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<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-2" id="pp-value-5" xml:lang="en">Sustainability Report Our Sustainability Report provides detailed information and data on sustainability and our responsible business behaviour. The Sustainability Report serves as our annual Communication on Progress to the United Nations Global Compact and as such is our disclosure in accordance with sections 99(a), 99(b) and 107(d) of the Danish Financial Statements Act. The report is available at pandoragroup.com/sustainability/resources/sustainability-reports.</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-2" id="pp-value-6" xml:lang="en">PEOPLE AND SUSTAINABILITYBuilding an agile organisation, cultivating top talent and a healthy performance culture and creating an industry-leading sustainability position all help drive future growth.Innovative & agile organisationSince 2020, we have redefined the way Pandora operates and built an organisation that balances art and science with the capabilities to deliver results. As the glue across our value chain, we have set up two Global Business Units responsi-ble for developing and marketing our products. This helps us base product decisions on consumer insights and data. To bring leadership closer to customers and ensure strong execution, we have flattened our organisation and connected our Global Office directly to each of our nine trading clusters. We have also transformed our supply organisation to align with the new Global Business Units and increase speed and agility. To accelerate our digitalisation journey, we have es-tablished a powerful Digital Hub.World-class talentThe talent we put into the organisation is just as important as the structure. This is why we want to drive world-class talents to perform and grow their careers and future-proof our performance.Over the past two years, we have undertaken a massive retooling of Pandora and successfully attracted talent from across the global jewellery industry and leading global com-panies. We welcomed more than 700 new office colleagues in 2021. We also enrolled 170 top leaders on our new Chief Talent Officer Programme to strengthen their development and create a solid succession pipeline for the years to come. Healthy performance cultureTo foster a healthy working environment that empowers our people to deliver, we have redefined our way of working globally. In 2021, we launched a new set of growth-oriented company values: We Dream, We Dare, We Care, We Deliver. We have introduced a consistent approach to goal-setting and performance evaluation that aligns with our new strat-egy and values. Combined with incentive programmes that drive shareholder value, we now have a complete framework for a healthy performance culture.To track how this translates into employee advocacy, we have set Employee Net Promoter Score, a measure of employee sentiment, as a core KPI for the company. In 2021, our Em-ployee Net Promoter Score averaged 38%, which is satisfac-tory given the many changes and transformation initiatives during the year.Empowering & transformational leadershipTo drive transformational and courageous global leaders who inspire and empower their colleagues, we have profes-sionalised our leadership standards. Based on this, we will launch our first global leadership development programme in early 2022. To track and guide leadership development, we have in-troduced Leadership Effectiveness Score as another core company KPI. In 2021, we scored 8 out of 10, which is an especially strong result considering the significant changes to the companyâs leadership over the past two years. An employee survey also showed a strong understanding of the new long-term direction for Pandora, scoring 8 out of 10 on whether the new strategy and values have been âwell communicated to meâ.Sustainability leaderAs part of our Phoenix growth strategy, we have set out to take industry leadership in sustainability and be a positive force for change. Our work is based on recognised inter-national standards and tools, such as the United Nations Sustainable Development Goals, the United Nations Guiding Principles on Business and Human Rights, and the Paris Agreement on Climate Change. We work on three strategic priorities within sustainability, and in 2021 we set new and increased ambitions for each area. SUSTAINABILITY PILLAR 1: LOWîCARBON BUSINESS Transitioning to a low-carbon economy is now a major, global driver of change in society and business, and in 2020, Pandora committed to become carbon neutral in its own operations by 2025. In 2021, Pandora increased this ambition and announced a commitment to cut its emissions by 50% across its own operations and entire value chain of suppliers and business partners by 2030 and be net zero by 2040. The new target to halve our emissions, one of the most ambitious in the jewellery industry, has been approved by the Science Based Targets initiative and aligns with the Paris Agreement and what climate science says is necessary to îlimit global warming to 1.5C.OUR COMMITMENT Reduce our greenhouse gas emissions by 50% by 2030 from a 2019 baseline, across our own operations and entire value chain of suppliers and business partners (Scopes 1, 2 and 3). To achieve this target we will: ⢠Become carbon neutral in our own operations by 2025, reducing emissions by at least 90% from a 2019 baseline (Scopes 1 and 2). Carbon removal mechanisms and offsets will balance any remaining emissions. âWe will shift to renewable energy and carry out energy optimisation projects. We will increase on-site genera-tion of renewable energy by installing solar panels at our crafting facilities, and we will purchase Renewable Energy Certificates. â In 2021, for the second year in a row, we powered our craft-ing facilities with 100% renewable energy. 2% was supplied by existing solar panels, and the remaining 98% through the purchase of Renewable Energy Certificates. We are working to secure Power Purchasing Agreements in Thailand to eliminate the need for certificates. âWe plan to purchase green power for our more than 1,400 owned and operated stores and distribution centres. ⢠Reduce value chain emissions by 42% by 2030 from a 2019 baseline (Scope 3). â Shift to low-carbon materials, including recycled and man-made materials â Improve production and logistics efficiency â Implement a sustainable packaging strategy â Develop a dedicated supplier engagement programme on climateIn 2021, we increased the use of low-carbon materials in our products and implemented new types of packaging materi-als. Our new carrier bags do not contain plastic, and plastic content in new jewellery boxes has been reduced by more than 75%. The jewellery box improvements have brought greenhouse gas emissions savings of over 60% compared to the retail boxes previously used, as they are made with fewer materials, increasing their recyclability.We are committed to transparent climate reporting and submit an annual survey response to CDP (formerly known as Carbon Disclosure Project), which monitors and compares corporate climate performance. We report according to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Read more in our Sustainability Report 2021. SUSTAINABILITY PILLAR î: CIRCULAR INNOVATION The main components in Pandoraâs products are silver, gold, copper, palladium and man-made stones, and, in significantly smaller volumes, leather, polyester and glass. Mining for precious metals and gemstones is an energy-intensive process and may also be linked to human rights risks. In 2021, Pandora stopped buying mined diamonds and switched to lab-created diamonds which are created using mainly renewable energy.Pandora is committed to both reducing its carbon footprint related to materials sourcing and mitigating the risk of causing, contributing or being linked to adverse human rights impacts. Recycled metals have a much lower carbon footprint than newly mined metals. For example, the emissions for recycled silver are one third compared to mined silver. OUR COMMITMENT Use only recycled silver and gold in our jewellery by 2025 This shift will allow Pandora to save 37,000 tCOe a year. In 22021, we saw a small decrease in the share of recycled silver and gold used from 57% in 2020 to 54%. As our production volumes grew by 17%, lead-times required for sourcing recycled metals were unable to keep pace with our increased demand. We are still on track to reach our target of using only recycled silver and gold by 2025. We will use the Responsible Jewellery Council Chain of Custody standard to source recycled silver and gold. The standard adheres to a strict definition of what recycled means. In 2021, we began piloting an audit mechanism with third-party auditors to ensure our suppliers meet our strict requirements and to establish end-to-end traceability. SUSTAINABILITY PILLAR î: INCLUSIVE, DIVERSE AND FAIR Ensuring an inclusive, diverse and fair culture is a key pillar of our sustainability programme. We respect the human rights of everyone whose lives we touch directly or indirectly, including employees, franchisees, consumers, suppliers and their workers and local communities. Our commitment to equal rights and opportunities for all is reflected in our policies and programmes. In 2021, we updated our Human Rights Policy, Supplier Code of Conduct and Responsible Sourcing Policy. We also made progress on laying the foundations for a human rights programme across our business, which includes a commit-ment to conduct proactive due diligence in line with the United Nations Guiding Principles on Business and Human Rights. This is also instrumental in preparing Pandora for the upcoming EU legislation on mandatory due diligence. We aim to secure an inclusive workplace for all employees, achieve gender parity in our leadership, and reflect societal diversity in our consumer engagement.OUR COMMITMENT 1/3 women in leadership by 2025 and full gender parity no later than 2030, and a workforce with a proportionate share of underrepresented groups.For underrepresented groups, work still remains on establish-ing a baseline as there are regulatory challenges in obtaining relevant data in several geographies. 30% of branding content budget spent with producers owned by women or underrepresented groups. Roadmap is under development and will be finalised in 2022. 30% of our brand ambassadors in our global communication are from underrepresented groups. Roadmap is under development and will be finalised in 2022.Providing children and young people across the globe with opportunities to learn, express themselves and find work in the future is another important aspect of our work as an in-clusive and fair company. In 2021, we donated USD 2.4 million to UNICEF as part of our ongoing partnership. We raised the funds primarily through two campaigns under the concept of âCharms for changeâ where a portion of the purchase price of each charm sold is donated to UNICEF. Since 2019, Pandora has donated a total of USD 5.8 million to UNICEF. Pandora supports UNICEFâs programmes to fund learning and skills development, rights awareness and gender equality activities in Burundi, China, Nepal, Guatemala and Serbia. In addition, 50% of our donation is allocated to support UNICEFâs ongoing work with children exposed to conflict, diseases, natural disasters and other situations that threaten their safety and well-being.Certified responsible in our business operationsIn 2021, Pandora was successfully recertified under the Responsible Jewellery Councilâs Code of Practice. The certification requires documentation of good business practices and covers: responsible supply chain, human rights and due diligence; ⢠labour rights and working conditions; ⢠health, safety and environment â including water and waste management; ⢠product quality, safety, traceability and disclosure; ⢠responsible mining.Pandora supports and aligns its approach with the OECD Due Dil-igence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. All silver and gold used to craft our jewellery comes from certified responsible sources according to the Responsible Jewellery Council Code of Practice or London Bullion Market Association Good Delivery Rules. In addition, Pandora works with areas such as responsible marketing and consumer privacy in order to be recognised as a responsible company. </mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value-11" xml:lang="en">Read our full sustainability disclosure, cf. section 99(a), 99(b) and 107(d) of the Danish Financial Statements Act, in our Sustainability Report 2021 available at our website: pandoragroup.com/sustainability/resources/sustainabil-ity-reports. </mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="pp-value-15" xml:lang="en">23% of our leaders (Vice President and above) are women. This is on par with the average for companies in Denmark. As we work towards gender parity, we will ensure that all hires and promo-tions at top leadership levels will happen with gender balance. Three out of seven members on our Board of Directors are women. This is above average for large publicly listed Danish companies. On our Executive Leadership Team, one out of eight members is a woman. </mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value-20" xml:lang="en">GOVERNANCE STRUCTURECORPORATE Annual General MeetingGOVERNANCEBoard of DirectorsExecutive ManagementLeadership structureBoard of DirectorsCorporate authority is divided between the Board of Directors CompositionExecutive Leadership TeamThe Board (âthe Boardâ) and Executive Management. The Board outlines The Board currently has seven members elected by the the overall vision, strategy and objectives of Pandoraâs busi-General Meeting for a term of one year. All Board members supervises ness activities and supervises the performance of Executive are independent.Executive Management.Managementâs The composition of the Board is intended to ensure The Board has established Audit, Remuneration and complementary competencies and diversity to effectively work and is ClustersNomination Committees and appoints members and Chairs support Pandoraâs strategy and ensure that all decisions responsible to these committees from within the Board. The committeesâ are well considered. ⢠North America ⢠Southern terms of reference are available at pandoragroup.com. for Pandoraâs ⢠Latin AmericaEurope & MEABoard evaluationgeneral ⢠Pacific/Greater Asia ⢠Eastern Europe Members of Executive Management are appointed by the Every year the Board conducts an internal self-evaluation ⢠Western Europe ⢠Northern Europeand strategic Board. Executive Management is responsible for the day-to-focusing on the effectiveness of the Board and the skills of ⢠Greater China ⢠British Islesday management and for the execution of Pandoraâs strategy.the Board. The ideal mix of skills and experiences needed of direction.the Board members include:The Group also has an Executive Leadership Team, which is responsible for the day-to-day operations of their respec-A CONNECTED ORGANISATIONtive business areas while at the same time being part of the Board experience Executive managementFast execution and collaboration across clusters overall leadership of Pandora.Sectoral experience Digitalisationand global functions. The nine clusters report to Sustainability Retailthe Chief Commercial Officer.Marketing and brand FinanceBOARD MEMBERS Board meetings attendedAn external assessment of the Board skills and effectiveness risk management systems and reviewing Pandoraâs financial is conducted every three years to ensure objectivity and reporting and audit process. The Audit Committee conducts 1Peter A. Ruzicka benchmarking.its work according to its Terms of Reference.2Christian FrigastHeine DalsgaardIn 2021, an internal Board effectiveness self-evaluation was In 2021, the Audit Committee met six times. Its main 13Joined on 11 March 2021conducted, including a 360 degree peer review using an activities were to:Birgitta Stymne GöranssonBoard meetings online survey across seven areas: value creation and strategy, ⢠review key accounting principles, significant accounting Marianne Kirkegaardin 2021Board agenda and meetings (including committees), talent estimates, key financial risks and compliance with tax Catherine Spindlerand culture, Board composition, Directorsâ contribution, regulations;Jan Zijderveld Chairsâ effectiveness, and reporting/risk management. The ⢠monitor the external financial reporting process; Joined on 11 March 2021conclusions were shared with the Chair, the Board members ⢠monitor the effectiveness of Pandoraâs internal control Andrea Dawn Alvey6and Executive Management, followed by a thorough discus-and risk management systems, including internal audit;Left on 11 March 2021sion. The assessment identified that the Board continues to ⢠monitor the external audit and their independenceIsabelle ParizeAudit Committe Left on 4 November 2021consist of individuals who possess relevant skills and expe- ⢠review Pandoraâs whistleblower reporting system and meetings in 2021Ronica Wangrience and are engaged and well-prepared. The Board struc-whistleblower cases;Left on 11 March 2021ture and committee work are effective and well-functioning, ⢠review Pandoraâs funding strategy;1 Chair 2 Deputy Chairincluding interactions with Executive Management. ⢠review Pandoraâs tax policy. Meeting attended Meeting not attended Not a Board member at the time6Board activities in 2021Independent auditor The Board held 13 meetings in 2021. Its primary focus was to Pandoraâs independent auditors are appointed for a term of Remuneration oversee the successful completion of Programme NOW and one year at the Annual General Meeting following a proposal Committee meetings AUDIT COMMITTEE Committee meetings attendedthe development of Pandoraâs new Phoenix strategy leading from the Board, which is based on a recommendation from in 2021up to its full announcement at Pandoraâs Capital Markets Day the Audit Committee. The framework for the auditorsâ duties, 1Heine Dalsgaardon 14 September. Furthermore, the Board spent considerable including their remuneration, audit and non-audit services, Joined on 11 March 2021time handling and steering through the continued global is agreed annually between the Board and the auditors Birgitta Stymne GöranssonCOVID-19 pandemic together with Executive Management, following the recommendation of the Audit Committee.3Catherine Spindlerincluding securing the safety and well being of Pandoraâs Andrea Dawn Alveyemployees and customers and protecting the business Remuneration CommitteeNomination Left on 11 March 2021during the pandemic. The Remuneration Committee currently has three members Committee Isabelle Parizemeetings in 2021Left on 4 November 2021appointed for a term of one year at a time. The Remuneration 1 ChairAudit CommitteeCommittee assists the Board in ensuring that Pandoraâs The Audit Committee currently has three members remuneration policies strike an appropriate balance between Meeting attended Not a Committee member at the timeappointed for a term of one year at a time. The Audit the interests of Pandoraâs shareholders and a rewarding and Committee's responsibilities include assistsing the Board motivating remuneration of Executive Management and in monitoring the effectiveness of the internal control and senior employees. REMUNERATION COMMITTEE Committee meetings attendedIn 2021, the Remuneration Committee met six times. Its main activities are described in the Remuneration Report 1Peter A. Ruzicka available at our Investor website: pandoragroup.com/inves-Christian Frigasttor/corporate-governance/remuneration-reports. Jan Zijderveld Joined on 11 March 2021Nomination CommitteeAndrea Dawn AlveyThe Nomination Committee currently has four members Left on 11 March 2021appointed for a term of one year at a time. The Nomination Ronica WangLeft on 11 March 2021Committee works according to its Terms of Reference and its 1 Chairmain responsibilities are: ⢠assessment and evaluation of the Board and Executive Meeting attended Not a Committee member at the timeManagement, including performance, skills and experience; ⢠nomination of candidates to the Board and Executive Management; ⢠monitoring talent and succession policy and ensuring com-NOMINATION COMMITTEE Committee meetings attendedpliance when making Board, Executive Management and 1Christian FrigastExecutive Leadership Team appointments;Birgitta Stymne Göransson ⢠succession planning for Executive Management positions;Marianne Kirkegaard ⢠reviewing and monitoring diversity policy to ensure compliance.Peter A. Ruzicka 1 ChairIn 2021, the Nomination Committee met three times and Meeting attended Meeting not attendedhad a few additional ad hoc exchanges relating to the Boardâs self-evaluation. Its main activities were to: ⢠prepare and conduct the Board assessment in accordance with the Danish Corporate Governance Recommendations; ⢠nominate candidates to the Board; ⢠assess performance of Executive Management and the co-operation between the Board and Executive Management.Additional informationThe Corporate Governance Statement for 2021, cf. section 107(b) of the Danish Financial Statements Act, is available at our Investor website: pandoragroup.com/investor/corpo-rate-governance/governance-statement. Internal controls and risk management systems in relation to the financial reporting processThe Board and Executive Management are responsible for Pandoraâs internal control and risk management systems in relation to the financial reporting process.Control environmentThe Groupâs internal control framework identifies key processes, inherent risks and control procedures to reduce and mitigate financial risks and ensure reliable financial reporting. The Audit Committee assists the Board in supervising the financial reporting process and monitoring the effectiveness of the internal control and risk management systems.Executive Management is responsible for maintaining and strengthening the overall control environment, identifying weaknesses and ensuring necessary steps are taken to mitigate financial risks through standardisation and process optimisation. A central Internal Audit and Compliance Controlling (IACC) function has been established to help Pandora accomplish its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of internal controls, compliance and governance processes. The IACC function reports to Pandoraâs Group Finance function. CORPORATE GOVERNANCE îîEach entity assesses its control environment through a self- assessment of the effectiveness of the implemented controls. The IACC function evaluates the effectiveness of the Group's control environment on an ongoing basis and reports its findings to the Audit Committee.MonitoringPandoraâs internal control procedures and risk management systems, including the whistleblower function, are continuously monitored, tested and documented. The Audit Committee monitors internal controls and the risk management process to ensure that identified risks are mitigated.In addition to monitoring of procedures and systems, financial risks are reviewed through monthly performance reviews and audits performed by the IACC function.Information and communicationGroup entities are assigned dedicated controllers within Group Finance to ensure a direct line of communication. The Group Finance function reports to the Chief Financial Officer (CFO).In addition, the IACC function is present at all Audit Committee meetings and provides regular status updates on the control en-vironment. Furthermore, the head of IACC has regular meetings with the CFO. This set-up ensures transparency and that commu-nication is shared with the Audit Committee on a timely basis. The Board has adopted an Investor Relations Policy that requires all communication to stakeholders, including financial reporting, to be conducted adequately, timely and openly â both internally and externally â and to be conducted factually and truthfully and in compliance with laws and applicable regulations.Risk assessmentThe Board and Executive Management assess risks on an ongoing basis, including risks related to the financial report-ing, and assess measures to manage, reduce or eliminate identified risks. The IACC function assists Pandoraâs Executive Management and the Audit Committee in identifying and mitigating finan-cial risks in the financial reporting process.The Audit Committee reviews selected high-risk areas on a frequent basis, including significant accounting estimates and material changes to accounting policies.Control activitiesThe financial information reported by Pandora A/S and its subsidiaries follows a formalised and structured process and is controlled by local controllers with local market knowledge as well as the controlling function within Group Finance. The Group controlling function is continuously trained in new accounting and reporting requirements and monitors com-pliance with relevant legislation on an ongoing basis. The financial reporting process is dependent on the Groupâs IT systems. Any weaknesses in system controls and related risks to the financial reporting are mitigated by manual controls. </mrv:CorporateGovernanceReport>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-2" id="pp-value-22" xml:lang="en">Pandoraâs Global Data Ethics Policy for 2021, cf. section 99(d) of the Danish Financial Statements Act, is available at: pandoragroup.com/investor/corporate-governance/data-ethics. </mrv:StatementOfPolicyForDataEthics>
<fsa:AverageNumberOfEmployees contextRef="ctx-2" decimals="0" unitRef="pure">22441</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-37" decimals="0" unitRef="pure">22336</fsa:AverageNumberOfEmployees>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="pp-value-36" xml:lang="en">Peter A. Ruzicka</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="pp-value-42" xml:lang="en">Marianne Kirkegaard </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="pp-value-38" xml:lang="en">Christian Frigast </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="pp-value-43" xml:lang="en">Catherine Spindler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="pp-value-40" xml:lang="en">Heine Dalsgaard </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="pp-value-44" xml:lang="en">Jan Zijderveld</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="pp-value-41" xml:lang="en">Birgitta Stymne Göransson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="pp-value-32" xml:lang="en">Alexander Lacik</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="pp-value-33" xml:lang="en">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="pp-value-34" xml:lang="en">Anders Boyer</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="pp-value-35" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value-45" xml:lang="en">STATEMENT BY THE EXECUTIVE MANAGEMENT AND THE BOARD OF DIRECTORSThe Board of Directors and the Executive Management have fair view of the financial position of the Group and the Par-today discussed and approved the Annual Report of Pandora ent Company at 31 December 2021 and of the results of the A/S for 2021.Group's and the Parent Company's operations and cash flows for the financial year 1 January â 31 December 2021.The Annual Report has been prepared in accordance with International Financial Reporting Standards as adopted by the Further, in our opinion, the Management's review gives a fair EU and additional requirements of the Danish Financial State-review of the development in the Group's and the Parent ments Act.Company's activities and financial matters, results of oper-ations, cash flows and financial position as well as a descrip-It is our opinion that the consolidated financial statements tion of material risks and uncertainties that the Group and and the Parent Company financial statements give a true and the Parent Company face.In our opinion, the Annual Report of Pandora A/S for the financial year 1 January to 31 December 2021 with the file name PAND-2021-12-31.zip has been prepared, in all mate-rial respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be approved at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-2" id="pp-value-30" xml:lang="en">Copenhagen, </sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-2" xml:lang="en">2022-02-09</sob:DateOfApprovalOfAnnualReport>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value-48" xml:lang="en">Our opinionWe have audited the consolidated financial statements and the Parent Company financial statements of Pandora A/S for the financial year 1 January â 31 December 2021, which com-prise statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash flows and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the Parent Company financial statements are prepared in ac-cordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Parent Com-pany at 31 December 2021 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 January â 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value-49" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the âAuditorâs responsibilities for the audit of the financial statementsâ section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value-50" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our profession-al judgement, were of most significance in our audit of the financial statements for the financial year 2021. These mat-ters were addressed during our audit of the financial state-ments as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled our responsibilities described in the âAu-ditorâs responsibilities for the audit of the financial state-mentsâ section, including in relation to the key audit matters below. Our audit included the design and performance of procedures to respond to our assessment of the risks of ma-terial misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.</arr:KeyAuditMattersAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">To the shareholders of Pandora A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value-51" xml:lang="en">Statement on the Managementâs review Management is responsible for the Managementâs review.Our opinion on the financial statements does not cover the Managementâs review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Managementâs review and, in doing so, consider whether the Managementâs review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Managementâs review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Managementâs review is in accordance with the financial state-ments and has been prepared in accordance with the require-ments of the Danish Financial Statements Act. We did not identify any material misstatement of the Managementâs review. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value-52" xml:lang="en">Managementâs responsibilities for the financial statementsManagement is responsible for the preparation of consol-idated financial statements and Parent Company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of finan-cial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is re-sponsible for assessing the Groupâs and the Parent Com-panyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value-54" xml:lang="en">Auditorâs responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Rea-sonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Mis-statements can arise from fraud or error and are considered material if, individually or in the aggregate, they could rea-sonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepti-cism throughout the audit. We also: ⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and ap-propriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepre-sentations or the override of internal control. ⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control. ⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relat-ed disclosures made by Management. ⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial state-ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. ⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the under-lying transactions and events in a manner that gives a true and fair view. ⢠Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance re-garding, among other matters, the planned scope and tim-ing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a state-ment that we have complied with relevant ethical require-ments regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applica-ble, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial state-ments and the Parent Company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" id="pp-value-67" xml:lang="en">Report on compliance with the ESEF RegulationOur responsibility is to obtain reasonable assurance on As part of our audit of the Consolidated Financial State-whether the Annual Report is prepared, in all material re-ments and Parent Company Financial Statements of Pandora spects, in compliance with the ESEF Regulation based on A/S we performed procedures to express an opinion on the evidence we have obtained, and to issue a report that whether the Annual Report of Pandora A/S for the finan-includes our opinion. The nature, timing and extent of proce-cial year 1 January to 31 December 2021 with the file name dures selected depend on the auditorâs judgement, including PAND-2021-12-31.zip is prepared, in all material respects, the assessment of the risks of material departures from the in compliance with the Commission Delegated Regulation requirements set out in the ESEF Regulation, whether due to (EU) 2019/815 on the European Single Electronic Format fraud or error. The procedures include: (ESEF Regulation) which includes requirements related to the preparation of the Annual Report in XHTML format and iXBRL ⢠Testing whether the Annual Report is prepared in XHTML tagging of the Consolidated Financial Statements.format; Management is responsible for preparing an Annual Report ⢠Obtaining an understanding of the companyâs iXBRL tagging that complies with the ESEF Regulation. This responsibility process and of internal control over the tagging process; includes: ⢠Evaluating the completeness of the iXBRL tagging of the ⢠The preparing of the Annual Report in XHTML format; Consolidated Financial Statements; ⢠The selection and application of appropriate iXBRL tags, ⢠Evaluating the appropriateness of the companyâs use of including extensions to the ESEF taxonomy and the an-iXBRL elements selected from the ESEF taxonomy and the choring thereof to elements in the taxonomy, for financial creation of extension elements where no suitable element information required to be tagged using judgement where in the ESEF taxonomy has been identified; necessary; ⢠Evaluating the use of anchoring of extension elements to ⢠Ensuring consistency between iXBRL tagged data and the elements in the ESEF taxonomy; and Consolidated Financial Statements presented in human readable format; and ⢠Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. ⢠For such internal control as Management determines nec-essary to enable the preparation of an Annual Report that In our opinion, the Annual Report of Pandora A/S for the is compliant with the ESEF Regulation.financial year 1 January to 31 December 2021 with the file nameîPAND-2021-12-31.zipîis prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-47" id="pp-value-58" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-47" id="pp-value-59" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-47" xml:lang="en">mne26693</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-48" xml:lang="en">Jens Thordahl Nøhr</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-48" id="pp-value-64" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-48" xml:lang="en">mne32212</cmn:IdentificationNumberOfAuditor>
<arr:SignatureOfAuditorsPlace contextRef="ctx-2" id="pp-value-56" xml:lang="en">Copenhagen, </arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2022-02-09</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-47" id="pp-value-62" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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