PANDORAANNUAL REPORT2014
118• STATEMENTS
not for the purpose of expressing an opinion on the effectiveness of theCompany’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimatesmade by
Management, aswell as evaluating the overall presentation of the consolidated financial statements and the Parent Company
financial statements.
We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion.
Our audit has not resulted in any qualification.
OPINION
Inour opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view
of theGroup’s and the Parent Company’s financial position at 31December 2014 andof the results of theGroup’s and
the Parent Company’s operations and cash flows for the financial year 1 January – 31December 2014 in accordancewith
International Financial Reporting Standards as adoptedby the EU andDanish disclosure requirements for listed companies.
STATEMENT ON THE MANAGEMENT’S REVIEW
Pursuant to theDanish Financial StatementsAct, we have read theManagement’s review.We have not performed any
further procedures in addition to the audit of the consolidated financial statements and the Parent Company financial
statements. On this basis, it is our opinion that the information provided in theManagement’s review is consistent with the
consolidated financial statements and the Parent Company financial statements.
Copenhagen, 17 February 2015
Ernst &Young
Godkendt Revisionspartnerselskab
Niels-JørgenAndersen
Henrik Kronborg Iversen
StateAuthorisedPublicAccountant
StateAuthorisedPublicAccountant
