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Pandora Annual Report 2017 Contents 2017ANNUAL REPORT PANDORA ANNUAL REPORT 2017 CONTENTS CONTENTS 01 04 THE BIG PICTURE 3 SHAREHOLDER INFORMATION 44 PANDORA at a glance 3 Letter to our shareholders 5 Executive summary 7 Financial highlights 10 2017 key events 11 02 05 OUR BUSINESS 14 FINANCIAL REVIEW 47 PANDORA in the jewellery industry 15 The PANDORA business model 18 Our strategy 23 03 06 GOVERNANCE & FINANCIAL MANAGEMENT 26 STATEMENTS 56 Corporate governance 27 Group 57 Corporate Social Responsibility 29 Parent Company 98 Intellectual capital 34 Management statement 113 Risks 36 Independent auditors’ report 114 Board of Directors 40 Executive Management 42 Management Board 43 2 PANDORA ANNUAL REPORT 2017 THE BIG PICTURE CONTENTS PANDORA JEWELLERY IS SOLD PANDORA IN MORE THAN AT A GLANCE 100 COUNTRIES PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. 2,446 PANDORA jewellery is sold in more than 100 coun- CONCEPT STORES tries on six continents through around 7,800 points of sale, including more than 2,400 concept stores. 117 THE PANDORA VISION MILLION PIECES OF To be the branded manufacturer that JEWELLERY CRAFTED delivers the most personal jewellery IN 2017 experience THE PANDORA MISSION We inspire every woman to feel 27,350 creative in her self-expression EMPLOYEES IN 2017 3 PANDORA ANNUAL REPORT 2017 THE BIG PICTURE CONTENTS REVENUE AND EBITDA 2.6 bn 83% DKKm Revenue EBITDA STONES USED BRAND AWARENESS 20,000 15,000 10,000 97% 43% 5,000 RECYCLED SILVER REVENUE FROM GRAINS IN 2017 PANDORA OWNED 0 RETAIL 2013 2014 2015 2016 2017 RETURNED TO FREE CASH REVENUE EBITDA MARGIN GROSS MARGIN ROIC SHAREHOLDERS FLOW 22.8 37.3% 74.5% 68.0% 5.7 5.3 DKK BILLION DKK BILLION DKK BILLION 4 PANDORA ANNUAL REPORT 2017 THE BIG PICTURE CONTENTS SOLID GROWTH AS WE LOOK TO THE FUTURE WE GREW REVENUE BY 12% TO DKK 22.8 BILLION AND RETURNED DKK 5.7 BILLION TO OUR SHAREHOLDERS. In 2017 we strengthened the foundation for future growth with several strategic initiatives across our business. However, we also faced an increasingly challenging retail environment in the US. Still, all regions contributed to growth. EMEA and Asia Pacific both delivered double-digit growth, driven by continued solid momentum throughout the store net- work as well as a strong online performance. The Americas increased revenue despite the slower US consumer market, as Latin America got off to a strong start, operating from the new office in Panama in 2017. (Continued on next page) Photo (from left): Anders Colding Friis (President & CEO) and Peder Tuborgh (Chairman of the Board) 5 PANDORA ANNUAL REPORT 2017 THE BIG PICTURE CONTENTS We continued to improve our global store net- launch of the first concepts WE CONTINUED TO WIDEN OUR PRODUCT FO- work and opened net 308 new concept stores. and products to come out of CUS TO INCLUDE NECKLACES & PENDANTS IN During the year, we have increased our focus on the updated process early in 2017 AND WE NOW HAVE AN AMBITION TO IN- retail to improve consumer-facing activities and to 2018. To strengthen our future reap the full financial potential as well. More than even further, we have built a CREASE THE SHARE OF REVENUE FROM RINGS, 50% of the concept store openings in 2017 were new PANDORA Innovation EARRINGS AND NECKLACES & PENDANTS TO PANDORA owned. Furthermore, we acquired Centre in Bangkok, which AROUND 50% OF OUR REVENUE BY 2022. 200 concept stores, including 79 stores as part of incorporates the latest tech- the acquisition of the distribution in Spain, Bel- nology in jewellery crafting gium and South Africa. Going forward, we expect and design, and where we can explore new Looking ahead, we believe we have positioned to add around 200 predominantly PANDORA innovations and develop new concepts. Finally, PANDORA well for the future and we expect to owned concept stores annually, while at the same we have continued to widen our product focus deliver solid profitable growth for the years to time refining our network of other points of sale to to include Necklaces & Pendants in 2017 and we come. Despite our transformation towards more 376 make it more branded. now have an ambition to increase the share of owned retail, our business model will remain asset PANDORA OWNED revenue from Rings, Earrings and Necklaces & light, and with the highly cash-generative nature CONCEPT STORES Our eSTOREs performed well with strong devel- Pendants to around 50% of our revenue by 2022. of our company we plan to continue to deliver ADDED opment across regions. Sales from eSTOREs solid annual cash returns to our shareholders. IN 2017 increased 61% compared with last year, and To support demand, we continued to invest in now make up 7% of our revenue. We will con- our crafting facilities. We were proud to open Finally, we would like to thank our employees tinue to focus on eSTOREs going forward as we our new crafting facility in Lamphun, near for their contribution to our results in 2017, our seek to strengthen the link between our physical Chiang Mai, in Northern Thailand early in 2017. customers who have stayed loyal to our brand and online stores. The aim is to increase the share Besides being LEED (Leadership in Energy and throughout the year, and our shareholders for 61% of revenue from our eSTOREs to more than 10% Environmental Design) Gold certified, we are their support in what proved to be a more chal- INCREASE IN within 5 years. Furthermore, we are increasing already reaping the benefits of the facility’s leaner lenging year. E STORE SALES our focus on digital marketing, working with crafting process which enables us to increase IN 2017 influencers on social media to inspire consum- efficiency and reduce lead times. In addition, ers, while using data to create a personal cus- we built a new facility in Gemopolis, Bangkok, tomer experience across channels. which opened for commercial production early in 2018. This will further strengthen our position A lack of newness in our product assortment as the world’s largest jewellery manufacturer. turned out to be a challenge in 2017. This was most evident in our more developed markets like the US and the UK. We have therefore updated our innovation and product develop- ment process to make it more consumer-centric and ensure we deliver more new jewellery con- ANDERS COLDING FRIIS PEDER TUBORGH cepts in the future. We are enthusiastic about the President & Chief Executive Officer Chairman of the Board of Directors 6 PANDORA ANNUAL REPORT 2017 THE BIG PICTURE CONTENTS lished a regional office in Panama as a hub for programme will double our production capacity EXECUTIVE our Latin American markets and opened 34 new to more than 200 million pieces a year by the end concept stores in these markets. We also contin- of 2019 and introduce flow principles to shorten ued our expansion in China, with 58 new concept lead times by 50%. In 2017, we opened a new SUMMARY stores during the year, while we opened our first crafting facility in Lamphun, near Chiang Mai, concept stores in India. Thailand. The facility is built for a maximum of 5,000 employees and is primarily optimised for Read more about our strategy towards rings, earrings and more complex products. It 2017 WAS AN EVENTFUL YEAR FOR 2022 on page 23 incorporates flow principles and semi-automated areas and is LEED Gold certified. We are also opti- PANDORA. WE SUCCESSFULLY DELIVERED mising our existing crafting facilities in Gemop- EXPANDING PRODUCTION olis, Bangkok, by building a new facility due for ON OUR STRATEGY TO INCREASE OUR CAPACITY commercial production in early 2018. BRANDED PRESENCE, WHILE DIVERSIFYING In 2017, we crafted around 117 million pieces of OUR BUSINESS BOTH GEOGRAPHICALLY jewellery at our crafting facilities in Thailand and FINANCIAL PERFORMANCE we continue to expand our production capacity AND ACROSS JEWELLERY CATEGORIES. through a number of activities. With a total invest- PANDORA’s revenue for 2017 increased 12% ment of DKK 1.8 billion, the capacity expansion compared with 2016 to DKK 22.8 billion. PRODUCT CATEGORY REVENUE REVENUE SALES BY CHANNEL 2016 2017 PANDORA Wholesale Third party owned retail distribution DKKm We opened net 308 new concept stores during tions launched in 2017 included a total of 160 14,000 2017 the year and took over distribution in Spain, new rings, earrings, necklaces and pendants. 29 ,5 1 Belgium, South Africa and a number of smaller In addition, we expanded our collaboration 12,000 6 ,60 markets, as part of our plan to control more of with The Walt Disney Company to include the 1 10,000 2016 6 the network and brand. In total, we acquired 200 EMEA region, where the Disney collection was , 9 8 , 7 8 8 3 2 concept stores from franchisees and distributors launched in October. Revenue from our Rings, 8,000 around the globe. At the end of 2017, PANDORA Earrings and Necklaces & Pendants categories 6,000 had 2,446 concept stores, of which 974 are increased by 28%, making up 26% of revenue 1 PANDORA owned. for the year compared with 23% in 2016. 1 4,000 , 7 9 1 2 1 ,4 2,000 7 0 During 2017, we continued to focus on expand- We still see potential to further expand our busi- ing our product collection beyond charms ness around the globe, with significant opportuni- and bracelets. The seven jewellery collec- ties in Latin America and Asia. In 2017, we estab- Charms Bracelets Rings Earrings Necklaces & Pendants 7 PANDORA ANNUAL REPORT 2017 THE BIG PICTURE CONTENTS NUMBER OF CONCEPT STORES REGIONAL SHARE OF REVENUE ing facilities in Thailand, investments in our Based on the financial results in 2017, the Board distribution network and IT.
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