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CONTENTS

5

12

16

20

24

26

30

56

60

72

120

136

137

BUILDING FOR THE FUTURE

BUSINESS STRATEGY

Full jewellery product offering

One brand – targeted segments

Branded retail excellence

Balanced global business

GOVERNANCE AND MANAGEMENT

SHAREHOLDER INFORMATION

FINANCIAL REVIEW

CONSOLIDATED

PARENT COMPANY

MANAGEMENT STATEMENT

INDEPENDENT AUDITORS’ REPORT

MANAGEMENT’S REVIEW

FINANCIAL STATEMENTS