Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 16764000000 | vDKK |
| ifrs-full:Assets | 2018-12-31 | 19244000000 | vDKK |
| ifrs-full:Assets | 2017-12-31 | 17428000000 | vDKK |
| ifrs-full:Assets | 2018-12-31 | 17905000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 22806000000 | vDKK |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 22781000000 | vDKK |
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 12933000000 | vDKK |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 12810000000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/61150582/ZG9rdW1lbnRsYWdlcjovLzAzLzUxLzI2LzZlLzNhLzdjOWItNDUyYy1hYTJlLTVhYzg1NWY5NDczNA.xml
Separator
The full data:
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<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><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">Corporate Governance</td></tr><tr><td colspan="1">We work to constantly improve transparency and accountability to ensure that Pandora meets its obligations to its stakeholders and maximises long-term value creation.</td></tr><tr><td colspan="1">Pandora strives to exercise good corporate gov- ernance at all times, and Pandora assesses its practices against the Corporate Governance Recommendations of the Danish Committee on Corporate Governance. 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To- gether, the Board and Executive Management develop the overall strategy and ensure that the competencies and resources are in place to en- able Pandora to achieve its objectives.</td></tr><tr><td colspan="1">Board activities in 2018</td></tr><tr><td colspan="1">In 2018, the Board of Directors held 13 Board meetings and its primary focus area was to plan and launch Programme NOW to accelerate stra- tegic transformation, changing the Executive Management and searching for new Board mem- bers. In addition, the Board focused on digital- ised and conventional brand marketing, product innovation, amplification of full product offerings and leveraging Pandoraâs manufacturing capabil- ities to secure continued growth.</td></tr><tr><td colspan="1">The Board has an Audit Committee, a Remuner- ation Committee and a Nomination Committee</td></tr><tr><td colspan="1">â and it appoints members and chairs to these committees. The committeesâ terms of reference are disclosed on the companyâs website.</td></tr><tr><td colspan="1">AUDIT COMMITTEE</td></tr><tr><td colspan="1">The members of the Audit Committee are Birgitta Stymne Göransson (Chair), Christian Frigast and Andrea Dawn Alvey. The Audit Committee re-views and assesses Pandoraâs financial reporting and audit process and internal control systems, and evaluates the adequacy of control proce- dures. More specifically, the Audit Committee supervises the following areas</td></tr><tr><td colspan="1">The financial reporting process</td></tr><tr><td colspan="1">Internal control and risk management systems</td></tr><tr><td colspan="1">The independent audit</td></tr><tr><td colspan="1">In 2018, the Audit Committee met six times. Its main activities were</td></tr><tr><td colspan="1">Meetings with Executive Management and in- dependent auditors to review the audited An- nual Report</td></tr><tr><td colspan="1">Meetings with Executive Management to re- view quarterly financial statements</td></tr><tr><td colspan="1">Reviewing key accounting principles, signifi- cant accounting estimates, key financial risks and compliance with tax regulations</td></tr><tr><td colspan="1">Monitoring the adequacy and effectiveness of Pandoraâs internal controls and risk manage- ment systems</td></tr><tr><td colspan="1">Reviewing the companyâs whistleblowing re- porting system and whistleblowing cases</td></tr><tr><td colspan="1">Recommendations for the appointment of inde- pendent auditors, including evaluation of inde- pendence, competencies and compensation</td></tr><tr><td colspan="1">Reviewing updates to the financial reporting structure</td></tr><tr><td colspan="1">REMUNERATION COMMITTEE</td></tr><tr><td colspan="1">The members of the Remuneration Committee are Peder Tuborgh (Chair), Christian Frigast, Bjørn Gulden and Andrea Dawn Alvey. The main du- ties 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 Executive Management with re- spect to fixed and variable pay components</td></tr><tr><td colspan="1">To submit proposals to the Board for the remu- neration packages of individual pay of Board members and Executive Management</td></tr><tr><td colspan="1">To verify that the information on remuneration in the Annual Report and Remuneration Report is true, accurate and adequate</td></tr><tr><td colspan="1">The Remuneration Committee met three times in 2018. Its main activities were: the annual review of the remuneration policy and guidelines on incen-tive payments, including giving directions for future remuneration reports; approval of incentive pay-ments for 2017; design and approval of Pandoraâs Long- and Short-Term Incentive Programmes for 2018; and benchmarking of executive pay.</td></tr><tr><td colspan="1">Our Remuneration Report 2018 is available at our Investor website: https://pandoragroup. gcs-web.com/remuneration-reports</td></tr><tr><td colspan="1">NOMINATION COMMITTEE</td></tr><tr><td colspan="1">The members of the Nomination Committee are Christian Frigast (Chair), Peder Tuborgh, Ronica Wang and Per Bank. The Nomination Committee assists the Board in fulfilling its responsibilities with regards to</td></tr><tr><td colspan="1">Continuous evaluation of the qualifications and competencies required of members of the Board and Executive Management</td></tr><tr><td colspan="1">Nomination of candidates for the Board and Ex- ecutive Management</td></tr><tr><td colspan="1">Self-evaluation of the Board</td></tr><tr><td colspan="1">Assessment of the performance of Executive Management and the cooperation between the Board and Executive Management</td></tr><tr><td colspan="1">Succession planning for top executive positions</td></tr><tr><td colspan="1">In 2018, the Nomination Committee met four times. Its main activities were: an extensive eval- uation of the qualifications and competencies of the Board and Executive Management; appoint- ment of a new CFO, Anders Boyer, and a new COO, Jeremy Schwartz, search for a new CEO, the annual self-evaluation and assessment of the cooperation between the Board and Executive Management, as well as assessment of the perfor- mance of each member of the Board, including search for new Board members. In December, the Board proposed two new candidates, Ms. Isabelle Parize and Sir John Peace, to the Board for elec- tion at the Annual General Meeting on 13 March2019.</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 its performance and its co- operation with the Executive Management. The chairman of the Nomination Committee directs the assessment process, and from 2019 the assess- ment will be facilitated by external consultants ev-ery third year. In 2018, the assessment was carried out by the Board by having each Board member complete an anonymous questionnaire.</td></tr><tr><td colspan="1">The assessment covered topics such as Board com- position, nomination process, competencies and overboarding. The assessment also included topics such as the Boardâs involvement in risk and finan- cial management, control and strategy, and com- mittee work and personal contributions.</td></tr><tr><td colspan="1">Ratings and comments are consolidated and shared with the Board and Executive Management, followed by a Board discussion where improve- ments are discussed. The chairman also holds one- to-one conversations with each Board member.</td></tr><tr><td colspan="1">The self-assessment conducted in 2018 iden- tified that the Board continues to demonstrate wide experience, broad industry knowledge and backgrounds well suited to Pandoraâs business and strategy. The Board structure and committee work are effective and well-functioning, includ- ing interactions with the Executive Management. The assessment indicated that further compe- tencies within retail and e-commerce would be beneficial in order to continually meet the rap- idly-changing consumer landscape and diving deeper into brand execution, digitisation and operational matters. As a result of this, two new Board members have now been proposed.</td></tr><tr><td colspan="1">ADDITIONAL INFORMATION</td></tr><tr><td colspan="1">The Corporate Governance Statement for 2018, cf. section 107b of the Danish Financial State- ments Act, is available at our Investor website: https://investor.pandoragroup.com/ governance-statement</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><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="2">Corporate Sustainability</td></tr><tr><td colspan="2">We believe that high ethical standards and high-quality jewellery go hand in hand. We want women to be able to express themselves with responsibly crafted jewellery made from ethically sourced materials.</td></tr><tr><td colspan="2">We control the majority of our value chain from design to stores. This enables us to incorporate sustainability into every aspect of our operations. We work closely with our partners and suppliers to ensure high ethical standards â and, to inspire partners and peers, we communicate our efforts and performance externally.</td></tr><tr><td colspan="2">Pandora Sustainability</td></tr><tr><td colspan="2">The Pandora Sustainability Programme is integrat- ed into our entire value chain through policies, guidelines and tools. In 2018, we focused on</td></tr><tr><td colspan="2">Starting production at our second leadership in Energy and Environment Design (LEED) Gold certified green crafting facility, in Bangkok, Thailand</td></tr><tr><td colspan="2">Successfully extending our global Responsi Responsible Jewellery Council (RJC) certification to 2021</td></tr><tr><td colspan="2">Code of Conduct training (completed by all employees)</td></tr><tr><td colspan="2">Supplier due diligence and supplier develop- ment</td></tr><tr><td colspan="2">We regularly perform sustainability risk assess- ments within business integrity, human rights, labour rights and the environment. We commu- nicate our aspirations and requirements in these areas to employees through our internal Code of Conduct, which is supported by awareness campaigns and mandatory training for all staff. In addition, our Pandora Whistleblow- er function enables staff to raise concerns if they believe our ethi- cal standards are potentially being breached.</td></tr><tr><td colspan="2">Our two new main crafting facilities are now Leadership in Energy and Environmental Design (LEED) Gold certified</td></tr><tr><td colspan="2">Learn more in our latest Sustainability Report, available on our website: https://pandoragroup.com/CSR/Publications</td></tr><tr><td colspan="2">The Sustainable Development Goals</td></tr><tr><td colspan="2">Pandora contributes to progress on several of the 17 United Nations Sustainable Development Goals. We focus on the seven goals where we believe our business can have the largest positive, as well as adverse, impacts</td></tr><tr><td colspan="2">Product, People, Planet</td></tr><tr><td colspan="2">We are committed to crafting our products with integrity, providing proper working conditions for our employees and minimising our impact on the planet.</td></tr><tr><td colspan="2">Product</td></tr><tr><td colspan="2">Responsible business practices begin in the de- sign phase with the choice of materials, and continue through ethical sourcing and crafting. When suppliers enter into an agreement with Pandora, they sign our Suppliersâ Code of Con- duct, which addresses business integrity, human rights and environmental issues. Pandora has continued its work with ensuring ethical busi- ness practices in 2018 through our Responsible Supplier Programme. The programme ensures compliance with the Code, which covers screen- ing and risk assessment, training, dialogue and supplier audits, as well as timely follow-up if non-compliance is identified.</td></tr><tr><td colspan="2">SUPPLY CHAIN AND RAW MATERIALS</td></tr><tr><td colspan="2">Silver is the most used material in our products. In 2018, 88% of the silver grains sourced by Pandora came from recycled sources. The remaining 12% came from mined silver supplied by certified re- sponsible refiners. We work with suppliers to en- sure that as much silver as possible comes from recycling. In 2018, 100% of the gold grains used in our products were recycled.</td></tr><tr><td colspan="2">Planet</td></tr><tr><td /><td>Our Environmental Policy commits us to minimis- ing our environmental footprint by seeking new ways to reduce emissions, waste and consump- tion of resources. We acquire and maintain certifi- cates for internationally recognised environmental management systems at our crafting facilities. 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. We are regularly audited by the RJC, and envi- ronmental risks in our supply chain are mitigated through our Responsible Supplier Programme. Primary environmental and climate risks in our industry are CO2 emissions and the depletion of natural resources, both associated with mining. We minimise this 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="2">RESOURCE CONSUMPTION</td></tr><tr><td colspan="2">We are building for the future, also in terms of re- source efficiency. With significant investments over the past years, Pandora today operates state-of-the- art green crafting facilities and work to continu- ously optimise the use of energy, water and other resources. Our crafting facility in Lamphun opened in 2017, and our new facility in Bangkok opened in June 2018. Both facilities are LEED Gold certified.</td></tr><tr><td colspan="2">Our facility in Lamphun has reached its target of recycling 45% of the water it uses and solar panels produce 10% of the energy it uses. An in- novative air conditioning and ventilation system reduces ventilation energy loss by up to 80%.</td></tr><tr><td colspan="2">Our new facility in Bangkok achieved LEED Gold certification in 2018, scoring 10 out of 10 in the Water Efficiency category and 6 out of 6 in the Innovation Design category. The results will be validated next year, when the facility has been running at full capacity for a longer period.</td></tr><tr><td colspan="2">Total energy and water use in 2018 increased, reflecting our increasingly more advanced jewel- lery designs and a widening portfolio of jewellery. However, thanks to our LEED certified crafting fa- cilities, our consumption of energy and especially water is considered very efficient and well below the average in the luxury, apparel and accessories sectors.</td></tr><tr><td colspan="2">People</td></tr><tr><td colspan="2">We are a global brand and our activities impact the lives of people worldwide. Our Human Rights Policy guides us in how to ensure that all human rights are respected throughout our value chain. Specifically, it instructs us to: never engage in, so- licit or accept child labour or forced labour in any form; recognise and respect the right to freedom of movement, the right to associate and the right to enter into collective bargaining; prohibit dis- crimination or any other inappropriate behaviour that might undermine the dignity of our employees and the communities in which we operate; pro- vide employment and development opportunities for staff through fair and objective performance criteria; and respond openly and transparently to perceived human rights violations.</td></tr><tr><td colspan="2">Potential human rights violations within the jew- ellery supply chain, like safety and health hazards and poor working conditions, are mostly associat- ed with mining. To minimise this risk, we source recycled gold and silver grains and predominantly use man-made stones. All the gold, silver and dia- monds that we use can be traced back to certified responsible suppliers. Human rights risks related to other goods and service providers are covered by our Responsible Supplier Programme.</td></tr><tr><td colspan="2">TRAINING</td></tr><tr><td colspan="2">Using an in-house e-learning platform, we offer training to our employees, including new prod- uct training for store staff. We also offer specif- ic training courses for production staff covering technical skills, safety, health, business continu- ity, the environment, leadership and life skills such as motherhood and private economy.</td></tr><tr><td colspan="2">PRODUCTION</td></tr><tr><td colspan="2">At our facilities in Thailand, we provide employ- ees with safe and healthy working conditions and competitive compensation and benefits. We strive to keep working hours below International Labour Organisation (ILO) standards of 60 hours per week. In 2018, working hours periodically exceeded 60, and to counter this, while keep- ing our production agile, we introduced night shifts among other initiatives.</td></tr><tr><td colspan="2">Business integrity</td></tr><tr><td colspan="2">We believe in fair and honest competition, and we are dedicated to working against corrupt practices in our operations in the societies in which we operate. The risk of corruption in our procurement process is countered by our Business Integrity Policy and our Responsible Supplier Programme. In 2018, there has been zero identified corruption non-conformaties found in our audits. Our Business Integrity Policy instructs us to: never offer, give or accept gifts, entertainment or any other advan- tages exceeding locally defined triviality limits; never offer, authorise, give or accept bribes or extortion; refuse to pay facilita- tion payments, even if this could mean a loss of business; and not contribute to money laundering.</td></tr><tr><td colspan="2">Partnerships</td></tr><tr><td colspan="2">Pandora is a member of the United Nations Global Compact (UNGC), and we report yearly on progress within the programme. Pandora is also a member of the RJC â an industry-leading initiative that strives to develop and implement responsible business practices throughout the jewellery industry. In 2018, we initiat- ed a two-year partnership with the Youth Fashion Summit in cooperation with the Global Fashion Agenda and UNGC, which brings fashion and business students from around the world together to drive sustain- ability in fashion.</td></tr><tr><td colspan="2">PANDORA IN DETAIL</td></tr><tr><td colspan="2">Making a Difference through Education</td></tr><tr><td colspan="2">In 2018, Pandora was recognised as âOutstand- ing Disability Empowerment Organisationâ for the second year by Thailandâs Ministry of Social Development and Human Security. It acknowl- edged our commitment and focus on empow- ering people with disabilities. One way we do this is through our support of the Organic Farm &amp; Learning Centre in Thailand.</td></tr><tr><td colspan="2">The Organic Farm &amp; Learning Centre, located not far from our crafting facility in Northern Thailand, is an educational hub around sustainable farm- ing that is funded and supported by Pandora. The centre was set up by Rathee Chaiyapornpathana, former Head of Social Development at McKean Rehabilitation Centre Chiang Mai. In 2016, we decided to help build teaching facilities. At the time, the centre covered just 400 square metres of land. Today, it occupies 3,072 square metres and consists of three buildings â including eight rooms for accommodation, a canteen and a two-storey activity and training centre â all built with funds donated by Pandora and the hard work of more than 100 Pandora volunteers.</td></tr><tr><td colspan="2">The Organic Farm &amp; Learning Centre has become an inspiration for the local community. Much of the farmland in this area is devoted to rice pro- duction and lies fallow between growing sea- sons. The Organic Farm &amp; Learning Centre hosts sustainable farming courses for local farmers on how to use organic agriculture and crop rotation to grow other crops, which they can eat them- selves or sell in order to improve their self-suffi- ciency and quality of life.</td></tr><tr><td colspan="2">Sangkaew is one of five people with disabilities who live and work at the centre, making it pos- sible to be self-sufficient thanks to their crops and animals. However, the centre has a further goal: by 2020, it should have fully distributed the training among local farmers and be able to grow enough food to supply canteens at local business- es, including Pandora, making it a thriving local business. It is a goal we are proud to support.</td></tr><tr><td colspan="2">100 Pandora volunteers helped build the centre</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><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><tr><td colspan="1">The Board of Directors and the Executive Management have today discussed and approved the Annual Report of Pandora A/S for 2018.</td></tr><tr><td colspan="1">The Annual Report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><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">It is our opinion that the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2018 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January â 31 December 2018.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><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">Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, results of operations, cash flows and financial position as well as a description of material risks and uncertainties that the Group and the Parent Company face.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><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="da">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2019-02-05</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><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 auditors' report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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="da"><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 financial statements and the parent company financial statements of Pandora A/S for the financial year 1 January â 31 December 2018, which comprise statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash flows and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with Inter- national 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 financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2018 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January â 31 December 2018 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="da"><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 "Auditor's responsibilities for the audit of the financial statementsâ section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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 Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled 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-appoint- ed annually at the general meeting for a total pe- riod of eight years up to and including the financial year 2018.</td></tr></table></arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><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 significance in our audit of the financial statements for the financial year 2018. These matters were addressed during our audit of the financial 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 ad- dressed the matter is provided in that context.</td></tr><tr><td colspan="1">We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" 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 financial 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 financial statements.</td></tr><tr><td colspan="1">REVENUE AND SALES RETURN</td></tr><tr><td colspan="1">Revenue is recognised when control 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 significance 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. De- tails on revenue recognition and expected sales returns are provided in sections 2.1 and 3.7 of the consolidated financial statements and in section 3.6 of the Parent Company financial 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 identified 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 financial statements and the Parent Company financial 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 (BOI) agreements, where many, but not all, types of net income are tax-exempt, and therefore, changes in profit allocation could significantly impact the Groupâs consolidated tax expense. On this basis, taxation was a matter of most significance in our audit. Additional details on income taxes are provided in section 2.5 of the consolidated financial 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 relevant tax authorities. Our own tax specialists performed an assessment of the Groupâs recognition of in- come taxes and deferred taxes, including correspondence with relevant tax authorities in order to consider the completeness of the tax provisions. In addition, we assessed the assumptions used, taking into consideration our own tax specialistsâ knowledge and experience. Further, we evaluated the disclosures provided by Management in the consolidated financial statements and the Parent Company financial statements to applicable ac- counting standards.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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 MANAGEMENT'S REVIEW</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's 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 financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial 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 Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial 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 Management's review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><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'S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and Parent Company financial 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 financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's 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 financial 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="da"><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">AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 influence the economic decisions of users taken on the basis of the financial 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 financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient 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 expressing an opinion on the effectiveness of the Group's and the Parent Company's 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 Management's use of the going concern basis of ac- counting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial 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 auditor's 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 financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial 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 findings, including any significant deficiencies 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 significance in the audit of the consolidated financial statements and the Parent Company financial statements of the cur- rent period and are therefore the key audit matters.</td></tr><tr><td colspan="1">We describe these matters in our auditor's 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 benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2019-02-05</arr:SignatureOfAuditorsDate>
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<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="da">Copenhagen V</gsd:AddressOfReportingEntityDistrictName>
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<gsd:DateOfGeneralMeeting contextRef="ctx1">2019-03-13</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Jacob Hjortshøj</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">30700228</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">Ernst & Young Godkendt Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Englandsgade 25</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">5000 Odense C</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2017-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2017-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">Jeremy Schwartz</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Christian Frigast</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">Andrea Alvey</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="da">Birgitta Stymne Göransson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx10" xml:lang="da">Ronica Wang</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx11" xml:lang="da">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx12" xml:lang="da">Michael Groth Hansen</cmn:NameAndSurnameOfAuditor>
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