Q4 2020 Bang & Olufsen A/S Earnings Call Transcript
Ladies and gentlemen, welcome to the Bang & Olufsen Annual Report 2019/2020. (Operator Instructions)
Speakers, please begin your meeting.
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So hi, everybody, this is Kristian Teär speaking, and I will start the presentation. So thank you very much for joining the call.
I will start today's presentation by summarizing the year and the Q4 results. Afterwards, Nikolaj, our CFO, will take you through the financials. Then I will go through our strategy and outlook for 2021 before we open up for questions. Our Head of Design, Creation & Fulfilment, Snorre; and our Head of Marketing & Digital Experience, Christian, is also here with us and will take part in the Q&A session.
So if we go to Slide #4, it was a disappointing year for Bang & Olufsen as our revenue declined by 29%. The EBIT margin before special items declined to minus 15% and our free cash flow was negative with DKK
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