| DKK million | 2011 | 2010 | 2009 | 2008 - 12 months adjusted * |
2008 |
|---|---|---|---|---|---|
| Consolidated income statement | |||||
| Revenue | 6,658 | 6,666 | 3,461 | 1,904 | 1,658 |
| EBITDA | 2,281 | 2,684 | 1,572 | 778 | 666 |
| Operating profit (EBIT) | 2,058 | 2,416 | 1,424 | 738 | 633 |
| Net financial income and expenses | 311 | -164 | -235 | -217 | |
| Profit before tax | 2,369 | 2,252 | 1,189 | 496 | 416 |
| Net profit | 2,037 | 1,871 | 1,005 | 356 | 306 |
| Consolidated balance sheet | |||||
| Total assets | 8,051 | 8,959 | 5,816 | 4,282 | |
| Invested capital | 5,923 | 5,659 | 3,826 | 3,115 | |
| Net working capital | 1,327 | 1,266 | 547 | 267 | |
| Shareholders’ equity | 5,411 | 4,315 | 1,649 | 428 | |
| Net interest bearing debt | 209 | 1,102 | 2,151 | 2,688 | |
| Net interest bearing debt excl. subordinated loan | |||||
| from parent company | 209 | 1,102 | 751 | 1,372 | |
| Consolidated cash flow statement | |||||
| Net cash flow from operating activities | 1,823 | 1,316 | 1,066 | 393 | |
| Net cash flow from investing activities | -364 | -304 | -207 | -2,972 | |
| Free cash flow | 1,670 | 1,388 | 1,144 | 492 | |
| Cash flow from financing activities | -2,502 | -644 | -343 | 2,889 | |
| Net cash flow for the year | -1,043 | 368 | 516 | 304 | |
| Ratios | |||||
| Revenue growth, % | -0.1% | 92.6% | 81.8% | ||
| EBITDA growth, % | -15.0% | 70.7% | 102.1% | ||
| EBIT growth, % | -14.8% | 69.7% | 93.0% | ||
| Net profit growth, % | 8.9% | 86.2% | 182.3% | ||
| EBITDA margin, % | 34.3% | 40.3% | 45.4% | 40.9% | 40.2% |
| EBIT margin, % | 30.9% | 36.2% | 41.1% | 38.8% | 38.2% |
| Cash conversion, % | 82.0% | 74.2% | 113.8% | 160.6% | |
| Net intereset bearing debt to EBITDA | 0.1 | 0.4 | 1.4 | 4 | |
| Equity ratio, % | 67.2% | 48.2% | 28.4% | 10.0% | |
| ROIC, % * | 34.7% | 42.7% | 37.2% | 20.3% | |
| Other key figures | |||||
| Average number of employees | 5,186 | 4,336 | 2,337 | 1,288 | |
| Dividend per share, DKK (proposed) | **5.50 | 5 | |||
| Earnings per share, basic | 16 | 15 | 8 | ||
| Share price at year-end | 54 | 336 |
Key figures and financial ratios are defined and calculated in accordance with the Danish Society of Financial Analysts’ guidelines on the calculation of financial ratios, ‘Recommendations and Financial Ratios 2010’. Please refer to note 27.
* The group structure below PANDORA A/S originates from transactions taking place on 7 March 2008 whereby PANDORA A/S acquired the PANDORA activities in Denmark, Thailand, the United States and Canada from the former shareholders of these entities. Before this date PANDORA A/S was a dormant company. The operations of the acquired entities have been consolidated into the financial statements of PANDORA A/S since 7 March 2008 only. As a result, the audited financial statements for 2008 reflect only approximately 10 months of results of operations beginning on 7 March 2008 to 31 December 2008. The 2008 (12 months adjusted) figures reflect certain hypothetical key financial figures as if the acquisitions had taken place on 1 January 2008, i.e. on a 12 months basis.