COMPANY ANNOUNCEMENT
02. august 2011
GROUP REVENUE INCREASED BY 3.6%. NET PROFIT WAS DKK 626 MILLION. FREE CASH FLOW WAS DKK 227 MILLION.
• Group revenue increased by 3.6% (10.2% in local currency) to DKK 1,392 million compared to DKK 1,343 million in Q2 2010:
• Gross margin increased to 74.4% in Q2 2011 compared to a gross margin of 72.9% in Q2 2010
• EBITDA decreased by 6.2% to DKK 512 million resulting in an EBITDA margin of 36.8% compared to a EBITDA margin of 40.7% in Q2 2010
• EBIT decreased by 8.3% to DKK 440 million resulting in an EBIT margin of 31.6% compared to a EBIT margin of 35.7% in Q2 2010
• Reported net profit increased by 56.1% to DKK 626 million compared to a net profit of DKK 401 million in Q2 2010. Adjusted for revaluation of the CWE earn-out provision based on revised outlook for PANDORA CWE, Q2 2011 net profit decreased by 17.7% to DKK 330 million.
• Free cash flow was DKK 227 million in Q2 2011 compared to DKK 229 million in Q2 2010
Financial outlook for 2011
Our guidance has changed from expecting a revenue growth of no less than 30% for 2011 and an EBITDA margin of minimum 40% to revenue in 2011 in line with 2010 and EBITDA margins in the low thirties for 2011. We expect CAPEX to amount to approximately DKK 230 million and the effective tax rate to be approximately 18%.
CONFERENCE CALL
A conference call for investors and financial analysts will be held today at 10.00 CET and can be accessed from our website:www.pandoragroup.com. The corresponding presentation will be available on the website one hour before the call.
The following numbers can be used by investors and analysts:
DK: +45 80 88 84 64
UK (International): +44 (0) 800 694 0257
US: +1 866 966 9439
To help ensure that the conference begins in a timely manner, please dial in 5 minutes prior to the scheduled starting time. Participants will have to quote confirmation code88601752when dialling into the conference.
About PANDORA
PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. The PANDORA jewellery is sold in more than 55 countries on six continents through over 10,000 points of sale, including close to 500 PANDORA branded Concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 5,000 people worldwide of whom 3,600 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 2010, PANDORA’s total revenue was DKK 6.7 billion (approximately EUR 895 million). For more information, please visit www.pandoragroup.com
CONTACT
For further queries, please contact:
Morten Eismark, VP Group Investor Relations
Phone +45 3673 8213
Mobile +45 3045 6719
Attachments:
PANDORA_Company Announcement_No 31_UK.pdf