NOTES
Consolidated financial statements •69
SECTION 2: RESULTS FOR THE YEAR, CONTINUED
STAFFCOSTS
DKKmillion
2014
2013
Wages and salaries
1,499
1,199
Pensions
78
62
Share-based payments
71
64
Social security costs
64
71
Other staff costs
205
105
Total staff costs
1,917
1,501
Staff costs have been recognised in the consolidated income statement:
Cost of sales
365
284
Sales, distribution andmarketing expenses
947
784
Administrative expenses
605
433
Total staff costs
1,917
1,501
Average number of employees during the year
9,957
6,910
2014
2013
DKKmillion
Base salary
Bonus
Shares
Total
Total
Compensation of keymanagement personnel of PANDORA
Allan Leighton
1
8.7
8.0
4.0
20.7
7.1
HenrikHolmark
2
4.2
4.1
3.7
12.0
8.2
BjørnGulden
-
-
-
-
12.8
StenDaugaard
-
-
-
-
21.0
Total compensation of keymanagement personnel
12.9
12.1
7.7
32.7
49.1
DKKmillion
2014
2013
Compensation of Board of Directors
PederTuborgh, Chairman
3
0.3
-
MarcelloBottoli, former Chairman
3
1.2
1.7
Allan Leighton
1
-
1.3
Christian Frigast, DeputyChairman
0.9
0.8
TorbenBallegaard Sørensen
0.6
0.6
AndreaAlvey
0.6
0.6
NikolajVejlsgaard
0.6
0.6
RonicaWang
0.6
0.6
BjørnGulden
0.6
0.2
Anders Boyer-Søgaard
0.7
0.7
Per Bank
0.5
-
Michael Hauge Sørensen
0.5
-
Total compensation of Board of Directors
7.1
7.1
1
Allan Leightonwill be steppingdown fromhis role asCEO inMarch2015.As part of the severance agreement, a compensationofDKK34.3million in thenotice
period through to end2016has been recognised in addition to the above.The compensation compriseDKK10.2million as base salary,DKK12.0million as bonus
andDKK12.1million as share-basedpayments.At thenext generalmeeting, the current BoardofDirectorswill recommendAllan Leighton as newCo-Deputy
Chairmanof theBoard.
2
HenrikHolmark stepped down from his position as CFO on 31December 2014.
3
PederTuborgh succeededMarcelloBottoli as Chairman of the Board on9October 2014.
2.3
TheGroup’s pension plans are primarily defined
contribution plans. PANDORA has definedbenefit plans
relating toobligations to pay a defined benefit to employees
inThailand and Italy.The defined benefit plans are
recognised at the present value of the actuariallymeasured
obligations. In 2014, these obligations amounted toDKK20
million (2013: DKK9million).The increasedobligationwas
due to a combination of an increased number of employees
and increasedwages and salaries.
