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PANDORA

Financial Reporting

KEY FIGURES

DKK million 2015 2014 2013 2012 2011
           
Consolidated income statement          
Revenue 16,737 11,942 9,010 6,652 6,658
Gross Profit 12,193 8,423 5,999 4,429 4,860
EBITDA 6,214 4,294 2,881 1,658 2,281
Operating profit (EBIT) 5,814 4,072 2,681 1,475 2,058
Net financial income and expenses -469 -200 61 4 311
Profit before tax 5,345 3,872 2,742 1,479 2,369
Net profit 3,674 3,098 2,220 1,202 2,037
           
Consolidated balance sheet          
Total assets 13,311 10,556 9,275 8,414 8,051
Invested capital 8,255 6,080 5,976 5,900 5,923
Net working capital 925 434 1,009 1,277 1,327
Shareholder's equity 6,139 7,032 6,462 6,038 5,411
Net interest bearing debt 1,718 -1,121 -637 -183 209
           
Consolidated cash flow statement          
Net cash flow from operating activities 3,384 4,322 2,428 1,339 1,823
Net cash flow from investing activities -1,296 -632 -543 -231 -364
Free cash flow 2,449 3,868 1,956 1,151 1,670
Cash flow from financing activities -2,333 -3,259 -1,524 -943 -2,502
Net cash flow for the year -245 431 361 165 -1,043
           
Ratios          
Revenue growth, % 40.2% 32.5% 35.4% -0.1% -0.1%
Gross profit growth, % 44.8% 40.4% 35.4% -8.9% 2.9%
EBITDA growth, % 44.7% 49.0% 73.8% -27.3% -15.0%
EBIT growth, % 42.8% 51.9% 81.8% -28.3% -14.8%
Net profit growth, % 18.6% 39.5% 84.7% -41.0% 8.9%
EBITDA margin, % 37.1% 36.0% 32.0% 24.9% 34.3%
EBIT margin, % 34.7% 34.1% 29.8% 22.2% 30.9%
Cash conversion, % 42.1% 124.9% 88.1% 95.8% 82.0%
Capital expenditure (CAPEX), DKK million 1,109 455 490 276 269
Net intereset bearing debt to EBITDA 0.3 -0.3 -0.2 -0.1 0.1
Equity ratio, % 46.1% 66.6% 69.7% 71.8% 67.2%
ROIC, % 70.4% 67.0% 44.9% 25.0% 34.7%
           
Other key figures          
Average number of employees 13,971 9,957 6,910 5,753 5,186
Dividend per share, DKK * 13.0 9.0 6.50 5.50 5.50
Total payout ratio (incl. share buyback), % 135.8% 104.1% 63.7% 59.5% 31.9%
Earnings per share, basic 30.9 25.0 17.2 9.2 15.7
Earnings per share, diluted 30.7 24.7 17.0 9.2 15.7
Share price at year-end 872.0 504.5 294 124.5 54

For information about definitions and calculations of key figures and financial ratios, please refer to note 5.6 in the Annual Report 2015.

* Proposed dividend, to be approved on the Annual General Meeting, March 16, 2016