PANDORA Annual Report 2017

P A N D O R A A N N U A L R E P O R T 2 0 1 7 P A R E N T C O M P A N Y C O N T E N T S 1 0 1 DKK million Notes Share capital Treasury shares Hedging reserve Other reserves 1 Dividend proposed Retained earnings Total equity 2017 Equity at 1 January 117 -4,334 36 147 1,007 6,189 3,162 Net profit for the year - - - - - 9,501 9,501 Fair value adjustment of hedging instruments - - -20 - - - -20 Tax on other comprehensive income 2.3 - - 4 - - - 4 Other comprehensive income, net of tax - - -16 - - - -16 Total comprehensive income for the year - - -16 - - 9,501 9,485 Transfer - - - 188 - -188 - Share-based payments 2.2 - - - - - 66 66 Share-based payments (exercised) - 217 - - - -215 2 Share-based payments (tax) - - - - - -13 -13 Purchase of treasury shares - -1,721 - - - - -1,721 Reduction of share capital -4 3,839 - - - -3,835 - Dividend paid - - - - -4,004 9 -3,995 Dividend proposed - - - - 3,984 -3,984 - Equity at 31 December 113 -1,999 20 335 987 7,530 6,986 2016 Equity at 1 January 122 -4,152 -19 - 1,511 6,198 3,660 Net profit for the year - - - - - 4,842 4,842 Fair value adjustment of hedging instruments - - 70 - - - 70 Tax on other comprehensive income 2.3 - - -15 - - - -15 Other comprehensive income, net of tax - - 55 - - - 55 Total comprehensive income for the year - - 55 - - 4,842 4,897 Transfers - - - 147 - -147 - Additions from Group internal merger - - - - - 11 11 Share-based payments 2.2 - - - - - 76 76 Share-based payments (exercised) - 230 - - - -229 1 Share-based payments (tax) - - - - - 24 24 Purchase of treasury shares - -4,000 - - - - -4,000 Reduction of share capital -5 3,588 - - - -3,583 - Dividend paid - - - - -1,511 4 -1,507 Dividend proposed - - - - 1,007 -1,007 - Equity at 31 December 117 -4,334 36 147 1,007 6,189 3,162 ¹ Other reserves include non-distributable reserves under Danish legislation relating to the capitalisation of internally developed projects. Dividend paid in 2017 relating to the 2016 results was DKK 9 per share, corresponding to DKK 1,007 million (2016: DKK 1,507 million). Furthermore, DKK 2,988 million was paid as part of the com- mitment to pay quarterly dividends in 2017 rela- ting to the 2017 results. In 2018, PANDORA will pay a dividend of DKK 9 per share, corresponding to DKK 987 million, relating to the 2017 results and further pay a bi-annual dividend of DKK 9 per share, corresponding to an expected payout of DKK 1.0 billion. The quarterly and bi-annual di- vidends are in accordance with The Danish Com- pany Act §182. S TAT EMENT OF CHANGE S I N EQU I T Y FOR THE YEAR ENDED 31 DECEMBER