PANDORA AND trollbeads a/s agree on One-Off Payment to replace running royalty payments
15 March 2013
PANDORA Production Co. Ltd., as a subsidiary of PANDORA A/S, enters into a new agreement with Trollbeads A/S (formerly Lise Aagaard Copenhagen A/S) related to design of glass charms. To date, Trollbeads has granted IP rights to glass charm designs to PANDORA under a long-term royalty agreement.
According to the new agreement, PANDORA will buy all IP rights to such designs, from Trollbeads for an amount of DKK 190 million in a one-off payment.
The total amount will be paid in Q1 2013 and will be capitalised on the balance sheet and amortised until end 2030. The yearly amortisation of the one-off payment will not exceed the yearly payments under the former royalty agreement and the effect on PANDORA's financial accounts should thus be positive going forward.
The content of this release will have no impact on PANDORA's outlook for 2013, as latest communicated to the market in Company announcement no. 69.
PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. PANDORA jewellery is sold in more than 70 countries on six continents through over 10,300 points of sale, including approximately 900 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 6,000 people worldwide of whom 4,000 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2012, PANDORAs total revenue was DKK 6.7 billion (approximately EUR 893 million). For more information, please visit www.pandoragroup.com.
For further queries, please contact:
Morten Eismark, VP Group Investor Relations
Phone +45 3673 8213
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Jakob Risom, Press Officer
Phone +45 3673 0634
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