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Separator
The full data:
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As a publicly listed company, PANDORA is subject to the disclosure requirements laid down by applicable legislation as well as by Nasdaq Copenhagen, which has included the Corporate Governance recommendations in its âRule Book for Issuers of Sharesâ.</td></tr><tr><td colspan="1">The Board remains committed to following the Danish Corporate Governance Recommendations as adopted in May 2013 with minor revisions in 2014. In 2017, PANDORA chose to deviate partly from Clause 3.4.6 as the Chairman of the Nomination Committee is not the Chair- man of the Board.</td></tr><tr><td colspan="1">At PANDORA, the Nomination Committee elects a chairman, who must be either the Chairman or one of the Deputy Chairmen of the Board.</td></tr><tr><td colspan="1">BOARD AND EXECUTIVE MANAGEMENT</td></tr><tr><td colspan="1">Powers are divided between the Board and the Executive Management and these two bodies exist independently of each other as is normal practice in Denmark. The Board is elected at the Annual General Meeting and all Board members are up for election every year. The Executive Management is appointed by the Board. The Executive Management handles the day-to- day management, while the Board supervises the work of the Executive Management and is responsible for the general and strategic direction of PANDORA. The primary tasks for the Board are to ensure that PANDORA has a strong management team, an adequate organisational structure, efficient business processes, an optimal capital structure, transparent bookkeeping and practices, and responsible asset management. Furthermore, the Board oversees the ï¬nancial development of PANDORA and the related planning and reporting systems.</td></tr><tr><td colspan="1">The composition of the Board must be such that, at any time, the consolidated competencies of the Board enable it to supervise PANDORAâs development and diligently address the speciï¬c opportunities and challenges faced by PANDORA. The Board and the Executive Management together develop the Companyâs overall strategies and oversee that the competencies and resources are in place to enable PANDORA to achieve its objectives.</td></tr><tr><td colspan="1">BOARD ACTIVITIES IN 2017</td></tr><tr><td colspan="1">During 2017, the Board held eight ordinary Board meetings. The total attendance rate was 93%. In 2017, the primary focus areas for the Board were continued growth, geographic expansion, product diversiï¬cation (full jewellery brand), IT, expansion of manufacturing footprint, strategy and organisational development of the Company. The Board has established an Audit Committee, a Remuneration Committee and a Nomination Committee. The Board appoints the Committee members and the Committeesâ chair- men. The Committeesâ terms of reference are dis- closed on the Companyâs website.</td></tr><tr><td colspan="1">THE AUDIT COMMITTEE</td></tr><tr><td colspan="1">The current members of the Audit Committee are Birgitta Stymne Göransson (Chairman), Anders Boyer and Andrea Alvey. The Audit Commit- tee reviews and assesses PANDORAâs ï¬nancial</td></tr><tr><td colspan="1">reporting and audit process as well as internal control systems and evaluates the adequacy of control procedures. More speciï¬cally, the duty of the Audit Committee is to supervise the following areas</td></tr><tr><td colspan="1">ï¬nancial reporting process</td></tr><tr><td colspan="1">internal control and risk management systems independent audit</td></tr><tr><td colspan="1">In 2017, the Audit Committee met six times and had an attendance rate of 100%. The main activities in 2017 were</td></tr><tr><td colspan="1">meetings with the Executive Management and independent auditors to review the audited Annual Report</td></tr><tr><td colspan="1">meetings with the Executive Management to review quarterly ï¬nancial statements, the key accounting policies and signiï¬cant accounting estimates</td></tr><tr><td colspan="1">monitor the adequacy and effectiveness of PANDORAâs internal controls and risk management systems</td></tr><tr><td colspan="1">review of signiï¬cant ï¬nancial risks of PANDORA</td></tr><tr><td colspan="1">reassessment of the need for an internal audit function and approval of the charter for the Governance, Risk &amp; Compliance department</td></tr><tr><td colspan="1">recommendation for the selection of independent auditors, including evaluation of independence, competencies and compensation</td></tr><tr><td colspan="1">the Audit Committeeâs annual self-assessment review of updates to the ï¬nancial reporting structure</td></tr><tr><td colspan="1">THE REMUNERATION COMMITTEE</td></tr><tr><td colspan="1">The current members of the Remuneration Com- mittee are Peder Tuborgh (Chairman), Christian Frigast, Allan Leighton, Bjørn Gulden and Andrea Alvey. The main duties of the Remuneration Committee are</td></tr><tr><td colspan="1">to prepare recommendations to the Board on the pay and remuneration policy applicable to the Board and the Executive Management with respect to ï¬xed and variable pay components</td></tr><tr><td colspan="1">to submit proposals to the Board for the total individual pay and remuneration packages of the Board members and the Executive Management</td></tr><tr><td colspan="1">to verify that the information on remuneration in the Annual Report is true, accurate and adequate</td></tr><tr><td colspan="1">The Remuneration Committee met four times in 2017 and had an attendance rate of 95%. The main activities were the annual review of the remuneration policy and guidelines on incentive payments as well as approval of PANDORAâs overall wage regulation. The Committee also performed a review of the Long-Term Incentive Programme.</td></tr><tr><td colspan="1">THE NOMIN ATION COMMITTEE</td></tr><tr><td colspan="1">The current members of the Nomination Com- mittee are Christian Frigast (Chairman), Peder Tuborgh, Ronica Wang and Per Bank. The Nomi- nation Committee assists the Board in fulï¬lling its responsibilities with regards to the</td></tr><tr><td colspan="1">description of the qualiï¬cations and competencies required for members of the Board and the Executive Management</td></tr><tr><td colspan="1">nomination of candidates for the Board and the Executive Management</td></tr><tr><td colspan="1">self-evaluation of the Board</td></tr><tr><td colspan="1">assessment of the performance of the Executive Management and the cooperation between the Board and the Executive Management</td></tr><tr><td colspan="1">succession planning for top executive positions</td></tr><tr><td colspan="1">In 2017, the Nomination Committee met twice and had an attendance rate of 100%. The main activities were the annual self-evaluation, and assessment of the cooperation between the Board and the Executive Management as well as assessment of the performance of each member of the Board and the Executive Management.</td></tr><tr><td colspan="1">BOARD SELF-EVALUATION</td></tr><tr><td colspan="1">The Board conducts an annual self-assessment to constantly improve the performance of the Board and its cooperation with the Executive Management. The chairman of the Nomination Committee directs the assessment process. The assessment is carried out by each Board member completing a questionnaire followed by a Board discussion where improvement areas are deï¬ned and agreed upon. Once a year, the CEO must perform an assessment of the individual members of the Executive Management.</td></tr><tr><td colspan="1">Among the topics covered in the Board self-assessment are the Board composition, nomination</td></tr><tr><td colspan="1">process and competencies of the Board. Also covered are, for example, the Boardâs involvement in ï¬nancial management and control, risk management, the efforts and time spent on strategic discussions, cooperation with the Executive Management, personal contributions and committee work.</td></tr><tr><td colspan="1">The self-assessment conducted in 2017 identiï¬ed the following strengths and development areas for the Board. In general, the Board demonstrates a breath of experience and broad industry knowledge and backgrounds well ï¬tted to PANDORAâs business and strategy. The Board structure and committee work are effective and well-functioning, as well as the interaction with the Executive Management. In 2017, the Board has been deeply involved in setting the coming strategy for PANDORA going forward. The primary focus points for 2017/2018 are therefore strategy, brand marketing as well as execution, monitoring and involvement in the business in order to provide support on product development, digitalisation and growth tactics.</td></tr><tr><td colspan="1">ADDITION AL INFORMATION</td></tr><tr><td colspan="1">The Corporate Governance Statement for 2017 cf. section 107b of the Danish Financial Statements Act, is available at http://investor.pandora.net/ 107bstatement2017EN.cfm.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">C O R P O R A T E S O C I A L R E S P O N S I B I L I T Y</td></tr><tr><td colspan="1">We believe that high ethical standards and our aspiration to offer high-quality real jewellery go hand in hand. We want women to be able to celebrate their personal stories with jewellery that is made from ethically sourced materials and crafted responsibly, because we care about our planet and our people.</td></tr><tr><td colspan="1">Our integrated business model means we control the majority of our value chain, and so can incorporate sustainability into every aspect of our operations. We also work closely with our sup- pliers and partners to ensure high ethical standards â and we communicate our efforts and performance externally to inspire partners and peers to initiate similar measures.</td></tr><tr><td colspan="1">PANDORA ETHICS</td></tr><tr><td colspan="1">PANDORAâs Ethics Programme is integrated into our entire value chain through policies, guide- lines and tools. In 2017, the PANDORA Ethics Programme focused on</td></tr><tr><td colspan="1">Production start-up at our Leadership in Energy and Environmental Design (LEED) Gold certi- ï¬ed green crafting facility in Lamphun, Thailand</td></tr><tr><td colspan="1">Initiating construction on another LEED-certiï¬ed green crafting facility in Bangkok</td></tr><tr><td colspan="1">Chairing the multi-stakeholder Standards Committee of the Responsible Jewellery Council (RJC), where the 2017 work plan included developing a new Chain of Custody standard for gold</td></tr><tr><td colspan="1">Supplier due diligence and supplier development</td></tr><tr><td colspan="1">We regularly perform ethics risk assessments to deï¬ne our aspirations and efforts within business integrity, human and labour rights, and the environment. Aspirations and requirements within these areas are communicated to employees through our internal Code of Ethics. The Code is supported by mandatory training for all staff and awareness campaigns. In addition, our Ethics Hotline enables staff to raise concerns should they perceive that our ethical standards are potentially being breached.</td></tr><tr><td colspan="1">PRODUC T, PEOPLE, PLANET</td></tr><tr><td colspan="1">We are committed to crafting our Products with integrity, providing proper working conditions for our People and minimising our impact on the Planet. Our Product, People, Planet platform ensures consistency across our communication channels, from consumer-facing websites and the Annual PANDORA Ethics Report to internal training</td></tr><tr><td colspan="1">PRODUCT</td></tr><tr><td colspan="1">Responsible business practices begin in the design phase with the choice of materials and continue through ethical sourcing, procurement and crafting. When entering into an agreement with PANDORA, suppliers sign our Suppliersâ Code of Conduct, which addresses business integrity, human rights and environmental issues. To ensure compliance with the Code, we have a comprehensive âResponsible Supplier Programmeâ, which includes screening and risk assessment, training, dialogue and supplier audits, and also ensures timely follow-up when non-compliance is identiï¬ed.</td></tr><tr><td colspan="1">SUPPLY CHAIN AND RAW MATERIALS</td></tr><tr><td colspan="1">Silver is by far the most used material in our products. In 2017, 97% of silver grains sourced by PANDORA originated from recycled or reused sources. The remaining 3% came from mined silver provided by certiï¬ed responsible reï¬ners. We work with specialised silver product suppliers to ensure that the highest possible percentage of the silver used in their products originates from reused sources. In 2017, 74% of the gold grains used in PANDORAâs products originated from recycling. The remaining gold originated from mining certiï¬ed according to the RJCâs Chain of Custody standard or the Good Delivery List standard issued by the London Buillion Market Association</td></tr><tr><td colspan="1">PEOPLE</td></tr><tr><td colspan="1">As a global jewellery brand, our activities impact the lives of thousands of people around the world. Our Human Rights Policy instructs us to respect all human rights and speciï¬cally never to engage in, solicit or accept child labour or forced labour in any form; to recognise and respect the right to freedom of movement, the right to associate and the right to enter into collective bar- gaining; to prohibit discrimination or any other unsuitable behaviour that might impair the dignity of our employees and the communities in which we operate; to provide employment and development opportunities for staff through fair and objective performance criteria; and to respond openly and transparently to perceived human rights violations.</td></tr><tr><td colspan="1">Potential adverse human rights impacts within the jewellery supply chain are predominantly associated with mining. We minimise this risk by sourcing recycled gold and silver grains and by predominantly using man-made stones. All the gold, silver and diamonds that we use can be traced back to certiï¬ed responsible suppliers.</td></tr><tr><td colspan="1">Human rights risks related to other goods and service providers are covered by our âResponsible Supplier Programmeâ.</td></tr><tr><td colspan="1">TRAINING</td></tr><tr><td colspan="1">We offer training to our employees through a global network of PANDORA trainers and our in-house e-learning platform. We have speciï¬c training courses for production staff that span technical skills, safety, health, business continuity, the environment, leadership and life skills.</td></tr><tr><td colspan="1">PRODUCTION</td></tr><tr><td colspan="1">The vast majority of the 117 million jewellery pieces we produced in 2017 were crafted at our own facilities in Thailand. Here, Employee Welfare Committees are responsible for coordinating employee interests related to compensation and beneï¬ts, employee relations and social activities. The committee members are elected by their col- leagues every second year.</td></tr><tr><td colspan="1">PANDORA Production Thailand (PPT) offers employees safe and healthy working conditions and competitive compensation and beneï¬ts. The increase in the amount of jewellery produced means specialised departments periodically exceed the average weekly working hours</td></tr><tr><td colspan="1">defined by international standards. We addressed this in 2017 by focusing on efficiency and hiring additional people.</td></tr><tr><td colspan="1">PLANET</td></tr><tr><td colspan="1">Our Environmental Policy commits us to minimising the environmental footprint of our operations by seeking new ways to reduce our consumption of resources, our emissions and waste. We acquire and maintain certiï¬cates for internationally recognised environmental management systems at our crafting facilities, and we run training and campaigns and have standard procedures on environmental issues for relevant employees. In addition, we have environmental and energy teams at our crafting facilities.</td></tr><tr><td colspan="1">BUSINESS INTEGRITY</td></tr><tr><td colspan="1">We believe in fair and honest competition, and we are dedicated to working against corrupt practices in our operations and the societies in which we operate. The risk of corruption in our procurement process is countered by our Business Integrity Policy and our âResponsible Supplier Programmeâ. Most importantly, our Business Integrity Policy instructs us never to offer, give or accept gifts, entertainment or any other advantages exceeding locally deï¬ned triviality limits; never to offer, authorise, give or accept bribes or extortion; to refuse to pay facilitation payments, even if this could mean a loss of business; and not to contribute to money laundering. MORE INFORMATION ON ETHICS PROGRAMME, POLICIES, âRESPONSIBLE SUPPLIER PROGRAMMEâ, ANNUAL ETHICS REPOR TS IS AVAILABLE AT WWW.PANDORAGROU P.COM/ CSR</td></tr><tr><td colspan="1">We are regularly audited by the RJC, and environmental risks in our supply chain are mitigated through our âResponsible Supplier Programmeâ. Primary environmental risks within our industry are CO2 emissions and the depletion of natural resources associated with mining. We minimise CO2 emissions by sourcing recycled gold and silver and predominantly using man-made stones, which have less environmental impact than mined stones.</td></tr><tr><td colspan="1">RESOURCE CONSUMPTION</td></tr><tr><td colspan="1">Our crafting facilities are by far our most resource- consuming entities in terms of energy, water, construction materials, etc. By investing heavily in two new LEED-certiï¬ed facilities in Thailand â one in Lamphun, which opened for production in 2017, and one in Bangkok opening for production early in 2018 â we are building for the future, also in terms of resource efficiency.</td></tr><tr><td colspan="1">Our LEED Gold certiï¬ed facility in Lamphun was built with 30% recycled materials, and 75% of construction waste was recycled. The sustainable features of the building result in a 45% reduction in water consumption. Solar panels generate 14% of the facility´s energy consumption when running at full capacity, and an innovative air-conditioning and ventilation system reduces ventilation energy loss by up to 80%.</td></tr><tr><td colspan="1">PA R TNERSHIPS</td></tr><tr><td colspan="1">PANDORA is a member of the United Nations Global Compact (UNGC). In 2017, we were part of the steering committee entrusted with preparing a new chapter of the UNGC in Denmark. Further, PANDORA is certiï¬ed according to the provisions of the RJCâs Code of Practices, which includes the UN Guiding Principles on Business and Human Rights. We invest considerable time and resources in these bodies and initiatives to share efforts and lessons learnt with peers and so help promote ethical business conduct. In 2017, the RJC, with PANDORA as Chair of the Standards Committee, developed a new and improved Chain of Custody standard for responsible gold. Our digital learning platform, PANDORA LINK, is another essential tool. It enables more than 46,000 users worldwide, including shop associates in non-PANDORA owned points of sale, to follow a wide range of training modules. This year, PANDORA LINK was made available to all PANDORA employees in our offices and crafting facilities â in addition to people working in retail</td></tr><tr><td colspan="1">â making it a truly company-wide system. More than 170,000 PANDORA LINK e-learning modules were completed globally in 2017.</td></tr><tr><td colspan="1">SUCCESSION PLANNING</td></tr><tr><td colspan="1">We continued working with our HR succession tool in 2017, which helps us identify candidates for leadership and critical positions around the globe and ensures we can create a robust internal pipeline for the future. In addition, we launched a number of initiatives to improve our focus on ensuring stability of succession and bolstering our reputation as an attractive place to work.</td></tr><tr><td colspan="1">The continual addition of new talent is essential to our dynamic and growing organisation. To ensure that we can create a pipeline of external talent for our company â and continue to attract the best people â we initiated a number of projects in 2017 that help us deï¬ne the beneï¬ts and opportunities that we offer our people, including comprehensive professional development and experience in a global company.</td></tr><tr><td colspan="1">GENDER DIVERSITY IN MAN AGEMENT</td></tr><tr><td colspan="1">We believe that our company beneï¬ts from a diverse management team. To ensure this, we have a number of gender diversity objectives. Progress is reviewed once a year.</td></tr><tr><td colspan="1">By 2020, the percentage of women in senior management positions (members of the Management Board, general managers and vice presidents) should be at least 40%. At the end of 2017, 39% of senior management were women, compared with 37% in 2016, 33% in 2015 and 34% in 2014.</td></tr><tr><td colspan="1">The gender composition of the Groupâs leadership programmes should mirror the gender composition of employees in vice president and director positions. Since we started our leadership programmes in 2012, the gender split has on aggregate been close to 50/50. In 2017, women accounted for 64% of this management group, and made up 60% of the enrolment in our leadership programmes.</td></tr><tr><td colspan="1">By 2018, our objective is that at least 35% of Board members elected at the Annual General Meeting should be women. At the end of 2017, women made up 33% of our Board members (3 out of 9), compared with 30% in 2016 (3 out of 10). This means we are well above the average of 16% for Danish listed companies. The Board will continue to consider gender composition when appointing new members.</td></tr><tr><td colspan="1">MAKING LEARNING ACCESSIBLE AND RELEVANT</td></tr><tr><td colspan="1">Our new PANDORA LINK digital learning platform makes training easily accessible online to all PANDORA employees around the globe. The online training modules cover everything from media education to crafting skills tests, and employees have the opportunity to learn in a range of ways, from webinars, videos, quizzes, games and online discussions to signing up for face-to-face courses. In a recent survey of PANDORAâs retail employees, 92% said they found the product knowledge learning modules directly relevant to their roles, and 94% found the modules easy to understand.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT STATEMENT</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Board and Executive Management have discussed and approved the Annual Report of PANDORA A/S for the ï¬nancial year 1 January â 31 December 2017.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish dis- closure requirements for listed companies.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated ï¬nancial statements and the Parent Company ï¬nancial statements give a true and fair view of the Groupâs and the Parent Companyâs ï¬nancial position at 31 December 2017 and of the results of the Groupâs and the Parent Companyâs operations and cash ï¬ows for the ï¬nancial year 1 January â 31 December 2017.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Managementâs Review includes a true and fair review of the development in the Groupâs and the Parent Companyâs operations and ï¬nancial conditions, of the results for the year and of the ï¬nancial position of the Group and the Parent Company, as well as a description of the more signiï¬cant risks and uncertainty facing the Group and the Parent Company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be approved at the Annual General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2018-02-06</sob:DateOfApprovalOfAnnualReport>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="en">Pandora A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx1" xml:lang="en">Havneholmen</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx1" xml:lang="en">17-19</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx1" xml:lang="en">1561</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="en">Copenhagen V</gsd:AddressOfReportingEntityDistrictName>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">28505116</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2018-03-14</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="en">Jacob Hjortshøj</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITORSâ REPOR T</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">TO THE SHAREHOLDERS OF PANDORA A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">OUR OPINION</td></tr><tr><td colspan="1">We have audited the consolidated ï¬nancial statements and the Parent Company ï¬nancial statements of PANDORA A/S for the ï¬nancial year 1 January â 31 December 2017, which comprise statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash ï¬ows and notes, including accounting policies, for the Group and the Parent Company. The consolidated ï¬nancial statements and the Parent Company ï¬nancial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated ï¬nancial statements and the Parent Company ï¬nancial statements give a true and fair view of the ï¬nancial position of the Group and the Parent Company at 31 December 2017 and of the results of the Groupâs and the Parent Companyâs operations and cash ï¬ows for the ï¬nancial year 1 January â 31 December 2017 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">BASIS FOR OPINION</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the âAuditorâs responsibilities for the audit of the ï¬nancial statements" section of our report. We believe that the audit evidence we have obtained is sufï¬cient and appropriate to provide a basis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENCE</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulï¬lled our other ethical responsibilities in accordance with these rules and requirements.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not pro- vided any prohibited non-audit services as de- scribed in article 5(1) of Regulation (EU) no. 537/2014.</td></tr><tr><td colspan="1">APPOINTMENT OF AUDITOR</td></tr><tr><td colspan="1">Subsequent to PANDORA A/S being listed on Nasdaq OMX Copenhagen, EY was appointed auditors of PANDORA A/S on 8 April 2011. We were re-appointed annually at the general meeting for a period of seven years up to and including the ï¬nancial year 2017.</td></tr></table></arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">KEY AUDIT MATTERS</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most signiï¬cance in our audit of the ï¬nancial statements for the ï¬nancial year 2017. These matters were addressed during our audit of the ï¬nancial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that con- text.</td></tr><tr><td colspan="1">We have fulï¬lled our responsibilities described in the âAuditorâs responsibilities for the audit of the ï¬nancial statementsâ section, including in relation to the key audit matters below. Our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the ï¬nancial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the ï¬nancial statements.</td></tr><tr><td colspan="1">REVENUE AND SALES RETURN</td></tr><tr><td colspan="1">Revenue is recognised when the signiï¬cant risks and rewards of ownership of the goods have been transferred to the buyer and it is measured at fair value of the expected consideration to be received, less rebates, discounts, sales taxes, duties and expected sales returns. Revenue recognition and measurement of the related expected sales returns was a matter of most signiï¬cance in our audit due to the inherent risk in the estimates and judgements which Management makes in the normal course of business as to timing of revenue and measurement of expected sales returns. Details on revenue recognition and expected sales returns are provided in sections 2.1 and 3.6 of the consolidated ï¬nancial statements and in section 3.6 of the Parent Company ï¬nancial statements, to which we refer.</td></tr><tr><td colspan="1">Our procedures in relation to revenue recognition and measurement of expected sales returns included considering the Groupâs accounting policies for revenue recognition, including those related to expected sales returns, and assessing compliance of policies with applicable accounting standards. We identiï¬ed and assessed internal controls related to the timing of revenue recognition and measurement of expected sales returns. We tested the effectiveness of the Groupâs internal controls in relation to calculation of expected sales returns and timing of revenue recognition. On a sample basis, we tested sales transactions taking place at either side of the balance sheet date as well as credit notes issued after the balance sheet date to assess whether those transactions were recognised in the correct period. We assessed the key assumptions applied by Management regarding expected sales returns based on our knowledge of the business and by reviewing the supporting documentation prepared by Management. Furthermore, we evaluated the disclosures provided by Management in the consolidated ï¬nancial statements and the Parent Company ï¬nancial statements to applicable accounting standards.</td></tr><tr><td colspan="1">TAXATION</td></tr><tr><td colspan="1">The Group has extensive international operations and in the normal course of business, Management makes judgements and estimates in determining the recognition of income taxes, deferred taxes and provisions for uncertain tax positions. In Thai- land, the Group is subject to Board of Investment agreements (BOIs), where many, but not all, types of net income are tax-exempt, and therefore, changes in proï¬t allocation could signiï¬cantly impact the Groupâs consolidated tax expense. In addition the US tax reform changes the tax environment in one of the Group´s largest markets speciï¬c affecting the recognised deferred tax asset in 2017. On this basis, taxation was a matter of most signiï¬cance in our audit. Additional details on income taxes are provided in section 2.5 of the consolidated ï¬nancial statements, to which we refer.</td></tr><tr><td colspan="1">Our procedures in relation to recognition of in- come taxes, deferred taxes and provisions for un- certain tax positions included assessing the Groupâs processes for recording and continual re-assessment of provisions for uncertain tax positions. Our procedures also covered evaluating the assumptions applied by Management in determining the recognition and measurement of income taxes and deferred taxes while taking into account relevant correspondence with tax authorities and third parties. Our own tax specialists per- formed an assessment of the Groupâs correspondence with relevant tax authorities in order to consider the completeness of the tax provisions. We also assessed the assumptions used, taking into consideration our own tax specialistsâ knowledge and experience. In addition, we assessed relevant opinions obtained by Management from third parties related to the requirements for tax exemptions under BOIs in Thailand. Further, we evaluated the disclosures provided by Management in the consolidated ï¬nancial statements and the Parent Company ï¬nancial statements to applicable accounting standards.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATEMENT ON THE MAN AGE- MENTâS REVIEW</td></tr><tr><td colspan="1">Management is responsible for the Managementâs review.</td></tr><tr><td colspan="1">Our opinion on the ï¬nancial statements does not cover the Managementâs review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the ï¬nancial statements, our responsibility is to read the Managementâs review and, in doing so, consider whether the Managementâs review is materially inconsistent with the ï¬nancial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Managementâs review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Managementâs review is in accordance with the ï¬nancial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Managementâs review.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MAN AGEMENTâS RESPONSIBILITIES FOR THE FIN ANCIAL STATEMENTS</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated ï¬nancial statements and Parent Company ï¬nancial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of ï¬nancial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the ï¬nancial statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the ï¬nancial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">AUDITORâS RESPONSIBILITIES FOR THE AUDIT OF THE FIN ANCIAL STATEMENTS</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the ï¬nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inï¬uence the economic decisions of users taken on the basis of the ï¬nancial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the ï¬nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufï¬cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of ex- pressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of ac- counting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the ï¬nancial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiï¬cant doubt on the Groupâs and the Parent Companyâs ability to continue as a go- ing concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the ï¬nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the ï¬nancial statements, including the note disclosures, and whether the ï¬nancial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufï¬cient appropriate audit evidence regarding the ï¬nancial information of the entities or business activities within the Group to express an opinion on the consolidated ï¬nancial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit ï¬ndings, including any signiï¬cant deï¬ciencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relation- ships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most signiï¬cance in the audit of the consolidated ï¬nancial statements and the Parent Company ï¬nancial statements of the cur- rent period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reason- ably be expected to outweigh the public interest beneï¬ts of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
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rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">30700228</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="en">Ernst & Young</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="en">Englandsgade 25</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="en">5100 Odense C</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2016-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2016-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="en">Anders Colding Friis</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="en">Peter Vekslund</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="en">Allan Leighton</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx13" xml:lang="en">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx14" xml:lang="en">Anders Stig Lauritsen</cmn:NameAndSurnameOfAuditor>
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