Generated by PitchBook for Chen Lisa, ESADE Business Last Updated: 08-Oct-2022

School pbId: 54848-44

Bang & Olufsen (CSE: BO) | Public Company Profile

Highlights

Market Cap Enterprise Value

€131,75M -74,83% YoY €128,79M -72,53% YoY
As of 07-Oct-2022 As of 07-Oct-2022

TTM Total Revenue TTM EBITDA (Analyst Normalized)

€389,07M +2,16% YoY €19,90M -38,84% YoY
As of 31-Aug-2022 As of 31-Aug-2022

Industries & Verticals EV / Revenue

Electronics (B2C) 0,33 -73,11% YoY
Primary Industry As of 07-Oct-2022

EV / EBITDA (Analyst Normalized) Comps Set

6,47 -54,52% YoY
+5
As of 07-Oct-2022

Comps Set EV / Revenue Comps Set EV / EBITDA (Analyst Norm.)

As of 09-Oct-2022 As of 09-Oct-2022

General Information

Description
Bang & Olufsen A/S designs, develops and markets audio and video products including music systems, loudspeakers, television
sets, and multimedia products. Geographically, it derives a majority of revenue from Europe, Middle East and Africa (EMEA) and
also has a presence in the Americas and Asia. It generates maximum revenue from the Staged product category followed by On-
the-go; Flexible Living and Brand Partnering and other activities.

Most Recent Financing Status (as of 14-Feb-2020)

The company was in talks to be acquired for an undisclosed amount on August 23, 2019. Subsequently, the deal was cancelled.

Website www.bang-olufsen.com Year 1925

Founded
Entity Types Public Company
Acquirer Domicile Denmark
Also Known As B&O Universes M&A, Private Equity, Publicly Listed,
Venture Capital
Legal Name Bang & Olufsen A/S
Employees 1.033
Business Status Generating Revenue/Not Profitable
Ownership Status Publicly Held
Financing Status Corporation

1
Industries, Verticals & Keywords

Primary Industry Verticals Keywords GECS Sector

Electronics (B2C) Manufacturing consumer electronic Technology
TMT electronic product
television set
car audio system
music television

GECS Industry Group

Consumer Electronics

Contact Information

Primary Contact Primary Office

Horatiu Ionescu Bang & Olufsen Alle 1
Chief Executive Officer, Romania 7600 Struer
Phone: +45 9684 1122 Denmark
Phone: +45 8987 0943

Alternate Offices

Holte
Lyngbakkevej 2B
2840 Holte
Denmark
Phone: +45 9684 1122
Fax: +45 9684 5899
tue@bang-olufsen.com

Financials

Segments
Business Unit (Absolute)

2
 Key Metrics Fiscal Year Fiscal Year 12 Months Ending
2021 2022 Aug 2022
Amounts in thousands, EUR (except Start: 30-Jun-2020 Start: 30-Jun-2021 Start: 31-Aug-2021
Ratios, Multiples & per share items) End: 31-May-2021 End: 31-May-2022 End: 31-Aug-2022

Income Statement
Total Revenue 353.295 396.369 389.071
Revenue % Growth 29,13% 12,13% 2,15%
Gross Profit 153.063 179.630 169.529
Gross Margin 43,32% 45,32% 43,57%
Total Operating Profit/(Loss) 2.553 6.185 (6.184)
EBITDA (Analyst Normalized) 25.264 31.462 19.897
Net Income (Analyst Normalized) (1.129) (696) (13.751)
EPS (Analyst Normalized) (0,01) (0,01) (0,11)
Balance Sheet
Total Assets 306.057 338.454 332.891
Total Debt 30.391 63.443 68.568
Total Liabilities 153.701 190.599 196.830
Total Equity 152.356 147.855 136.060
Cash Flow
Cash Flow from Operating Activities, 39.912 10.218 134
Indirect
Cash Flow from Investing Activities (83.721) (32.134) (35.358)
Cash Flow from Financing Activities 39.374 19.496 24.334
Change in Cash (4.435) (2.420) (10.890)

Public Fundamental Data provided by Morningstar, Inc. Financial amounts in Thousands, EUR
*Best known TTM financials and price as of the period end date. Stock Price is in EUR

Top 5 Similar Companies

# Name Competitor Financing HQ Location Primary Industry Year Last Financing Last Financing
Status Founded Date/Type Amount

1 HTC Corporation Taoyuan Electronics (B2C) 1997

City, Taiwan
2 Dynaudio Formerly Skanderborg, Electronics (B2C) 1977 2014/M&A €39,15M
PE-Backed Denmark

3
3 Sony Corporate New York, Electronics (B2C) 1960
Corporation Backed or NY
of America Acquired
4 Sound Formerly Carlsbad, CA Electronics (B2C) 2022/M&A €946,44M
United PE-Backed
5 PolkAudio Corporate Vista, CA Electronics (B2C) 1972 2006/M&A €106,74M
Backed or
Acquired

Comparisons

Bang & Olufsen HTC Dynaudio Sony Corporation

of America

Description Manufacturer of consumer Manufactures and seller of Manufacturer and Operator of an electronics
electronic products in smart handheld devices. distributor of automobile manufacturing company.
Denmark. speakers.

Primary Industry Electronics (B2C) Electronics (B2C) Electronics (B2C) Electronics (B2C)

HQ Location Struer, Denmark Taoyuan City, Taiwan Skanderborg, Denmark New York, NY

Employees 1033 | 2022 6450 | 2018 250 | 2022 114400 | 2021

Total Raised €23,80M

Post Valuation - - €39,15M | 16-Dec-2014 -

Last Financing Details Undisclosed amount | Undisclosed amount | €39,15M | -

2019/Merger/Acquisition 2015/Merger/Acquisition 2014/Merger/Acquisition

E Estimated

Current Team (6)

Name Title Board Office Phone Email

Seats

Kristian Tear Chief Executive Officer Struer, Denmark +45 8987 0943 kristian@bang-
olufsen.dk

Horatiu Ionescu Chief Executive Officer, Holte, Denmark +45 9684 1122
Romania

Kurt Jensen Chief Executive Officer, Holte, Denmark +45 9684 1122 huset109@jubii.dk
South Africa

Nikolaj Wendelboe Chief Financial Officer, Struer, Denmark +45 8987 0943 wendelboe@bang-
Finance & Executive olufsen.dk
Vice President

Line Ljungdahl Executive Vice Struer, Denmark +45 8987 0943 line_ljungdahl@bang-
President, Chief Legal olufsen.dk
Officer & Member of
Executive Management
Board

Martin Egenhardt Head, Investor Struer, Denmark +45-53707439 martin@bang-

Relations olufsen.dk

4
Current Board Members (6)

Name Title Representing Role Since Phone Email

Albert Board Member & Vice Board Jan 2020 +45 8987
Bensoussan Chairman Member & 0943
Vice
Chairman

Dorte Vegeberg Board Member Bang & Olufsen Board Jan 2019 +45 8987
Member 0943

Jesper Jarlbæk Angel (individual) Self Board Mar 2011 +45 4580
Member 0700

Ole Andersen Chairman Self Chairman Jan 1989 +45 9684

1122

Soren Balling Board Member Bang & Olufsen Board Jan 2019 +45 8987
Member 0943

Tuula Rytila Board Member Bang & Olufsen Board Jan 2019 +45 8987
Member 0943

Deal History (6)

# Deal Type Date Amount Raised to Status Stage

Date

6. Merger/Acquisition 23-Aug-2019 Cancelled Profitable

5. Secondary 14-Oct-2016 €23,80M Completed Profitable

Transaction - Private

4. Merger/Acquisition 15-Apr-2016 Cancelled Profitable

3. PIPE 19-Jul-2012 €23,80M €23,80M Completed Profitable

2. PIPE 26-Jan-2009 Completed Profitable

1. IPO 03-Jan-2000 Completed Profitable

† Indicates an Add-On
E Estimated

Deal #6: Merger/Acquisition, Failed/Cancelled; 23-Aug-2019

Deal Types Merger/Acquisition Financing Failed Transaction Implied -€65,92M

Deal Status Failed/Cancelled Status (M&A) Enterprise Value

Deal Date 23-Aug-2019 Financing Corporate CEO/Lead Mgt Ole

Source Andersen
% Acquired 100,00%
Site Struer,
Denmark
Business Status Profitable

Deal Synopsis
The company was in talks to be acquired for an undisclosed amount on August 23, 2019. Subsequently, the deal was cancelled.

‡ Not necessarily a summation of individual debt figures

** Does not include grant funding
5
E Estimated

Financials

Financials - TTM May 2019

All Financials in Thousands, EUR
Deal Multiples Income Statement Balance Sheet

Implied EV / EBITDA -6,74 Total Revenue 380.374 Total Current Assets 238.210

Implied EV / EBIT -9,11 Gross Profit 184.558 Net Property, Plant 22.361
and Equipment
Implied EV / Net -25,89 Total Operating 7.908
Income Profit/(Loss) Total Non-Current 91.454
Assets
Implied EV / Revenue -0,17 EBITDA 9.784
Total Assets 329.664
Implied EV / Cash 0,74 EBIT 7.238
Flow Total Current 118.636
Net Income from 2.547 Liabilities
Continuing
Operations Total Non-Current 21.022
Liabilities
Net Income Available 2.547
to Common Total Liabilities 139.659
Stockholders
Total Equity 190.005
Diluted EPS from 0,03
Continuing Equity Attributable to 190.005
Operations Parent Stockholders

Diluted EPS 0,03 Total Debt 9.641

Diluted Weighted 94.274.750 Total Shares 91.520.310

Average Shares Outstanding (TSO)
Outstanding
Working Capital 119.573

6
 Cash Flow Ratios Multiples*

Cash Flow from (17.424) EBITDA Margin 2,57% Stock Price 3,11
Operating Activities,
Indirect Revenue % Growth -13,61% Market Cap 284.182

Cash Flow from (18.898) EBITDA % Growth -81,61% EV 214.892

Investing Activities
EBIT % Growth -55,74% EV to Revenue 0,53
Cash Flow from (52.405)
Financing Activities Net Income from -85,61% EV to EBIT 8,71
Continuing
Change in Cash (88.727) Operations Sequential EV to EBITDA 4,35
% Growth
Capital Expenditure 20.640 Price to Earnings 16,75
(Calc) Net Income Available -85,61%
to Common Price to Book (PB) 1,42
Issuance (37.394) Stockholders
of/(Payments for) Sequential % Growth Price to Cash Flow 6,01
Common Stock, Net (PCF)
Current Ratio 2,01
Cash and Cash 154.656 Price to Tangible 1,68
Equivalents, Quick Ratio 1,27 Book Value
Beginning of Period
Debt to Equity 0,05
Cash and Cash 65.879
Equivalents, End of Total Debt to Equity 0,05
Period
Total Asset Turnover 1,05

Normalized Return on 1,19%

Equity

Normalized Return on 0,70%

Assets

Normalized Return on 2,05%

Invested Capital

Data Origination

Restated Yes

Calculated Yes

Deal #5: Secondary Transaction - Private, Completed; 14-Oct-2016

Deal Types Secondary Transaction - Financing Status Corporation CEO/Lead Mgt Henrik Clausen
Private Financing Source Private Equity Site Struer,
Deal Status Completed Raised to Date Denmark
€23,80M **
Deal Date 14-Oct-2016 Business Profitable
Announced 07-Apr-2016 Status
Date

Deal Synopsis
Delta Lloyd and other undisclosed investors sold their stake in the company (CSE:BO) to Sparkle Roll Group for an undisclosed
amount on October 14, 2016.

‡ Not necessarily a summation of individual debt figures

** Does not include grant funding
E Estimated

Investors (1)

Investor Name Status Lead/Sole Comments

7
1. Sparkle Roll Group Follow-On Yes Lead Partner: Qi Hong
Investor
# of Shares Acquired: 6.519.358

E Estimated

Sellers/Exiters (1)

# Seller/Exiter Name Partial/Full Comments

1. Delta Lloyd Full % Company Still 0,00%

Held:

E Estimated

Stock Price Data

Deal Announced: 07-Apr-2016

Bang & Olufsen (BO)

VWAP 30 days prior: €4,20
Price 5 days prior: €4,28
Price 1 day prior: €4,23
Price on Announce Date: €4,47
Price 1 day after: €4,59
Price 5 days after: €4,67
Price 30 days after: €4,20

Deal Closed: 14-Oct-2016

Bang & Olufsen (BO) Sparkle Roll Group (00970)

VWAP 30 days prior: €4,24 VWAP 30 days prior: €0,08
Price 5 days prior: €4,32 Price 5 days prior: €0,08
Price 1 day prior: €4,32 Price 1 day prior: €0,08
Price on Close Date: €4,35 Price on Close Date: €0,08
Price 1 day after: €4,35 Price 1 day after: €0,08
Price 5 days after: €4,47 Price 5 days after: €0,08
Price 30 days after: €4,53 Price 30 days after: €0,08

Financials

Financials - TTM Aug 2016

All Financials in Thousands, EUR

8
 Income Statement Balance Sheet Cash Flow

Total Revenue 354.838 Total Current Assets 247.150 Cash Flow from 14.379
Operating Activities,
Gross Profit 130.475 Net Property, Plant 26.552 Indirect
and Equipment
Total Operating (24.986) Cash Flow from (21.240)
Profit/(Loss) Total Non-Current 122.031 Investing Activities
Assets
EBITDA 2.591 Cash Flow from (1.960)
Total Assets 369.181 Financing Activities
EBIT (28.933)
Total Current 95.881 Change in Cash (8.821)
Net Income from (23.106) Liabilities
Continuing Capital Expenditure 25.859
Operations Total Non-Current 51.036 (Calc)
Liabilities
Net Income Available (25.254) Cash and Cash 109.634
to Common Total Liabilities 146.918 Equivalents,
Stockholders Beginning of Period
Total Equity 222.263
Diluted EPS from (0,24) Cash and Cash 100.810
Continuing Equity Attributable to 222.263 Equivalents, End of
Operations Parent Stockholders Period

Diluted EPS (0,25) Total Debt 24.954

Diluted Weighted 97.542.147 Total Shares 96.765.880

Average Shares Outstanding (TSO)
Outstanding
Working Capital 151.269

Ratios Multiples* Data Origination

EBITDA Margin 0,73% Stock Price 4,04 Restated Yes

Revenue % Growth 8,81% Market Cap 391.406 Calculated Yes

Current Ratio 2,58 EV 310.871

Quick Ratio 1,82 EV to Revenue 0,88

Debt to Equity 0,11 EV to EBITDA 137,90

Total Debt to Equity 0,11 Price to Book (PB) 1,69

Total Asset Turnover 0,88 Price to Cash Flow 63,04

(PCF)
Normalized Return on -8,22%
Equity Price to Tangible 2,29
Book Value
Normalized Return on -4,88%
Assets

Normalized Return on -7,63%

Invested Capital

Deal #4: Merger/Acquisition, Failed/Cancelled; 15-Apr-2016

Deal Types Merger/Acquisition, Public Financing Failed Transaction Implied -€108,77M

to Private Status (PE) Enterprise Value
Deal Status Failed/Cancelled Financing Corporate CEO/Lead Mgt Tue Mantoni
Deal Date 15-Apr-2016 Source Site Struer,
Announced 05-Jan-2015 Denmark
Date Business Status Profitable
% Acquired 100,00%

Deal Synopsis

9
The company was in talks to be acquired by Sparkle Roll Group on January 5, 2015. The deal was subsequently cancelled.

‡ Not necessarily a summation of individual debt figures

** Does not include grant funding
E Estimated

Advisors (1)

# Advisor Name Service Type Hired By Comments

1. Carnegie Investment Bank Advisor: Bang & Olufsen

General

Financials

Financials - TTM Feb 2016

All Financials in Thousands, EUR
Deal Multiples Income Statement Balance Sheet

Implied EV / EBITDA 4,68 Total Revenue 352.896 Total Current Assets 257.247

Implied EV / EBIT 1,55 Gross Profit 100.950 Net Property, Plant 31.895
and Equipment
Implied EV / Net -6,59 Total Operating (72.502)
Income Profit/(Loss) Total Non-Current 140.751
Assets
Implied EV / Revenue -0,31 EBITDA (23.260)
Total Assets 397.998
Implied EV / Cash -1,06 EBIT (70.290)
Flow Total Current 99.824
Net Income from (59.149) Liabilities
Continuing
Operations Total Non-Current 52.961
Liabilities
Net Income Available 16.517
to Common Total Liabilities 152.785
Stockholders
Total Equity 245.212
Diluted EPS from (0,59)
Continuing Equity Attributable to 245.212
Operations Parent Stockholders

Diluted EPS (0,04) Total Debt 25.703

Diluted Weighted 98.364.805 Total Shares 96.765.880

Average Shares Outstanding (TSO)
Outstanding
Working Capital 157.422

10
 Cash Flow Ratios Multiples*

Cash Flow from 10.792 EBITDA Margin -6,59% Stock Price 4,16
Operating Activities,
Indirect Revenue % Growth 49,55% Market Cap 402.116

Cash Flow from 122.896 Net Income Available -13,06% EV 310.533

Investing Activities to Common
Stockholders EV to Revenue 1,02
Cash Flow from (30.875) Sequential % Growth
Financing Activities Price to Book (PB) 1,63
Current Ratio 2,58
Change in Cash 102.813 Price to Tangible 2,19
Quick Ratio 1,69 Book Value
Capital Expenditure 29.494
(Calc) Debt to Equity 0,10

Cash and Cash 5.803 Total Debt to Equity 0,10

Equivalents,
Beginning of Period Total Asset Turnover 0,83

Cash and Cash 108.575 Normalized Return on -51,08%

Equivalents, End of Equity
Period
Normalized Return on -29,35%
Assets

Normalized Return on -41,93%

Invested Capital

Data Origination

Restated Yes

Calculated Yes

Deal #3: PIPE, €23,80M, Completed; 19-Jul-2012

Deal Types PIPE Financing Status Corporation Total Invested €23,80M

Deal Amount €23,80M Financing Source Private Equity Capital

Deal Status Completed Raised to Date CEO/Lead Mgt Tue Mantoni

€23,80M **
Deal Date 19-Jul-2012 Site Struer,
Total Invested Equity €23,80M
Denmark
# of Employees 2.091
Business Status Profitable

Deal Synopsis
The company (CSE:BO) received DKK 177 million of development capital from Delta Lloyd, A Capital and Sparkle Roll on July 19,
2012, through a private placement, putting company's valuation at DKK 2.29 billion.

‡ Not necessarily a summation of individual debt figures

** Does not include grant funding
E Estimated

Investors (3)

Investor Name Status Lead/Sole Comments

1. A Capital New Investor No Lead Partner: André Loesekrug-Pietri

Form of Payment: Cash
Fund 1: A-Capital China Outbound
Private Equity Fund

11
2. Delta Lloyd New Investor No Form of Payment: Cash

3. Sparkle Roll Group New Investor No Lead Partner: Qi Hong

Form of Payment: Cash

E Estimated

Advisors (2)

# Advisor Name Service Type Hired By Comments

1. FIH Partners Advisor: Bang & Olufsen

General

2. Bruun & Hjejle Legal Advisor Bang & Olufsen Lead Partner: Morten
Jensen

Financials

Financials - TTM May 2012

All Financials in Thousands, EUR
Deal Multiples Income Statement Balance Sheet

Deal Size / EBITDA 0,47 Total Revenue 404.095 Total Current Assets 194.825

Deal Size / EBIT 1,47 Gross Profit 163.334 Net Property, Plant 67.206
and Equipment
Deal Size / Net Income 2,42 Total Operating 16.445
Profit/(Loss) Total Non-Current 194.313
Deal Size / Revenue 0,06 Assets
EBITDA 50.584
Deal Size / Cash Flow -8,28 Total Assets 389.138
EBIT 16.163
Total Current 126.596
Net Income from 9.848 Liabilities
Continuing
Operations Total Non-Current 43.768
Liabilities
Net Income Available 9.848
to Common Total Liabilities 170.364
Stockholders
Total Equity 218.774
Diluted EPS from 0,12
Continuing Equity Attributable to 218.774
Operations Parent Stockholders

Diluted EPS 0,12 Total Debt 54.801

Diluted Weighted 81.358.283 Total Shares 81.019.417

Average Shares Outstanding (TSO)
Outstanding
Working Capital 68.229

12
 Cash Flow Ratios Multiples*

Cash Flow from 30.270 EBITDA Margin 12,52% Stock Price 3,69
Operating Activities,
Indirect Revenue % Growth 4,91% Market Cap 299.119

Cash Flow from (51.095) EBITDA % Growth 25,67% EV 332.514

Investing Activities
EBIT % Growth 100,50% EV to Revenue 0,82
Cash Flow from 17.950
Financing Activities Net Income from 323,70% EV to EBIT 20,57
Continuing
Change in Cash (2.875) Operations Sequential EV to EBITDA 6,57
% Growth
Capital Expenditure 56.012 Price to Earnings 30,79
(Calc) Net Income Available 323,70%
to Common Price to Book (PB) 1,37
Issuance (578) Stockholders
of/(Payments for) Sequential % Growth Price to Cash Flow 5,87
Common Stock, Net (PCF)
Current Ratio 1,54
Cash and Cash 19.025 Price to Tangible 2,43
Equivalents, Quick Ratio 0,81 Book Value
Beginning of Period
Debt to Equity 0,13
Cash and Cash 16.321
Equivalents, End of Total Debt to Equity 0,25
Period
Total Asset Turnover 1,14

Normalized Return on 4,34%

Equity

Normalized Return on 2,56%

Assets

Normalized Return on 4,16%

Invested Capital

Data Origination

Restated Yes

Calculated Yes

Deal #2: PIPE, Completed; 26-Jan-2009

Deal Types PIPE Financing Status Corporation CEO/Lead Mgt Tue Mantoni
Deal Status Completed Financing Source Corporate Site Struer,
Deal Date 26-Jan-2009 Denmark

% Acquired 5,10% Business Profitable

Status

Deal Synopsis
The company (CSE:BO) raised an undisclosed amount of development capital from Færch Foundation on January 26, 2009.

‡ Not necessarily a summation of individual debt figures

** Does not include grant funding
E Estimated

Investors (1)

Investor Name Status Lead/Sole Comments

1. Færch Holding New Investor Yes

E Estimated

13
Financials

Financials - TTM May 2009

All Financials in Thousands, EUR
Income Statement Balance Sheet Cash Flow

Total Revenue 374.249 Total Current Assets 180.265 Cash Flow from 15.187
Operating Activities,
Gross Profit 148.344 Net Property, Plant 82.344 Indirect
and Equipment
Total Operating (66.532) Cash Flow from (45.508)
Profit/(Loss) Total Non-Current 177.029 Investing Activities
Assets
EBITDA (27.893) Cash Flow from 56.040
Total Assets 357.294 Financing Activities
EBIT (66.223)
Total Current 96.874 Change in Cash 25.719
Net Income from (51.707) Liabilities
Continuing Capital Expenditure 43.321
Operations Total Non-Current 56.749 (Calc)
Liabilities
Net Income Available (51.707) Issuance 63.795
to Common Total Liabilities 153.623 of/(Payments for)
Stockholders Common Stock, Net
Total Equity 203.671
Diluted EPS from (0,94) Cash Dividends Paid (4.602)
Continuing Equity Attributable to 203.363
Operations Parent Stockholders Cash and Cash 7.171
Equivalents,
Diluted EPS (0,94) Total Debt 50.773 Beginning of Period

Diluted Weighted 55.094.394 Total Shares 51.676.481 Cash and Cash 32.913
Average Shares Outstanding (TSO) Equivalents, End of
Outstanding Period
Working Capital 83.392
Common Dividend per 0,09
Share (Ex-date)

Ratios Multiples* Data Origination

EBITDA Margin -7,45% Stock Price 2,67 Restated Yes

Revenue % Growth -31,83% Market Cap 137.775 Calculated Yes

Current Ratio 1,86 EV 171.298

Quick Ratio 1,00 EV to Revenue 0,31

Debt to Equity 0,21 EV to EBIT 15,22

Total Debt to Equity 0,25 EV to EBITDA 3,33

Total Asset Turnover 1,02 Price to Earnings 9,87

Normalized Return on -25,75% Price to Book (PB) 0,70

Equity
Price to Cash Flow 2,92
Normalized Return on -14,04% (PCF)
Assets
Price to Tangible 0,98
Normalized Return on -19,25% Book Value
Invested Capital

Ownership (CSE: BO)

Total Shares Outstanding 119.527.395

As of 31-May-2022

14
Investors (4)

Active Investors (3)

Name Investor Type Holding Investor Board Related Deals

Since

A Capital Venture Capital Minority Jul 2012 #3. PIPE: New Investor, Jul 2012, André
Loesekrug-Pietri, €23,80M

Sparkle Roll Group Corporation Minority Jul 2012 #3. PIPE: New Investor, Jul 2012, Qi
Hong, €23,80M
#5. Secondary Transaction - Private:
Follow-on, Oct 2016, Qi Hong

Færch Holding Corporation Minority Jan 2009 #2. PIPE: New Investor, Jan 2009

Former Investors (1)

Name Investor Type Holding Investor Board Related Deals

Since

Delta Lloyd Corporation Minority Jul 2012 #3. PIPE: New Investor, Jul 2012,
€23,80M
#5. Secondary Transaction - Private:
Seller, Oct 2016

Service Providers

General Service (4)

Service Provider Name Service Provided Comments

Danske Bank Lead Manager or

Arranger

Evli Group Advisor: General

Healthcare Capital Partners Advisor: General

Sonar (Copenhagen) Consulting

Service on a Deal (3)

Service Provider Service Provided Service To Deal Date Deal # Comments

Name

Carnegie Investment Advisor: General Bang & Olufsen 15-Apr-2016 4

Bank

Bruun & Hjejle Legal Advisor Bang & Olufsen 19-Jul-2012 3

FIH Partners Advisor: General Bang & Olufsen 19-Jul-2012 3

Lead Partners on Deals (4)

15
Investors (3)
Name All Title Representing Deals Phone Email
Deals

Qi Hong 2 Owner Sparkle Roll Group #5. Secondary +852 2299 qi.hong@hk970.com
Transaction - Private: 9966
Oct 2016, Completed

André Loesekrug-Pietri 3 Founder & Managing A Capital #3. PIPE: Jul 2012,
Partner €23,80M, Completed

Qi Hong 2 Owner Sparkle Roll Group #3. PIPE: Jul 2012, +852 2299 qi.hong@hk970.com
€23,80M, Completed 9966

Service Providers - Sell Side (1)

Name All Title Representing Deals Phone Email
Deals

Morten Jensen 5 Partner Bruun & Hjejle #3. PIPE: Jul 2012, +45 3018 8764 mj@bruunhjejle.dk
€23,80M, Completed

Investments | Buy Side (2)

Company Deal Date Deal Type Deal Size Co-Investors Company Industry Lead
Name Stage Partner

08-Jul-2008 Corporate Profitable Electrical

xICEpower Equipment

01-Jan-1999 Merger/Acquisition Profitable Electrical

xICEpower Equipment

† Indicates an Add-On
E Estimated
x Investor Exited Deal

Signals Summary

This company has a weekly growth rate of 0,26%, placing it in the 93rd percentile of all growth rates tracked within PitchBook. Its
underlying data points generate a size multiple that is 407x times larger than the median of all size multiples tracked within
PitchBook, placing it in the 100th percentile of all size multiples tracked within PitchBook.

Growth Rate Summary (Weekly) Size Multiple Summary (x Median)

16
 Twitter Followers Social Twitter Followers Social
45.479 0,04% 45.479 156x

Similar Web Unique Visitors Similar Web Unique Visitors

200.003 200.003
Web Web
0,55% 651x
Majestic Referring Domains 0,26% Majestic Referring Domains 407x
Growth Rate Size Multiple
9.870 93rd percentile 9.870 100th percentile

Employee Count Employee Employee Count Employee

1.033 -0,22% 1.033 34,4x

Mobile App Reviews Mobile Mobile App Reviews Mobile

16.463 0,65% 16.463 786x

Signals History

Growth Rate History Size Multiple History

Social Media Signals

17
 Twitter Followers 45.479

Metric Bang & All Companies

Olufsen Average

Twitter Followers 45.479 12.966

Growth Rate 0,04% 0,80%
Growth Rate 75th 41st
Percentile
Size Multiple 156x 44,9x
Size Multiple 98th 50th
Percentile

Web Signals

Unique Website Visitors 200.003 Referring Domains 9.870

trailing 7 day average as of 03-Sep-2022

Metric Bang & All Companies Metric Bang & All Companies
Olufsen Average Olufsen Average

SimilarWeb Unique 200.003 18.060 Majestic Referring 9.870 157

Visitors Domains
Growth Rate 1,19% 0,33% Growth Rate -0,08% -0,06%
Growth Rate 85th 31st Growth Rate 11th 14th
Percentile Percentile
Size Multiple 542x 50,1x Size Multiple 760x 12,1x
Size Multiple 99th 49th Size Multiple 100th 49th
Percentile Percentile

Ranking And Distribution

Weekly Growth 0,26%, 93rd %ile

18
 Percentile Min Rate Max Rate Avg. Rate

0-10 -38,2% -0,07% -1,06%

10-20 -0,06% 0,00% 0,00%
20-30 - - -
30-40 - - -
40-50 - - -
50-60 - - -
60-70 - - -
70-80 - - -
80-90 0,01% 0,05% 0,03%
90-100 0,06% 123K% 1,97%

Size Multiple 407x, 100th %ile

Percentile Min Size Max Size Avg. Size

0-10 0,00x 0,13x 0,07x

10-20 0,14x 0,24x 0,19x
20-30 0,25x 0,46x 0,37x
30-40 0,47x 0,66x 0,57x
40-50 0,67x 0,99x 0,81x
50-60 1,00x 1,46x 1,21x
60-70 1,47x 2,31x 1,87x
70-80 2,32x 4,04x 3,07x
80-90 4,05x 9,79x 6,17x
90-100 9,80x 472Kx 146x

19
Employee Signals

Employee Count 1.033

Company Employee Growth Rate Growth Size Multiple Size Percentile

Count Percentile

Bang & Olufsen 1.033 -0,22% 13th 34,4x 95th

All Companies Average 1.296 0,36% 41st 27,1x 50th

Mobile Signals

Primary Mobile App

Bang & Olufsen

Category: Music, Entertainment Price: Free

SIGNATURE EXPERIENCEEnjoy our signature design as you turn your smartphone into a Bang & Olufsen-
designed control centre. The app showcases the striking Bang & Olufsen products connected to your
Bang & Olufsen account.SETUP GUIDANCE & PERSONLIZATIONThe Bang & Olufsen app guides you
step-by-step through the setup of your product, and helps you personalize your product and music
expereince.BANG & OLUFSEN SIGNATURE SOUNDEasy access to product specific sound settings of
your Bang & Olufsen product, giving you beautiful sound no matter what you are listing to. LATEST
UPDATENever miss an update. The Bang & Olufsen app will notify you about updates for your
products.INSTRUCTIONS AND USER GUIDEThe Bang & Olufsen app guides you in how to use your
product and how to get the most out of the product specific features. We also ensure you easy access to
your product's user guide.NOTEBang & Olufsen app replaces BeoSetup app for product set-up,
BeoRemote app for operating your Bang & Olufsen TV and BeoPlay app for setting up and controlling
your BeoPlay product.

Mobile Reviews 16.463

20
 Mobile Reviews Calculation Range

Mobile Rating

iOS Rating

Company Mobile Reviews Growth Rate Growth Size Multiple Size Percentile
Percentile

Bang & Olufsen 16.463 0,65% 83rd 786x 95th

All Companies Average 17.692 0,56% 37th 903x 49th

Company signals data was calculated against 1982320 companies within all companies.

Company Signals Population: Company Signals data is tracked for active companies (i.e. have not gone out of business) that
haven’t been exited from VC, PE, or Incubator/Accelerator. Social media presence is tracked only for companies that have a
Facebook/Twitter account; web presence is tracked only for companies whose websites are tracked by SimilarWeb and Majestic.

News

Bang & Olufsen and musicians draw Beoplay A9’s “world of music and art”
Bang & Olufsen and musicians draw Beoplay A9’s “world of music and art”

Breaking Latest News | 10-Oct-2022

Tagged entities: Bang & Olufsen

Bang & Olufsen has released new headphones for telecommuting

Bang & Olufsen has presented new headphones that focus on telecommuting that combine careful design and a high degree of
performance. These headphones are known as Beocom Portal, and according to J ...

List23 | 08-Oct-2022
Tagged entities: Bang & Olufsen

21
Bang & Olufsen revenue drowned out by China lockdowns in first quarter
Danish business provokes general hiring freeze and lowers production forecastDAnish high-end audio equipment maker Bang &
Olufsen reported a revenue

Businesshala | 05-Oct-2022
Tagged entities: Bang & Olufsen

Bang & Olufsen interim report for Q1 2022/23: Challenging macroeconomic environment continued
in Q1
The company continued to see robust demand for its products. Sell-out in EMEA was down 2%, with demand moving to more travel
and outdoor-related products...

GlobalNewsWire | 05-Oct-2022
Tagged entities: Bang & Olufsen

Buy a Beolit 20 speaker from Bang & Olufsen, get an exclusive Legendary’s Silhouette free.
RTB teamed up with PDM BRAND to design Legendary’s Silhouette for Bang & Olufsen’s Beolit 20 speakers. From 1 – 31 Oct
2022 RTB Technology ... Read more

Archyde | 01-Oct-2022
Tagged entities: Bang & Olufsen

Bang & Olufsen’s APAC president explains what’s next for the brand in Asia
Since 1925, Bang & Olufsen has created iconic audio and home entertainment products to the highest standards of sound, craft
and design.

Inside Retail | 30-Sep-2022

Tagged entities: Bang & Olufsen, APAC

Latest Research on Car Speaker Systems Market 2022: Comprehensive study by key players:
BOSE, Alpine Electronics, Bang & Olufsen, Inc.
Overview Of Car Speaker Systems Market Latest Update: This has brought along several changes this report also covers the
impact of Current COVID-19 situation The risingtechnology in Car Speaker Systems Marketis also depicted in thisresearchreport....

Market Newswire | 22-Sep-2022

Tagged entities: Bang & Olufsen, Bose

Bang & Olufsen’s new experimental store lands on K11 Musea

Bang & Olufsen unveils its newest store in Hong Kong’s K11 MUSEA. Joined by singer-songwriter, Jay Fung, the event themed “A
new vision for sound” additionally announces the brand’s newest soundbar for home cinema aficionados, the Beosound Theatre.

Retail in Asia | 22-Sep-2022

Tagged entities: Bang & Olufsen

“Aesthetics is an often overlooked aspect of product durability”: how Bang & Olufsen tackles
reparability and circularity
Bang & Olufsen Beosound Level Introductory price 1249 € Fnac.com Marketplace occasion 1258,99 Boulanger.com 1299,99 La
Redoute Marketplace 1299,99 Fnac.com 1399,00 Son-Video.com 1399,00 Fnac.com marketplace 1689,19 Amazon Marketplace
1747,80 ...

Arover | 21-Sep-2022
Tagged entities: Bang & Olufsen

StarHub launches Android TV STB with built-in Bang & Olufsen soundbar – Digital TV Europe
Singaporean pay-TV operator StarHub has announced the launch of its new set-top box with built-in soundbar. The TV+ Pro box
runs the latest Operator Tier version of Android TV 11, supports Dolby Atmos and Doby Vision, and comes preloaded with popu...

OLTNews | 20-Sep-2022
Tagged entities: Bang & Olufsen, StarHub

StarHub launches Android TV STB with integrated Bang & Olufsen soundbar

22
StarHub launches Android TV STB with integrated Bang & Olufsen soundbar

Digital TV Europe | 20-Sep-2022

Tagged entities: Bang & Olufsen, StarHub

Bang & Olufsen a/s’ (CPH:BO) Profit Outlook

Bang & Olufsen a/s (CPH:BO) is possibly approaching a major achievement in its business, so we would like to shine some light on
the company. Bang & Olufsen a/s designs, develops, and markets audio and video products in Denmark and interna...

B2BChief.com | 20-Sep-2022
Tagged entities: Bang & Olufsen

New Channel Play For Bang & Olufsen

New Channel Play For Bang & Olufsen

Channelnews | 16-Sep-2022
Tagged entities: Bang & Olufsen

New Bang & Olufsen Experiential Store Opens in K11 MUSEA and Announce the Release of
BEOSOUND THEATRE
New Bang & Olufsen Experiential Store Opens in K11 MUSEA and Announce the Release of BEOSOUND THEATRE

Macau News Agency | 14-Sep-2022

Tagged entities: Bang & Olufsen

Origin Acoustics Named US Brand Manager for Bang & Olufsen in the Custom Channel
audioXpress Magazine's editorial department. Advancing the Evolution of Audio Technology - Since 1970 - Connecticut, USA -
audioxpress.com

AudioXpress Magazine | 14-Sep-2022

Tagged entities: Bang & Olufsen, Ambisonic Systems, Origin Acoustics

Origin Acoustics Expands Partnership with Bang & Olufsen

In yet another strategic move, Origin Acoustics has been namedthe U.S. Brand Manager for Bang & Olufsen in the Custom
Channel.

CEPro | 13-Sep-2022
Tagged entities: Bang & Olufsen, Ambisonic Systems, Origin Acoustics

Bang & Olufsen a/s : Complete Description 2022

Bang & Olufsen a/s Annual General Meeting 18 August 2022 ... | September 6, 2022

Market Screener | 06-Sep-2022

Tagged entities: Bang & Olufsen

Bang & Olufsen Beosound Theater, the soundbar that looks to the future with an eye to the past
Bang & Olufsen Beosound Theater, the soundbar that looks to the future with an eye to the past

Breaking Latest News | 06-Sep-2022

Tagged entities: Bang & Olufsen

Listening to B&O’s $8,000 soundbar made me think about Mother Earth

Listening to B&O’s $8,000 soundbar made me think about Mother Earth

Knews | 05-Sep-2022
Tagged entities: Bang & Olufsen

Bang & Olufsen’s new motorized TV stand + Atmos soundbar costs $8000
Bang & Olufsen unveils its new Beosound Theatre Dolby Atmos soundbar, a stylish speaker and motorized TV standard in fabric or
wood, at up to $7990.

23
TrendRadars | 02-Sep-2022
Tagged entities: Bang & Olufsen

IFA 2022 – Beosound Theatre, the barre of its ultimate view by Bang & Olufsen
6 Sennheiser may finally be shaking, as a newcomer lays claim to the title of best soundbar ever made: the Beosound Theatre.
This all-in-one model synthesizes the entire Bang & Olufsen experience with the aim of delivering the ultimate sound ...

Arover | 01-Sep-2022
Tagged entities: Bang & Olufsen

Beosound Theatre, the Bang & Olufsen sound bar that wants to conquer our living room
The sound bars were the little sisters of the Home Cinema, a gadget that was bought by users who could not afford a good 5.1 or
7.1 equipment. This shows how much the market has changed in the last decade. Anyone who buys a television today knows ...

Ruetir | 01-Sep-2022
Tagged entities: Bang & Olufsen

IFA: Bang & Olufsen’s New Soundbar Futureproofs Your Home Theatre
IFA: Bang & Olufsen’s New Soundbar Futureproofs Your Home Theatre

Channelnews | 01-Sep-2022
Tagged entities: Bang & Olufsen, Ifa systems

Bang & Olufsen introduces soundbar with TV stand for 6490 euros – Image and sound – News
Audio company Bang & Olufsen will show a new Beosound Theater soundbar during IFA 2022. It can also function as a TV
standard and supports Dolby Atmos. The soundbar will cost 6490 euros upon release. Of Beosound Theatre-soundbar consists of
t...

Archytele | 01-Sep-2022
Tagged entities: Bang & Olufsen

Bang & Olufsen introduces TV stand with built-in soundbar for 6490 euros – Image and sound –
News
Audio company Bang & Olufsen will show a new Beosound Theater soundbar during IFA 2022. It can also function as a TV
standard and supports Dolby Atmos. The soundbar will cost 6490 euros upon release. Of Beosound Theatre-soundbar consists of
t...

Archytele | 31-Aug-2022
Tagged entities: Bang & Olufsen

Last 25 Filings

Type Filed Date Title Filing Country

05-Oct-2022 Quarterly Report Nordics

18-Aug-2022 AGM Notice Nordics

25-Jul-2022 TSO-related News Nordics

25-Jul-2022 AGM Notice Nordics

08-Jul-2022 TSO-related News Nordics

06-Jul-2022 Annual Report Nordics

25-May-2022 Calendar Nordics

10-May-2022 TSO-related News Nordics

24
 07-Apr-2022 Quarterly Report Nordics

16-Jan-2022 Other Nordics

13-Jan-2022 Other Nordics

12-Jan-2022 Quarterly Report Nordics

11-Oct-2021 Other Nordics

07-Oct-2021 Other Nordics

06-Oct-2021 Quarterly Report Nordics

19-Aug-2021 AGM Notice Nordics

16-Jul-2021 AGM Notice Nordics

16-Jul-2021 TSO-related News Nordics

12-Jul-2021 Other Nordics

09-Jul-2021 TSO-related News Nordics

07-Jul-2021 KeyDates Nordics

30-Jun-2021 Other Nordics

04-Jun-2021 TSO-related News Nordics

04-Jun-2021 TSO-related News Nordics

01-Jun-2021 KeyDates Nordics

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Provided under contract for the exclusive use of subscriber Chen Lisa, ESADE Business School.

25