DOCSLIB.ORG

View Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
View Annual Report 2018ANNUAL REPORT PANDORA ANNUAL REPORT 2018 CONTENTS Contents 01/ 04/ The Big Picture 3 Shareholder Information 41 Pandora at a Glance 3 Chairman's Letter to Shareholders 5 Executive Summary 6 Five-Year Summary 8 05/ Key Events 2018 9 Financial Review 44 Financial Outlook for 2019 11 02/ 06/ Our Business 14 Financial Statements 53 Pandora in the Jewellery Industry 15 Group 53 The Pandora Business Model 18 Parent Company 97 Our Strategy 21 Management Statement 112 Risks 23 Independent Auditors’ Report 113 03/ Governance & Management 27 Corporate Governance 28 Corporate Sustainability 31 Intellectual Capital 36 FRONT PAGE: Jessica is among seven customers who we have met around the world. Meet them throughout the Board of Directors 38 report and learn more about their relationship with Pandora Executive Management 40 jewellery. The customers portrayed in this Annual Report have participated on their own will and share their personal Management Board 40 experience, regardless of Pandora. 2 PANDORA ANNUAL REPORT 2018 THE BIG PICTURE CONTENTS Pandora >100 ~32,000 countries sell employees at a Glance our jewellery As the world’s biggest jewellery brand, we touch the lives of millions of people 2,705 85% every day. Bringing together traditional concept stores brand awareness in key markets craftsmanship and state-of-the-art inno- vation, our affordable jewellery is made to the highest environmental and ethical standards. 3 PANDORA ANNUAL REPORT 2018 THE BIG PICTURE CONTENTS REVENUE AND EBITDA MARGIN (DKKm and %) 112 100% 22.8 DKKm % million pieces of gold grains DKK billion 25,000 100 jewellery crafted recycled in revenue 22,781 22,806 20,281 20,000 80 16,737 15,000 60 1.7 88% 5.9 11,942 billion stones silver grains DKK billion returned used recycled to shareholders 37.1% 39.1% 37.3% 10,000 36.0% 32.5% 40 5,000 20 32.5% 2014 2015 2016 2017 2018 EBITDA margin Revenue EBITDA margin 4 PANDORA ANNUAL REPORT 2018 THE BIG PICTURE CONTENTS CHAIRMAN’S LETTER TO With the comprehensive two-year Programme THE SHAREHOLDERS NOW, we will make several fundamental chang- es to restore sustainable growth in the long-term and protect profitability. The first step of the pro- gramme was to change our network expansion strategy and significantly reduce the number of store openings and franchise acquisitions. As the Transforming next important steps, we will invest to reignite a passion for Pandora and reduce costs. We will base management incentives on organic growth, total like-for-like, and total shareholder return to Pandora to Deliver align with shareholder interests on this important journey. Long-Term Value I am also pleased that we have found two new and highly qualified candidates for the Board of Directors in Ms. Isabelle Parize and Sir John Peace, both with excellent retail and brand ex- perience. Global retail is changing rapidly. Experiences, the year unfolded, we decided to establish a tem- Many of the changes we make during 2019 will e-commerce and globalisation impact shopping porary joint executive leadership team with An- not become visible to consumers until late in the and consumers’ way of making purchasing de- ders Boyer stepping in as Chief Financial Officer year or next year, and our financial results will cisions. Especially the interplay between phys- in August and Jeremy Schwartz joining as Chief be negatively impacted before we see improve- ical and online retail is developing fast. More Operating Officer in September. ments. The jewellery industry is expected to grow customer relationships become digital first, and in the years to come, and with our firm actions consumers demand high convenience, great The Board and the new executive team have since we will restore sustainable growth at industry experiences and seamless integration between conducted a health check of the business and our level, asserting our position as the biggest jewel- stores and the online universe. A dynamic market position in the changing retail space. We found lery brand in the world. reality that poses challenges as well as opportu- that our brand has high awareness, but lacks clear nities for Pandora. positioning. We also found that Pandora can im- prove its relevance to consumers and deliver 2018 was a tough year for Pandora. This is evi- better on their demands for a unique shopping dent in our financial results. 3% revenue growth experience. And we could see that Pandora has in local currency, an EBITDA margin of 32.5%, an opportunity to leverage its unique product as- and negative total like-for-like are not satisfacto- sortment more impactfully. Essentially, challenges ry. Our main growth initiative of refreshing the that are mostly due to internal limitations which Peder Tuborgh product portfolio did not improve sales. And as can be overcome through forceful action. Chairman of the Board of Directors 5 PANDORA ANNUAL REPORT 2018 THE BIG PICTURE CONTENTS EXECUTIVE SUMMARY 28% Towards of the total revenue came from Rings, Earrings and Sustainable Growth Necklaces & Pendants Pandora today announces the next steps of Pro- A key part of Programme NOW will be to Reig- up to 5,000 employees. In 2018, Pandora opened flow principles and is optimised for high volume gramme NOW, following the important changes nite a Passion for Pandora building on our strong a four-storey innovation centre and a new major production. Just like our facility in Lamphun, it is in 2018 with a new interim joint leadership team fundamentals and Pandora’s unique position as crafting facility, both located in Gemopolis near Leadership in Energy and Environmental Design and a refocusing of the network strategy. the world’s biggest jewellery brand. Pandora will Bangkok. The new crafting facility is built on (LEED) Gold certified and together the two facil- infuse new energy to the brand, and inspire and A thorough analysis of the challenges facing the attract more people with a passion to collect and company, we have found that: the brand has high wear Pandora jewellery. awareness, but lacks a clear positioning; we can PRODUCT CATEGORY REVENUE (DKKm) REVENUE BY CHANNEL (DKKm) improve our relevance to consumers and better Read more about Programme NOW deliver on their demands for an inspiring shopping in Our Strategy 14,000 24,000 1,278 1,529 experience; we have an opportunity to leverage 12,000 our unique product assortment for more impact. 20,000 Capacity expansion programme 10,000 8,633 16,000 These challenges are within the control of the being finalised 11,470 company and by addressing these issues with de- One of our key competitive advantages is the 8,000 12,000 termination, Pandora can return to positive like- world-class crafting facilities in Thailand. Since 6,000 for-like growth in the medium term and continue 2015, we have invested close to DKK 1.5 billion 8,000 to deliver industry-leading margins. Programme to improve and expand the facilities. This invest- 4,000 12,895 9,782 NOW will deliver the transformation required, ment has enabled us to maintain our leading po- 4,000 including the change of the network expansion sition within jewellery crafting, while allowing 2,000 strategy as announced in November 2018, sig- us to produce increasingly innovative designs at nificant investments to "Reignite a Passion for affordable prices. Charms Bracelets Rings Earrings Neck- 2018 2017 laces & Pandora", a necessary commercial reset, DKK 1.2 2018 2017 Pendants Pandora owned retail* Wholesale billion in cost reductions, and a new global-local In 2017, Pandora opened a new crafting facility Third-party distribution operating model. in Lamphun near Chiang Mai with a capacity of * Including revenue from Pandora eSTOREs 6 PANDORA ANNUAL REPORT 2018 THE BIG PICTURE CONTENTS ities set new standards in the jewellery industry tion, the three categories grew 9% in local cur- bution network and the global implementation of and shareholder interest. The KPIs decided for in terms of craft, scale, speed and low environ- rency, contributing 28% of total revenue. Devel- a new Enterprise Resource Planning (ERP) system. the Long-Term Incentive Programme will be an- mental impact. opment in Charms and Bracelets was flat in local nounced in a company announcement following currency, generating 72% of total revenue. The effective tax rate was 23.4% for 2018, slightly the Annual General meeting in March 2019. down from 24.8% in 2017. The tax rate in 2017 Financial performance Earnings before interest, tax, depreciation and was impacted by a US tax reform that was signed The short-term incentive plan is cash based and In 2018, total reported revenue was DKK 22.8 amortisation (EBITDA) were DKK 7.4 billion in in December 2017 and by a withholding tax relat- designed to support our business objectives for billion (3% growth in local currency compared 2018 compared with DKK 8.5 billion in 2017. ed to the repatriation of dividend from Thailand. 2019 with focus on profitability and like-for-like, with 2017) on par with reported revenue in 2017. The EBITDA margin for the year was 32.5%, instead of total revenue growth. EBIT margin is compared with 37.3% in 2017. The decrease in assessed to be more suitable for measuring per- Organic growth in 2018 was -2% in local cur- EBITDA margin compared with 2017 was mainly Financial guidance for 2019 formance than EBITDA in the future, as it better rency, due to total like-for-like of -4% as well due to the negative like-for-like growth. Pandora provides the following financial guid- reflects performance following implementation as changes to inventory levels at our wholesale ance for 2019: of IFRS 16 accounting regulations and drives partners.
Load more

Recommended publications
  • Important Notice the Depository Trust Company
    Important Notice The Depository Trust Company B #: 3489-16 Date: June 20, 2016 To: All Participants Category: Dividends From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers DENMARK ADR MARKET ANNOUNCEMENT ISSUE CUSIP A.P. MOLLER - MAERSK 00202F102 CARLSBERG 142795202 CHR. HANSEN 12545M207 COLOPLAST A/S 19624Y101 Subject: DSV 26251A108 FLSMIDTH & CO A/S 343793105 GN STORE NORD 3621ME105 NOVOZYMES A/S 670108109 PANDORA 698341104 SYDBANK 87124G102 VESTAS WIND SYSTEMS A/S 925458101 Effective as of September 13, 2016 Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo respectively before certifying their instructions over the CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo on the CA Web. Questions regarding this Important Notice may be directed to GlobeTax 212-747-9100. DTCC offers enhanced access to all important notices via a Web-based subscription service. The notification system leverages RSS Newsfeeds, providing significant benefits including real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS alerts, visit http://www.dtcc.com/subscription_form.php. Non-Confidential 1 DTCC Public (White) Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is.
    [Show full text]
  • Der Kommer En Dag Efter COVID-19
    Afkastbarometer Der kommer en dag efter COVID-19 Globale aktier Massive hjælpepakker vil skubbe økonomierne i gang igen efter COVID-19 I de seneste uger har vi set centralbanker og regeringer næsten overalt i verden (og især i USA) træde i karakter med store finanspolitiske og pengepolitiske hjælpepakker. De er målrettet mod at få økonomierne nogenlunde uskadt igennem den meget alvorlige COVID-19-krise, som vi står i lige nu. Som vi forsigtigt spåede for en uge USA-aktier siden har det hjulpet markant på humøret på aktiemarkedet. Sydbanks vurdering: Vi løfter afkastbarometeret på de globale aktier til grønt. De store hjælpepakker styrker vores tillid til, at verdensøkonomien finder tilbage på et fornuftigt spor i løbet af 2. halvår 2020 efter at COVID-19 slipper sit tag. I det lys ser afkastpotentialet på de globale aktier nu mere attraktivt ud efter store kursfald i de Europæiske aktier seneste måneder. Kan centralbankerne med seddelpresserne og regeringerne med store hjælpepakker lykkes med en økonomisk genrejsning og overbevise investorerne om, at vi kan undgå en konkursbølge og en langvarig recession efter COVID-19, så er afkastpotentialet på de globale aktier forbedret i forhold til tidligere. Vejen ud af det økonomiske mørke bliver dog ikke snorlige. På kort sigt er der således udsigt til en negativ nyhedsstrøm med Emerging markets aktier smittespredning i USA og Latinamerika – og en perlerække af dårlige regnskaber og nedjusteringer. Aktieinvesto- rerne vil derfor stadig være nervøse, og vi kan ikke udelukke kursfald på kort sigt i et aktiemarked, hvor udsvingene stadig vil være væsentlig større end normalt. Vi gør os ingen illusion om at, aktiefesten bliver skudt i gang lige nu fordi vi løfter til grønt afkastbarometer, men der er faldet mere ro på de finansielle markeder i den seneste uge, Fjernøstlige aktier og det er tid til at tage bestik af, hvad der venter efter at COVID-19 slipper sit tag – selv om der kan blive turbulens i perioden indtil det sker.
    [Show full text]
  • Remuneration in Danish Large Cap Companies Benchmarking Executive Management and Board Remuneration
    Remuneration in Danish Large Cap Companies Benchmarking executive management and board remuneration 2013-2017 Brochure / report title goes here | Section title goes here Contents Introduction 3 Key findings 4 Current trends 5 Overview 13 Methodology 14 Total remuneration of executive directors 15 Base salary 20 Pension 23 Bonus 24 Long-term incentives (LTIs) 28 Board remuneration 38 Board demographics 40 How can Deloitte help? 44 Our contacts 45 Appendix 46 2 Remuneration in Danish Large Cap Companies | Introduction Introduction This report gives an overview of and insight into all report in accordance with International Financial remuneration of executive directors and boards of Reporting Standards (IFRS). Financial reporting on listed companies within the Danish Large-Cap Index1. remuneration of executives is more specifically In March 2018, the Danish Large-Cap Index comprised governed by IFRS 2 and the Danish Financial 39 companies, the names of which are listed in the Statements Act. Remuneration of executive directors appendix. These companies represent some of is required by IFRS to be disclosed on both fixed and the largest Danish companies from a wide range variable elements for executive management. Although of industries, from financial services to energy and reporting this level of detail for all individual members supplies. of management is not a requirement, it is however best practice guidance from the Committee on Corporate Over the year to March 2018, two new companies Governance2. Long-Term Incentive (LTI) programmes entered the Danish Large-Cap Index. In October 2017, must also be disclosed separately in their entirety, the professional cleaning product manufacturer Nilfisk which includes all participants, both executives and Holding entered the index through its IPO, while Alm.
    [Show full text]
  • Withholding Tax Update Newsletter! Ownership Reclaim Eligibility
    WITHHOLDING TAX UPDATE Spring 2021 What’s Inside Welcome to the Spring 2021 edition of the Danish Tax Agency Clarifies ADR Beneficial Withholding Tax Update Newsletter! Ownership Reclaim Eligibility................................2 GlobeTax Supports Logitech S.A. Tax Reclaim This edition covers important updates including major Process....................................................................2 changes to Danish reclaims, procedure reminders for Eligibility Changes for Russian Individuals on Russian Ireland and Luxembourg, an update to the Russian Dividend Events........................................................3 tax relief process, and more. Spain Signs New Double Taxation Treaties with Japan and China......................................................3 Finally, in the latest episode of our Withholding Tax Update Podcast, I sat down with GlobeTax’s Updated Long Form Requirements in Ireland for outgoing Managing Director Michael Finck to gather Trusts and Partnerships........................................4 his thoughts ahead of his much-deserved retirement. GlobeTax Supports Luxembourg Long Form In the episode, he shares wisdom from his long Process....................................................................4 and accomplished career, discussing how the ADR/ The Philippines Change Statutory Rate.................5 tax reclaim space changed during his tenure and speculating what might come next for the industry. Helpful ESP User Tips...............................................5 Click here to listen to this
    [Show full text]
  • Template with Images in the Slide Master
    PANDORA CAPITAL When printing the dark MARKETS DAY front page or chapter pages, you might run into THAILAND, 7 JANUARY 2016 some issues if your default printer settings are black & white or greyscale. If you wish to print the presentation in black & white or greyscale, change the printer settings to color and use a black/white printer. AGENDA FOR THE DAY Time Topic Speaker 8:00 Registration and breakfast 9:00 Becoming a global jewellery brand Anders Colding Friis, President & CEO 9:45 Australia – achieving growth in a developed market David Allen, President EMEA 10:30 Coffee break 10:45 Building a platform for growth in Asia Kenneth Madsen, President Asia 12:00 Introduction to tour of crafting facilities Thomas Touborg, SVP Group Operations 12:15 Transport 12:45 Lunch at crafting facilities 13:30 Tour of crafting facilities 15:30 Transport 16:00 Providing for an increasing global demand Thomas Touborg, SVP Group Operations Anders Colding Friis, President & CEO 17:00 Conclusions and final Q&A Peter Vekslund, CFO 18:30 Pre-dinner drinks 19:00 Dinner 1 7 JANUARY 2016 PANDORA CAPITAL MARKETS DAY WELCOME TO GEMOPOLIS IN THAILAND PANDORA revenue (DKKm) >16,000 • In 1989, Per Enevoldsen, founder of PANDORA, chose to start manufacturing jewellery in 9,010 Thailand 6,658 3,461 • In 2005, the first large scale, fully owned production facility in Thailand was built 2009 2011 2013 2015 PANDORA EBITDA • In 2015, PANDORA shipped more than (DKKm) Approx. 100 million pieces of jewellery – all 37% hand-finished in Gemopolis – to more than 90 countries
    [Show full text]
  • Description of Candidates Proposed by the Board of Directors
    Description of the candidates proposed by the Board of Directors Marcello Vittorio Bottoli was born in 1962, is an Italian citizen and currently lives in Surlej-Silvaplana, Switzerland. Marcello Vittorio Bottoli has been a member of the Board of Directors of Pandora A/S since August 2010 and is not regarded as an independent board member due to the fact that for a period in 2011 and 2012 he acted as interim Chief Executive Officer of Pandora A/S. Marcello Vittorio Bottoli has been Chairman of the Board of Directors since July 2013 and is also Chairman of the Remuneration Committee. The special skills possessed by Marcello Vittorio Bottoli that are important for the performance of his duties as a member of the Board of Directors of Pandora A/S are his profound knowledge and experience in branding and marketing luxury and consumer goods, particularly in the Asia-Pacific region. Marcello Vittorio Bottoli holds an Italian Doctorate in Business Administration from Bocconi University, Milan, Italy. Currently, Marcello Vittorio Bottoli is Chairman of Pharmafortune SA, as well as Non-Executive Director of International Flavour & Fragrances Inc., and Blushington LCC. Further, Marcello Vittorio Bottoli is Operating Partner of Advent International, a global private equity firm, and member of the advisory board at Aldo, a Montreal-based privately held footwear retailer operating worldwide. Christian Frigast was born in 1951, is a Danish citizen and currently lives in Klampenborg, Denmark. Christian Frigast has been a member of the Board of Directors of Pandora A/S since August 2010 and is also Deputy Chairman of the Board of Directors, chairman of the Nomination Committee and member of the Remuneration Committee.
    [Show full text]
  • Aktieanalyse Pandora
    AktieAnalyse Pandora Køb Amerikanerne driller Pandora i kvartalet Uændret Køb-anbefaling siden 06.11.2012 Vi fastholder ’Køb’ på Pandora. Regnskabet maner ikke endegyldigt en markant vækstopbremsning til jorden, og det skaber usikkerhed om den fremtidige Analysedato: 09.05.2017 vækst. Vi venter dog fortsat ikke en markant vækstopbremsning. Pandoras ind- tjeningspotentiale er efter vores vurdering langt fra afspejlet i aktiekursen. Aktuel kurs kl. 17.20: Overordnet er Pandora-regnskabet bedre end ventet 683,00 DKK Salget stiger 8% i lokal valuta og en moderat positiv valutaeffekt trækker yderligere op, så omsætningen vokser med 9% og lander på 5.159 mio. kr. i 1. kvartal. Det er 1% bedre end Begivenhed: vores estimat (+1% ift. markedsestimaterne). Resultatet af primær drift før afskrivninger og særlige poster (EBITDA) vokser 7% til 1.879 mio. kr. i kvartalet, hvilket er 6% bedre end vores 1. kvartalsregnskab estimat (+6% ift. markedsestimaterne). Pandora gentager 2017-prognosen og ser fortsat mere end 275 butiksåbninger i 2017. Håret i suppen er det underliggende aktivitetsniveau i USA Seneste analyse: Det klart mest negative element i regnskabet er LFL-salget (salget ud af de Pandora-ejede 05/05/17 – Kvartalsregnskabet konceptbutikker, der har eksisteret i 12 måneder) i USA, som går tilbage med 3% i 1. kvartal skal bekræfte et fortsat højt – hvor e-handel begrænser faldet. Tilbagegangen i salget ud af konceptbutikkerne er en kon- underliggende aktivitetsniveau sekvens af et svært detailmiljø med færre forbrugere i indkøbscentrene. Hertil begrundes fal- det med en Valentine-kollektion, der ikke har adskilt sig væsentligt fra tidligere års kollektioner og en reduktion af ekstraordinære tilbud (promotions) i et meget tilbudsorienteret amerikan- ske detailmarked.
    [Show full text]
  • Remuneration in Danish Large Cap Companies Benchmarking of Remuneration of Executive Management and Boards 2013 - 2016 Remuneration in Danish Large Cap Companies
    Remuneration in Danish Large Cap companies Benchmarking of remuneration of executive management and boards 2013 - 2016 Remuneration in Danish Large Cap companies Content Introduction 3 Key takeaways 4 Current trends 5 Experience from the UK 8 Overview 9 Methodology 10 Remuneration of executive directors 11 Base salary 15 Pension 18 Bonus (STIs) 19 Long-Term Incentives (LTIs) 22 Board remuneration 31 How can Deloitte help? 32 Our contacts 33 Appendix 35 2 Remuneration in Danish Large Cap companies Introduction This report gives an overview of and insight into reported with the required level of detail to be included remuneration of executive directors and boards of listed in our analysis. All the included company reports companies within the Danish Large Cap1 index. In March in accordance with IFRS and financial reporting on 2017 the Large Cap Index is comprised of 38 companies, remuneration of executives are more specifically of which the names can be found in a list in the appendix. governed by IFRS 2 and the Danish Financial Statements These companies represent some of the largest Danish Act. Remuneration of executive directors is required by companies from a wide range of industries, from financial IFRS to be disclosed on both fixed and variable elements services to energy and supplies. for executive management. Although reporting this level of detail for all individual members of management is During 2016 no companies left the Danish Large Cap not a requirement, it is however best practice guidance Index, while DFDS, NKT Holding, SimCorp and Össur from the Committee on Corporate Governance3. LTI entered following OMX Nasdaq’s annual review in programmes must also be disclosed separately in their December 2015.
    [Show full text]
  • Listing of Mini Futures Issued by Vontobel Financial Products Gmbh
    NGM Notice Financial Markets #18-220 Stockholm 2018-02-06 Listing of Mini futures issued by Vontobel Financial Products GmbH As from February 07, 2018, 85 Mini futures issued by Vontobel Financial Products GmbH will be listed on ETP Sweden and will be included on the list for Knock-Outs. The instruments will be registered at Euroclear Sweden AB. Issuer: Vontobel Financial Products GmbH Type of security: Mini futures, open ended Execution: Automatic cash settlement Term: As from February 07, 2018 and forward or until time for knock out event Market Maker: Bank Vontobel Europe AG Underlying: Dow Jones Industrial Average S&P 500 Index DAX 30 Index Light Sweet Crude Oil (WTI) Futures Daimler AG Bayerische Motoren Werke AG Nasdaq 100 Alphabet C Gilead Sciences Inc. Facebook Inc Amazon.com Inc GBP/USD Exchange Rate Nordea Bank AB (SEK) Apple Inc. Telia Company AB USD/SEK Exchange Rate Electrolux AB ser. B EUR/USD Exchange Rate Skandinaviska Enskilda Banken ser. A Volvo AB ser. B Volkswagen AG Deutsche Bank AG SNAP INC Netflix Inc. Twitter Inc Tesla Motors Inc. Skanska AB Sandvik AB Investor AB ser. B Atlas Copco AB Ser. A Alfa Laval AB SKF AB ser. B Subsea 7 S.A. Marine Harvest ASA Genmab Pandora AS Novo Nordisk Vestas Wind Systems A/S Hennes & Mauritz AB, H & M ser. B Boliden AB Telefonaktiebolaget LM Ericsson ser. B Nokia Oyj OMXS30 index Silver (troy ounce) ICE Brent Crude Oil Futures Current values of strike and barrier can be found at: [ NGM Market Data Web - MiniFutures ] For more details see attached file.
    [Show full text]
  • Denmark 50 2017 the Annual Report on the Most Valuable Danish Brands May 2017
    Denmark 50 2017 The annual report on the most valuable Danish brands May 2017 Foreword Contents steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Executive Summary 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table (USDm) 12 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (DKKm) 13 believe that the ultimate and overriding purpose of Understand Your Brand’s Value 14 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 16 By valuing brands, we provide a mutually intelligible Contact Details 17 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the significance of what they do and boards can use What is the purpose of a strong brand; to attract the information to chart a course that maximises customers, to build loyalty, to motivate staff? All profits. true, but for a commercial brand at least, the first Without knowing the precise, financial value of an answer must always be ‘to make money’. asset, how can you know if you are maximising your returns? If you are intending to license a brand, how Huge investments are made in the design, launch can you know you are getting a fair price? If you are and ongoing promotion of brands.
    [Show full text]
  • Anders Boyer to Succeed Peter Vekslund As Cfo in Pandora
    PANDORA A/S Havneholmen 17 – 19 | DK-1561 Copenhagen V | Denmark Tel. +45 3672 0044 www.pandoragroup.com CVR: 28 50 51 16 No. 425 COMPANY ANNOUNCEMENT 11 January 2018 ANDERS BOYER TO SUCCEED PETER VEKSLUND AS CFO IN PANDORA CFO and member of Executive Management in PANDORA A/S Peter Vekslund has decided to resign and leave the company after almost four years in the position. Anders Boyer (47) is appointed new CFO and member of Executive Management of PANDORA A/S. Since 2012, Anders Boyer has been a member of the Board of Directors of the company. He will resign from the Board of Directors in connection with the Annual General Meeting on 14 March, 2018. Until Anders Boyer is able to assume the position, expectedly no later than 1 August 2018, Peter Vekslund will stay fully committed to the company. Peter Vekslund says: “I am proud of my contributions to build a solid backbone in this relatively young and fast growing company. It has been an exciting journey of growth and PANDORA is a great company. However, together with my family, I have decided that it is time to start a new chapter in my professional life.” Peder Tuborgh, Chairman of the Board of Directors says: “I would like to thank Peter Vekslund for his significant contributions to the development of PANDORA as he has been instrumental in building PANDORA into a world-leading jewellery brand. I wish Peter all the best in his future endeavours. I am also very pleased to welcome Anders Boyer to the Executive Management of PANDORA.
    [Show full text]
  • Nordic Board Index Contents
    2016 Nordic Board Index Contents 1 Foreword 2 HigHligHts oF tHe 2016 Nordics Board iNdex 4 Our survey approacH 5 Board compositioN 8 diversity 12 New directors, age aNd leNgtH oF service 15 remuNeratioN 18 Board meetiNgs aNd committees 21 ComparisoN taBles 22 International comparison 28 Board composition 36 Board remuneration in 2015 44 Board committees 48 About speNcer stuart Foreword The Spencer Stuart 2016 Nordic Board Index is an annual study which analyses aspects of board governance, including board composition, committees and director remuneration, among major listed companies. First published 30 years ago in the US, there are now Board Indexes in 18 countries around the world. The Nordic Board Index analyses 125 of the largest listed companies in the region which comprise the following indices: OMX Copenhagen (25 companies), OMX Helsinki (25 companies), OBX (25 companies), OMX Stockholm (50 companies). Our purpose is to provide business leaders with a snapshot of current practice on boards across the region. In our analysis we examine year-on-year changes on a wide range of measures, from board size and diversity to director commitments and remuneration. We also compare Nordic companies with their counterparts in other countries, both in Europe and the US. We include a chart showing how different boards in different countries compare on key governance parameters, and conclude the Board Index with tables showing detailed information on all 125 featured companies. We hope you find this edition of the Nordic Board Index useful. The latest edition of each Spencer Stuart Board Index can be found on our website, (www.spencerstuart.com/board-indexes) alongside a wide range of other publications covering board and corporate governance issues.
    [Show full text]