Bang & Olufsen a/s announced unaudited consolidated earnings results for the second quarter ended six months ended November 30, 2016. For the quarter, the company reported revenue of DKK 867.1 million against DKK 728.6 million a year ago. Operating profit (EBIT) was DKK 36.7 million against operating loss (LBIT) of DKK 30.9 million a year ago. Earnings before tax (EBT) were DKK 31.5 million against loss before tax (LBT) of DKK 23.3 million a year ago. Earnings for the year - continued operations were DKK 22.7 million against loss for the year - continued operations of DKK 19.5 million a year ago. Earnings for the year were DKK 22.7 million against loss for the year of DKK 10.5 million a year ago. Diluted earnings per share (ESP-D) were DKK 0.5 against diluted loss per share (LSP-D) of DKK 0.2 a year ago. Diluted earnings per share (ESP-D) from continuing operations were DKK 0.5 against diluted loss per share (LSP-D) from continuing operations of DKK 0.5 a year ago. Cash flow from operating activities was DKK 11.9 million against DKK 135.8 million a year ago. Purchase of intangible non-current assets was DKK 42.8 million against DKK 52.7 million a year ago. Purchase of tangible non-current assets was DKK 26.5 million against DKK 25.7 million a year ago. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were DKK 111 million against DKK 27 million a year ago. Return on assets was 1.6% against negative of 1.2% a year ago.
Return on equity was 1.3% against negative of 0.6% a year ago.

For the six months, the company reported revenue of DKK 1,382.6 million against DKK 1,234.6 million a year ago. Operating loss (LBIT) was DKK 52.0 million against DKK 135.6 million a year ago. Loss before tax (LBT) was DKK 55.9 million against DKK 141.6 million a year ago. Loss for the year - continued operations was DKK 43.9 million against DKK 111.7 million a year ago. Loss for the year was DKK 43.9 million against DKK 96.6 million a year ago. Diluted loss per share (ESP-D) was DKK 1.0 against DKK 2.2 a year ago. Diluted loss per share (ESP-D) from continuing operations was DKK 1.0 against DKK 2.6 a year ago. Cash flow from operating activities was DKK 105.5 million against DKK 19.9 million a year ago. Purchase of intangible non-current assets was DKK 69.4 million against DKK 86.1 million a year ago. Purchase of tangible non-current assets was DKK 29.6 million against DKK 41.3 million a year ago. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were DKK 71 million against loss before interest, taxes, depreciation and amortisation (LBITDA) of DKK 15 million a year ago. Return on assets was negative of 2.3% against negative of 5.2% a year ago. Return on equity was negative of 2.6% against negative of 5.5% a year ago.

The outlook for 2016/17 remains unchanged however with additional clarification. Revenue for the Group is expected to grow by 10% to 15% compared to 2015/16 (previous guidance was growth compared to 2015/16), driven by 25% to 30% growth (previous guidance was double-digit growth) in B&O PLAY and low single-digit growth (previous guidance was moderate growth) in the Bang & Olufsen segment. The EBITDAC margin for the underlying business for the full year is expected to improve for the full year compared to 2015/16 (unchanged compared to previous guidance).