Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 19984000000 | dkk |
| ifrs-full:Assets | 2019-12-31 | 21571000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 19009000000 | dkk |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 21868000000 | dkk |
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And we strive to ensure that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yees and suppliers work<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in safe and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>air conditions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e believ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e that these strategic priorities o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>îer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> us the best op<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>portunity <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to increase our resilience and mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e us more attractiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e in the mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>etplace. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>They <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>will also enable us to tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the lead in guiding the jew<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ellery industry <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>towards grea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ter sustainability performance and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>thus have a signiîcant eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ect on people and the planet.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e also continue t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o make progress in fundamental ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eas of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsible business operations, such as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>water<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and waste management,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsible sourcing,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> health and safe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> customer privacy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsible marketing and business e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>thics.Low<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-carbon businessW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are committed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to reducing our climate f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ootprint and help<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ing the jew<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ellery industry t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o make progress as a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>whole. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e will become carbon neutral in our oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ations by 2025 (Scope 1 and Scope 2) and will set a science-based <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>target f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or reducing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> carbon emissions across the full <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>value chain (Scope 3).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e made great progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ess on this ambition in 2020, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we signiîcantly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>educed Pandoraâs carbon f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ootprint b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y sourcing 100% renew<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>able energy at our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> crafting facilities in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Thailand. The crafting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>acilities account for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> approximately<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> half of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our energy consump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion globally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, and the swit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch to renewable energy lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>wered our emissions b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y more than 25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tonnes CO2e and put us on track<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to meet our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> carbon neutral targe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t. The remaining emissions predominantly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> come from our mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e than 1,300 Pandora owned stor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es and more than 230 other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> points of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> sale. In 2021,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we will e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>valuate renew<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>able energy sources f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> stores and continue to identify<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> opportunities to increase energy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> eîciency in both our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> stores and crafting facilities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> For all r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>emaining unavoidable emissions link<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to our direct business activities,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we will pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chase carbon oîsets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to meet our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> target o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f becoming carbon neutral.In 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we mapped our full <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>value chainâs emissions (Scope 3)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are currently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> înalising our science-based <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>target commit-ment to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>educe these emissions in line with the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aris Agree-ment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e have eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aged industry e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xperts and suppliers to build a detailed understanding of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ootprint of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> materials and identify opportunities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to reduce the associated emissions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> At P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andora, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are committed to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>transparent reporting <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to aid invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors and other stak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eholders in their decision-making.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we responded to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the CDP f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the îrst <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>time and joined the list of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 1,500 organisations to support <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ask Force on Climate-relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed Financial Disclosures (TCFD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>) recommendations.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e will <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/><span xmlns="http://www.w3.org/1999/xhtml" class="ws1"> </span>î
îîîîîî<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> </span>îîîî
îîî<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> </span>neutral in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> operations î
î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>îîîîîCircular<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> innovationW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e strive <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to ensure that raw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> materials, used in both <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the craft<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ing and manufacturing o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f jewellery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and in the developmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of point-of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-sales materials and in-store îxtures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> leave as little negative impact as possible on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the environment,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> people and communities. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>This commitment is in line with our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> vision to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> adopt a circular<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> approach to how<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we design,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> craft, sour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce and oî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> products. In 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we took<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> steps to increase the use o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cled silver and gold in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> products and committed to using only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> re<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>cycled silv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er and gold b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y 2025. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>This will reduce our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> carbon emissions, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>water usag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e and other en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vironmental and social Gender equality<span xmlns="http://www.w3.org/1999/xhtml" class="ffa"> </span>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are an inclusive brand committed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to advancing equality and div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ersity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or example through our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> partnership with UNICEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to fund programmes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that support girlsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> education and empowerment. Decent work<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and economic growth Across o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ffices, stor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es and crafting, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we strive to pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vide safe and healthy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> working conditions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or more <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>than 26,000 employees. Responsible c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsumption and production<span xmlns="http://www.w3.org/1999/xhtml" class="ffa"> </span>Circularity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is central to how<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we design,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> craft, source and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ffer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our products.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> example, we use recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cled metals in our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oducts and the majority of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our cra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fting waste is reused.<span xmlns="http://www.w3.org/1999/xhtml" class="ff3"> </span>Climate action<span xmlns="http://www.w3.org/1999/xhtml" class="ffa"> </span>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are intensifying our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> climate eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orts by committing to become a carbon neutr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and set an emission reduction targ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>et in line with the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aris Agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t and best available science r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecommendations.Pandor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a and the Sustainable Dev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elopment GoalsW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e have assessed Pandora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs opportunities to support <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Sustainable Development Goals (SDGs) and concluded <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that our business aligns most closely<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> with f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>our of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> these goals.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In particular<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we support SDG 12, R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsible Consumption and Production,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> by committing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to use only recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cled gold and silver in our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oducts by 2025.Emissions from P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s own operations,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including crafting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>acilities, re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tail stores,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> oîces,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and distribution centersEmissions from electricity and heating used by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> PandoraEmissions from r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aw materials,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> packaging,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> transportation, franchise stor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es and other sources outside o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Pandora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs own operations SCOPE 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"> </span>SCOPE 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7d"> </span>SCOPE 3â¡îî¸î³OUR BUSINESSimpacts, as me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tals recycling requires f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ewer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> resources than<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> mining new metals.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In 2020, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ound 60% of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> silver and g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>old was recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cled1. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>This îgure is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vised down from the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eviously reported îgur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e of around 70% f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or 2019,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> as increased trans<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>parency and mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e engagement with our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> suppliers have led <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to a better<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> understanding of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> recycled supply<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> chain. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o make a full shift to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecycled silver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and gold, P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andora is tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ing an active role in eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aging and developing the industry<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> as well as our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> supplier base. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e see this as necessary stak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eholder engagemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t to help increase the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vailability of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> recycled silv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er and improv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e production standards and tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ansparency in the value chain.More <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>than 99% of the st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ones we use in our je<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>wellery are man-made. St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ones created in a laboratory<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> have a signiîcantly lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>wer environmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tal impact than mined stones. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>They lead <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to less environmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tal degradation and require less energy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to produce.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e also continuously <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>work t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o reduce water<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> usage and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aste at our cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>afting facilities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The crafting o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f our je<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>wellery gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ates f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>our main types o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f process w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aste: gypsum, glass,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> wax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and rubber<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In 2020, we manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cle or reuse 100% of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> these wast<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e streams. Over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>all, 90% of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> all waste at our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> craft<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ing facilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>was recycled.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e continue to look f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ays to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> reduce w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aste. In addition,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our crafting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>acilities consume over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 970,000m³ of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> water<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and increasing wat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er recycling is a k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> priority<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. In 2020,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cled 16% of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the water<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> used at our crafting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>acilities. Inclusive &amp;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cultureAt P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andora, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are committed to f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ostering a culture of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> diversity and inclusion, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we strive t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o ensure that our emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yees and suppliers work<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in safe and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>air conditions.workplace.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Our Supplier P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>olicy and Suppliersâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Code of Conduct detail the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>thical conduct our suppliers are expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to uphold within areas such as human and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orkersâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> rights, business integ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-rity and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the environment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandoraâs e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xternally manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed whistle<span xmlns="http://www.w3.org/1999/xhtml" class="ws1">-</span>blower<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> hotline enables employees and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xternal stakeholders to anonymously<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> raise concerns if the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y witness <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>violations of legislation or our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Code of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Conduct. Supporting vulnerable y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>outh through <span xmlns="http://www.w3.org/1999/xhtml" class="ws1"> </span>our UNICEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> partnershipPandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s long-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>term partnership with UNICEF supports <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the <span xmlns="http://www.w3.org/1999/xhtml" class="ls1"> </span>organisation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orts to reach more <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>than 10 million children and y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oung people and provide them <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with opportunities to learn, e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpress themselves and înd <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>work in the futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Through<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>out the îrst <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>year of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the partnership,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandora designed and marke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted a series of jew<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ellery pieces in support of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> UNICEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="ls1"> </span>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e also engaged emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yees across our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> global organisation in our <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>work f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or UNICEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> As a result,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandora raised USD 3.4 million to UNICEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including a USD 1 million donation to UNICEFâs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1"> </span>Reimagine campaign,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> which seeks t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o respond, reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ver and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1"> </span>reimagine a w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orld currently besieg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed by the CO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>VID-19 pandemic. 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>Based on self-declar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed supplier data. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecycled silver and gold may<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> contain mined by-pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oductsA w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orkplace respecting human rightsPandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Human Rights Policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> states our commitment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the UN Guiding Principles on Business and Human Rights and the core conv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entions of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the International Labour Or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ganization. It describes how our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> employees ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e expected to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>espect human rights,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including but not limited to freedom fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om discrimina-tion, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the right to collective bar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gaining, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the right to a saf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e In 2020, P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andora initiated a global listening and learning project to better<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> understand where w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e stand in this context,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and how we can w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ork to ensure pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ogress.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value214" xml:lang="en">Gender div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ersity Our Div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ersity Policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> lays out gender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> diversity <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>targets f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the Board of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Directors and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or Senior Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equiring no less than 40% repr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esentation for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> each gender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-rent g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ender split looks as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ollows: </mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="pp-value133" xml:lang="en"> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">On our Boar<span class="_ _1"/>d of Direct<span class="_ _1"/>ors, 75% of<span class="_ _1"/> the members are w<span class="_ _1"/>omen </span></span>and 25% are men (six<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> out of eight members ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e women)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>This is an increase of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> female r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>epresentation since last y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear and abov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>age for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> large publicly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-listed Danish companies.<span xmlns="http://www.w3.org/1999/xhtml" class="ls1"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">Our Ex<span class="_ _1"/>ecutive Leadership <span class="_ _1"/>T<span class="_ _0"/>eam has 12.5% women and 87.5% </span></span>men (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>one woman out of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> eight members).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> With a clear majority<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>women on the Board of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Directors and men on the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Leadership <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eam, our 40% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>targets w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ere thus not met in 2020.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Our primary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> focus during the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>turnaround of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our business has been to ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the necessary managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t capacity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, irr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>espective of g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to rapidly impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve our gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>owth trajectory<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Ensuring diversity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, in all shapes and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orms, on our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> leadership teams <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>will remain an area of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> particular f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocus going forw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ard.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value219" xml:lang="en">Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t structureThe corporate authority<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is divided between the Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Directors (âthe Boardâ) and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t, existing independently o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f each other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d outlines the over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>all visions, str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ategies and objectives of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s business activi-ties and supervises the perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormance of Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t. The Boardâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s primary tasks are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to ensure that P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andora has a strong managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t team, op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>timal organisational and capital structures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> eîcient business processes,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> transparent book<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-keeping and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>actices, and responsible asset manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement. Additionally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ersees Pandoraâs înancial de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>velop-ment,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> related planning and reporting sy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stems as well as internal controls and risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management.The Board has established <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit, R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>emuneration and Nomination committees and appoints members and chairs to these committees fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om within the Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The committeesâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> terms of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erence are disclosed on Pandora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs website â www<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.pandoragroup.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>com. Members of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Executive Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement are appointed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y the Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Executive Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement is responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the day<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-to-day<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the execution o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Pandora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs strategy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.Members of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Leadership <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eam are responsible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the day<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-to-day<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> operations of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> their r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>espective business areas while at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the same time being part of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>all management o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Pandora.Board of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> DirectorsCompositionThe composition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board is intended <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to ensure diversity o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Boardâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s competency pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>île enabling the Board to perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orm its duties eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ectively<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The current competencies r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equired and possessed by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board are brand,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> consumer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>etail, digital and e-commerce,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> IT and înancial insight,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and experience with stra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t-egy de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>velopment and transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormation. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The Board must consist of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> three to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ten members and consisted of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> eight members as of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 31 December 2020. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>All Board members are up f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or election every<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and are elected at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the General Meeting.Board self<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-assessmentThe Board conducts an annual self<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-assessment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to monitor its performance and its cooper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation with Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the assessment was conducted in collabor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation with an independent third party<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. The assessment comprised of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a collective surve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y and interviews with each Board member<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> individually<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The topics included Board composition, nomina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion process, competencies,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> overboar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ding and Board culture.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The assessment also included <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>topics such as the Boardâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s involvement in risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and înancial management,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> con-trol and strategy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, committee w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ork and personal contributions.The report and conclusions of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the assessment w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ere shared with the Board and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Management,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> follow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed by a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>thorough discussion. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The assessment identiîed tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the Board continues to consist of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> individuals who possess relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ant competencies and are engag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed and well-prepared.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d structure and committee work<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ective and well-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>functioning, including interactions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with Executive Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement.Board activities in 2020The Board held 14 Board meeting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s in 2020. Its primary f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocus was to handle and steer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> through the global CO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>VID-19 crisis tog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ether with Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including securing the safe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty and well-being of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s employees and customers and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>otect<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ing the business during the crisis.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Furthermore,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board spent considerable eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orts to ensure suîcient înancial and liquidity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> resources <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to withstand the ramiîcations o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f shifting restric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>tions aî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecting consumer behaviour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and the retail envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onment. Finally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Board oversaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the progress o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Programme NO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>W as well as the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xecution of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the strategic r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eorganisation announced in March 2020. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">meet with Ex<span class="_ _1"/>ecutive Managemen<span class="_ _1"/>t to revie<span class="_ _1"/>w interim înancial </span></span>reports; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">review<span class="_ _1"/> key<span class="_ _1"/> accounting principles, signiîcant accoun<span class="_ _1"/>ting esti<span class="ls1">-</span></span></span>mates,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> înancial risks and compliance with tax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egulations; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">monitor<span class="_ _1"/> the adequacy and eî<span class="_ _1"/>ectiveness of<span class="_ _1"/> Pandoraâ<span class="_ _1"/>s internal </span></span>controls and risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management systems; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">revie<span class="_ _1"/>w Pandoraâ<span class="_ _1"/>s whistleblower<span class="_ _1"/> reporting system and </span></span>whistleblower<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cases; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">prepare a r<span class="_ _1"/>ecommendation for<span class="_ _1"/> the appointment of<span class="_ _1"/> inde-</span></span>pendent auditors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including evaluation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> independence, competencies and compensation as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>well as conducting an audit tender; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">revie<span class="_ _1"/>w updates to <span class="_ _1"/>the înancial reporting structure.</span></span>R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>emuneration CommitteeIn 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Remuneration Committee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>were Peter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Ruzicka (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Chair),<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Christian Frigast,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Ronica <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ang and Board of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> DirectorsAudit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> CommitteNomination CommitteeRemuneration CommitteePeter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A. Ruzicka<span xmlns="http://www.w3.org/1999/xhtml" class="_ _85"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws1">14î14î<span class="_ _37"> </span>â<span class="_ _86"> </span>3î3<span class="_ _86"> </span>7î7î</span>Christian Frigast14î14îî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _87"> </span>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>3î3î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span>6î7Andrea Dawn Alvey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws1">14î14<span class="_ _4d"> </span>8î8<span class="_ _89"> </span>â<span class="_ _86"> </span>7î7</span>Birgitta Stymne Göransson<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8a"> </span>14î14<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>8î8î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _89"> </span>âCatherine Spindler<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="fs13">(<span class="_ _9"/>joined the Board on 11 Mar<span class="_ _1"/>ch 2020)<span class="_ _3b"> </span><span class="fs8">10î11<span class="_ _50"> </span>â<span class="_ _89"> </span>â<span class="_ _8c"> </span>â</span></span>Isabelle Parize<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4c"> </span>14î14<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4d"> </span>8î8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8c"> </span>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _89"> </span>âMarianne Kirkeg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aard <span xmlns="http://www.w3.org/1999/xhtml" class="fs13">(<span class="_ _9"/>joined the Boar<span class="_ _1"/>d on 11 March 2020)<span class="_ _8d"> </span><span class="fs8">11î11<span class="_ _50"> </span>â<span class="_ _8e"> </span>3î3<span class="_ _8c"> </span>â</span></span>Ronica W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws1">14î14<span class="_ _50"> </span>â<span class="_ _8c"> </span>â<span class="_ _8e"> </span>6î7</span>Per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Bank <span xmlns="http://www.w3.org/1999/xhtml" class="fs13">(left the Board on 11 Mar<span class="_ _1"/>ch 2020)<span class="_ _90"> </span><span class="fs8">3î3<span class="_ _50"> </span>â<span class="_ _8c"> </span>â<span class="_ _8c"> </span>â</span></span>John Peace <span xmlns="http://www.w3.org/1999/xhtml" class="fs13">(left <span class="_ _1"/>the Board on 11 March 2020)<span class="_ _91"> </span><span class="fs8">1î3<span class="_ _50"> </span>â<span class="_ _8c"> </span>â<span class="_ _8c"> </span>â</span></span>* Chair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _92"> </span>** Deputy ChairAudit CommitteeIn 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Audit Committee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>were Birgitta Stymne Göransson (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Chair),<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Andrea Dawn <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Alve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y and Isabelle Parize.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Committee revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ws and assesses Pandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s înancial reporting and audit processes and int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal control systems,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and evalua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tes the adequacy of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> control procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es. The main responsibilities of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Committee are: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">the înancial reporting process;</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">internal contr<span class="_ _1"/>ols and risk management sy<span class="_ _1"/>stems;</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">the independent audit.</span></span>In 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Audit Committee me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t eight times. Its main activities were to:<span xmlns="http://www.w3.org/1999/xhtml" class="ws1"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">meet with <span class="_ _1"/>the CFO and independent auditors to r<span class="_ _1"/>eview </span></span>the audited <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Annual Report 2019;Andrea Dawn <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Alvey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The main responsibilities o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>emu<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>neration Committee are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">prepare recommenda<span class="_ _1"/>tions to the Board on <span class="_ _1"/>the pay and </span></span>remuneration policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> applicable to the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d and Executive Management; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">submit proposals to <span class="_ _1"/>the Board for<span class="_ _1"/> the remuneration pack<span class="_ _1"/>ages </span></span>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> individual Board members and Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">monitor <span class="_ _1"/>the overall opera<span class="_ _1"/>tion of Pandora<span class="_ _1"/>âs Short-<span class="_ _0"/>T<span class="_ _1"/>erm and </span></span>Long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm Incentive Plans; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">verify <span class="_ _1"/>that the inf<span class="_ _1"/>ormation on remuneration in the <span class="_ _1"/>Annual </span></span>Report and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Annual Remuneration R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport is true,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accurate and adequate.The Remunera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion Committee met seven <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>times in 2020. Its main activities wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e to: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">prepare the R<span class="_ _1"/>emuneration R<span class="_ _1"/>eport 2019 and the Remuneration </span></span>Policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to apply from <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Annual General Mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ting 2020; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">review<span class="_ _1"/> performance and recommend pa<span class="_ _1"/>y-out and v<span class="_ _1"/>esting </span></span>levels under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Short-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erm and Long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm Incentive Plans f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or prior y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ears; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">set appropriate me<span class="_ _1"/>trics, K<span class="_ _1"/>ey P<span class="_ _1"/>erformance Indicators and moni<span class="ls1">-</span></span></span>tor ong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oing achievement under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Short-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erm and Long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm Incentive Plans f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or 2020; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">benchmark Board f<span class="_ _1"/>ees and Executiv<span class="_ _1"/>e Management remunera<span class="ls1">-</span></span></span>tion in preparation f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or 2021. The Remunera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion Report 2020 is available a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t our Invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or website: pandoragr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oup.com/inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>estor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>corporate-go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vernance/remuneration-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eports Nomination CommitteeIn 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Nomination Committee wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Christian Frigast (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Chair)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, Pet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A. Ruzicka and Marianne Kirkeg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aard. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The main responsibilities of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Nomination Committee are: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 ls39">continuous ev<span class="_ _1"/>aluation of <span class="_ _1"/>the qualiîcations and compe<span class="ls1">-</span></span></span>tencies required o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f members of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Management; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">nomination of<span class="_ _1"/> candidates for<span class="_ _1"/> the Board and Ex<span class="_ _1"/>ecutive </span></span>Management; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">assessment of<span class="_ _1"/> the Board;</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">assessment of<span class="_ _1"/> the perf<span class="_ _1"/>ormance of Ex<span class="_ _1"/>ecutive Management </span></span>and the cooperation be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tween the Board and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Management; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">succession planning f<span class="_ _1"/>or top e<span class="_ _1"/>xecutive positions.</span></span>In 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Nomination Committee met thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ee times and had a fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w additional ad-hoc ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>changes relating t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the Board assessment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Its main activities were t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">conduct a tender<span class="_ _1"/> process and selection of<span class="_ _1"/> the external </span></span>assistance for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board assessment; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">prepare and conduct <span class="_ _1"/>the Board assessment with e<span class="_ _1"/>xternal </span></span>assistance in accordance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Danish Corporate Gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernance Recommendations; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">nomination of<span class="_ _1"/> candidates for<span class="_ _1"/> the Board;</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">assessment of<span class="_ _1"/> the perf<span class="_ _1"/>ormance of Ex<span class="_ _1"/>ecutive Management </span></span>and the cooperation be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tween the Board and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Management.Additional inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormationThe Corporate Go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vernance Statement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or 2020,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. section 107b of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Danish Financial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Act, is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vailable at our Invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or website: <span xmlns="http://www.w3.org/1999/xhtml" class="ws1">pandoragroup<span class="_ _1"/>.com/inv<span class="_ _1"/>estor<span class="_ _1"/>/<span class="_ _1"/>corporate-go<span class="_ _1"/>v-</span>ernance/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vernance-statement Internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ols and risk management s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ystems in relation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the înancial reporting pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocessResponsibility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s internal controls and risk man-agement s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ystems in relation to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial reporting process rests with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Board and Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management.The purpose of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> these internal controls and risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management systems is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to ensure that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial statements provide a true and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> view<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ee from material misstatements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and that the internal and ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal înancial statements are presented in accordance with In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ternational Financial Reporting Standards (IFRS) as adopted b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y the EU and additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Danish Financial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Act. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>While the internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ols and risk manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement systems are designed and aim <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to ensure that material misrepr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esentation of asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts, losses and/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> signiîcant errors or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> irregularities and omissions in the înancial reporting are a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>voided, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>they pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vide no absolute assurance that all errors are det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ected and corrected.Internal controls and risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management sy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stems are under continuous dev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elopment and are described below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.Control en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vironmentThe Board has established an <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Committee that assists <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Board in supervising the înancial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eporting process and the eîciency o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Pandora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs internal controls and risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management systems.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Committee re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>views signiîcant risks relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to Pandora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs business, activities and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ations as well as risks related <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to înancial reporting. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit Committee seeks to ensure that such risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s are managed proactiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ely<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, eîciently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and systema<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tically.Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management is responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or maintaining contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ols and an eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ective risk manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement system and ensuring neces-sary steps ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e taken <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to address the risks identiîed in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elation to înancial reporting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In addition, an In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ternal Audit and Compliance Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>olling (IAC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C) function helps Pandora accomplish its objectives by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> bringing a systema<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tic and disciplined approach to ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aluat-ing and improving <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the eîectiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eness of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal controls, risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> compliance and gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernance processes. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The IAC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C function assists Pandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management and the Audit Committee in identifying,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> avoiding and mitigating risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s. The composition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Audit Committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ee and Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management tog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ether <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with the IACC function ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the availability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elevant competencies <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with respect to int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal controls and risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management systems in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elation to the înancial reporting process.Risk assessmentThe Board and Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Management assess risks on an ongoing basis,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including risks related <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to înancial reporting, and assess measures t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o manage, reduce or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> eliminate identiîed risks.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Committee review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s selected high-risk areas on a frequent basis,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including signiîcant accounting estimates and material changes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to accounting policies.At least once a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit Committee oversees a re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> current internal con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>trols to determine <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>whether the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y are eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ective in relation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the risks identiîed in the înancial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eporting process.Control activitiesThe Group Finance function reports <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the Chief<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Financial Oîcer (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>CFO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>). <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The controlling function within Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oup Finance is responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or controlling <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial reporting from the Pandora <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A/S and its subsidiaries,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and monitoring compliance with relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ant legislation on an ongoing basis.The company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> has adopted and deîned an internal control<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> framework<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> that identiîes k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ey processes,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> inherent risks and control procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es in order <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to secure appropriate account<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ing processes.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The control pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures include a varie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> processes in order<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to pre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vent any<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> misrepresentation,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> signif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>icant errors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> omissions or fraudulent beha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>viour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The control procedures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e tested on an ongoing basis and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eported to <span xmlns="http://www.w3.org/1999/xhtml" class="ls1"> </span>the Audit Committee.Inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormation and communicationThe IAC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C function is present at all A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit Committee meetings and provides r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egular status updates <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the committee.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-more,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the head of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> IACC has regular<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> meetings with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the CFO.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> This set-up ensures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>transparency and tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t communication is shared with the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Committee on a timely<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> basis. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The Board has adopted an Inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>estor R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elations policy that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equires all commu-nication to stak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eholders, including înancial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eporting, to be conducted adequately<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> timely and openly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> â both internally and externally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> â and to be conducted f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>actually and truthfully<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and in compliance with laws and applicable r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egulations.MonitoringPandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s internal controls and risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> management syst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ems, including the whistleblo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>wer function,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are continuously moni-tored,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> tested and documented.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Committee monitors internal controls and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the risk management pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocess to ensure that any<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> weaknesses are eliminated and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that any err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors in the înancial statements identiîed and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eported by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the auditors are corrected,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including controls or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> procedures implemented to prev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent such errors.Pandoraâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s independent auditors are appointed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>term of one y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear at the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Annual General Meeting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ollowing the recom-mendation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Prior to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecommendation, the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d assesses, in consulta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion with Executive Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the inde-pendence, compe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tencies and other matters pertaining <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the auditors.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The framew<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ork for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the auditorsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> duties, including their<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> remuneration,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit and non-audit services, is agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eed annually between <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Board and the auditors f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ollowing the recommen-dation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit Committee.35<span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc3 sc0">35</span></mrv:CorporateGovernanceReport>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value494" xml:lang="en">The Board of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Directors and the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Management ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve today<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> discussed and approved <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Annual R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport of Pandora A/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or 2020.The Annual R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport has been prepared in accordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>national Financial Reporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds as adopted by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the EU and additional requirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Danish Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements Act.It is our opinion <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the consolidated înancial statements and the Parent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y înancial statements giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e a true and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> view o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the înancial position of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Group and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Parent Com-pany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> at 31 December 2020 and of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the results of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>'s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent Company's operations and cash îo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ws for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the înancial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>January â 31 December 2020.Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, in our opinion,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Management'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> gives a fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the development in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Group'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and the Parent Com-pany's activities and înancial ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tters, results o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f operations,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cash îows and înancial position as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>well as a description of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> material risks and uncertainties <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the Group and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> face.In our opinion,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the annual report o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Pandora <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the înan-cial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>January to 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 2020 with the île name P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>AND-2020-12-31.zip is prepared,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in all material respects,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in compliance with the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Regulation.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e recommend tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the Annual R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport be approved a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value519" xml:lang="en">W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e have audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed the consolidated înancial statements and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/> parent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y înancial statements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandora <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the înancial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>January â 31 December 2020,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> which comprise statement of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> comprehensive income,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> balance sheet, sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> changes in equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of cash îow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and notes, includ<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ing accounting policies,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Group and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. The consolidated înancial statements and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the parent company înancial statements are pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>epared in accordance with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erna<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>tional Financial Reporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds as adopted by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the EU and additional requirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Danish Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements Act.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In our opinion,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the consolidated înancial statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts and the parent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y înancial statements give a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>true and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> view of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the înancial position of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Group and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent Company at 31 December 2020 and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the results o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oupâs and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s operations and cash îows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the înancial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>year 1 J<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anuary â 31 December 2020 in accordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with International Financial Reporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds as adopted by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the EU and addi<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>tional requirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Danish Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements Act.Our opinion is consisten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t with our long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orm audit report to the A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit Committee and the Board of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Directors.IndependenceW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are independent o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Group in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dance with the International Ethics Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds Board for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Accoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tantsâ Code of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Ethics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or Prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>essional A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ccountants (IESBA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Code) and additional requirements applicable in Denmark,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and we ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve fulîlled our other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ethical responsibilities in accordance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>these rules and requirements.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the best of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our knowledge,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve not provided an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y prohibited non-audit services as described in article 5(1) of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Regula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion (EU) no. 537/2014.Appointment of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> auditorSubsequent to P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andora A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>S being listed on Nasdaq OMX Co-penhagen,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> EY w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as appointed auditors of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandora A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>S on 8 April 2011. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e re-appointed annually at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the general meeting for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a total period o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f ten <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>years up to and including <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 2020.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value572" xml:lang="en">W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e conducted our audit in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dance with International Standards on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Auditing (ISAs) and additional r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equirements applicable in Denmark. Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsibilities under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>those stand-ards and requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements are further described in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s responsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the audit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the înancial statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tsâ section of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e believ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e that the audit e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vidence we have ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tained is suîcient and appropriate to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ovide a basis for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our opinion.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value539" xml:lang="en">K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ey audit matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers are those matters tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t, in our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ofessional judgement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> were o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f most signiîcance in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit of the înan-cial statements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the înancial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 2020. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>These matters were addressed during our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit of the înancial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements as a whole and in forming our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> opinion thereon.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e do not provide a separate opinion on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>these matters. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> each matter belo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our description of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> how our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit addressed the matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is provided in that context.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e have fulîlled our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsibilities described in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audi-torâs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsibilities for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the audit of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial statementsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> section, including in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elation to the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ey audit matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers below.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Our audit included <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the design and performance of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> procedures to respond <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to our assessment of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the risks of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> material mis-statement of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the înancial statements.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esults of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit procedures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including the procedures perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormed to addr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ess the matters below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ovide the basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit opinion on the înancial statements.Our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elation to re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>venue recognition and measurement o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f expected sales r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eturns included consid<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ering the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s accounting policies f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>evenue recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>nition, including <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>those related <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to expected sales returns,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and assessing compliance of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> policies with applicable accounting standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e identified and assessed internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ols related to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the timing of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> revenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecognition and measurement o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f expected sales r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eturns. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>We <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tested the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ectiveness of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ontrols in rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/> to calculation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> expected sales returns and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>timing of rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue recognition.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> On a sample basis, we <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tested sales transactions taking place a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t either side of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the balance sheet date as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>well as credit notes issued after<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the balance sheet date to assess whether those tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ansactions were recognised in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the correct period.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e assessed the key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> assumptions applied by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Management regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ding expected sales returns based on our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> knowledge of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the business and by r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eviewing the supporting documenta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion prepared by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Management.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Furthermore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e evaluated the disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vided by Management in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the consolidated financial statements and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the parent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financial statements to applicable accounting standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds.Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>venue and sales return<span xmlns="http://www.w3.org/1999/xhtml" class="ffa ls1"> </span>Rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue is recognised when contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ol of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the goods has been transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erred <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and it is measured at fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> value of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the expected considera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion to be receiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed, less rebat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es, discounts,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> sales taxes,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> duties and expected sales returns.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Revenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecognition and measurement o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed expected sales returns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>was a matter of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> most significance in our audit due <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the inheren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t risk in the estimates and judgements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>which Management mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es in the normal course of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> business as to timing of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue and measurement o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f expected sales r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eturns. Details on re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>venue recognition and expected sales returns ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e provided in sections 2.1 and 3.8 o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the consolidated financial statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts and in section 2.1 and 3.5 of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the parent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y financial statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to which we ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axation<span xmlns="http://www.w3.org/1999/xhtml" class="ffa ls1 ws1"> </span>The Group has e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xtensive international operations and in the normal course o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f business, Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement makes judg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements and estimates in determining the recognition o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f income tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es, def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erred tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es and pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>visions for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> uncertain tax positions. In <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Thailand, the Group is subject <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to Board of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Investment (BOI) agreements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e many<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, but not all,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> types of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> net income are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tax-ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>empt, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ore,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> changes in profit alloca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion could significantly impact the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s consolidated tax expense.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> On this basis,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> taxation was a ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tter of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> most significance in our audit. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Additional details on income tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es are pro<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>vided in section 2.6 of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the consolidated financial statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to which we ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.Our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elation to recognition o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f income taxes,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> deferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed taxes and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ovisions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or uncer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>tain tax positions included assessing the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs processes f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecording and continual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-assess<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ment of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> provisions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or uncertain <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tax positions. Our procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es also cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed evaluating the assump<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>tions applied by M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anagement in determining the recognition and measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement of inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ome taxes and def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erred tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es while taking into acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ount relevant correspondence <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with relevan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t tax authorities. Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> own tax specialists perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormed an assessment of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s recognition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> income taxes and def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erred taxes,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including correspondence <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with relevant <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tax authorities to consider the completeness of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the tax pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>visions. In addition, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we assessed the assump<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>tions used, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>taking into consideration our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> own tax specialistsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> knowledge and experience<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed the disclosures pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ovided by Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t in the consolidated financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements and the parent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompany financial statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to applicable accounting standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds.Inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entory<span xmlns="http://www.w3.org/1999/xhtml" class="ffa ls1 ws1"> </span>The Group carries in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ventory in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the balance sheet at the lower<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of cost and net r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ealisable value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. Significant management judgemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts are requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed with reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ards to v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aluation of inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entories due to the uncertain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty as<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>sociated with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the estimate of slo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w-moving items and expected v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alue of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the reusable raw mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erials, as well as calculations of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> elimination of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal gain. Given the level of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> significant management judg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements and estimates,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> inventory <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>valuation w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as a matter of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> most significance in our audit.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dditional details on the valuation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> inventories ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e provided in section 3.5 of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the consolidated financial statements and in sec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>tion 3.4 of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the parent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y financial statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to which we ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.Our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elation to inven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tory valua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion included assessing the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s processes r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated to inven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tory valua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion including on a sample basis testing of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> direct costs rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted to raw mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erials, labour costs and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ttributable overhead costs incurred in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the manufacturing process,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> recor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ding of write-downs and understanding of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the process f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> internal gain elimination.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e challenged the basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or write-downs and perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormed analytical pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oce<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>dures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to assess slow-moving items.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e assessed the key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> assumptions applied by M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anagement regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ding items lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-cycle status and expected v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alue of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the reusable raw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> materials based on our knowledg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e of the business, including initia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tives under Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ogramme NOW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and on a sample basis tested the supporting documentation.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, on a sample basis <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>ed the calculation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> elimination of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> internal gain at group lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>el. Furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we evaluated <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the disclo<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>sures pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ovided by Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement in the consolidated financial statements and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the parent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>cial statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to applicable accounting standards.</arr:KeyAuditMattersAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eholders of P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>andora A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value690" xml:lang="en">Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.Our opinion on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial statements does not cov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er the Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we do not expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ess any f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orm of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ance conclusion thereon.In connection with our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial statements, our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsibility is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to read the Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ementâs re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view and, in doing so,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> consider whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther the Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ementâs revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w is materially inconsistent with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the înancial statements or our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> knowledge obtained during the audit,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> or otherwise appears <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to be materi-ally misstated.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Moreo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, it is our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsibility <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to consider whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther the Man-agementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> provides the inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormation required under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Danish Financial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Act. Based on the w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ork we ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve performed,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we conclude <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is in accordance with the înancial statements and has been prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed in accordance with the requirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Danish Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements Act.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e did not identify<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> any material misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Managementâs revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value709" xml:lang="en">Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the preparation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> consolidated înancial statements and paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t company înancial statements that give a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>true and fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view in accordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with Internation-al Financial Reporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds as adopted by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the EU and additional requirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Danish Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements Act and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or such internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ol as Management determines is necessary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to enable the preparation o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f înancial statements that are free fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om material misstatement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> whether due <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.In preparing the înancial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements, Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t is respon-sible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> assessing the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s ability <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to continue as a going concern,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> disclosing, as applicable,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> matters relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to going concern and using the g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oing con-cern basis of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accounting in preparing the înancial statements unless Management either<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> intends to liquidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the Group or the Parent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to cease operations, or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> has no realistic alternative but <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value718" xml:lang="en"> within the Group <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to express an opinion on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the consolidated înancial statements.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the direction, supervision and performance o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oup audit. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e remain solely responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit opinion.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e communicate with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>those charged with g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>overnance reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ard-ing, among o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther matters,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the planned scope and timing of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the audit and signiîcant audit îndings,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including any signiîcant deîciencies in internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ol that we iden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tify during our audit.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e also provide <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>those charged with g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>overnance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with a state-ment that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we have complied <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with relevant e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>thical requirements regarding independence,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and to communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e with them all re-lationships and other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> matters that may<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> reasonably be though<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t to bear on our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> independence, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>where applicable, rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted saf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eguards.From <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the matters communicated with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>those charged with g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ov-ernance, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we determine those matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers that wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e of most signiî-cance in the audit of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the consolidated înancial statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts and the parent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y înancial statements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the current period and are ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>efor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit matters. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e describe these matters in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> auditorâs report unless law or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> regulation pre-cludes public disclosure about the matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>when, in extr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>emely rare circumstances,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>termine that a matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> should not be communicated in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> report because the adverse consequenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-es of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> doing so would reasonably<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> be expected to outw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eigh the public interest bene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>îts of such communication.intentional omissions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> misrepresentations or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erride of internal control.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2"> <span class="_ _d"/>Obtain an understanding of<span class="_ _1"/> internal control rele<span class="_ _1"/>vant to <span class="_ _1"/>the </span>audit in order<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to design audit procedures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that are appropri-ate in the cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cumstances, but not f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the purpose o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ess-ing an opinion on the eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ectiveness of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>âs and the Parent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yâs internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ol. â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2"> <span class="_ _d"/>Evaluate <span class="_ _1"/>the appropriateness of<span class="_ _1"/> accounting policies used </span>and the reasonableness o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f accounting estimates and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated disclosures made by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Management.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 lse">Conclude on the appropriateness o<span class="_ _1"/>f Managemen<span class="_ _1"/>tâs use of<span class="_ _1"/> the </span></span>going concern basis of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accounting in preparing the înan<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>cial statements and,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> based on the audit evidence obtained,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a material uncertainty exists r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated to ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents or conditions that may<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cast signiîcant doubt on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oupâs and the Parent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yâs ability <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to continue as a going concern.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> If we conclude that a ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>terial uncertainty exists,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e required to draw a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ttention in our auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s report to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated dis<span xmlns="http://www.w3.org/1999/xhtml" class="ls1">-</span>closures in the înancial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> such disclosures are inadequate,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to modify our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> opinion. Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> conclusions are based on the audit evidence ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tained up to the date o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> auditorâs report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Howev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, future e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vents or conditions ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y cause the Group and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arent Company <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to cease to continue as a g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oing concern.â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2">Evalua<span class="_ _1"/>te the over<span class="_ _1"/>all presentation, structur<span class="_ _1"/>e and contents of<span class="_ _1"/> </span>the înancial statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including the note disclosures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the înancial statements represen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the underlying transactions and ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents in a manner that giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es a true and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> view<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2"> Obtain suîcient appropria<span class="_ _1"/>te audit evidence regarding <span class="_ _1"/>the </span>înancial inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormation of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the entities or business activities Our objectiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es are to obtain r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>easonable assurance as to whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the înancial statements as a whole ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e free from material misstatement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> due to fraud or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to issue an auditorâs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport that includes our opinion.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Reasonable assurance is a high lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>el of assurance,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> but is not a guarantee that an audit conducted in accordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with ISAs and additional requirements applicable in Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> will alway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s detect a mate-rial misstatement when it e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xists. Misstatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts can arise from fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or and are consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed material if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, individually<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> or in the aggrega<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y could reasonably be e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpected to inîuence the economic decisions of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> users taken on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the basis of the înancial statements.As part of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> an audit conducted in accordance with ISAs and additional requirements applicable in Denmark,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xercise prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>essional judgement and maintain pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ofessional scep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ticism throughout the audit.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also:â¢<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2">Identify<span class="_ _1"/> and assess the risks of<span class="_ _1"/> material misstatement of<span class="_ _1"/> the </span>înancial statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> due to fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, design and perform audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures responsive <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to those risks and obtain audit evidence <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that is suîcient and appropriate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o provide a basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> opinion. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The risk of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> not detecting a ma-terial misstatement r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esulting from fraud is higher <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>than for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> one resulting from err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, as fraud may<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> involv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e collusion, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orgery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" id="pp-value744" xml:lang="en">As part of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our audit of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Consolidated Financial Statements and Parent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y Financial Statements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Pandora <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A/S w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e performed pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpress an opinion on whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the annual report of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Pandora <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the înancial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>year 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>January t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o 31 December 2020 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with the île name P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>AND-2020-12-31.zipî is prepared,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in all material respects,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in compliance with the Commission Delegated R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egulation (EU) 2019/815 on the Euro-pean Single Electronic Format (ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Regulation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>) which includes requirements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eparation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the annual report in XHTML f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormat and iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> tagging of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Consolidated Financial Statements.îManagement is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> preparing an annual report that complies with the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Regulation.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> This r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsibility includes: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">The preparing of<span class="_ _1"/> the annual report in <span class="_ _1"/>XHTML f<span class="_ _1"/>ormat; </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">The selection and application of<span class="_ _1"/> appropriate iXBRL<span class="_ _1"/> tags, </span></span>including extensions to the ESEF tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onomy and the anchoring thereof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to elements in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or înancial inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormation required <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to be tagged using judg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement where necessary; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">Ensuring consistency<span class="_ _1"/> between iXBRL <span class="_ _1"/>tagged data and the </span></span>Consolidated Financial Statements pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esented in human read-able forma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t; and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">For<span class="_ _1"/> such internal control as Managemen<span class="_ _1"/>t determines nec-</span></span>essary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to enable the preparation o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f an annual report tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t is compliant with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the ESEF Regula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion. Our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsibility is to obtain r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>easonable assurance on wheth-er <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the annual report is prepared,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in all material respects,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in compliance with the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Regulation based on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the evidence we have ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tained, and to issue a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport that includes our opinion.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The nature,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> timing and exten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es selected depend on the auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s judgement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including the assessment of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the risks of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> material departures from <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the requirements set out in the ESEF R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egulation, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>whether due <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The proce-dures include: <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">T<span class="_ _0"/>esting whether<span class="_ _1"/> the annual report is prepared in <span class="_ _1"/>XHTML </span></span>forma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">Obtaining an understanding of<span class="_ _1"/> the companyâ<span class="_ _1"/>s iXBRL <span class="_ _1"/>tagging </span></span>process and of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> internal control o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ver <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the tagging process; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2 ws18">Ev<span class="_ _1"/>aluating the <span class="_ _9"/>complet<span class="_ _1"/>eness <span class="_ _9"/>of<span class="_ _1"/> the iXBRL tagging of<span class="_ _1"/> the <span class="ws1"> </span></span></span>Consolidated Financial Statements; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">Ev<span class="_ _1"/>aluating the appropriateness of<span class="_ _1"/> the companyâ<span class="_ _1"/>s use of iXBRL<span class="_ _1"/> </span></span>elements selected from <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the ESEF tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onomy and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the creation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> extension elements wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e no suitable element in the ESEF taxonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y has been identiîed; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">Ev<span class="_ _1"/>aluating the use of<span class="_ _1"/> anchoring of e<span class="_ _1"/>xtension elements to </span></span>elements in the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> taxonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">â¢<span class="_ _17"> </span><span class="ff2">Reconciling <span class="_ _1"/>the iXBRL <span class="_ _1"/>tagged data with <span class="_ _1"/>the audited Consoli-</span></span>dated Financial Statements.In our opinion,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the annual report o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f Pandora <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the înancial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>January to 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 2020 with the île nameîP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>AND-2020-12-31.zipîis prepared,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in all material re-spects, in compliance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with the ESEF R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egulation.</arr:AuditorsReportOnXbrlTagging>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-2" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-2" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-2" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2020-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2020-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2019-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2019-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-2" xml:lang="en">5299007OWYZ6I1E46843</gsd:LegalEntityIdentifierOfReportingEntity>
<gsd:NameOfReportingEntity contextRef="ctx-2" xml:lang="en">Pandora A/S</gsd:NameOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-2" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-2" xml:lang="en">28505116</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-2" xml:lang="en">Havneholmen</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-2" xml:lang="en">17-19</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-2" xml:lang="en">1561</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-2" xml:lang="en">Copenhagen V</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx-2" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-2" xml:lang="en">+4536720044</gsd:TelephoneNumberOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-2" xml:lang="en">www.pandoragroup.com</gsd:HomepageOfReportingEntity>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-2" xml:lang="en">http://pandoragroup.com/investor/corporate-governance/governance-statement</mrv:LinkToCorporateGovernanceReport>
<fsa:AverageNumberOfEmployees contextRef="ctx-2" decimals="0" unitRef="dkk">22336</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-15" decimals="0" unitRef="dkk">23736</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="dkk">614</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-16" decimals="0" unitRef="dkk">478</fsa:AverageNumberOfEmployees>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-2" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-2" xml:lang="en">2021-02-04</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Alexander Lacik</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Anders Boyer</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Peter A. Ruzicka</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Christian Frigast</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-7" xml:lang="en">Andrea Alvey</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Birgitta Stymne Göransson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Isabelle Parize</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Marianne Kirkegaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Ronica Wang</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-12" xml:lang="en">Catherine Spindler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">5299007OWYZ6I1E46843</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">28505116</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">Pandora A/S</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-2" xml:lang="en">Havneholmen 17-19</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-2" xml:lang="en">1561 Copenhagen V</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:SignatureOfAuditorsPlace contextRef="ctx-2" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-02-04</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-13" xml:lang="en">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-13" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-13" xml:lang="en">mne24687</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-13" xml:lang="en">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-13" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-13" xml:lang="en">Dirch Passers Allé</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-13" xml:lang="en">36</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-13" xml:lang="en">2000</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-13" xml:lang="en">Frederiksberg</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-13" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-14" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-14" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-14" xml:lang="en">mne26693</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-14" xml:lang="en">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-14" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-14" xml:lang="en">Dirch Passers Allé</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-14" xml:lang="en">36</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-14" xml:lang="en">2000</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-14" xml:lang="en">Frederiksberg</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-14" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
</xbrli:xbrl>