Pandora_Annual_Report_2018

FRONT PAGE: Jessica is among seven customers who we have met around the world. Meet them throughout the report and learn more about their relationship with Pandora jewellery. The customers portrayed in this Annual Report have participated on their own will and share their personal experience, regardless of Pandora. P A N D O R A A N N U A L R E P O R T 2 0 1 8 C O N T E N T S 2 Contents 01/ The Big Picture 3 04/ Shareholder Information 41 05/ Financial Review 44 02/ Our Business 14 03/ Governance & Management 27 06/ Financial Statements 53 Pandora at a Glance 3 Chairman's Letter to Shareholders 5 Executive Summary 6 Five-Year Summary 8 Key Events 2018 9 Financial Outlook for 2019 11 Pandora in the Jewellery Industry 15 The Pandora Business Model 18 Our Strategy 21 Risks 23 Corporate Governance 28 Corporate Sustainability 31 Intellectual Capital 36 Board of Directors 38 Executive Management 40 Management Board 40 Group 53 Parent Company 97 Management Statement 112 Independent Auditors’ Report 113