44• SHAREHOLDER INFORMATION
PANDORAANNUAL REPORT2014
PANDORA shares have been listed on theNasdaq
Copenhagen stock exchange since 5October 2010.
PANDORA is included in the blue chip indexOMXC20.
In 2014, the lowest closing pricewasDKK 302 on 2
January 2014 and the highest closing pricewasDKK 531
on28November 2014. At the end of 2014, the share price
wasDKK 504.5, corresponding to an increase of 71.6%
in2014. By comparison, theOMXC20 increased20.9%
during the year.
Around 225million PANDORA shareswere traded in
2014with an average trading volume of approximately
900,000 shares per day.These numbers include placings of
existing shares by formermain shareholders in PANDORA
through three accelerated book buildings during the year,
placing 31.9million shares in total.
CAPITAL STRUCTURE
It is PANDORA’s capital structure policy tomaintain an
NIBD/EBITDA ratio of 0-1x on a 12-month rolling basis.
The Board of Directors determines, on an ongoing basis,
whether any surplus capital should be distributed through
share buyback programmes or as an extraordinary dividend
inorder to reach the optimal capital structure.
DIVIDEND
The Board of Directors aims to increase the nominal
dividend per share annually. For the financial year 2014,
the Board of Directors proposes a dividend of DKK 9.0per
share.
PANDORA shares are traded ex-dividend the day after
theAnnual GeneralMeeting, whichwill be heldon18
March 2015.The dividendwill be paid automatically viaVP
Securities on 23March 2015.
SHARE BUYBACK PROGRAMME
The Board of Directors is authorised to acquire own shares
onbehalf of theCompany until 17 September 2015with
a total nominal value of up to10% of PANDORA’s share
capital, according to a decisionmade at an Extraordinary
GeneralMeeting held on17 September 2010.The purpose
of the share buyback programme is to reduce PANDORA’s
share capital, to adjust the capital structure in accordance
with theCompany’s policy on capital structure and to
meet obligations arising from employee share option
programmes.
Share buyback 2014
5,875,257 shares, corresponding to 4.6%of the share
capital, were bought back in 2014 at an average price
of DKK408.5 and a total value of DKK 2.4billion. At
theAnnual GeneralMeeting, the Board of Directorswill
propose that theCompany’s share capital be reducedby
a nominal amount of DKK5,818,651by cancellation of
5,818,651 own shares of DKK 1, equal to 4.5% of the
Company’s total share capital.The remaining treasury
sharesmay be used tomeet obligations arising from
employee share optionprogrammes.Total share options
outstanding at 31December 2014 are 1,382,800.
Share buyback 2015
The Board of Directors of PANDORAhas decided to
launch a share buyback programme in2015, under which
PANDORA expects to buy back own shares to amaximum
consideration of DKK3,900million.
The share buyback programme is subject to approval
of an extension of the current authorisation to acquire own
shares onbehalf of theCompany at theAnnual General
Meeting on 18March2015. PANDORA has bought back
own shares corresponding to 7.2% of the share capital
under the current authorisation, which allows theCompany
to acquire own shareswith a total nominal value of up to
10% of PANDORA’s share capital.
The Boardof Directors intends topropose to
PANDORA’s shareholders at theAnnual GeneralMeeting in
2016 that PANDORA’s share capital be reduced by shares
purchased under the programme. PANDORAmay also use
shares purchasedunder the programme tomeet obligations
SHAREHOLDER INFORMATION
