Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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Additionally, the Board over-</td></tr><tr><td colspan="1">sees Pandoraâs financial development,</td></tr><tr><td colspan="1">related planning and reporting systems</td></tr><tr><td colspan="1">as well as internal controls and risk management.</td></tr><tr><td colspan="1">The Board has established an Audit, a Re-</td></tr><tr><td colspan="1">muneration and a Nomination Commit-</td></tr><tr><td colspan="1">tee and appoints members and chairs to</td></tr><tr><td colspan="1">these committees from within the Board.</td></tr><tr><td colspan="1">The committeesâ terms of reference are</td></tr><tr><td colspan="1">disclosed on the companyâs website â</td></tr><tr><td colspan="1">www.pandoragroup.com.</td></tr><tr><td colspan="1">Members of Executive Management are</td></tr><tr><td colspan="1">appointed by the Board. Executive Management is responsible for the day-to-</td></tr><tr><td colspan="1">day management and the execution of</td></tr><tr><td colspan="1">the companyâs strategy.</td></tr><tr><td colspan="1">Members of the Executive Leadership</td></tr><tr><td colspan="1">Team are responsible for the day-to-day</td></tr><tr><td colspan="1">operations of their respective business</td></tr><tr><td colspan="1">areas while at the same time being part</td></tr><tr><td colspan="1">of the overall management of Pandora.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">Composition</td></tr><tr><td colspan="1">The composition of the Board must be</td></tr><tr><td colspan="1">such that, at any time, the consolidated</td></tr><tr><td colspan="1">competencies of the Board enable it to</td></tr><tr><td colspan="1">supervise Pandoraâs development and</td></tr><tr><td colspan="1">diligently address the specific opportunities and challenges Pandora faces.</td></tr><tr><td colspan="1">The Board must consist of three to ten</td></tr><tr><td colspan="1">members and consisted of eight members as of 31 December 2019. All Board</td></tr><tr><td colspan="1">members are up for election every year.</td></tr><tr><td colspan="1">Board self-assessment</td></tr><tr><td colspan="1">The Board conducts an annual self-assessment to monitor its performance</td></tr><tr><td colspan="1">and its cooperation with Executive Management. The chair of the Nomination</td></tr><tr><td colspan="1">Committee directs the assessment pro-</td></tr><tr><td colspan="1">cess, and in 2019 the assessment was</td></tr><tr><td colspan="1">carried out by each Board member completing an anonymous questionnaire.</td></tr><tr><td colspan="1">The assessment covered topics such as</td></tr><tr><td colspan="1">Board composition, nomination process,</td></tr><tr><td colspan="1">competencies and overboarding. The</td></tr><tr><td colspan="1">assessment also included topics such</td></tr><tr><td colspan="1">as the Boardâs involvement in risk and fi-</td></tr><tr><td colspan="1">nancial management, control and strategy, and committee work and personal</td></tr><tr><td colspan="1">contributions.</td></tr><tr><td colspan="1">Ratings and comments are consolidated</td></tr><tr><td colspan="1">and shared with the Board and Executive Management, followed by a Board</td></tr><tr><td colspan="1">discussion where improvements are dis-</td></tr><tr><td colspan="1">cussed. The chair also holds one-on-one</td></tr><tr><td colspan="1">conversations with each Board member.</td></tr><tr><td colspan="1">The self-assessment conducted in 2019</td></tr><tr><td colspan="1">identified that the Board continues to</td></tr><tr><td colspan="1">demonstrate wide experience, broad industry knowledge and backgrounds well</td></tr><tr><td colspan="1">suited to Pandoraâs business and strategy. The Board structure and committee</td></tr><tr><td colspan="1">work are effective and well-functioning,</td></tr><tr><td colspan="1">including interactions with Executive</td></tr><tr><td colspan="1">Management. The assessment indicated</td></tr><tr><td colspan="1">that further competencies within retail</td></tr><tr><td colspan="1">would be beneficial in order to continually respond to the rapidly-changing</td></tr><tr><td colspan="1">consumer landscape and dive deeper</td></tr><tr><td colspan="1">into brand execution and trendspotting.</td></tr><tr><td colspan="1">Audit Committee</td></tr><tr><td colspan="1">In 2019, the members of the Audit Committee were Birgitta Stymne Göransson</td></tr><tr><td colspan="1">Chair), Andrea Dawn Alvey and Isabelle</td></tr><tr><td colspan="1">Parize. The Audit Committee reviews and</td></tr><tr><td colspan="1">assesses Pandoraâs financial reporting</td></tr><tr><td colspan="1">and audit processes and internal control</td></tr><tr><td colspan="1">systems, and evaluates the adequacy of</td></tr><tr><td colspan="1">control procedures. More specifically,</td></tr><tr><td colspan="1">the Audit Committee supervises the following areas</td></tr><tr><td colspan="1">⢠the financial reporting process</td></tr><tr><td colspan="1">⢠internal controls and risk management</td></tr><tr><td colspan="1">systems</td></tr><tr><td colspan="1">⢠the independent audit</td></tr><tr><td colspan="1">In 2019, the Audit Committee met seven</td></tr><tr><td colspan="1">times. Its main activities were</td></tr><tr><td colspan="1">⢠meetings with Executive Management</td></tr><tr><td colspan="1">and independent auditors to review</td></tr><tr><td colspan="1">the audited Annual Report</td></tr><tr><td colspan="1">⢠meetings with Executive Management</td></tr><tr><td colspan="1">to review interim financial reports</td></tr><tr><td colspan="1">⢠reviewing key accounting principles,</td></tr><tr><td colspan="1">significant accounting estimates, key</td></tr><tr><td colspan="1">financial risks and compliance with tax</td></tr><tr><td colspan="1">regulations</td></tr><tr><td colspan="1">⢠monitoring the adequacy and effectiveness of Pandoraâs internal controls</td></tr><tr><td colspan="1">and risk management systems</td></tr><tr><td colspan="1">⢠reviewing the companyâs whistleblowing reporting system and whistleblowing cases</td></tr><tr><td colspan="1">recommendations for the appointment</td></tr><tr><td colspan="1">of independent auditors, including evaluation of independence, competencies</td></tr><tr><td colspan="1">and compensation</td></tr><tr><td colspan="1">⢠reviewing updates to the financial re-</td></tr><tr><td colspan="1">porting structure</td></tr><tr><td colspan="1">Remuneration Committee</td></tr><tr><td colspan="1">In 2019, the members of the Remuneration Committee were Peder Tuborgh</td></tr><tr><td colspan="1">Chair), Christian Frigast, Ronica Wang and</td></tr><tr><td colspan="1">Andrea Dawn Alvey. The main duties of</td></tr><tr><td colspan="1">the Remuneration Committee are</td></tr><tr><td colspan="1">⢠preparing recommendations to the</td></tr><tr><td colspan="1">Board on the pay and remuneration</td></tr><tr><td colspan="1">policy applicable to the Board and Executive Management with respect to</td></tr><tr><td colspan="1">fixed and variable pay components</td></tr><tr><td colspan="1">⢠submitting proposals to the Board for</td></tr><tr><td colspan="1">the remuneration packages of individual Board members and Executive</td></tr><tr><td colspan="1">Management</td></tr><tr><td colspan="1">⢠verifying that the information on remuneration in the Annual Report and</td></tr><tr><td colspan="1">Remuneration Report is true, accurate</td></tr><tr><td colspan="1">and adequate</td></tr><tr><td colspan="1">The Remuneration Committee met five</td></tr><tr><td colspan="1">times in 2019. Its main activities were</td></tr><tr><td colspan="1">⢠proposal for new remuneration policy</td></tr><tr><td colspan="1">⢠directions for future remuneration re-</td></tr><tr><td colspan="1">ports</td></tr><tr><td colspan="1">⢠approval of incentive payments for</td></tr><tr><td colspan="1">2018</td></tr><tr><td colspan="1">⢠design and approval of Pandoraâs Long</td></tr><tr><td colspan="1">and Short-Term Incentive Programmes</td></tr><tr><td colspan="1">for 2019 and 2020</td></tr><tr><td colspan="1">⢠benchmarking Board fees and executive pay.</td></tr><tr><td colspan="1">The Remuneration Report 2019 is available at our Investor website</td></tr><tr><td colspan="1">pandoragroup.com/</td></tr><tr><td colspan="1">investor/corporate-governance/</td></tr><tr><td colspan="1">remuneration-reports</td></tr><tr><td colspan="1">Nomination Committee</td></tr><tr><td colspan="1">In 2019, the members of the Nomination Committee were Christian Frigast</td></tr><tr><td colspan="1">Chair), John Peace, Peder Tuborgh and</td></tr><tr><td colspan="1">Per Bank. The Nomination Committee</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">members of the Board and Executive</td></tr><tr><td colspan="1">Management</td></tr><tr><td colspan="1">⢠nomination of candidates for the Board</td></tr><tr><td colspan="1">and Executive Management</td></tr><tr><td colspan="1">⢠self-assessment of the Board</td></tr><tr><td colspan="1">⢠assessment of the performance of Executive Management and the cooperation between the Board and Executive</td></tr><tr><td colspan="1">Management</td></tr><tr><td colspan="1">⢠succession planning for top executive</td></tr><tr><td colspan="1">Positions</td></tr><tr><td colspan="1">In 2019, the Nomination Committee met</td></tr><tr><td colspan="1">three times and had multiple ad-hoc exchanges relating to the search for and</td></tr><tr><td colspan="1">recruitment of Alexander Lacik as new</td></tr><tr><td colspan="1">CEO and search for and recruitment of</td></tr><tr><td colspan="1">Peter A. Ruzicka as new Chair. Furthermore, its main activities focused on the</td></tr><tr><td colspan="1">annual self-assessment, including an assessment of the cooperation between</td></tr><tr><td colspan="1">the Board and Executive Management</td></tr><tr><td colspan="1">and assessment of the performance of</td></tr><tr><td colspan="1">each member of the Board and potential</td></tr><tr><td colspan="1">overboarding.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender 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">Gender diversity in management</td></tr><tr><td colspan="1">We believe that our company benefits</td></tr><tr><td colspan="1">from a diverse management team. We</td></tr><tr><td colspan="1">have a number of gender diversity objectives and we review progress once a</td></tr><tr><td colspan="1">year. Our goals in this area are the following</td></tr><tr><td colspan="1">⢠No gender should make up more than</td></tr><tr><td colspan="1">60% of Board members. At the end of</td></tr><tr><td colspan="1">2019, women made up 50% of Board</td></tr><tr><td colspan="1">members (4 out of 8), compared with</td></tr><tr><td colspan="1">43% in 2018 (3 out of 7), which is above</td></tr><tr><td colspan="1">average for large publicly-listed Danish</td></tr><tr><td colspan="1">companies.</td></tr><tr><td colspan="1">⢠No gender should make up more than</td></tr><tr><td colspan="1">60% of senior management (members</td></tr><tr><td colspan="1">of the Executive Leadership Team, general managers and vice presidents). At</td></tr><tr><td colspan="1">the end of 2019, 26% of senior management were women. This is a decline</td></tr><tr><td colspan="1">compared with 30% in 2018, but in line</td></tr><tr><td colspan="1">with Danish gender statistics for middle and senior managerial positions.</td></tr><tr><td colspan="1">Pandora will continue to strive for a</td></tr><tr><td colspan="1">better gender balance in senior management.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<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">Statement by the Executive Management and the Board of Directors</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport 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">The Board of Directors and the Executive Management have today discussed and approved</td></tr><tr><td colspan="1">the Annual Report of Pandora A/S for 2019.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement 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">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</td></tr><tr><td colspan="1">Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<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</td></tr><tr><td colspan="1">statements and the Parent Company financial</td></tr><tr><td colspan="1">statements give a true and fair view of the financial position of the Group and the Parent</td></tr><tr><td colspan="1">Company at 31 December 2019 and of the results of the Group's and the Parent Company's</td></tr><tr><td colspan="1">operations and cash flows for the financial year</td></tr><tr><td colspan="1">1 January â 31 December 2019.</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</td></tr><tr><td colspan="1">the Group's and the Parent Company's activities and financial matters, results of operations, cash flows and financial position as well</td></tr><tr><td colspan="1">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 ap-</td></tr><tr><td colspan="1">proved at the Annual General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2020-02-04</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</td></tr><tr><td colspan="1">statements and the parent company financial</td></tr><tr><td colspan="1">statements of Pandora A/S for the financial</td></tr><tr><td colspan="1">year 1 January â 31 December 2019, which</td></tr><tr><td colspan="1">comprise statement of comprehensive in-</td></tr><tr><td colspan="1">come, balance sheet, statement of changes</td></tr><tr><td colspan="1">in equity, statement of cash flows and notes,</td></tr><tr><td colspan="1">including accounting policies, for the Group</td></tr><tr><td colspan="1">and the Parent Company. The consolidated</td></tr><tr><td colspan="1">financial statements and the parent company</td></tr><tr><td colspan="1">financial statements are prepared in accordance with International Financial Reporting</td></tr><tr><td colspan="1">Standards as adopted by the EU and addition-</td></tr><tr><td colspan="1">al requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial</td></tr><tr><td colspan="1">statements and the parent company financial statements give a true and fair view of</td></tr><tr><td colspan="1">the financial position of the Group and the</td></tr><tr><td colspan="1">Parent Company at 31 December 2019 and</td></tr><tr><td colspan="1">of the results of the Groupâs and the Parent</td></tr><tr><td colspan="1">Companyâs operations and cash flows for the</td></tr><tr><td colspan="1">financial year 1 January â 31 December 2019</td></tr><tr><td colspan="1">in accordance with International Financial Re-</td></tr><tr><td colspan="1">porting Standards as adopted by the EU and</td></tr><tr><td colspan="1">additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our long-form</td></tr><tr><td colspan="1">audit report to the Audit Committee and the</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">International Standards on Auditing (ISAs) and</td></tr><tr><td colspan="1">additional requirements applicable in Den-</td></tr><tr><td colspan="1">mark. Our responsibilities under those standards and requirements are further described</td></tr><tr><td colspan="1">in the âAuditorâs responsibilities for the audit</td></tr><tr><td colspan="1">of the financial statementsâ section of our re-</td></tr><tr><td colspan="1">port. We believe that the audit evidence we</td></tr><tr><td colspan="1">have obtained is sufficient and appropriate to</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark,</td></tr><tr><td colspan="1">and we have fulfilled our other ethical responsibilities in accordance with these rules and</td></tr><tr><td colspan="1">requirements.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not</td></tr><tr><td colspan="1">provided any prohibited non-audit services as</td></tr><tr><td colspan="1">described in article 5(1) of Regulation (EU) no.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">Nasdaq OMX Copenhagen, EY was appoint-</td></tr><tr><td colspan="1">ed auditors of Pandora A/S on 8 April 2011.</td></tr><tr><td colspan="1">We were re-appointed annually at the general</td></tr><tr><td colspan="1">meeting for a total period of nine years up to</td></tr><tr><td colspan="1">and including the financial year 2019.</td></tr></table></arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements>
<arr:SupplementaryInformationOnMattersPertainingToAuditedFinancialStatement 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</td></tr><tr><td colspan="1">our professional judgement, were of most</td></tr><tr><td colspan="1">significance in our audit of the financial statements for the financial year 2019. These matters were addressed during our audit of the</td></tr><tr><td colspan="1">financial statements as a whole and in forming our opinion thereon. We do not provide a</td></tr><tr><td colspan="1">separate opinion on these matters. For each</td></tr><tr><td colspan="1">matter below, our description of how our audit addressed the matter is provided in that</td></tr><tr><td colspan="1">context.</td></tr><tr><td colspan="1">DESCRIPTION OF MATTER</td></tr><tr><td colspan="1">Revenue and sales return</td></tr><tr><td colspan="1">Revenue is recognised when control of the goods</td></tr><tr><td colspan="1">has been transferred to the buyer and it is</td></tr><tr><td colspan="1">measured at fair value of the expected consideration to be received, less rebates, discounts, sales</td></tr><tr><td colspan="1">taxes, duties and expected sales returns. Revenue</td></tr><tr><td colspan="1">recognition and measurement of the related</td></tr><tr><td colspan="1">expected sales returns was a matter of most</td></tr><tr><td colspan="1">significance in our audit due to the inherent risk in</td></tr><tr><td colspan="1">the estimates and judgements which Management</td></tr><tr><td colspan="1">makes in the normal course of business as to timing</td></tr><tr><td colspan="1">of revenue and measurement of expected sales</td></tr><tr><td colspan="1">returns.</td></tr><tr><td colspan="1">Details on revenue recognition and expected sales</td></tr><tr><td colspan="1">returns are provided in sections 2.1 and 3.8 of the</td></tr><tr><td colspan="1">consolidated financial statements and in section</td></tr><tr><td colspan="1">3.7 of the parent company financial statements, to</td></tr><tr><td colspan="1">which we refer.</td></tr><tr><td colspan="1">We have fulfilled our responsibilities de-</td></tr><tr><td colspan="1">scribed in the âAuditorâs responsibilities for</td></tr><tr><td colspan="1">the audit of the financial statementsâ section,</td></tr><tr><td colspan="1">including in relation to the key audit matters</td></tr><tr><td colspan="1">below. Our audit included the design and performance of procedures to respond to our</td></tr><tr><td colspan="1">assessment of the risks of material misstatement of the financial statements. The results</td></tr><tr><td colspan="1">of our audit procedures, including the procedures performed to address the matters be-</td></tr><tr><td colspan="1">low, provide the basis for our audit opinion on</td></tr><tr><td colspan="1">the financial statements.</td></tr><tr><td colspan="1">CONSIDERATION OF THE MATTER IN THE AUDIT</td></tr><tr><td colspan="1">Our procedures in relation to revenue recognition</td></tr><tr><td colspan="1">and measurement of expected sales returns</td></tr><tr><td colspan="1">included considering the Groupâs accounting</td></tr><tr><td colspan="1">policies for revenue recognition, including those</td></tr><tr><td colspan="1">related to expected sales returns, and assessing</td></tr><tr><td colspan="1">compliance of policies with applicable accounting</td></tr><tr><td colspan="1">standards. We identified and assessed internal</td></tr><tr><td colspan="1">controls related to the timing of revenue recognition and measurement of expected sales returns.</td></tr><tr><td colspan="1">We tested the effectiveness of the Groupâs internal</td></tr><tr><td colspan="1">controls in relation to calculation of expected sales</td></tr><tr><td colspan="1">returns and timing of revenue recognition. On a</td></tr><tr><td colspan="1">sample basis, we tested sales transactions taking</td></tr><tr><td colspan="1">place at either side of the balance sheet date as</td></tr><tr><td colspan="1">well as credit notes issued after the balance sheet</td></tr><tr><td colspan="1">date to assess whether those transactions were</td></tr><tr><td colspan="1">recognised in the correct period. We assessed the</td></tr><tr><td colspan="1">key assumptions applied by Management regarding</td></tr><tr><td colspan="1">expected sales returns based on our knowledge of</td></tr><tr><td colspan="1">the business and by reviewing the supporting</td></tr><tr><td colspan="1">documentation prepared by Management.</td></tr><tr><td colspan="1">Furthermore, we evaluated the disclosures provided</td></tr><tr><td colspan="1">by Management in the consolidated financial</td></tr><tr><td colspan="1">statements and the parent company financial</td></tr><tr><td colspan="1">statements to applicable accounting standards.</td></tr><tr><td colspan="1">DESCRIPTION OF MATTER</td></tr><tr><td colspan="1">Taxation</td></tr><tr><td colspan="1">The Group has extensive international operations</td></tr><tr><td colspan="1">and in the normal course of business, Management</td></tr><tr><td colspan="1">makes judgements and estimates in determining</td></tr><tr><td colspan="1">the recognition of income taxes, deferred taxes and</td></tr><tr><td colspan="1">provisions for uncertain tax positions. In Thailand,</td></tr><tr><td colspan="1">the Group is subject to Board of Investment (BOI)</td></tr><tr><td colspan="1">agreements, where many, but not all, types of net</td></tr><tr><td colspan="1">income are tax-exempt, and therefore, changes in</td></tr><tr><td colspan="1">profit allocation could significantly impact the</td></tr><tr><td colspan="1">Groupâs consolidated tax expense. On this basis,</td></tr><tr><td colspan="1">taxation was a matter of most significance in our</td></tr><tr><td colspan="1">audit. Additional details on income taxes are</td></tr><tr><td colspan="1">provided in section 2.6 of the consolidated financial</td></tr><tr><td colspan="1">statements, to which we refer.</td></tr><tr><td colspan="1">Inventory</td></tr><tr><td colspan="1">The Group carries inventory in the balance sheet at</td></tr><tr><td colspan="1">the lower of cost and net realisable value.</td></tr><tr><td colspan="1">Significant management judgements are required</td></tr><tr><td colspan="1">with regards to valuation of inventories due to the</td></tr><tr><td colspan="1">uncertainty associated with the estimate of</td></tr><tr><td colspan="1">slow-moving items and expected value of the</td></tr><tr><td colspan="1">reusable raw materials, as well as calculations of</td></tr><tr><td colspan="1">elimination of internal gain. Given the level of</td></tr><tr><td colspan="1">significant management judgements and estimates,</td></tr><tr><td colspan="1">inventory valuation was a matter of most significance in our audit. Additional details on the</td></tr><tr><td colspan="1">valuation of inventories are provided in section 3.5</td></tr><tr><td colspan="1">of the consolidated financial statements and in</td></tr><tr><td colspan="1">section 3.5 of the parent company financial</td></tr><tr><td colspan="1">statements, to which we refer.</td></tr><tr><td colspan="1">CONSIDERATION OF THE MATTER IN THE AUDIT</td></tr><tr><td colspan="1">Our procedures in relation to recognition of income</td></tr><tr><td colspan="1">taxes, deferred taxes and provisions for uncertain</td></tr><tr><td colspan="1">tax positions included assessing the Groupâs</td></tr><tr><td colspan="1">processes for recording and continual re-assessment of provisions for uncertain tax positions. Our</td></tr><tr><td colspan="1">procedures also covered evaluating the assumptions applied by Management in determining the</td></tr><tr><td colspan="1">recognition and measurement of income taxes and</td></tr><tr><td colspan="1">deferred taxes while taking into account relevant</td></tr><tr><td colspan="1">correspondence with relevant tax authorities. Our</td></tr><tr><td colspan="1">own tax specialists performed an assessment of the</td></tr><tr><td colspan="1">Groupâs recognition of income taxes and deferred</td></tr><tr><td colspan="1">taxes, including correspondence with relevant tax</td></tr><tr><td colspan="1">authorities to consider the completeness of the tax</td></tr><tr><td colspan="1">provisions. In addition, we assessed the assumptions used, taking into consideration our own tax</td></tr><tr><td colspan="1">specialistsâ knowledge and experience. Further, we</td></tr><tr><td colspan="1">evaluated the disclosures provided by Management</td></tr><tr><td colspan="1">in the consolidated financial statements and the</td></tr><tr><td colspan="1">parent company financial statements to applicable</td></tr><tr><td colspan="1">accounting standards.</td></tr><tr><td colspan="1">Our procedures in relation to inventory valuation</td></tr><tr><td colspan="1">included assessing the Groupâs processes related to</td></tr><tr><td colspan="1">inventory valuation including on a sample basis</td></tr><tr><td colspan="1">testing of direct costs related to raw materials, labour</td></tr><tr><td colspan="1">costs and attributable overhead costs incurred in the</td></tr><tr><td colspan="1">manufacturing process, recording of write-downs and</td></tr><tr><td colspan="1">understanding of the process for internal gain</td></tr><tr><td colspan="1">elimination. We challenged the basis for write-downs</td></tr><tr><td colspan="1">and performed analytical procedures to assess</td></tr><tr><td colspan="1">slow-moving items. We assessed the key assumptions</td></tr><tr><td colspan="1">applied by Management regarding items life-cycle</td></tr><tr><td colspan="1">status and expected value of the reusable raw</td></tr><tr><td colspan="1">materials based on our knowledge of the business,</td></tr><tr><td colspan="1">including initiatives under Programme NOW and on a</td></tr><tr><td colspan="1">sample basis tested the supporting documentation.</td></tr><tr><td colspan="1">Further, on a sample basis we tested the calculation</td></tr><tr><td colspan="1">of elimination of internal gain at group level.</td></tr><tr><td colspan="1">Furthermore, we evaluated the disclosures provided</td></tr><tr><td colspan="1">by Management in the consolidated financial</td></tr><tr><td colspan="1">statements and the parent company financial</td></tr><tr><td colspan="1">statements to applicable accounting standards.</td></tr></table></arr:SupplementaryInformationOnMattersPertainingToAuditedFinancialStatement>
<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 Managementâs review</td></tr><tr><td colspan="1">Management is responsible for the Managementâs review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does</td></tr><tr><td colspan="1">not cover the Managementâs review, and we</td></tr><tr><td colspan="1">do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial</td></tr><tr><td colspan="1">statements, our responsibility is to read the</td></tr><tr><td colspan="1">Managementâs review and, in doing so, con-</td></tr><tr><td colspan="1">sider whether the Managementâs review is materially inconsistent with the financial statements or our knowledge obtained during the</td></tr><tr><td colspan="1">audit, or otherwise appears to be materially</td></tr><tr><td colspan="1">misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider</td></tr><tr><td colspan="1">whether the Managementâs review provides</td></tr><tr><td colspan="1">the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we</td></tr><tr><td colspan="1">conclude that the Managementâs review is in</td></tr><tr><td colspan="1">accordance with the financial statements and</td></tr><tr><td colspan="1">has been prepared in accordance with the</td></tr><tr><td colspan="1">requirements of the Danish Financial Statements Act. We did not identify any material</td></tr><tr><td colspan="1">misstatement of the Managementâs review.</td></tr><tr><td colspan="1">Managementâs responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and</td></tr><tr><td colspan="1">parent company financial statements that</td></tr><tr><td colspan="1">give a true and fair view in accordance with</td></tr><tr><td colspan="1">International Financial Reporting Standards</td></tr><tr><td colspan="1">as adopted by the EU and additional requirements of the Danish Financial Statements Act</td></tr><tr><td colspan="1">and for such internal control as Management</td></tr><tr><td colspan="1">determines is necessary to enable the preparation of financial statements that are free</td></tr><tr><td colspan="1">from material misstatement, whether due to</td></tr><tr><td colspan="1">fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the</td></tr><tr><td colspan="1">Groupâs and the Parent Companyâs ability to</td></tr><tr><td colspan="1">continue as a going concern, disclosing, as applicable, matters related to going concern and</td></tr><tr><td colspan="1">using the going concern basis of accounting</td></tr><tr><td colspan="1">in preparing the financial statements unless</td></tr><tr><td colspan="1">Management either intends to liquidate the</td></tr><tr><td colspan="1">Group or the Parent Company or to cease operations, or has no realistic alternative but to</td></tr><tr><td colspan="1">do so.</td></tr><tr><td colspan="1">Auditorâs 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</td></tr><tr><td colspan="1">a whole are free from material misstatement,</td></tr><tr><td colspan="1">whether due to fraud or error, and to issue</td></tr><tr><td colspan="1">an auditorâs report that includes our opinion.</td></tr><tr><td colspan="1">Reasonable assurance is a high level of assurance, but is not a guarantee that an audit con-</td></tr><tr><td colspan="1">ducted in accordance with ISAs and additional</td></tr><tr><td colspan="1">requirements applicable in Denmark will al-</td></tr><tr><td colspan="1">ways detect a material misstatement when it</td></tr><tr><td colspan="1">exists. Misstatements can arise from fraud or</td></tr><tr><td colspan="1">error and are considered material if, individually or in the aggregate, they could reasonably</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">with ISAs and additional requirements applicable in Denmark, we exercise professional</td></tr><tr><td colspan="1">judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material</td></tr><tr><td colspan="1">misstatement of the financial statements,</td></tr><tr><td colspan="1">whether due to fraud or error, design and</td></tr><tr><td colspan="1">perform audit procedures responsive to</td></tr><tr><td colspan="1">those risks and obtain audit evidence that is</td></tr><tr><td colspan="1">sufficient and appropriate to provide a basis</td></tr><tr><td colspan="1">for our opinion. The risk of not detecting a</td></tr><tr><td colspan="1">material misstatement resulting from fraud</td></tr><tr><td colspan="1">is higher than for one resulting from error, as</td></tr><tr><td colspan="1">fraud may involve collusion, forgery, intentional omissions, misrepresentations or the</td></tr><tr><td colspan="1">override of internal control.</td></tr><tr><td colspan="1">⢠Obtain an understanding of internal control</td></tr><tr><td colspan="1">relevant to the audit in order to design audit procedures that are appropriate in the</td></tr><tr><td colspan="1">circumstances, but not for the purpose of</td></tr><tr><td colspan="1">expressing an opinion on the effectiveness</td></tr><tr><td colspan="1">of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">⢠Evaluate the appropriateness of accounting</td></tr><tr><td colspan="1">policies used and the reasonableness of ac-</td></tr><tr><td colspan="1">counting estimates and related disclosures</td></tr><tr><td colspan="1">made by Management.</td></tr><tr><td colspan="1">⢠Conclude on the appropriateness of Managementâs use of the going concern basis of</td></tr><tr><td colspan="1">accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists</td></tr><tr><td colspan="1">related to events or conditions that may cast</td></tr><tr><td colspan="1">significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going</td></tr><tr><td colspan="1">concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related</td></tr><tr><td colspan="1">disclosures in the financial statements or, if</td></tr><tr><td colspan="1">such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the</td></tr><tr><td colspan="1">date of our auditorâs report. However, future</td></tr><tr><td colspan="1">events or conditions may cause the Group</td></tr><tr><td colspan="1">and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">⢠Evaluate the overall presentation, structure</td></tr><tr><td colspan="1">and contents of the financial statements,</td></tr><tr><td colspan="1">including the note disclosures, and whether</td></tr><tr><td colspan="1">the financial statements represent the underlying transactions and events in a manner</td></tr><tr><td colspan="1">that gives a true and fair view.</td></tr><tr><td colspan="1">⢠Obtain sufficient appropriate audit evidence</td></tr><tr><td colspan="1">regarding the financial information of the entities or business activities within the Group</td></tr><tr><td colspan="1">to express an opinion on the consolidated</td></tr><tr><td colspan="1">financial statements. We are responsible for</td></tr><tr><td colspan="1">the direction, supervision and performance</td></tr><tr><td colspan="1">of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with</td></tr><tr><td colspan="1">governance regarding, among other matters,</td></tr><tr><td colspan="1">the planned scope and timing of the audit and</td></tr><tr><td colspan="1">significant audit findings, including any significant deficiencies in internal control that we</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">with them all relationships and other matters</td></tr><tr><td colspan="1">that may reasonably be thought to bear on our</td></tr><tr><td colspan="1">independence, and where applicable, related</td></tr><tr><td colspan="1">safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those</td></tr><tr><td colspan="1">charged with governance, we determine those</td></tr><tr><td colspan="1">matters that were of most significance in the</td></tr><tr><td colspan="1">audit of the consolidated financial statements</td></tr><tr><td colspan="1">and the parent company financial statements</td></tr><tr><td colspan="1">of the current period and are therefore the</td></tr><tr><td colspan="1">key audit matters. We describe these matters</td></tr><tr><td colspan="1">in our auditorâs report unless law or regulation</td></tr><tr><td colspan="1">precludes public disclosure about the matter</td></tr><tr><td colspan="1">or when, in extremely rare circumstances, we</td></tr><tr><td colspan="1">determine that a matter should not be communicated in our report because the adverse</td></tr><tr><td colspan="1">consequences of doing so would reasonably</td></tr><tr><td colspan="1">be expected to outweigh the public interest</td></tr><tr><td colspan="1">benefits of such communication.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
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rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">Alexander Lacik</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">Anders Boyer</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<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>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx11" xml:lang="da">John Peace</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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