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Bang and Olufsen

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Bang & Olufsen a/s

Report for the 2004/05 financial year Announcement No 05.02


Copenhagen Stock Exchange

Nikolaj Plads 6

DK-1067 Copenhagen K


Struer, August 15, 2005

Report for the 2004/05 financial year for Bang & Olufsen a/s

· The Group's result from ordinary operations before tax was DKK 387 million

against DKK 341 million last year. This represents an increase of DKK 46 million

or 13 per cent. The result reflects an increase in turnover of DKK 132 million

from DKK 3,610 million to DKK 3,742 million. This equates to a 4 per cent

growth in turnover.

· In the fourth quarter, the Group achieved an increase in turnover of DKK 18 million

to DKK 972 million against DKK 954 million last year. The result before tax

for the fourth quarter totalled DKK 109 million against DKK 69 million last year.

· In the 2004/05 financial year, the Group had a positive cash flow of DKK 259

million. As a consequence of the satisfactory financial position, the Board proposes

a dividend of DKK 12 per share corresponding to DKK 149 million and a

buy-back of own shares in the region of DKK 150 million.

· Sales of tube TVs halved, but this has been more than offset by sales of new LCD

and plasma TVs.

· The US market broke even as expected, and the German market once again

achieved growth.

· It is the ambition for the coming 5 years to achieve annual growth in turnover of

6-8 per cent in the A/V core business. Including the new business areas it is the

ambition that the total turnover achieves a level of approximately DKK 6 billion.

At the same time it is the ambition to maintain the achieved EBIT of at least 10

per cent.

· Expectations for the 2005/06 financial year are for turnover growth between 6-8

per cent and a rise in profits before tax of between 30 and 60 million compared



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