Bang & Olufsen Holding A/S announced consolidated earnings results for the second quarter and first half year ended November 30, 2012. For the quarter, the company reported revenue of DKK 819.0 million against DDK 775.5 million a year ago. Earnings before interest and tax were DKK 26.2 million against DKK 46.8 million a year ago. Earnings before tax were DKK 22.9 million against DKK 40.8 million a year ago. Earnings after tax for the period attributable to the company shareholders were DKK 15.4 million or DKK 0.40 per basic and diluted share against DKK 28.8 million DKK 0.80 per share a year ago. Cash outflow from operating activities was DKK 139.1 million against cash inflow from operating activities of DKK 104.1 million a year ago. Purchase of intangible non-current assets was DKK 65.0 million against DKK 79.8 million a year ago. Purchase of tangible non-current assets was DKK 16.4 million against DKK 24.8 million a year ago. Earnings before interest, taxes, depreciation, amortization and capitalization were DKK 40 million against DKK 32 million a year ago. Earnings before interest, taxes, depreciation and amortization were DKK 106 million against DKK 106 million a year ago. Return on assets was 1.0% against 2.0% a year ago. Negative return on equity was 1.9% against return on equity of 1.9% a year ago. Negative free cash flow was DKK 207.6 million against free cash flow of DKK 17.0 million a year ago.

For the half year, the company reported revenue of DKK 1,419.4 million against DKK 1,374.1 million a year ago. Loss before interest and tax were DKK 35.1 million against earnings before interest and tax of DKK 18.3 million a year ago. Loss before tax was DKK 41.3 million against earnings before tax of DKK 8.2 million a year ago. Loss after tax for the period attributable to the company shareholders were DKK 31.8 million or DKK 0.9 per basic and diluted share against earnings after tax for the period attributable to the company shareholders of DKK 1.8 million or DKK 0.0 per basic and diluted share a year ago. Cash outflow from operating activities was DKK 213.6 million against cash inflow from operating activities of DKK 51.2 million a year ago. Purchase of intangible non-current assets was DKK 113.1 million against DKK 130.8 million a year ago. Purchase of tangible non-current assets was DKK 38.2 million against DKK 58.9 million a year ago. Earnings before interest, taxes, depreciation, amortization and capitalization were DKK 10 million against DKK 6 million a year ago. Earnings before interest, taxes, depreciation and amortization were DKK 123 million against DKK 137 million a year ago. Return on assets was 1.3% against 0.8% a year ago. Negative return on equity was 1.9% against return on equity of 0.1% a year ago. Negative free cash flow was DKK 352.4 million against DKK 120.0 million a year ago.

The company has announced that to accelerate the optimisation of store network the company decided to proactively terminate up to 125 low-performing stores mainly in Europe.