PANDORA Annual Report 2017

P A N D O R A A N N U A L R E P O R T 2 0 1 7 T H E B I G P I C T U R E 1 0 C O N T E N T S F I N A N C I A L H I G H L I G H T S DKK million 2017 2016 2015 2014 2013 Consolidated income statement Revenue 22,781 20,281 16,737 11,942 9,010 Gross profit 16,966 15,223 12,193 8,423 5,999 Earnings before interest, tax, depreciation and amortisation (EBITDA) 8,505 7,922 6,214 4,294 2,881 Operating profit (EBIT) 7,784 7,404 5,814 4,072 2,681 Net financials -117 246 -469 -200 61 Net profit for the year 5,768 6,025 3,674 3,098 2,220 Consolidated balance sheet Total assets 17,240 15,085 13,311 10,556 9,275 Invested capital 11,439 9,396 8,255 6,080 5,976 Operating working capital 2,977 2,780 2,388 1,990 1,846 Net interest-bearing debt (NIBD) 4,855 2,448 1,921 -1,121 -637 Equity 6,514 6,794 6,139 7,032 6,462 Consolidated cash flow statement Net increase/decrease in cash 133 5 -245 431 361 Free cash flow 5,294 5,358 2,449 3,868 1,956 Cash conversion, % 68.0% 72.4% 42.1% 95.0% 73.0% Growth ratios Revenue growth, % 12% 21% 40% 33% 35% Gross profit growth, % 11% 25% 45% 40% 35% EBITDA growth, % 7% 27% 45% 49% 74% EBIT growth, % 5% 27% 43% 52% 82% Net profit growth, % -4% 64% 19% 40% 85% DKK million 2017 2016 2015 2014 2013 Margins Gross margin, % 74.5% 75.1% 72.9% 70.5% 66.6% EBITDA margin, % 37.3% 39.1% 37.1% 36.0% 32.0% EBIT margin, % 34.2% 36.5% 34.7% 34.1% 29.8% Other ratios Effective tax rate, % 24.8% 21.2% 31.3% 20.0% 19.0% Equity ratio, % 37.8% 45.0% 46.1% 66.6% 69.7% NIBD to EBITDA 0.6x 0.3x 0.3x -0.3x -0.2x Return on invested capital (ROIC), % 68.0% 78.8% 70.4% 67.0% 44.9% Share information Dividend per share 1 , DKK 9.00 9.00 13.00 9.00 6.50 Quarterly dividend per share 2 , DKK 27.00 - - - - Total payout ratio (incl. share buyback), % 99.1% 91.5% 135.8% 104.1% 63.7% Earnings per share, basic, DKK 52.0 52.8 30.9 25.0 17.2 Earnings per share, diluted, DKK 51.8 52.5 30.7 24.7 17.0 Share price at year-end, DKK 675.5 924.0 872.0 504.5 294.0 Other key figures Capital expenditure (CAPEX) 1,388 1,199 1,109 455 490 Capital expenditure, tangible assets (CAPEX) 946 828 706 297 182 Store network, total number of points of sale 7,794 8,131 9,271 9,906 10,279 Store network, total number of concept stores 2,446 2,138 1,802 1,410 1,100 Average number of full-time employees 20,904 17,770 13,971 9,957 6,910 1 Proposed dividend per share for 2017. 2 Quarterly dividend per share for 2017, paid in 2017.