PANDORA Annual Report 2017

P A N D O R A A N N U A L R E P O R T 2 0 1 7 2 C O N T E N T S C O N T E N T S 0 1 0 2 0 3 0 4 0 5 0 6 T H E B I G P I C T U R E 3 O U R B U S I N E S S 1 4 G O V E R N A N C E & M A N A G E M E N T 2 6 S H A R E H O L D E R I N F O R M A T I O N 4 4 F I N A N C I A L R E V I E W 4 7 F I N A N C I A L S T A T E M E N T S 5 6 PANDORA at a glance 3 Letter to our shareholders 5 Executive summary 7 Financial highlights 10 2017 key events 11 PANDORA in the jewellery industry 15 The PANDORA business model 18 Our strategy 23 Corporate governance 27 Corporate Social Responsibility 29 Intellectual capital 34 Risks 36 Board of Directors 40 Executive Management 42 Management Board 43 Group 57 Parent Company 98 Management statement 113 Independent auditors’ report 114

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