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STATEMENTS • 137
To the shareholders of PANDORA A/S
OUR OPINION
We have audited the consolidated financial statements and the parent company financial statements of PANDORA A/S for
the financial year 1 January – 31 December 2016, which comprise income statement, balance sheet, statement of changes
in equity, statement of cash flow and notes, including a summary of significant accounting policies, for the Group as well
as the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in
accordance with International Financial Reporting Standards as adopted by the EU and additional disclosure requirements in
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 Company at 31 December 2016 and of the results of the Group’s
and the Parent Company’s operations and cash flows for the financial year 1 January – 31 December 2016 in accordance
with International Financial Reporting Standards as adopted by the EU and additional disclosure requirements in the Danish
Financial Statements Act.
BASIS FOR OPINION
We 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 “Auditors’
responsibilities for the audit of the consolidated financial statements and the parent company financial statements”
section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark,
and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements and the parent company financial statements for the financial year 2016. These matters
were addressed in the context of our audit of the consolidated financial statements and the parent company financial
statements as a whole, and in forming our opinion thereon, and 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 the responsibilities described in the “Auditors’ responsibilities for the audit of the consolidated
financial statements and the parent company financial statements” section of our report, including in relation to these
INDEPENDENT
AUDITORS’ REPORT