PANDORA_Company_Announcement_No_202_UK.pdfVIP

No. 202 COMPANY ANNOUNCEMENT 11 November 2014 INTERIM REPORT FOR Q3 2014 REVENUE INCREASES 26% DRIVEN BY ALL REGIONS - EBITDA INCREASES BY 33.8% WITH EBITDA MARGIN OF 35.9% ? Group revenue in Q3 2014 was DKK 2,845 million, an increase of 26.2% or 24.6% in local currency, compared with Q3 2013: ? Americas increased by 17.7% (17.8% increase in local currency) ? Europe increased by 30.4% (27.4% increase in local currency) ? Asia Pacific increased by 43.2% (40.5% increase in local currency) ? Revenue from concept stores was 55.9% of revenue and increased 43.0% ? The gross margin increased to 70.3% in Q3 2014, compared with a gross margin of 66.2% in Q3 2013 ? EBITDA increased by 33.8% to DKK 1,020 million for the quarter, corresponding to an EBITDA margin of 35.9%, compared with an EBITDA margin of 33.8% in Q3 2013 ? Net profit for the quarter was DKK 725 million, compared with a net profit of DKK 612 million in Q3 2013 ? Free cash flow was DKK 567 million in Q3 2014 compared with DKK 363 million in Q3 2013 ? During Q3 2014, PANDORA bought back 1,944,341 own shares at a total value of DKK 817 million as part of the on-going DKK 2.4 billion share buyback programme. For the first nine months of the year, 4,591,734 shares have been bought back, corresponding to a transaction value of DKK 1,792 million. UPGRADED FINANCIAL GUIDANCE FOR 2014 Based on the strong performance in the third quarter of the year, PANDORA has decided to increase revenue guidance for 2014 to more than DKK 11.5 billion (previously guided more than DKK 11.0 billion). The EBITDA-margin is expected to be more than 35%, against previously guided approximately 35%. Furthermore, CAPEX is now expected to be approximately DKK 500 million (previously guided approximately DKK 550 million), primarily due to timing of a planned expansion of the production facilities in Thailand into 2015. FY 2014 New guidance FY 2013 actual Revenue, DKK billion 11.5 9.0