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 G R O U P 5 9 C O N T E N T S DKK million Notes Share capital Treasury shares Translation reserve Hedging reserve Dividend proposed Retained earnings Total equity 2017 Equity at 1 January 117 -4,334 1,255 -74 1,007 8,823 6,794 Net profit for the year - - - - - 5,768 5,768 Exchange rate adjustments of investments in subsidiaries - - -343 - - - -343 Fair value adjustment of hedging instruments - - - 109 - - 109 Actuarial gain/loss 2.3 - - - - - -2 -2 Tax on other comprehensive income 2.5 - - - -25 - - -25 Other comprehensive income, net of tax - - -343 84 - -2 -261 Total comprehensive income for the year - - -343 84 - 5,766 5,507 Fair value adjustments of obligation to acquire non-controlling interests - - - - - -126 -126 Share-based payments 2.3, 2.4 - - - - - 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 4.2 - - - - -4,004 9 -3,995 Dividend proposed 4.2 - - - - 3,984 -3,984 - Equity at 31 December 113 -1,999 912 10 987 6,491 6,514 2016 Equity at 1 January 122 -4,152 1,134 -111 1,511 7,635 6,139 Net profit for the year - - - - - 6,025 6,025 Exchange rate adjustments of investments in subsidiaries - 121 - - - 121 Fair value adjustment of hedging instruments - - - 47 - - 47 Tax on other comprehensive income 2.5 - - - -10 - - -10 Other comprehensive income, net of tax - - 121 37 - - 158 Total comprehensive income for the year - - 121 37 - 6,025 6,183 Fair value adjustments of obligation to acquire non-controlling interests - - - - - -123 -123 Share-based payments 2.3, 2.4 - - - - - 76 76 Share-based payments (exercised) - 230 - - - -229 1 Share-based payments (tax) - - - - - 25 25 Purchase of treasury shares - -4,000 - - - - -4,000 Reduction of share capital -5 3,588 - - - -3,583 - Dividend paid 4.2 - - - - -1,511 4 -1,507 Dividend proposed 4.2 - - - - 1,007 -1,007 - Equity at 31 December 117 -4,334 1,255 -74 1,007 8,823 6,794 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. CONSOL I DAT ED S TAT EMENT OF CHANGE S I N EQU I T Y FOR THE YEAR ENDED 31 DECEMBER