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Bang & Olufsen back on track Q3 Report

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Emil Jensen
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Emil Jensen posted on Thu, Apr 8 2021 8:30 AM

Report

B&O is back in black, earning money and is positive about the future.

Going from a Company looking to close, to a fresh company with many new releases and growing in all markets.

 

 

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Csaba
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Csaba replied on Thu, Apr 8 2021 9:21 AM

Very happy to hear! Hopefully it is not the Covid but the new CEO-effect.

Duels
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Duels replied on Thu, Apr 8 2021 10:07 AM
Just worth noting that whilst revenue is up for the first 9 months compared to last year, it is still 16% down on the year before that. Last year’s figures were very poor due to Covid etc.
VANTAGE
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Yes, it is great news indeed. Plus, one shouldn't forget that a lot of customers are still waiting for their products to arrive. Apparently, some key components (chips and the like) are difficult to get hold of because of COVID-19 and its impact on manufacturing and the supply chain.

In my case, I ordered a pair of Beolab 50s two months ago and still haven't received them. Initially, I was told that they would be delivered to me just after Easter (in itself pretty frustrating), now I am looking at mid-May according to my dealer. It must be frustrating for both B&O and dealers not to be able to meet demand as quickly as normally, but it's great to see that it hasn't prevented B&O from showing these results. Hopefully, more to come!

 

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Emil Jensen
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Duels:
Just worth noting that whilst revenue is up for the first 9 months compared to last year, it is still 16% down on the year before that. Last year’s figures were very poor due to Covid etc.

q3 Last year could not have been affected very much by Covid, and there was a massive loss,

But you are correct about 2019, but remember that they now do not have revenue of the Displays, as dealers buy them directly from LG.

This have a big revenue effect, but I do expect that it helps on their profit margin.

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moxxey
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moxxey replied on Thu, Apr 8 2021 11:09 AM

Duels:
Just worth noting that whilst revenue is up for the first 9 months compared to last year, it is still 16% down on the year before that. Last year’s figures were very poor due to Covid etc.

Sales should have improved due to covid? I was told by my dealer than items such as the Stage and BeoSound 1 or 2 were selling in good numbers, as were headphones and the Eclipse. As people were at home a lot more than normal, they were either using this time to replace items, add or simply buy extra items as they were spending more time around their house.

Once the market opens up, expect a lot of these orders to decline as people spend their cash on eating out, travelling and similar items.

We're already noticing that from our US sales! Since early March, our online sales have taken a huge hit. We're expecting the same to filter through to our UK sales soon.

Duels
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Duels replied on Thu, Apr 8 2021 11:37 AM

Emil Jensen:

 

q3 Last year could not have been affected very much by Covid, and there was a massive loss,

 

 

 

I was just picking up on the CEO's comments last year. I agree it’s not the only factor. (I did put Covid etc but perhaps the etc wasn’t clear). The other factors reported in the first two quarters of last year were delays in the transition to the demand-driven retail model and the low number of product launches in previous periods.

 

 

But he did say the following in relation to the third quarter last year:

 

 

“Revenue was DKK 613m, correspond- ing to a decline of 13.6% compared to last year (-14% in local currencies). In total, new product launches supported revenue with approx. 20%. Furthermore, COVID-19 impacted sales negatively in the last part of the quarter in China.”

Emil Jensen
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Source Børsen (Danish newspaper) Translated from Danish:

The corona pandemic has affected Bang & Olufsen both positively and negatively.

People all over the world have been at home to a much greater extent than before, and several have used the opportunity to upgrade their homes with a B&O product.

Surrounding has 60 pcs. of the electronics company's outlets have been shut down when it looked worst, and at the moment B&O has a lot to keep up with demand because it lacks components for its products.

"We have received both help and resistance from the pandemic. But I believe that covid-19 has done more harm than good to us, and we have managed and chosen to threaten without the pandemic. I actually believe that it will look positive when it's over and the world becomes more normal, "says Kristian Teär, CEO of Bang & Olufsen.

ANNOUNCEMENT

Bang & Olufsen presented Thursday morning sitting accounts for the third quarter of 2020/21, and for the third time in a row, the company was able to show double digits away.

Revenue grew by 13.8. pc. from 613 million. DKK in step quarter last year to 698 million. DKK this year. Kristian Teär has had a strong focus on making B&O a profitable business, and in the first three months of the year the company took a choice and steps in the direction that means, at the operating earnings (ebit) in the first three quarters total set is now 23 million . DKK against a deficit of as much as 189 million. last year in the same period.

"But it is only when we have black numbers on the bottom line in an entire financial year that the money can be put in banks. The quarters have been good, but we have to finish with a whole year before we can afford to celebrate a victory, "says Swedish Kristian Teär, came to Bang & Olufsen in the autumn of 2019.

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wanc1
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wanc1 replied on Fri, Apr 9 2021 2:16 AM

Can you do a comparison between your focal scala and your BeoLab 50s once they arrive?

Andrew
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Andrew replied on Sat, Apr 10 2021 7:58 PM

It's good news, even though I have strayed slightly away on a couple of items, I cant imagine a world without B&O 

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