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126 • PARENT COMPANY FINANCIAL STATEMENTS
PANDORA ANNUAL REPORT 2016
NOTES FOR THE
PARENT COMPANY
STAFF COSTS
SHARE-BASED PAYMENTS
The share option programme described in note 2.4 to the
consolidated financial statements is issued by PANDORA
A/S. The value of share options granted to employees
in the Parent Company’s subsidiaries is recognised in
1.2
2.1
2.2
DKK million
2016
2015
Wages and salaries
282
269
Pensions
19
11
Share-based payments
26
28
Social security costs
2
2
Other staff costs
60
40
Total staff costs
389
350
Staff costs have been recognised in the income statement:
Sales, distribution and marketing expenses
127
125
Administrative expenses
262
225
Total staff costs
389
350
Average number of full-time employees during the year
299
291
Key management personnel at PANDORA A/S represent the same persons as key management personnel of the PANDORA Group. For information regarding
compensation of key management personnel of PANDORA A/S, see note 2.3 to the consolidated financial statements.
investments in subsidiaries. Of the total expense of DKK 76
million (2015: DKK 75 million), DKK 50 million relates to
subsidiaries (2015: DKK 47 million).
BASIS OF REPORTING, CONTINUED
concluded that it will have an expected material impact on
the Parent Company financial statements.
The new hedge accounting rules are expected to increase
PANDORA’s opportunity for aligning financial risk
management and hedge accounting. The initial assessment
is that the current hedge relationships entered into by the
parent company to hedge the Groups exposure relating to
commodity prices would also qualify as hedges to a higher
extent in the parent company following the adoption of
IFRS 9. As part of this assessment PANDORA is assessing
whether to early adopt IFRS 9.