DKK 45m relate to tax loss carry forwards and DKK 54m relate to temporary diï¬erences. 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 2.5 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.How the matter was addressed in our audit Our audit procedures included evaluating Managementâs assumptions for forecasting future taxable profits by assessing Managementâs underlying business plans, comparing previous forecasts to actual results and testing consistency between the forecasts used in the measurement of deferred tax assets against the long-term forecast and business plans of the Group. Further, we evaluated the sensitivity of the impairment model for deferred tax assets. Furthermore, we assessed the adequacy of the disclosures in Note 2.5 - Tax of the consolidated financial statements against applicable financial reporting standards.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__154" xml:lang="en">Management is responsible for the management commentary. Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent 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 commentary. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s10_notesesefdkgaap__7__155" xml:lang="en">Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Groupâs and the Parentâs ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s10_notesesefdkgaap__7__156" xml:lang="en">Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the 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 inï¬uence the economic decisions of users taken on the basis of these consolidated financial statements and these parent financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ⢠Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suï¬cient 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. ⢠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 eï¬ectiveness of the Groupâs and the Parentâs internal control. ⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the consolidated financial statements and the parent 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 Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern. ⢠Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view. ⢠Obtain suï¬cient 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. 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. 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, safeguards put in place and measures taken to eliminate threats. 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 financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s10_notesesefdkgaap__7__157" xml:lang="en">As part of our audit of the consolidated financial statements and the parent financial statements of Bang & Olufsen A/S we performed procedures to express an opinion on whether the annual report for the financial year 01.06.2022-31.05.2023, with the file name 52990018KGR3ILFDNJ20-2023-05-31-en.zip, is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: ⢠The preparing of the annual report in XHTML format; ⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; ⢠Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and ⢠For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: ⢠Testing whether the annual report is prepared in XHTML format; ⢠Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; ⢠Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes; ⢠Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ⢠Reconciling the iXBRL tagged data with the audited consolidated financial statements. In our opinion, the annual report of Bang & Olufsen A/S for the financial year 1 June 2022 â 31 May 2023, with the file name 52990018KGR3ILFDNJ20-2023-05-31-en.zip, is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s10_notesesefdkgaap__7__158" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s10_notesesefdkgaap__7__159">2023-07-06</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-42" id="s10_notesesefdkgaap__7__161" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-41" id="s10_notesesefdkgaap__7__160" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-41" id="s10_notesesefdkgaap__7__162" xml:lang="en">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-42" id="s10_notesesefdkgaap__7__163" xml:lang="en">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-41" id="s10_notesesefdkgaap__7__164" xml:lang="en">Nikolaj Thomsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-41" id="s10_notesesefdkgaap__7__165" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-41" id="s10_notesesefdkgaap__7__166" xml:lang="en">mne33276</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-42" id="s10_notesesefdkgaap__7__167" xml:lang="en">Jakob Olesen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-42" id="s10_notesesefdkgaap__7__168" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-42" id="s10_notesesefdkgaap__7__169" xml:lang="en">mne34492</cmn:IdentificationNumberOfAuditor>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="s10_notesesefdkgaap__7__174" xml:lang="en">Bang & Olufsen A/S</gsd:NameOfSubmittingEnterprise>
<gsd:NameOfReportingEntity contextRef="ctx-1" id="s10_notesesefdkgaap__7__173" xml:lang="en">Bang & Olufsen A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" id="s10_notesesefdkgaap__7__183" xml:lang="en">Bang & Olufsen Allé 1</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-1" id="s10_notesesefdkgaap__7__179" xml:lang="en">Bang & Olufsen Allé</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-1" id="s10_notesesefdkgaap__7__180" xml:lang="en">1</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="s10_notesesefdkgaap__7__184" xml:lang="en">DK-7600 Struer</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-1" id="s10_notesesefdkgaap__7__181" xml:lang="en">DK-7600</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" id="s10_notesesefdkgaap__7__182" xml:lang="en">Struer</gsd:AddressOfReportingEntityDistrictName>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="s10_notesesefdkgaap__7__185" xml:lang="en">+45 9684 1122</gsd:TelephoneNumberOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-1" id="s10_notesesefdkgaap__7__186" xml:lang="en">www.bang-olufsen.com</gsd:HomepageOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-1" id="s10_notesesefdkgaap__7__187" xml:lang="en">41257911</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-1" id="s10_notesesefdkgaap__7__188" xml:lang="en">41257911</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2022-06-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2023-05-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2021-06-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2022-05-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" xml:lang="en">52990018KGR3ILFDNJ20</gsd:LegalEntityIdentifierOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-1" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
</xbrli:xbrl>