Capital structure policy and cash distribution
At the end of September 2021, Pandora’s leverage was 0.5x NIBD to EBITDA and thereby in the low end of the range in our capital structure policy of 0.5-1.5x. In May 2021, Pandora re-initiated cash distributions with a total of DKK 1 billion which was paid out from May to August (Pandora distributed an extraordinary dividend of DKK 5 per share in May and from May to August, Pandora repurchased DKK 0.5 billion worth of shares). Furthermore, an extraordinary dividend of DKK 500 million was distributed in Q3 and at the Capital Markets Day 2021 Pandora announced a DKK 3 billion increase of the share buyback programme.
Pandora has per end of September 2021 paid out DKK 2.1 billion to shareholders in 2021 through a combination of extraordinary dividends and share buybacks and will pay out another DKK 0.5 billion in extraordinary dividend in Q4 as well as DKK 2.9 billion in planned share buybacks before 4 February 2022. The planned distributions, from both dividends and share buybacks, total DKK 5.5 billion from May 2021 to February 2022.