DDF PRESENTATION. 7 June JUNE 2012 DDF PRESENTATION

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1 DDF PRESENTATION 7 June

2 DISCLAIMER Certain statements in this presentation constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and our anticipated or planned financial and operational performance. The words targets, believes, expects, aims, intends, plans, seeks, will, may, might, anticipates, would, could, should, continues, estimate or similar expressions or the negatives thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Forward-looking statements include, among other things, statements addressing matters such as our future results of operations; our financial condition; our working capital, cash flows and capital expenditures; and our business strategy, plans and objectives for future operations and events, including those relating to our ongoing operational and strategic reviews, expansion into new markets, future product launches, points of sale and production facilities; and Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forwardlooking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: global and local economic conditions; changes in market trends and end-consumer preferences; fluctuations in the prices of raw materials, currency exchange rates, and interest rates; our plans or objectives for future operations or products, including our ability to introduce new jewelry and non-jewelry products; our ability to expand in existing and new markets and risks associated with doing business globally and, in particular, in emerging markets; competition from local, national and international companies in the United States, Australia, Germany, the United Kingdom and other markets in which we operate; the protection and strengthening of our intellectual property, including patents and trademarks; the future adequacy of our current warehousing, logistics and information technology operations; changes in Danish, E.U., Thai or other laws and regulation or any interpretation thereof, applicable to our business; increases to our effective tax rate or other harm to our business as a result of governmental review of our transfer pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, our actual financial condition, cash flows or results of operations could differ materially from that described herein as anticipated, believed, estimated or expected. We do not intend, and do not assume any obligation, to update any forward-looking statements contained herein, except as may be required by law or the rules of NASDAQ OMX Copenhagen. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this presentation 2

3 AGENDA AGENDA Facts about PANDORA SWOT-analysis Value drivers Cash flow from operations CAPEX Financing Q&A 3

4 CONTROLLING THE ENTIRE VALUE CHAIN DUE TO VERTICALLY INTEGRATED BUSINESS MODEL PANDORA established in 1982 Present in +65 countries across six continents Bracelet launched in 2000 Affordable luxury genuine materials More than 10,000 stores selling PANDORA World s 2 nd largest jewellery company Design and product development Procurement and production Distribution and marketing Strategic use of stores Consistently relevant design Low cost and scalable Asset light yet controlled Showcase brand 4

5 KEY FINANCIALS FY 2010/11 P&L, CF (% change Y/Y) FY 2011 FY 2010 MARGINS FY 2011 FY 2010 Revenue (DKKm) Change 6, % 6, % Gross Margin 73.0% 70.9% EBITDA (DKKm) Change 2, % 2, % EBITDA Margin 34.3% 40.3% Net Profit (DKKm) 1 Change Free cash flow (DKKm) Change 2, % 1, % 1, % 1, % EBIT Margin 30.9% 36.2% CASH CONVERSION, ROIC, DEBT FY 2011 FY 2010 Dividend per share (DKK) Change % 5.00 n.a. Cash conversion % 74.2% ROIC 34.7% 42.7% NIBD (DKKm) NIBD to EBITDA , Including revaluation of CWE earn-out provision of DKK 511 million in JUNE 2012 DDF PRESENTATION

6 SWOT ANALYSIS (1/4) STRENGTHS PANDORA is a leading brand and significant player in the charms/bracelet category Charms/bracelet category shows long-term growth Geographical diversification vs. regional competitors more than 10,000 retailers selling PANDORA Strong foothold in North America probably the most competitive market globally Backward integration world class production facility in Thailand Asset light franchise model low CAPEX as percentage of sales High stock turn and thus above average store traffic created by PANDORA products Highly cash generative Clear positioning with genuine jewellery product offering only long-term brand equity protection 6

7 SWOT ANALYSIS (2/4) Organisation navigating in a complex environment WEAKNESSES PANDORA: A product of multiple mergers in the past five years (AUS, GER, US and Thailand Production) systems integration high on agenda Wholesale model means less inside knowledge to e.g. sales-out than with a retail model Narrow product focus approx. 90% of revenue generated within charms/bracelet category Some consumers not owning the brand are unaware of genuine nature of products 7

8 SWOT ANALYSIS (3/4) OPPORTUNITIES Branded environment in jewellery sector is gaining momentum Several geographies offer further growth potentials, in particular: Asia (CHN, JPN, etc) Russia, Italy and France US particularly West coast is virtually virgin territory New store openings in developed markets still viable Upgrading of existing stores Product diversification Online sales potential 8

9 SWOT ANALYSIS (4/4) THREATS High(er) raw material prices (primarily gold and silver) PANDORA as leading brand within bracelet/charms must always lead the innovation to stay in front Competition is real and broadly defined Copying of PANDORA products needs constant surveillance and swift handling Retail environment in some markets characterised by heavy discounting as consumers seeks value deals under challenging macroeconomic trading conditions Private label has appetite for the charms/bracelet segment Approx. 90% of revenue generated within the charms/bracelet segment 9

10 VALUE DRIVERS (1/3) CASH FLOW FROM OPERATIONS Working Capital Working Capital level has increased in the past years mainly driven by an increase in Inventory Inventory increase explained by Increased sales Increased service levels required due to higher proportion of branded sales environment 2011 increase partially explained by timelag effect from adjusting production to lower demand Soaring gold and silver prices Higher proportion of retail due to forward integration of previously independent distributors in AUS and GER Inventories 433 1,272 1,609 Trade receivables Trade payables Working capital 949 1,861 2,221 % of Revenue 27% 28% 33% Gold and silver Gold DKK / OZ 5,730 7,916 9,046 Gold Index Silver DKK / OZ Silver Index

11 VALUE DRIVERS (1/3) CASH FLOW FROM OPERATIONS Working Capital - Inventory Inventory gone up in fixed numbers, but the development has been less dramatic when compared to revenue Strong seasonality in inventory Build-up in Q1-Q3 Reduction in Q4 Other factors with impact on inventory levels New Logistic setup with centralized warehouses and logistics planning to give long term efficiencies In Q1 12, Stock Balancing Campaign increases own Inventory temporarily until Pandora sends to external re-melting Q Q Q Did you know? Q Q Q Inventory Q Inventory/Sales Q Q % 40% 35% 30% 25% 20% 15% 10% PANDORA has launched a number of new products, designed to use less raw materials and more labor to keep raw material and inventory cost down 5% 0% 11

12 VALUE DRIVERS (1/3) CASH FLOW FROM OPERATIONS PANDORA Cash Conversion Cycle vs peers: Days Inventory Outstanding (DIO) slightly higher than peers Days Sales Outstanding (DSO) is close to 50% higher than the peer group, due to our wholesale model Days Payable Outstanding (DPO) is shorter than peers due to strong backward integration (gold and silver are paid cash) PANDORA Cash Conversion Cycle DIO DSO DPO CCC 70% 60% 50% 40% 30% 20% 10% 0% NWC/Revenue 2011 Tiffany Swatch Georg Jensen Pandora Peer Group Cash Conversion Cycle DIO DSO DPO CCC Cash Conversion Cycle = Days Inventory Outstanding + Days Sales Outstanding Days Payable Outstanding 12

13 VALUE DRIVERS (1/3) CASH FLOW FROM OPERATIONS Working Capital Receivables & Payables Trade Receivables Typical between 10%-16% of revenue depending of season Start up credits for new franchises extend the TR Balance Trade Payables No credit terms on gold and silver TP balance is mainly on POS material and non-strategic procurement More coordinated procurement, resulting in increase in TP 1,200 1, Q Q Q Q Q Q Q Q Q % 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Trade Receivables TR/Revenue Trade Payable TP/Revenue 13

14 VALUE DRIVERS (2/3) CAPITAL EXPENDITURE CAPEX CAPEX level has historically been approx. 3% of revenue (excl. acquisitions) DKK 300m guided for 2012 Majority of investments in expansion of production capacity finalized IT investments to improve processes and reduce inventory levels and strengthen management information Part of CAPEX for 2012 also includes e.g. key money in opening Own & Operated stores in key locations in line strategy 14

15 VALUE DRIVERS (3/3) FINANCING Interest rate coverage: FINANCING Virtually debt free end of 2011 means no need for interest rate coverage DKK million Net interest bearing debt 209 1,102 2,151 NIBD/EBITDA Currency risk management (assets): Currency risks from balance sheet items or ownership interests in foreign subsidiaries are generally not covered The main currency risk on the balance sheet impact of PANDORA's main markets U.S. (USD), Europe (EUR) United Kingdom (GBP) and production facilities located in Thailand (THB) Capital structure and policies: PANDORA targets an average dividend pay-out ratio of approximately 35% of our consolidated net profit for the year RAW MATERIAL HEDGING Hedging of gold and silver: Based on a rolling 12-month production plan the policy is for Group Treasury to hedge 100% of the risk 1-3 months forward, 80% of the risk 4-6 months forward, 60% of the risk 7-9 months forward, and 40% of the risk months forward 15

16 QUESTIONS AND ANSWERS 16

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