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Directors will propose at the Annual General Meeting that an ordinary dividend of DKK 16 per share, corresponding to DKK 1.4 billion (2021: DKK 16 per share, corresponding to DKK 1.5 billion), be distributed for 2022. In 2021, an extraordinary dividend of DKK 15 per share was paid, corresponding to DKK 1.5 billion. In 2022, Pandora continued the share buyback programmes, which resulted in repurchases of 6,595,620 treasury shares, corresponding to DKK 3.6 billion (2021: 3,943,797 treasury shares, corresponding to DKK 3.3 billion). For further shareholder information on dividend payments, see page 43. ACCOUNTING POLICIES Cash flows from operating activities are presented using the indirect method.Cash flows in currencies other than the functional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction dates. NOTE 1.1 PRINCIPAL ACCOUNTING POLICIESPandora A/S is a public limited company with its registered office in Denmark.The Annual Report for the period 1 January to 31 December 2022 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as sep-arate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accor-dance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value. The Annual Report is presented in Danish kroner (DKK) and all amounts are in millions unless otherwise stated. Due to round-ing, numbers presented throughout this report may not add up precisely to the totals, and percentages may not precisely reflect the absolute figures.Apart from changes due to the implementation of new or amended standards and interpretations as described in note 1.2 New accounting policies and disclosures, accounting policies are unchanged from last year. iXBRL reportingPandora A/S has filed the Annual Report 2022 in the European Single Electronic Format (ESEF), XHTML, which can be displayed in a standard browser. The consolidated financial statements are tagged using eXtensible Business Reporting Language (iXBRL), which complies with the ESEF taxonomy included in the ESEF Regulation. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML docu-ment together with certain technical files, all included in a file named PAND-2022-12-31-en.zip.Alternative performance measuresPandora presents financial measures in the Annual Report that are not defined according to IFRS. Pandora believes these non-GAAP measures provide valuable information to investors and Pandora\u2019s management when evaluating performance. Since other companies may calculate these differently from Pandora, they may not be comparable to the measures used by other companies. These financial measures should there-fore not be considered to be a replacement for measures de-fined under IFRS. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions. ACCOUNTING POLICIES The overall accounting policies applied to the Annual Report as a whole are described below. The accounting policies related to specific line items are described in the notes to which they relate. The description of accounting policies in the notes forms part of the overall description of Pandora\u2019s accounting policies.Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Sub-sidiaries are fully consoli dated from the date of acquisition, being the date on which Pandora obtains control, until the date that such control ceases. All intercompany balances, income and expenses, unrealised gains and losses and dividends re-sulting from intercompany transactions are eliminated in full.Functional and presentation currencyThe consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in foreign currencies are initially recognised in the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange ruling at the reporting date. All adjustments are recognised in the income statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are trans-lated using the exchange rates at the date when the fair value is determined.Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in for-eign entities are recognised in other comprehensive income.Group companies with another functional currency than DKKThe assets and liabilities of foreign subsidiaries are translat-ed into DKK at the rate of exchange prevailing at the report-ing date, and their income statements are translated at the exchange rates prevailing at the dates of the transactions.Exchange rate adjustments arising on translation are recognised in other comprehensive income. On disposal of a foreign sub-sidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.Consolidated income statementThe consolidated income statement is presented based on costs classified by function. Cost of sales comprises direct and indirect expenses incurred to generate revenue for the year, comprising raw materials, consumables, production staff, depreciation, amortisation and impairment losses in respect of production equipment.Sales, distribution and marketing expenses comprise expens-es related to the distribution of goods sold and sales cam-paigns, including packaging materials, brochures, wages and salaries and other expenses related to sales and distribution staff as well as depreciation, amortisation and impairment losses in respect of distribution equipment. Administrative expenses comprise expenses incurred in the year to manage Pandora, including expenses related to ad-ministrative staff and depreciation, amortisation and impair-ment losses in respect of assets used in the administration.The allocation of amortisation and impairment losses from in-tangible assets is presented in note 3.1 and the allocation of depreciation and impairment losses from property, plant and equipment in note 3.2. NOTE 1.2 NEW ACCOUNTING POLICIES AND DISCLOSURESImplementation of new or amended standards and interpretationsPandora has adopted all new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the financial year 1 January to 31 December 2022. The implementation of these new or amended stan-dards and interpretations had no material impact on the financial statements for the year. The new standards that are not yet effective are not expected to have any material impact on Pandora. NOTE 1.3 MANAGEMENT\u2019S JUDGEMENTS AND ESTIMATES UNDER IFRSNotes2.1 Segment and revenue 3.5 Inventoriesinformation3.8 Contract assets 2.5 Taxation and liabilities3.3 Leases5.1 Contingent assets and liabilities SIGNIFICANT ACCOUNTING ESTIMATES In preparing the consolidated financial state-ments, management makes various judge-ments, accounting estimates and assump-tions that form the basis of the presentation, recognition and measurement of Pandora\u2019s assets and liabilities. Determining the carrying amounts of some assets and liabilities requires judgement, es-timates and assumptions concerning future events. Judgements, estimates and assump-tions are based on historical experience and other factors, which management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These assumptions may have to be revised, and unexpected events or circumstances may occur.Pandora is subject to risks and uncertain-ties that may lead to actual results differing from these estimates, both positively and negatively. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets to the extent possible. Pandora\u2019s targets to reduce its greenhouse gas emissions by 50% by 2030 and achieve net zero emissions by 2040 as well as to only use recycled silver and gold in its jewellery by 2025 are included in the Group\u2019s financial forecasts. These con-siderations did not have a material impact on management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows or going concern assessment.In addition, consideration has been given to the potential financial impacts of climate-re-lated risks on the carrying value of goodwill through a qualitative review of the Group\u2019s climate change risk assessment. This review did not identify any material financial impacts.Pandemic and macroeconomic uncertainty The pandemic and macroeconomic un-certainty caused by the Russian invasion of Ukraine continue to affect the global economy. Pandora continues to assess the value of intangible assets and property, plant and equipment, and internal forecasts have considered the ongoing impacts on income and expenses from the pandemic, infla-tionary pressure and higher interest rates. Changes in selling prices and direct costs are based on past experience and management\u2019s expectation of future changes in the markets where the Group operates.Specific risks for Pandora are discussed in the relevant sections of the Management\u2019s review and in the notes. The areas that involve a high degree of judge-ment and estimation and are material to the financial statements are described in more detail in the related notes. NOTE 2.1 SEGMENT AND REVENUE INFORMATIONPandora\u2019s activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes Moments incl. Collabs, while the other, Style, covers newer collections and innovations.The two operating segments include all channels relating to the distribution and sale of Pandora products. Management monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. INCOME STATEMENT BY SEGMENTS MomentsDKK millionincl. Collabs Style Group2022Revenue 19,192 7,272 26,463Cost of sales -4,688 -1,586 -6,273Gross profit 14,504 5,686 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%2021Revenue 16,610 6,784 23,394Cost of sales -4,106 -1,485 -5,590Gross profit 12,504 5,300 17,803Operating expenses -11,965Consolidated operating profit (EBIT) 5,839Profit margin (EBIT margin) 25.0%Non-unit driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.REVENUE BY SEGMENTSGEOGRAPHIC INFORMATION, REVENUEDKK million 2022 2021DKK million 2022 2021Moments incl. Collabs 19,192 16,610US 7,907 7,026- Moments 16,578 14,699China 737 1,126- Collabs 2,614 1,911UK 3,802 3,314Style 7,272 6,784Italy 2,580 2,443- Timeless 4,362 4,091Australia 1,271 1.131- Signature 1,883 1,990France 1,190 1,122- ME 815 656Germany 1,307 1,191- Diamonds by Pandora 213 48Denmark 28 32Total revenue 26,463 23,394Rest of world 7,641 6,009Total revenue 26,463 23,394Goods transferred at a point in time 26,386 23,321Services transferred over time 77 73Total revenue 26,463 23,394GEOGRAPHIC INFORMATION, ASSETSDKK million 2022 2021US 2,073 1,754The use of sales channels for the distribution of Pandora Australia 450 453jewellery depends on the underlying market maturity and Germany 602 602varies within markets but is consistent when viewed between Denmark 2,117 1,983segments.Thailand 495 516Rest of world 1,832 1,785REVENUE BY SALES CHANNEL1DKK million 2022 2021Total intangible assets7,568 7,094Pandora physical stores 13,503 9,945Property, plant and equipment22,226 1,816Pandora online stores 5,612 5,977Right-of-use assets32,978 2,532Wholesale and third-party distribution 7,349 7,472Deferred tax assets 1,261 891Total revenue 26,463 23,394Other non-current financial assets 249 222Current assets 7,731 5,988Total consolidated assets 22,013 18,5421 The allocation of intangible assets in the table above reflects the country in which the assets were acquired, including goodwill, in the functional currency in which it is denominated. This is different from the presentation in note 3.1 Intangible assets, where goodwill is allocated in accordance with management reporting and moni-toring.2 The crafting facilities in Thailand accounted for DKK 1,045 million (2021: DKK 1,025 million), corresponding to 46.9% of property, plant and equipment (2021: 56.4%).3 Right-of-use assets mainly relate to stores and offices. SIGNIFICANT ACCOUNTING ESTIMATES Recognition and measurement of revenue is based on es-timates and judgements relating to expected sales returns allowed to customers in most countries. These judgements can have a material impact on the timing and measurement of recognised revenue as well as the level of the refund liability. Reductions in revenue from expected sales returns are calculated based on historical return patterns and on a case-by-case basis for commercial and other reasons. ACCOUNTING POLICIES Retail sales \u2013 products Revenue from the sale of products through Pandora owned and operated stores is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the prod-uct in the store or the product is delivered from an online store. However, in some instances collection is delayed and a receivable recognised, see note 3.6 Trade receivables. A refund liability and a right-of-return asset are recog-nised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to cus-tomers are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is part of the standard terms and is there-fore recognised as a contract liability, see note 3.8 Contract assets and liabilities. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.Wholesale and third-party distributors \u2013 products Pandora manufactures and sells jewellery to wholesalers and third-party distributors. Revenue is recognised when control of the products has been transferred to the wholesaler or third-party dis-tributor. Change of control of the products occurs when they have been delivered to the wholesaler or distributor and no further obligation exists that can affect the transfer of control. Delivery has taken place when the products have been shipped to the location of the wholesaler or distributor and control of the goods has been transferred to the buyer. Revenue from the sale is recognised based on the price specified in the contract. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur. A refund liability and a right-of-return asset are recognised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns in the wholesale and distributor channels, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Provisions for rebates and discounts granted to wholesalers and franchisees are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is recognised on a gross basis in the income statement as both a reduction in revenue and a decrease in cost of goods sold. This is due to the handling of warranty claims, which leads to replacements instead of repairs. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.When control has been transferred, a receivable is rec-ognised as the consideration to be paid is conditional only on the passage of time. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months.Loyalty programme Revenue related to the loyalty programme points value is deferred up to the time the points are used. The stand-alone selling price of loyalty points issued is calculated by multiplying the estimated redemption rate and the monetary value assigned to the loyalty points. In estimating the redemption rate, Pandora considers breakage, which repre-sents the portion of points issued that will never be redeemed. NOTE 2.2 GOVERNMENT GRANTSPandora did not receive any significant government subsidies in 2022 as a result of the pandemic (2021: DKK 152 million). The majority of the subsidies received in 2021 were related to employee retention and facility cost and included the gov-ernment programmes \u201cCoronavirus Job Retention Scheme\u201d and \u201cBusiness Rates Relief\u201d in the UK, \u201cUnemployment Ben-efits\u201d and \u201cTax Credit Rental\u201d in Italy, and \u201cShort-Time Work Subsidy\u201d in Germany. There are no unfulfilled conditions or other contingencies attached to the subsidies recognised. During the pandemic, Pandora retained all staff, including store staff while stores were closed. The government subsi-dies partially funded the associated cost, and related mainly to sales and distribution. ACCOUNTING POLICIES Government grants are recognised where there is rea-sonable assurance that the grant will be received and all attached conditions complied with.Income from government subsidies as a result of the pan-demic has been recognised as a deduction in the expense item the subsidies were intended to compensate. NOTE 2.3 STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employ-ees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2022, these obligations amounted to DKK 80 million (2021: DKK 81 million). In 2022, the actuarial gain was DKK 12 million (2021: gain of DKK 10 million) recognised in other comprehensive income. ACCOUNTING POLICIES Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recog-nised in the financial year in which services are rendered by employees of Pandora. Whenever Pandora provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.Termination benefits are recognised at the time an agree-ment between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.DKK million 2022 2021Wages and salaries 4,883 4,041Pensions 208 177Share-based payments 87 166Social security costs 341 256Other staff costs 545 395Total staff costs 6,064 5,034Staff costs have been recognised in the consolidated income statement:Cost of sales 1,177 1,063Sales, distribution and marketing expenses 3,777 3,010Administrative expenses 1,109 961Total staff costs 6,064 5,034Average number of full-time employees during the year 26,986 22,441DKK million Base pay Bonus Shares Benefits Other Total2022Total remuneration to Executive 17.1 16.2 23.2 2.6 - 59.0Management2021Total remuneration to Executive 16.2 16.6 26.6 2.4 - 61.9ManagementThe 2021 remuneration includes the DKK 1.2 million cost of shares related to the former Exec-utive Management.DKK million 2022 2021Total remuneration to Board of Directors 8.1 7.9Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2022 amounted to DKK 0.9 million (2021: DKK 0.4 million). For further details, see our Remuneration Report. NOTE 2.4SHARE-BASED PAYMENTSDecisions to grant share-based incentive programmes are made by the Board of Directors in accordance with general guidelines on incentive pay for Pandora.The total cost related to share-based payments was DKK 87 million (2021: net cost of DKK 166 million). The programmes for 2021 and 2020 were recorded at the maximum level as the maximum performance is expected to be met, while the programme for 2022 was recorded at target. The cost of share-based payments is included in staff costs. In the remaining vesting periods, an amount of DKK 87 million (2021: DKK 174 million) is expected to be recognised in respect of the current programmes. The weighted average remaining contractual life of the shares at the end of the period was 1.3 years (2021: 1.5 years).For shares exercised in 2022, the average share price at the time of exercise was DKK 692.Long-term incentive programmesPandora is launching annual incentive programmes targeting Executive Management and other employees. The calculat-ed value of each programme is recognised over the vesting period (three years) based on the likelihood that programme targets will be met. For Executive Management, a further two-year holding period applies.Vesting of the performance shares granted in 2022 is subject to achievement of Pandora\u2019s earnings per share (EPS) for the financial year 2024 and on the achievement of sustainability targets which will be assessed against objectives based on Pandora\u2019s internal projections. As financial KPIs are commer-cially sensitive, Pandora\u2019s practice is to communicate these after the end of the performance period. For further details, see our Remuneration Report. Assumptions on fair value of sharesThe volatility of the shares is based on the historical volatility of the price of Pandora A/S shares. The risk-free interest rate is based on a Danish government bond with similar maturity. The dividend yield applied is equal to 2.5% for the 2022 pro-gramme and is based on the assumed future dividend over the vesting period and the share price on the date of the grant. Actual paid dividends may differ from the assumptions applied in the valuation of the market value. Given that the exercise price for one performance share equals up to 1% of the market price of one share at grant date, the fair value almost equals the market value of one share at grant date. The assumptions therefore have very limited impact on the estimated fair value of the performance shares granted.Average exercise price per Executive Other performance SHARES OUTSTANDINGManagementemployeesTotal share, DKK2022Shares outstanding at 1 January 279,306 869,598 1,148,904 0.9Shares granted during the year 42,106 214,252 256,358 -Shares exercised during the year - -252,971 -252,971 2.6Shares lapsed during the year - -80,830 -80,830 -Shares outstanding at 31 December 321,412 750,049 1,071,461 0.32021Shares outstanding at 1 January 229,018 707,613 936,631 1.1Shares granted during the year 50,288 205,415 255,703 -Shares exercised during the year - -4,754 -4,754 -Shares lapsed during the year - -38,676 -38,676 0.8Shares outstanding at 31 December 279,306 869,598 1,148,904 0.9Maximum Accumulated Remaining Shares 31 market value cost value to be NUMBER OF SHARES IN Vesting December at launchrecognised expensed PANDORA A/Sdate2022(DKK million)(DKK million)(DKK million)Programme start date1,2November 2018 2021 7,865 2 2 - 1,2March 2019 2022 105,662 27 16 - 3July 2020 2023 373,711 152 133 - 2July 2020 2023 115,491 36 36 - 3April 2021 2024 172,760 154 70 312April 2021 2024 50,288 26 17 93April 2022 2025 203,578 130 18 392April 2022 2025 42,106 26 4 9Total number of shares outstanding 1,071,461 552 296 871 Although technically structured as options for legacy Danish tax treatment reasons, the awards have the characteristics of Performance Share Units because the option exercise price is 1% of the share price.2 Programme related to Executive Management, where a two-year holding period applies.3 Programme related to other employees. ACCOUNTING POLICIES Selected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (\u201cequity-settled transactions\u201d).Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the grant date. The calculated fair values are based on either the Black-Scholes model or the Monte Carlo model according to the performance conditions of each programme. The cost of equity-settled transactions is recognised as staff costs together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled.The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and management\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or income for a period represents the movement in cumulative expenses recognised at the beginning and end of that period. NOTE 2.5 TAXATION Income taxesIncome tax expenseIncome tax expense was DKK 1.5 billion in 2022, corresponding to an effective tax rate of 23.0% (2021: DKK 1.2 billion, 22.6% for the Group). As in 2021, the effective tax rate of 23.0% was negatively impacted by paid withholding taxes on dividend and other pay-ments, non-deductible expenses and non-capitalised tax assets from limitation in deduction for marketing expenses in China and other expenses with no tax deduction. The effective tax rate was reduced as part of the investment agreement entered into with the Thai Authorities, Board of In-vestment (BOI), where a specific part of the profit is treated as non-taxable profit for an agreed period.INCOME TAX EXPENSEDKK million 2022 20211Current income tax charge for the year1,799 1,500Change in deferred tax for the year -355 -201Adjustment to current tax for prior years 58 -42Adjustment to deferred tax for prior years 2 -39Total income tax expense 1,504 1,218Deferred tax on other comprehensive income 65 -92Current income tax on other comprehensive income -88 9Total tax on other comprehensive income -23 -831 Withholding taxes are included in current income tax charge for the year.2022 2021RECONCILIATION OF EFFECTIVE (DKK (DKK TAX RATE AND TAX%million) %million)Profit before tax 6,533 5,378Corporate tax rate in Denmark, 22% 22.0% 1,437 22.0% 1,183Deviation in foreign subsidiaries\u2019 tax rates compared with the Danish rate -0.6% -41 0.3% 17Non-deductible expenses 1.3% 87 3.1% 166Tax incentives -2.4% -158 -2.9% -157Adjustment to tax for prior years 0.9% 60 -1.6% -82Non-capitalised tax assets, net 1.1% 76 0.6% 30Withholding taxes/other taxes 0.7% 43 1.1% 60Effective income tax rate/income tax expense 23.0% 1,504 22.6% 1,218 ACCOUNTING POLICIES Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehensive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the report-ing date, in the countries in which Pandora operates and generates taxable income. SIGNIFICANT ACCOUNTING ESTIMATES Pandora is subject to income tax in the countries in which the Group operates, comprising various tax rates world-wide. Significant judgements are required in determining the accrual for income taxes, deferred tax assets and liabil-ities, and provision for uncertain tax positions. Provision for uncertain tax positions is measured according to IFRIC 23.As part of Pandora conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Any unresolved disputes with local tax authorities are recognised as income tax payable/receivable based on the expected value method or the most likely amount. Man-agement believes that the provision made for uncertain tax positions is adequate. However, the actual obligation may deviate from this and is dependent on the result of litiga-tions and settlements with the relevant tax authorities.Deferred taxAt the end of 2022, deferred tax assets amounted to DKK 1,261 million (2021: DKK 891 million) and deferred tax liabili-ties amounted to DKK 172 million (2021: DKK 113 million). Net deferred tax assets amounted to DKK 1,089 million (2021: DKK 778 million). Of the total deferred tax assets recognised, DKK 35 million (2021: DKK 23 million) related to tax loss carryforwards, the utilisation of which depends on future positive taxable income exceeding realised deferred tax liabilities. It is management\u2019s opinion that these tax loss carryforwards can be utilised. Tax assets not recognised were DKK 142 million (2021: DKK 62 million), of which DKK 66 million (2021: DKK 36 million) relate to tax loss carryforwards that are not expected to be utilised in the foreseeable future. Tax losses that can expire amount-ed to DKK 24 million (2021: DKK 18 million).No deferred tax has been recognised in respect of entities\u2019 earnings that are intended for distribution in the short term, as no material tax expense will be payable on distribution.Only insignificant latent tax liabilities remained at 31 Decem-ber 2022. These liabilities are not recognised as the Group is able to control this liability and it is considered probable that the liability will not crystallise in the foreseeable future.DEFERRED TAXDKK million 2022 2021Deferred tax at 1 January 778 396Exchange rate adjustments 6 6Recognised in the income statement 353 240Recognised in other comprehensive income -65 92Recognised in equity, share-based payments 17 44Deferred tax at 31 December 1,089 778Deferred tax assets 1,261 891Deferred tax liabilities -172 -113Deferred tax, net 1,089 778BREAKDOWN OF DEFERRED TAXDKK million 2022 2021Intangible assets -686 -633Property, plant and equipment 42 7Right-of-use assets 20 16Current assets 1,434 999Non-current assets and liabilities 244 366Tax loss carryforwards 35 23Deferred tax, net 1,089 778Our approach to taxes and taxes paidWith our significantly expanded work on sustainability, we are building this important part of the foundation for Pandora\u2019s growth journey. Our sustainability strategy is reflected in our tax approach and we aim at paying a fair tax in all markets where we operate. Pandora considers tax to play a key role for societies and an important contribution in order to reach the goals of the global sustainability agenda. Pandora is committed to ensure compliance with the letter and spirit of tax law in the markets where we operate, while striving to maximise shareholder value in a responsible way. The Group tax policy, which has been approved by the Board of Di-rectors of Pandora, is available at pandoragroup.com/investor/corporate-governance/tax-in-formation and includes more information on our approach to taxes.Pandora operates globally under a vertically integrated business model, and we own a signifi-cant part of our value chain from production to retail. Pandora\u2019s transfer pricing policy follows a so-called principal tax model, where profit follows risk and value creation throughout the value chain. While all steps of the value chain are important to Pandora, Pandora A/S is the principal value driver and also assumes the majority of business risks. Pandora allocates a profit margin, based on benchmark studies, to entities in the Group, and the residual profit (or loss) in the value chain remains with Pandora A/S. With a principal tax model, Pandora by nature has a significant number of intercompany transactions. Intercompany transactions are based on arm\u2019s length stan-dard and therefore priced on a basis consistent with the way unrelated parties would have priced such transactions. This impacts the taxes we pay in the countries in which we do business. Pandora understands the need for more trans-parency by both taxpayers and tax administrations, and the need to provide more clarity about Pandora\u2019s position on tax. In doing so we provide insight in accordance with the EU Directive to be adopted, which introduces public coun-try-by-country reporting for our key markets. The full coun-try-by-country report for all markets, including definitions, is available at pandoragroup.com/investor/corporate-gover-nance/tax-information. COUNTRY-BY-COUNTRY Total revenue Third-party Current income 1OVERVIEW FOR KEY MARKETSBusiness incl. related revenue Profit Tax tax charge Employees Accumulated 2DKK millionactivitiespartyin P&Lbefore taxpaidfor the year(FTE)earningsUK 3,988 3,802 375 44 25 1,764 415Italy 2,744 2,580 110 39 41 851 78France 1,297 1,190 49 29 18 562 103Germany 1,679 1,307 88 21 26 907 64Denmark 17,890 28 14,002 1,217 1,294 913 15,148US 17,126 7,907 212 140 56 2,022 60Australia 1,803 1,271 352 76 107 302 160China 739 737 -123 39 0 1,124 -77Thailand 6,788 - 976 64 38 14,186 425Rest of world 8,495 7,641 137 122 111 4,356 233IFRS eliminations 387 - -9,646 - 83 - -7,547Total Group - 26,463 6,533 1,790 1,799 26,987 9,0631 The country-by country overview for key markets is based on the accounting information collected for Headquarters Crafting facilities DistributionWarehousethe Pandora Group Annual Report for 2022.2 Total revenue includes third-party revenue, related party revenue, other income and financial income. ACCOUNTING POLICIES Deferred tax on all temporary differences between the carrying amounts for financial reporting purposes and the tax base of assets and liabilities is measured using the balance sheet liability method. No deferred tax is recognised on temporary differences that arise from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.The recognition of deferred tax assets includes the expected tax value of tax loss carryforwards to the extent that these tax assets can be offset against positive taxable income in the foreseeable future. The same applies to deferred tax assets related to investments in subsidiaries. Management has considered future taxable income and applied judgements to determine whether deferred tax assets should be recognised.Deferred tax assets and liabilities are measured according to current tax rules and at the tax rates expected to be effective on elimination of the temporary differences. Deferred tax assets and liabilities are offset if the Group has a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax relates to the same taxable entity and the same tax authority.In 2022, we paid corporate taxes in the amount of DKK 1,790 million (2021: DKK 832 million). The increased tax payments mainly relate to Denmark and Pandora\u2019s key markets as the profit in these markets has increased significantly. The major part of the taxes paid is attributable to Denmark and Pando-ra\u2019s key markets and the main part of the tax payments relate to the current year. Paid income taxIncome tax paid reflects the cash tax payments made in the year and relates to taxes on account for the current year as well as payments regarding prior years. For the majority of the countries, the final taxes are paid in the year following the fi-nancial year, creating a timing difference in cash tax payments.At the beginning of the year, net income tax payable by Pandora amounted to DKK 934 million. The net income tax payable decreased to DKK 913 million during the year, as shown in the bridge \u201cMovement in net tax payable\u201d. The decrease is reflected in the higher tax paid for 2022. The higher profit before tax in 2022 compared to 2021 increase the tax to be paid, which is due for payment in 2023. The difference between income tax expense in the income statement and income tax paid is explained in the bridge \u201cFrom income tax expense to tax paid\u201d. The income tax expense in the income statement for 2022 has been calcu-lated at DKK 1,504 million. The income tax expense includes taxes on other income posted on equity and adjustments to taxes for timing differences. Adding the tax payable from 2021 of DKK 934 million, we have a total tax payable of DKK 2,703 million. Of this amount DKK 913 million is due to be paid in 2023 or later, and the remaining DKK 1,790 million were settled as cash tax payments in 2022.CASH INCOME TAX PAIDDKK million 2022 2021Income tax expense in income statement -1,504 -1,218Tax on other comprehensive income 88 -9Adjustments regarding deferred taxes -353 -240Movement in income tax receivable/payable -21 635Income tax paid in the year -1,790 -832- of which relates to prior years -658 9- of which relates to current year -1,132 -841Income tax paid in the year -1,790 -832MOVEMENT IN NET TAX PAYABLE DKK million1,79958 881,790934913Net tax payable, Current income Adjustments to Income tax on Income tax paid Net tax payable, start of yeartax charge for current tax in comprehensive in the year as year-endthe yearprior yearsincomereflected in our cash flows FROM INCOME TAX EXPENSE TO TAX PAID DKK million934913353 881,7901,504Income tax Adjustments Income tax on Net tax payable, Net tax payable, Income tax paid in expense in income regarding comprehensive start of yearyear-endthe year as reflected statementdeferred taxesincomein our cash flows NOTE 3.1 INTANGIBLE ASSETSOther Other intangible intangible DKK million Goodwill Brand Distribution assetsTotalDKK million Goodwill Brand Distribution assets Total20222021Cost at 1 January 4,418 1,057 1,609 2,059 9,143Cost at 1 January 4,247 1,057 1,601 1,747 8,652Acquisition of subsidiaries and activities 364 - - - 364Acquisition of subsidiaries and activities 12 - 13 - 25Additions - - - 361 361Additions - - - 300 300Disposals - - - -5 -5Disposals - - - -6 -6Exchange rate adjustments 39 - 4 19 62Exchange rate adjustments 161 - -5 18 173Cost at 31 December 4,822 1,057 1,613 2,434 9,925Cost at 31 December 4,418 1,057 1,609 2,059 9,143Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation and impairment losses at 1 January - - 491 1,218 1,708Amortisation for the year - - 33 263 297Amortisation for the year - - 33 219 2511Impairment loss for the year - - - - -Impairment loss for the year- - - 85 85Disposals - - - -4 -4Disposals - - - -5 -5Exchange rate adjustments - - 4 11 15Exchange rate adjustments - - 5 4 8Amortisation and impairment losses at 31 December - - 566 1,791 2,357Amortisation and impairment losses at 31 December - - 528 1,521 2,049Carrying amount at 31 December 4,822 1,057 1,047 642 7,568Carrying amount at 31 December 4,418 1,057 1,080 538 7,0941 The impairment loss of DKK 85 million relates to write-down of software applications. The loss is mainly recognised as sales, distribution and marketing expenses in the income statement.The majority of the intangible assets have been acquired through business combinations. DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337GoodwillAdditions in 2022 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u2018Pandora\u2019 brand is the only brand of the Group that is capitalised in the consolidated financial statements. It com-prises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience related to products sold under the Pandora brand. The brand was acquired as part of the Pandora core business in 2008. Distribution Distribution includes distribution network and distribution rights. The distribution network covers Pandora\u2019s relations with its distributors. The main part of the distribution network was acquired with the Pandora core business in 2008.Distribution rights mainly relate to the distribution rights for Pandora products in North America. These were acquired with the American distributor in 2008 and the carrying amount at 31 December 2022 was DKK 1.0 billion (2021: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.ALLOCATION OF INTANGIBLE ASSETS TO CGUS DKK million Goodwill Brand Distribution 2022Moments incl. Collabs 3,505 766 758Style 1,316 291 289Total 4,822 1,057 1,0472021Moments incl. Collabs 3,204 766 783Style 1,214 291 298Total 4,418 1,057 1,080DISCOUNT RATES AND GROWTH RATES Discount rate Growth rate in IN TERMINAL PERIOD before taxterminal period2022Moments incl. Collabs 12.6% 2%Style 12.7% 2%Group 12.6% 2%2021Moments incl. Collabs 11.7% 2%Style 11.7% 2%Group 11.7% 2%Method for impairment testingIn the impairment test, the recoverable amount is compared with the carrying amount. The recoverable amount is based on a calculation of the value in use using cash flow estimates based on the budget for 2023 and a forecast for the two subsequent years. The long-term growth rate in the terminal period has been set so that it equals the expected long-term rate of inflation.All intangible assets are tested for impairment if there is any indication of impairment. Intangible assets with indefinite useful life are tested at least annually.Assumptions The calculations of the recoverable amounts of CGUs or groups of CGUs are based on the following key assumptions. Discount rates reflect the current market assessment of the risks specific to each CGU or group of CGUs. The Group discount rates have been estimated based on a weighted average cost of capital for the industry. The rates have also been adjusted to reflect the market assess-ment of any risk specific to each group of CGUs.The EBIT figures used in the impairment test are based on the budget for next year, prepared and approved by management, and a forecast for the two subsequent years.Higher inflation rates were observed in 2022, affecting the estimates for the upcoming years. Pandora expects the long-term inflation rate to stabilise and the 2% growth rate applied is thus an estimate of the expected average inflation in the terminal period. As such, no real growth has been applied to the terminal period when calculating the recoverable amounts. The EBIT margin in the budget of each group of CGUs is based on historical experience and expectations concerning: \u2022 revenue development taking into account development in network (stores, retail/wholesale share), product mix and market share; \u2022 cost of sales based on raw materials consumption affected by mix of materials (stones, gold and silver), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates.Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical expe-rience and is maintained for the remainder of the expected useful economic lives. Net working capital thus increases on a linear basis as the level of activity increases.The impairment test of the brand at Group level is based on the \"Relief from Royalty\" method.The impairment tests did not identify any need for impairment losses to be recognised. Based on sensitivity analysis, it is man-agement\u2019s opinion that no probable change in any key assump-tions would cause the carrying amounts of the two operating segments or at Group level to exceed the recoverable amounts.Even with a significant reduction in growth rate and an in-crease in discount rate, management has not identified any likely impairment.Land and Plant and Assets under DKK million buildings equipment constructionTotal 2022Cost at 1 January 1,193 3,582 91 4,866Acquisition of subsidiaries and activities - 32 - 32Additions 55 211 663 929Disposals -15 -350 - -365Transfers 43 425 -468 -Exchange rate adjustments 26 39 3 68Cost at 31 December 1,302 3,937 289 5,529Depreciation and impairment losses at 1 January 366 2,684 - 3,050Depreciation for the year 89 474 - 563Disposals -14 -341 - -355Exchange rate adjustments 8 37 - 45Depreciation and impairment losses at 31 December 449 2,854 - 3,303Carrying amount at 31 December 853 1,083 289 2,2262021Cost at 1 January 1,238 3,461 44 4,742Acquisition of subsidiaries and activities - - 11 11Additions 11 129 199 339Disposals -40 -249 - -289Transfers 14 150 -164 -Exchange rate adjustments -30 91 2 64Cost at 31 December 1,193 3,582 91 4,866Depreciation and impairment losses at 1 January 323 2,366 - 2,689Depreciation for the year 90 492 - 582Disposals -38 -242 - -280Exchange rate adjustments -8 68 - 59Depreciation and impairment losses at 31 December 366 2,684 - 3,050Carrying amount at 31 December 827 898 91 1,816DKK million 2022 2021Depreciation has been recognised in the income statement as follows: Cost of sales 167 176Sales, distribution and marketing expenses 359 364Administrative expenses 37 42Total 563 582 ACCOUNTING POLICIES Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life according to the table below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years NOTE 3.3LEASESPandora leases stores, various offices, office equipment and cars. Amounts recognised in the balance sheet:RIGHT-OF-USE ASSETSDKK million 2022 2021Property 2,960 2,507IT 2 3Cars 11 14Other 5 8Total right-of-use assets 2,978 2,532Additions of right-of-use assets were DKK 1,717 million in 2022 (2021: DKK 690 million).LEASE LIABILITIESDKK million 2022 2021Non-current 2,113 1,724Current 950 886Total lease liabilities 3,063 2,610Lease liabilities are recognised in loans and borrowings.Amounts recognised in the income statement:RECOGNISED DEPRECIATION AND IMPAIRMENT LOSSES ON RIGHT-OF-USE ASSETS CHARGED TO THE INCOME STATEMENT DKK million 2022 2021Property 1,098 1,066IT 1 1Cars 11 9Other 4 4Total depreciation and impairment losses on right-of-use assets for the period 1,114 1,081The vast majority of depreciation relates to leased stores and is presented in the sales, distribution and marketing expenses.Costs recognised in the period for short-term and low-value leases were DKK 60 million (2021: DKK 39 million). Expenses are recognised on a straight-line basis.OTHER ITEMS RELATING TO LEASESDKK million 2022 2021Interest expense 162 99Total interest for the period 162 99Due to the pandemic, Pandora received rent concessions from landlords in 2021 amounting to DKK 56 million, which was recognised under sales and distribution expenses in the income statement in 2021. The impacts in 2022 were insignificant due to limited COVID-19 closures.Total cash outflows for the year relating to leases was DKK 1,702 million (2021: DKK 1,377 mil-lion), comprising fixed lease payments in scope of IFRS 16 of DKK 1,068 million (2021: DKK 991 million), variable lease payments of DKK 412 million (2021: DKK 248 million), interest paid of DKK 162 million (2021: DKK 99 million), and short-term and low-value leases of DKK 60 million (2021: DKK 39 million). Many of the Group\u2019s property leases contain variable payment terms that are linked to the volume of sales made from leased stores according to normal market practice. In 2022, around 24% (2021: 18%) of the lease payments recognised in the in-come statement were variable rent. Pandora has estimated that a 1% increase in annual physical store revenue would conse-quently result in a 0.5% (2021: 0.5%) increase in lease payments. The average standard store leases are three to five years with a three to five-year option to extend in approximately 21% (2021: 18%) of current leases, typically with one or more termi-nation options. Approximately 25% of current leases were up for renegotiation in 2022. The estimated value of lease options that Pandora is not reasonably certain of executing, is around DKK 0.3 billion (2021: DKK 0.4 billion). SIGNIFICANT ACCOUNTING ESTIMATES When assessing the lifetime of leases, Pandora considers the non-cancellable lease term and options to extend or terminate the lease where Pandora is reasonably certain to extend or not to terminate. Leases in Pandora mainly comprise stores, office buildings, cars, IT and other office equipment. Most lease contracts for stores average three to five years with a three to five-year option to extend in approximately 21% of current leases, typically with one or more termination options. The lease term for stores has been assessed to be up to ten years, depending on loca-tion, revenue and earnings. For office buildings, the lease term is usually five to 15 years. For other assets, the life is equal to the non-cancellable lease term, and extensions are not considered for these. NOTE 3.4 BUSINESS COMBINATIONSThe contribution from the acquisitions as highlighted below includes retail revenue and net profit after the acquisition date. Lost revenue and net profit from the franchise channel have not been adjusted, thus the highlighted contributions cannot be directly linked to the income statement from a performance perspective. Acquisitions in 2022Ben BridgeIn Q1 2022, Pandora took over 37 concept stores in the US and Canada (32 concept stores in the US acquired on 3 March and five concept stores in Canada acquired on 25 February) from Ben Bridge in two business combinations. Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total purchase price for the acquisitions was DKK 291 mil-lion. Based on the purchase price allocations, goodwill was DKK 194 million. Excluding the tempo-rary drag on gross margin from inventory buybacks, the contributions to the Group\u2019s revenue and net earnings from the acquisition were DKK 445 million and DKK 186 million respectively.PanborOn 13 July 2022, Pandora took over 13 concept stores in Las Vegas from Panbor. Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total pur-chase price for the acquisitions was DKK 166 million. Based on the purchase price allocations, goodwill was DKK 95 million. Excluding the temporary drag on gross margin from inventory buy-backs, the contributions to the Group\u2019s revenue and net earnings from the acquisition were DKK 121 million and DKK 55 million respectively.PortugalOn 20 July 2022, Pandora acquired the distribution in Portugal from the previous distributor, Vis\u00e3o do Tempo. The acquisition comprised mainly inventories, non-current assets and liabilities relating to 25 concept stores and nine shop-in-shops. The total purchase price for the acquisitions was DKK 99 million. Based on the purchase price allocations, goodwill was DKK 64 million. Excluding the temporary drag on gross margin from inventory buybacks, the contributions to the Group\u2019s reve- ACCOUNTING POLICIES Pandora applies a single recognition and measurement approach to all leases, except for short-term leases and low-value leases.Pandora recognises right-of-use assets at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, key money, less any lease incentives received. Key money is measured at cost and amortised over the term of the contract. Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. At each reporting date, Pandora assesses whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, Pandora carries out impairment testing for the relevant CGU. Pandora recognises lease liabilities at the commencement date of the lease, measured at the present value of lease payments to be made over the lease term. Lease payments include fixed payments less any lease incentives receivable. Some leases are exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease li-ability until they take effect. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms that are linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, Pandora uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, for example a change in the lease term or a change in the lease payments. Lease payments are classified in financial activities in the statement of cash flows.Pandora applies the short-term lease recognition exemption to its short-term leases. Payments related to short-term leases and leases of low-value assets continue to be recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise some IT equipment and other office equipment. In March 2021, the IASB issued COVID-19-Related Rent Con-cessions beyond 30 June 2021 - amendment to IFRS 16 Leases. The IASB extended the period of the relief for lessees arising as a direct consequence of the pandemic from 30 June 2021 to 30 June 2022. As a practical expedient, a lessee may elect not to assess whether a COVID-19 pandemic-related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVID-19 pandemic-related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification. Pandora applied the extension of the practical expedient to all contracts with rent concessions occurring as a direct consequence of the pandemic and where they meet all conditions of the practical expedient.NOTE 3.4BUSINESS COMBINATIONS (CONTINUED) nue and net earnings from the acquisition were DKK 99 million and DKK 51 million respectively.Other business combinations in 2022Pandora acquired five more concept stores in the US and Italy in 2022. The purchase price was DKK 20 million. Assets acquired mainly consisted of inventories and other assets and liabilities relating to the stores. Of the purchase price, DKK 11 million was allocated to goodwill.Total business combinations in 2022The total purchase price for the acquisitions in 2022 was DKK 577 million. Based on the purchase price allocations, goodwill was DKK 364 million. Goodwill from the acquisitions was main-ly related to the synergies from converting the stores from wholesale and distribution to Pandora owned retail. All the goodwill recognised was deductible for income tax purposes.Cost relating to the acquisitions was immaterial and has been recognised as operating expenses in the income statement.Excluding the temporary drag on gross margin from inventory buybacks, the contributions to the Group\u2019s revenue and net earnings from the acquisitions for the period 1 January to 31 December 2022 were DKK 693 million and DKK 305 million respectively. On a pro forma basis, if the acquisitions had been effective from 1 January 2022, the impact on Group revenue and net earnings for the period 1 January to 31 December 2022 would have been approximately DKK 825 million and DKK 346 million respectively.Acquisitions in 2021In 2021, Pandora took over 29 concept stores in the US in two business combinations. Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total purchase price for the acquisitions was DKK 66 million. Based on the purchase price allo-cations, goodwill was DKK 12 million. Goodwill from the acquisitions was mainly related to the synergies from converting the stores from wholesale to Pandora owned retail. Of the goodwill acquired, DKK 12 million is deductible for income tax purposes. Cost relating to the acquisitions was immaterial and is recognised as operating expenses in the income statement. The contributions to the Group\u2019s revenue and net profit from acquisitions for the period 1 January to 31 December 2021 were DKK 307 million and DKK 93 million respectively.ACQUISITIONSDKK million 2022 2021Distribution rights - 13Property, plant and equipment and right-of-use assets 159 84Inventories 195 34Assets acquired 354 131Non-current liabilities 78 50Payables 3 -Other current liabilities 61 27Liabilities assumed 141 77Total identifiable net assets acquired 213 54Goodwill arising on acquisitions 364 12Purchase consideration 577 66Cash movements on acquisitions:Deferred payment -14 -Net cash flows on acquisitions 562 66On a pro forma basis, if the acquisitions had been effective from 1 January 2021, the impact on Group revenue and net profit for the period 1 January to 31 December 2021 would have been approximately DKK 358 million and DKK 112 mil-lion respectively.Acquisitions after the reporting periodNo acquisitions to an extent of significance to Pandora took place after the reporting period. ACCOUNTING POLICIES Business combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acqui-sition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree.For each business combination, the acquirer measures the non-controlling interests in the acquiree either at fair val-ue or at the proportionate share of the acquiree\u2019s identi-fiable net assets. Acquisition costs incurred are expensed. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses.As goodwill is reported and managed internally at Group level, goodwill acquired should also be allocated to the Group. However, goodwill acquired is allocated to the grouped CGUs in the two operating segments for impair-ment testing purposes due to the constraint in IAS 36.If any part of the cost of an acquisition is contingent on future events or performance, the cost is recognised at fair value at the time of acquisition. Changes to the fair value of the contingent payment are recognised in net financials in the income statement. NOTE 3.5 INVENTORIESDKK million 2022 2021Raw materials and consumables 743 779Work in progress 151 148Finished goods 3,088 1,911Point-of-sale materials 229 153Total inventories at 31 December 4,211 2,991Inventory write-downs at 1 January 765 740Write-downs during the year 118 154Utilised in the year -148 -129Inventory write-downs at 31 December 735 765Write-downsInventory write-downs primarily relate to finished goods and are recognised in cost of sales, DKK 97 million (2021: DKK 141 million), and operating expenses, DKK 21 million (2021: DKK 13 million). Write-downs include mainly the cost of remelting obsolete jewellery. Remelting of goods (realised and unrealised) negatively im-pacted gross profit by DKK 63 million (2021: DKK 103 million). Production overheads Production overheads are calculated using a standard cost method, which is reviewed regularly to ensure relevant assumptions concerning capacity utilisation, lead times and other relevant factors. Net realisable valueNet realisable value is based on the estimated selling price less estimated costs of completion and distribution. Alter-natively, for inventories that are not expected to be sold, net realisable value is based on the remelt value of the reusable raw materials (primarily silver and gold). ACCOUNTING POLICIES Inventories are valued at the lower of cost and net realis-able value. Costs are accounted for on a first-in, first-out basis (FIFO). Besides raw materials, costs include labour and a proportion of production overheads based on nor-mal operating capacity, but excluding borrowing costs.Point-of-sale materials comprise purchase costs regarding equipment, displays and packaging materials etc. and are also accounted for on a FIFO basis. SIGNIFICANT ACCOUNTING ESTIMATES Estimates relating to write-downs are impacted by fore-casting accuracy in the number of obsolete products that will need to be remelted. The impact from remelt is also influenced by fluctuations in the market prices of silver and gold. Further, significant management judgements are required with regards to the calculations of internal gain on inventory when goods are sold from production entities to sales entities. NOTE 3.6 TRADE RECEIVABLES DKK million 2022 2021Receivables related to third-party distribution and wholesale 747 672Receivables related to retail revenue sales 515 337Total trade receivables at 31 December 1,262 1,009Ageing of trade receivables at 31 DecemberNot past due 1,035 850Up to 30 days 176 159Between 30 and 60 days 31 -Between 60 and 90 days 12 -Over 90 days 8 -Total past due, not impaired 227 159Total trade receivables at 31 December 1,262 1,009Development in impairment losses on trade receivablesImpairment at 1 January 86 121Additions 61 12Utilised -11 -20Unused amounts reversed -55 -30Exchange rate adjustments 2 3Impairment at 31 December 83 86Trade receivables are amounts due from the sale of goods sold to wholesalers and distribu-tors, or due from landlords, malls or e-commerce providers responsible for the collection of cash on behalf of Pandora related to retail sales. The impairment on receivables decreased by DKK 3 million for the year. Realised losses were not material and remained low.Management continues to assess credit risk in order to en-sure credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 4.4 Financial risks. In view of the low historical loss rates on receivables, ad-justing these rates to reflect current and forward-looking information on macroeconomic factors such as GDP and un-employment rates affecting the ability of customers to settle receivables will not increase the risk of losses significantly. ACCOUNTING POLICIES Trade receivables are initially recognised at the amount of consideration that is unconditional unless they contain significant financing components, and consequently rec-ognised at fair value. The Group holds trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Pandora applies the simplified approach to measure expect-ed credit losses, using a lifetime expected loss allowance. NOTE 3.7 PROVISIONSDKK million 2022 2021Provisions at 1 January 442 399Additions in the year 77 127Utilised in the year -15 -11Unused provisions reversed -120 -77Exchange rate adjustments - 5Provisions at 31 December 384 442Provisions are recognised in the consolidated balance sheet as follows: Current 21 26Non-current 363 416Provisions at 31 December 384 442Provisions are liabilities of uncertain timing or amount and consist of defined benefit pension plans of DKK 80 million (2021: DKK 81 million), obligations to restore leased property of DKK 163 million (2021: DKK 132 million), and other legal and constructive obligations of DKK 141 million (2021: DKK 203 million). See note 5.1 Contingent liabilities for estimates relating to litigation. ACCOUNTING POLICIES Provisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is recog-nised in the income statement net of any reimbursement. NOTE 3.8 CONTRACT ASSETS AND LIABILITIESDKK million 2022 2021Contract assets Receivables from sale of products, see note 3.6 1,262 1,009Right-of-return assets 54 70Total contract assets 1,316 1,078Contract liabilitiesPrepayments from customers 16 11Coupons, gift cards etc. 102 92Loyalty programme 18 60Refund liabilities 628 724Total contract liabilities 763 887DKK million Refund Warranty Total2022Liability at 1 January 478 246 724Performance obligations for which consideration has been received 982 327 1,309Revenue recognised, included in the contract liability -897 -214 -1,111Contract liabilities reversed -243 -66 -308Exchange rate adjustments 19 -5 14Refund and warranty liability at 31 December 339 288 6282021Liability at 1 January 382 273 654Performance obligations for which consideration has been received 1,238 218 1,456Revenue recognised, included in the contract liability -974 -171 -1,145Contract liabilities reversed -189 -80 -269Exchange rate adjustments 21 6 27Refund and warranty liability at 31 December 478 246 724 ACCOUNTING POLICIES Pandora recognises a refund and warranty liability related to return rights provided to customers in most countries. A corresponding right-of-return asset is also recognised as part of contract assets. The value of the right-of-return asset is determined by how many of the returned products are expected to be sold. Remaining products are written down to remelt value together with returns covered by warranties.The refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can other-wise be made. The income effect recognised is the gross margin of the expected returns and the potential effect of writing down parts of the returned goods to remelt value. Changes to the right-of-return asset and refund liability are recognised gross in the income statement, as both revenue and cost of sales.Refund liability to cover warranty claims is based on ex-pected replacements provided for products still covered by warranty at the end of the period. The liability is recog-nised gross in the income statement, as both a reduction in revenue and in cost of goods sold. This is due to the handling of warranty claims, which lead to replacements instead of repairs.As a common practice in Pandora, no costs to obtain contracts with customers were capitalised in 2022 or previous years. SIGNIFICANT ACCOUNTING ESTIMATES In most countries, Pandora has provided return and war-ranty rights to customers. The handling of warranty claims leads to replacements instead of repairs. The recognised refund liability relating to return and warranty rights is assessed to a large extent on the basis of historical return patterns. NOTE 3.9 TRADE PAYABLESThe Group generally accepts that vendors sell off their receivables arising from the sale of goods and services to the Group to a third party. Pandora has established a supply chain financing programme where vendors can sell off their receivables from Pandora on attractive terms, based on invoices approved by Pandora, but at the bank's sole discretion. Pandora is not directly or indirectly a party to these agreements. The amounts payable to suppliers included in the supply chain financing programme are classified as trade payables in the balance sheet as well as in the statement of cash flows (working capital within cash flows from operations) and amounted to DKK 79 million at 31 December 2022 (2021: DKK 24 million). NOTE 4.1 shares. At 31 December 2022, the share capital comprised 95,500,000 shares with a par value of DKK 1. No shares have SHARE CAPITALspecial rights.In 2022, Pandora launched a new share buyback programme At the Annual General Meeting of Pandora A/S on 10 March under which Pandora expects to buy back own shares up to a 2022, the shareholders resolved to cancel 4,500,000 treasury maximum value of DKK 3.3 billion. In 2022, Pandora purchased SHARE CAPITAL Number of shares Nominal value (DKK)2022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,0002021Balance at 1 January 100,000,000 100,000,000Balance at 31 December 100,000,000 100,000,000 Number NominalTREASURY SHARESof sharesvalue (DKK) Purchase price% of shares2022Balance at 1 January 4,261,882 4,261,882 3,416,201,836 4.3%Used to settle share-based incentive plans -252,971 -252,971 -198,579,700 -0.3%Purchase of treasury shares 6,595,620 6,595,620 3,588,038,037 6.7%Cancellation of treasury shares -4,500,000 -4,500,000 -3,485,684,600 -4.5%Balance at 31 December 6,104,531 6,104,531 3,319,975,573 6.4%2021Balance at 1 January 322,839 322,839 92,742,356 0.3%Used to settle share-based incentive plans -4,754 -4,754 -1,264,761 0.0%Purchase of treasury shares 3,943,797 3,943,797 3,324,724,241 3.9%Balance at 31 December 4,261,882 4,261,882 3,416,201,836 4.3%6,595,620 treasury shares, corresponding to a total purchase price of DKK 3.6 billion (DKK 0.7 billion related to the share buyback programme launched in 2021 and DKK 2.9 billion related to the share buyback programme launched in 2022). At 31 December 2022, Pandora had yet to repurchase own shares at a total purchase price of DKK 0.4 billion as part of the share buyback programme.Own shares of DKK 0.4 billion have been repurchased after 31 December 2022.Treasury sharesAll treasury shares are owned by Pandora A/S. Treasury shares include hedges for share-based incentive plans granted to the Executive Management and other employees. NOTE 4.2 EARNINGS PER SHARE AND DIVIDENDDKK million 2022 2021Profit attributable to equity holders 5,029 4,160Weighted average number of ordinary shares 92,746,543 98,775,946Effect of performance shares 949,850 898,708Weighted average number of ordinary shares adjusted for the effect of dilution 93,696,393 99,674,654Basic earnings per share, DKK 54.2 42.1Diluted earnings per share, DKK 53.7 41.7There have been no transactions between the reporting date and the date of completion of the Annual Report involving shares that would have significantly changed the number of shares or potential shares in Pandora A/S. DividendThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 16 per share (2021: DKK 16), corresponding to DKK 1.4 billion, be distributed for 2022. No divi-dend is paid on treasury shares.In 2022, a dividend of DKK 1.5 billion in total was paid. Dividend paid had no effect on the Group\u2019s tax expense for the year.For further shareholder information on dividend payments, see page 43. ACCOUNTING POLICIES Dividend proposed is recognised as a liability at the date of the adoption at the Annual General Meeting (decla-ration date). Extraordinary dividend is recognised as a liability at the declaration date. NOTE 4.3 NET INTEREST-BEARING DEBTTOTAL LIABILITIES FROM FINANCING ACTIVITIES Financial liabilities Foreign exchange Financial liabilities 1DKK million1 January Cash flows, net New leases, etc. Otheradjustments31 December2022Non-current borrowings 1,041 74 - -99 - 1,017Non-current lease liabilities 1,724 - 1,253 -857 -6 2,113Current borrowings 274 2,935 - 299 - 3,508Current lease liabilities 886 -1,068 465 665 2 950Total liabilities from financing activities 3,926 1,941 1,717 7 -3 7,5882021Non-current borrowings - 1,315 - -273 - 1,041Non-current lease liabilities 2,066 - 495 -899 61 1,724Current borrowings 3,003 -3,004 - 274 1 274Current lease liabilities 993 -991 215 637 32 886Total liabilities from financing activities 6,063 -2,680 710 -262 94 3,9261 Includes the effect of the reclassification of the non-current portion of interest-bearing loans and borrowings to the current portion due to the passage of time. Also includes the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, upfront prepayment of lease liabilities and the effect of the lease modification and reassessment. The Group classifies interest paid as cash flows from operating activities. ACCOUNTING POLICIES On initial recognition, interest-bearing debt and borrowings are measured at fair value less trans-action costs. Subsequent to initial recognition, interest-bearing loans and borrowings are meas-ured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, and fees and other costs. NOTE 4.2EARNINGS PER SHARE AND DIVIDEND (CONTINUED)Distributable reservesCash distribution to the shareholders is, by law, limited to the amount of the free reserves of the Parent Company.As at 31 December 2022, free reserves in the Parent Compa-ny amounted to DKK 15.2 billion, of which DKK 5.9 billion was derived from an intra-group restructuring to bring together its crafting activities into a separate crafting sub-group, which will oversee all crafting activities across the Group. For further information on the intra-group restructuring see note 3.3 Investments in subsidiaries and business combina-tions in the Parent Company financial statements. When calculating the amount available for distribution of dividend and share buyback, treasury shares are deducted from distributable reserves. NOTE 4.4 FINANCIAL RISKSAs a consequence of its operations, investments and finan- cing, Pandora is exposed to a number of financial risks that are monitored and managed by Pandora\u2019s Group Treasury.To manage financial risks, Pandora may use a number of finan-cial instruments, such as forward contracts, silver and gold swaps, currency and interest rate swaps, options and similar instruments within the framework of its current policies. Financial risks are divided into commodity price risk, foreign currency risk, credit risk, liquidity risk and interest rate risk.It is Pandora\u2019s policy to hedge at least 50% of the combined commodity, exchange rate and interest rate risk. However, at least 70% of estimated commodity purchases for the next 12 months must be hedged.The table to the right illustrates the sensitivity on 2022 reve-nue, EBIT and EBIT margin from exchange rates and commod-ity price movements. In addition, the sensitivity of assets and liabilities as at 31 December from currency movements is illustrated on the next page.Commodity price riskRaw material risk is the risk of fluctuating commodity prices resulting in additional production costs. The most important raw materials are silver and gold, which are priced in USD. It is the policy of Pandora to ensure stable, predictable raw material prices. Based on a rolling 12-month production plan, the general policy is for Group Treasury to hedge at least 70% of the Group\u2019s expected purchases. Purchases are hedged from 1 to 12 months forward with a hedge ratio target that decreases with time to maturity as illustrated to the right. Any deviation from the policy must be ap-proved by the Audit Committee. Commodity hedging is updated at the end of each month or in connection with revised 12-month rolling production plans. Actual production may deviate from the 12-month rolling production plan. In case of deviations, the realised commodity hedge ratio may deviate from the estimated hedge ratio. The effective portion of the realised gain or loss from commodity hedging is recognised in Group inventories and subsequently in cost of sales. For the fair value of hedging instruments, see note 4.5 Derivative financial instruments.Foreign currency risk Pandora\u2019s presentation currency is DKK, but the majority of Pandora\u2019s activities and invest-ments are denominated in other currencies. Consequently, exchange rate fluctuations may have a substantial impact on Pandora\u2019s cash flows, profit (loss) and/or financial position in DKK. The majority of Pandora\u2019s revenue is denominated in USD, EUR, GBP, AUD, MXN, CAD and CNY. The functional currency of subsidiaries is generally the local currency, and a substantial portion of Pandora\u2019s costs relates to raw materials purchased in USD. In addition, Pandora incurs costs 2022 2021SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 858 367 0.5% 748 350 0.7%CAD +10% 80 47 0.1% 65 38 0.1%AUD +10% 167 117 0.3% 127 81 0.2%GBP +10% 382 252 0.6% 333 235 0.6%EUR +1% 71 44 0.1% 62 39 0.1%CNY +10% 73 -9 -0.1% 111 7 -0.1%MXN +10% 86 47 0.1% 48 22 0.0%THB +10% - -220 -0.8% - -238 -1.0%GOLD and SILVER +10% - -218 -0.8% - -182 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2022 had been higher than the realised exchange rates and commodity prices. The impact would have been the opposite if exchange rates and commodity prices had been decreasing by similar percentages. The analysis is based on the transaction currency. The analysis excludes the effects of hedging and time-lag of inventory.REVENUE BREAKDOWN BY CURRENCY (%) USD GBP MXN EUR AUD CAD Other CNY32% 32%27% 27%14%14%12% 12%5%6%3%5%3%2%3%3%20212022denominated in THB. Changes in the exchange rate of these currencies versus DKK will result in changes to the translated value of future EBIT and cash flows.Pandora finances the majority of its subsidiaries\u2019 cash re-quirements via intercompany loans denominated in the local currency of the individual subsidiary. A devaluation of these currencies against DKK will in general result in a foreign exchange loss in the Parent Company.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining margins. In addition, exchange rate fluctuations affect the translated value of the profits or losses of foreign subsidiaries and the translation of foreign currency assets and liabilities. 31 December 2022 31 December 2021CURRENCY EXPOSURE FROM 1ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% -22 240 38 -188CAD +10% 33 - 28 -8AUD +10% 11 -64 8 -43GBP +10% - -64 -47 -159EUR +1% -9 -34 3 3CNY +10% -17 -9 -21 -35MXN +10% 52 52 11 11THB +10% -46 247 -71 1701 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the cur-rency that the monetary items are denominated in. The movements in equity arise from monetary items and hedging instruments where the functional currency of the entity differs from the currency that the hedging instruments or monetary items are denominated in. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.It is Pandora\u2019s policy to hedge foreign currency risks related to the risk of declining net cash flows resulting from exchange rate fluctuations. Pandora does not hedge balance sheet items or ownership interests in foreign subsidiaries. For 2022, 70% of the cash flows from the main currencies were hedged based on a rolling 12-month liquidity forecast. Cash flows are hedged from 1 to 12 months forward with a hedge ratio that decreases with time to maturity. Foreign currency hedging is updated at the end of each month or in connection with revised 12-month rolling cash forecasts. The realised profit (loss) from exchange rate hedging is taken to financial items.The table below illustrates the currency revaluation impact in DKK million on net profit and changes in equity resulting from a change in the Group\u2019s primary foreign currencies after the effect of hedge accounting. Credit risk Credit risk is primarily related to trade receivables, cash and unrealised gains on financial contracts. The maximum credit risk related to financial assets corresponds to the carrying amounts recognised in the consoli-dated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Any deviations from standard agreements must be approved by Group Treasury and/or the Chief Financial Officer. Note 3.6 Trade receivables includes an overview of the credit risk related to trade receiv-ables. Rating of trade receivables does not differ materially either by type of customer or geographic location. The risk of further impairment is considered to be limited. Credit risk related to Pandora\u2019s other financial assets mainly includes cash and unrealised gains on financial contracts. The credit risk is related to default of the counterparty with a maximum exposure corresponding to the carrying amount of the assets. Group Treasury is responsible for managing these credit risks. Liquidity risk Pandora\u2019s cash conversion is high and Pandora maintains an adequate level of cash and unuti-lised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk is consid-ered to be low. Pandora has two new term loans of DKK 3.7 billion committed until December 2023 and May 2030, respectively. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.OUTSTANDING COMMITTED Available Drawn LOAN FACILITIES facilities amount Available (END OF DECEMBER 2022)DKK million Maturity dateDKK millionliquidity1Revolving credit facilities7,065 April 2027 372 6,6931Term loan maturing in 2030744 May 2030 744 -Term loan maturing in 2023 3,000 December 2023 3,000 -Total 10,808 4,116 6,6931 The revolving credit facility and the term loan maturing in 2030 are both sustainability-linked facilities.Interest rate risk Interest rate risk is the risk of interest rate fluctuations resulting in changed interest rate payments and market value of net borrowings. At the reporting date, all interest-bearing loans and borrowings were based on floating interest rates.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1 and 5 years5 yearsTotal2022Non-derivativesLoans and borrowings 3,615 813 253 4,681Lease liabilities 1,134 2,046 539 3,718Trade payables 3,131 - - 3,131Other payables 239 - - 239DerivativesDerivative financial instruments 74 - - 74Total at 31 December 8,193 2,859 792 11,8442021Non-derivativesLoans and borrowings 274 1,050 - 1,324Lease liabilities 977 1,600 275 2,851Trade payables 3,267 - - 3,267Other payables 289 - - 289DerivativesDerivative financial instruments 209 - - 209Total at 31 December 5,016 2,650 275 7,941All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 49 million decrease in profit before tax and equity, excluding tax effect (2021: DKK 6 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual ma-turities for: \u2022 all non-derivative financial liabilities; \u2022 net and gross settled derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is insignificant. Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified. NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items. NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. NOTE 4.7 OTHER NON-CASH ADJUSTMENTS OTHER NON-CASH ADJUSTMENTS DKK million 2022 2021Effects from exchange rate adjustments 16 129Effects from IFRS16 rent concessions -30 -56Other, incl. gains/losses from the sale of property, plant and equipment -4 -4Total other non-cash adjustments -18 70 NOTE 5.1 CONTINGENT ASSETS AND LIABILITIESLitigationPandora is a party to various legal proceedings with current business partners, authorities and other third parties, related to copyright, marketing conduct and pricing. None of these proceedings is expected to have a material effect on Pandora\u2019s financial position or future earnings. SIGNIFICANT ACCOUNTING ESTIMATES The factors taken into account when estimating a poten-tial liability in connection with litigation include the nature of the litigation or claim. Other factors taken into account are the development of the case, the judgements and recommendations of legal or other advisers, experience from similar cases, and management\u2019s decision on how the Group will react to the litigation or claim.Contractual obligationsPandora has entered into a number of long-term purchase, sales and supply contracts in the course of the Group\u2019s ordinary business. Contractual obligations amounted to DKK 827 million at 31 December 2022 (2021: DKK 500 million) and relate mainly to commercial collaborations and IT contracts.Apart from the liabilities already recognised in the balance sheet, no significant financial losses are expected to be incurred as a result of these contracts.Contingent assetsIn October 2022, Pandora\u2019s European Distribution Center, located in Hamburg, Germany, was affected by a fire. The extent of any potential insurance compensation is being assessed, and discussions are ongoing with the insurers. Due to the premature state of discussions and the associated uncertainties, Pandora has not recognised an indemnity claim under the business interruption insurance policy as of 31 December 2022. No other material insurance compensation has been recognised in 2022. NOTE 5.2 RELATED PARTIESRelated parties with significant interestsAt 31 December 2022, treasury shares accounted for 6.4% of the share capital (2021: 4.3%), for further information see note 4.1 Share capital. Other related parties of Pandora include the Board, Execu-tive Management and their close family members. Related parties also include companies in which the aforementioned persons have control or significant interests.Transactions with related partiesAs part of the share buyback carried out in 2022, Pando-ra purchased own shares from shareholders. The shares were purchased at the volume-weighted average purchase price for the shares purchased under the share buyback programme in the market on the relevant day of trading.Pandora did not enter into any significant transactions with members of the Board or the Executive Management, except for compensation and benefits received as a result of their membership of the Board, employment with Pandora or shareholdings in Pandora. For further information see note 2.3 Staff costs and note 2 .4 Share-based payments. NOTE 5.3 FEES TO INDEPENDENT AUDITORDKK million 2022 2021Fee for statutory audit 11 10Other assurance engagements 2 1Total audit related services 13 11Tax consultancy - -Other services 1 -Total non-audit services 1 -Total fees to independent auditor 14 11The costs are recognised in the consolidated income statement as administrative expenses. Pandora has implemented a policy regarding non-audit services provided by the auditor appointed at the Annual General Meeting. The policy states which services are allowed or prohibited. Other non-audit services include fees for advisory services. All non-audit services have been approved according to the policy for non-audit services and within the 70% fee cap restrictions. NOTE 5.4 EVENTS OCCURRING AFTER THE REPORTING PERIODNo subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the consolidated financial statements. NOTE 5.5 COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2022. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017Pandora \u00d6sterreich GmbH 100% Austria 23 May 2012Pandora Jewellery Belgium NV 100% Belgium 13 April 2017Pandora do Brasil Participa\u00e7\u00f5es Ltda. 100% Brazil 24 October 2013Pandora Jewelry Ltd. 100% Canada 7 March 2008Pandora Jewelry Chile SpA 100% Chile 7 May 2017Pandora Jewelry Colombia S.A.S 100% Colombia 17 January 2019Pandora Int. ApS 100% Denmark 1 October 2009Pan Me A/S 100% Denmark 16 January 2015Pandora Jewelry Taiwan A/S 100% Denmark 18 May 2018Pandora Production Holding A/S 100% Denmark 3 May 2022Pandora Jewellery UK Limited 100% England 1 December 2008Pandora Jewelry Finland Oy 100% Finland 1 January 2012Pandora France SAS 100% France 25 February 2011Pandora Jewelry GmbH 100% Germany 5 January 2010Pandora EMEA Distribution Center GmbH 100% Germany 5 December 2011Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pandora Jewelry Limited 100% Ireland 10 January 2018Pandora Italia SRL 100% Italy 23 May 2012Pandora Jewelry Japan Ltd. 100% Japan 29 October 2014Pandora Jewelry Macau Company Ltd. 100% Macau 1 January 2016Pandora Jewelry Mexico, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Servicios, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Import, S.A. de C.V. 100% Mexico 4 April 2018Pandora Jewelry Panama S.A. 100% Panama 5 July 2016Pandora Jewelry Panama Retail, S.A. 100% Panama 14 April 2021Pandora Jewelry Peru S.A.C 100% Peru 10 July 2018Pandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Portugal, Unipessoal LDA 100% Portugal 4 April 2022Pandora Jewelry Singapore Pte. Ltd. 100% Singapore 1 January 2016Pandora Jewelry Slovakia s.r.o. 100% Slovakia 6 September 2016Pandora Jewellery South Africa Pty Ltd. 100% South Africa 31 January 2017Pandora Jewellery Spain S.L 100% Spain 28 September 2017Pandora Sweden AB 100% Sweden 4 November 2013Pandora Schweiz AG 100% Switzerland 6 December 2011Pandora Services Co. Ltd. 100% Thailand 15 October 2010Pandora Jewelry M\u00fccevherat Anonim \u015eirketi 100% Turkey 4 November 2013Pandora Jewelry Inc. 100% United States 1 July 2008Pandora Jewelry Latam LLC 100% United States 20 October 2021Company Ownership Registered office Date of consolidationOWNED BY OTHER COMPANIES IN THE PANDORA GROUPAD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora Jewelry Pty Ltd. 100% Australia 1 July 2009Pandora Retail Pty Ltd. 100% Australia 1 July 2009Pandora do Brasil Com\u00e9rcio e Importa\u00e7\u00e3o Ltda. 100% Brazil 24 October 2013Pandora Franchise Canada Ltd. 100% Canada 19 January 2011Pandora Retail Canada Ltd. 100% Canada 4 February 2014Pandora Jewelry (Shanghai) Company Ltd. 100% China 4 February 2015Pandora Jewelry Design (Beijing) Company Ltd. 100% China 1 March 2016Pandora Jewelry CR s.r.o. 100% Czech Republic 2 December 2009Panmeas Jewellery LLC 100% Dubai 16 January 2015Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Jewelry B.V. 100% Netherlands 20 September 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Pandora Jewelry LLC 100% United States 7 March 2008Pandora Franchising LLC 100% United States 1 November 2009Pandora Ventures LLC 100% United States 10 May 2012Pandora ECOMM LLC 100% United States 21 August 2014Pandora Group has seven dormant companies, which have been omitted from the table.Pandora A/S has no dormant companies.STATEMENT BY THE EXECUTIVE MANAGEMENT AND THE BOARD OF DIRECTORSThe Board of Directors and the Executive Management have today discussed and approved the Annual Report of Pandora A/S for 2022.The Annual Report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial State-ments Act.It is our opinion that the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Par-ent Company at 31 December 2022 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January to 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, results of oper-ations, cash flows and financial position as well as a descrip-tion of material risks and uncertainties that the Group and the Parent Company face.In our opinion, the Annual Report of Pandora A/S for the financial year 1 January to 31 December 2022 with the file name PAND-2022-12-31-en.zip has been prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be approved at the Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-2": { "value": "The Board of Directors will propose at the Annual General Meeting that an ordinary dividend of DKK 16 per share, corresponding to DKK 1.4 billion (2021: DKK 16 per share, corresponding to DKK 1.5 billion), be distributed for 2022. In 2021, an extraordinary dividend of DKK 15 per share was paid, corresponding to DKK 1.5 billion. In 2022, Pandora continued the share buyback programmes, which resulted in repurchases of 6,595,620 treasury shares, corresponding to DKK 3.6 billion (2021: 3,943,797 treasury shares, corresponding to DKK 3.3 billion). For further shareholder information on dividend payments, see page 43. DividendThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 16 per share (2021: DKK 16), corresponding to DKK 1.4 billion, be distributed for 2022. No divi-dend is paid on treasury shares.In 2022, a dividend of DKK 1.5 billion in total was paid. Dividend paid had no effect on the Group\u2019s tax expense for the year.For further shareholder information on dividend payments, see page 43.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__5__5": { "value": "16", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "s10_notes__5__6": { "value": "1400000000", "decimals": -8, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": 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"period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f15467": { "value": "6023000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:UndrawnBorrowingFacilities", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "pp-value-49-2": { "value": " ACCOUNTING POLICIES Cash flows from operating activities are presented using the indirect method.Cash flows in currencies other than the functional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction dates. NOTE 1.1 PRINCIPAL ACCOUNTING POLICIESPandora A/S is a public limited company with its registered office in Denmark.The Annual Report for the period 1 January to 31 December 2022 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as sep-arate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accor-dance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value. The Annual Report is presented in Danish kroner (DKK) and all amounts are in millions unless otherwise stated. Due to round-ing, numbers presented throughout this report may not add up precisely to the totals, and percentages may not precisely reflect the absolute figures.Apart from changes due to the implementation of new or amended standards and interpretations as described in note 1.2 New accounting policies and disclosures, accounting policies are unchanged from last year. iXBRL reportingPandora A/S has filed the Annual Report 2022 in the European Single Electronic Format (ESEF), XHTML, which can be displayed in a standard browser. The consolidated financial statements are tagged using eXtensible Business Reporting Language (iXBRL), which complies with the ESEF taxonomy included in the ESEF Regulation. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML docu-ment together with certain technical files, all included in a file named PAND-2022-12-31-en.zip.Alternative performance measuresPandora presents financial measures in the Annual Report that are not defined according to IFRS. Pandora believes these non-GAAP measures provide valuable information to investors and Pandora\u2019s management when evaluating performance. Since other companies may calculate these differently from Pandora, they may not be comparable to the measures used by other companies. These financial measures should there-fore not be considered to be a replacement for measures de-fined under IFRS. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions. ACCOUNTING POLICIES The overall accounting policies applied to the Annual Report as a whole are described below. The accounting policies related to specific line items are described in the notes to which they relate. The description of accounting policies in the notes forms part of the overall description of Pandora\u2019s accounting policies.Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Sub-sidiaries are fully consoli dated from the date of acquisition, being the date on which Pandora obtains control, until the date that such control ceases. All intercompany balances, income and expenses, unrealised gains and losses and dividends re-sulting from intercompany transactions are eliminated in full.Functional and presentation currencyThe consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in foreign currencies are initially recognised in the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange ruling at the reporting date. All adjustments are recognised in the income statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are trans-lated using the exchange rates at the date when the fair value is determined.Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in for-eign entities are recognised in other comprehensive income.Group companies with another functional currency than DKKThe assets and liabilities of foreign subsidiaries are translat-ed into DKK at the rate of exchange prevailing at the report-ing date, and their income statements are translated at the exchange rates prevailing at the dates of the transactions.Exchange rate adjustments arising on translation are recognised in other comprehensive income. On disposal of a foreign sub-sidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.Consolidated income statementThe consolidated income statement is presented based on costs classified by function. Cost of sales comprises direct and indirect expenses incurred to generate revenue for the year, comprising raw materials, consumables, production staff, depreciation, amortisation and impairment losses in respect of production equipment.Sales, distribution and marketing expenses comprise expens-es related to the distribution of goods sold and sales cam-paigns, including packaging materials, brochures, wages and salaries and other expenses related to sales and distribution staff as well as depreciation, amortisation and impairment losses in respect of distribution equipment. Administrative expenses comprise expenses incurred in the year to manage Pandora, including expenses related to ad-ministrative staff and depreciation, amortisation and impair-ment losses in respect of assets used in the administration.The allocation of amortisation and impairment losses from in-tangible assets is presented in note 3.1 and the allocation of depreciation and impairment losses from property, plant and equipment in note 3.2. Pandora\u2019s activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes Moments incl. Collabs, while the other, Style, covers newer collections and innovations.The two operating segments include all channels relating to the distribution and sale of Pandora products. Management monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. ACCOUNTING POLICIES Retail sales \u2013 products Revenue from the sale of products through Pandora owned and operated stores is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the prod-uct in the store or the product is delivered from an online store. However, in some instances collection is delayed and a receivable recognised, see note 3.6 Trade receivables. A refund liability and a right-of-return asset are recog-nised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to cus-tomers are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is part of the standard terms and is there-fore recognised as a contract liability, see note 3.8 Contract assets and liabilities. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.Wholesale and third-party distributors \u2013 products Pandora manufactures and sells jewellery to wholesalers and third-party distributors. Revenue is recognised when control of the products has been transferred to the wholesaler or third-party dis-tributor. Change of control of the products occurs when they have been delivered to the wholesaler or distributor and no further obligation exists that can affect the transfer of control. Delivery has taken place when the products have been shipped to the location of the wholesaler or distributor and control of the goods has been transferred to the buyer. Revenue from the sale is recognised based on the price specified in the contract. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur. A refund liability and a right-of-return asset are recognised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns in the wholesale and distributor channels, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Provisions for rebates and discounts granted to wholesalers and franchisees are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is recognised on a gross basis in the income statement as both a reduction in revenue and a decrease in cost of goods sold. This is due to the handling of warranty claims, which leads to replacements instead of repairs. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.When control has been transferred, a receivable is rec-ognised as the consideration to be paid is conditional only on the passage of time. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months.Loyalty programme Revenue related to the loyalty programme points value is deferred up to the time the points are used. The stand-alone selling price of loyalty points issued is calculated by multiplying the estimated redemption rate and the monetary value assigned to the loyalty points. In estimating the redemption rate, Pandora considers breakage, which repre-sents the portion of points issued that will never be redeemed. ACCOUNTING POLICIES Government grants are recognised where there is rea-sonable assurance that the grant will be received and all attached conditions complied with.Income from government subsidies as a result of the pan-demic has been recognised as a deduction in the expense item the subsidies were intended to compensate. ACCOUNTING POLICIES Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recog-nised in the financial year in which services are rendered by employees of Pandora. Whenever Pandora provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.Termination benefits are recognised at the time an agree-ment between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits. ACCOUNTING POLICIES Selected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (\u201cequity-settled transactions\u201d).Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the grant date. The calculated fair values are based on either the Black-Scholes model or the Monte Carlo model according to the performance conditions of each programme. The cost of equity-settled transactions is recognised as staff costs together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled.The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and management\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or income for a period represents the movement in cumulative expenses recognised at the beginning and end of that period. ACCOUNTING POLICIES Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehensive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the report-ing date, in the countries in which Pandora operates and generates taxable income. ACCOUNTING POLICIES Deferred tax on all temporary differences between the carrying amounts for financial reporting purposes and the tax base of assets and liabilities is measured using the balance sheet liability method. No deferred tax is recognised on temporary differences that arise from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.The recognition of deferred tax assets includes the expected tax value of tax loss carryforwards to the extent that these tax assets can be offset against positive taxable income in the foreseeable future. The same applies to deferred tax assets related to investments in subsidiaries. Management has considered future taxable income and applied judgements to determine whether deferred tax assets should be recognised.Deferred tax assets and liabilities are measured according to current tax rules and at the tax rates expected to be effective on elimination of the temporary differences. Deferred tax assets and liabilities are offset if the Group has a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax relates to the same taxable entity and the same tax authority. ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation. ACCOUNTING POLICIES Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life according to the table below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years ACCOUNTING POLICIES Pandora applies a single recognition and measurement approach to all leases, except for short-term leases and low-value leases.Pandora recognises right-of-use assets at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, key money, less any lease incentives received. Key money is measured at cost and amortised over the term of the contract. Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. At each reporting date, Pandora assesses whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, Pandora carries out impairment testing for the relevant CGU. Pandora recognises lease liabilities at the commencement date of the lease, measured at the present value of lease payments to be made over the lease term. Lease payments include fixed payments less any lease incentives receivable. Some leases are exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease li-ability until they take effect. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms that are linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, Pandora uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, for example a change in the lease term or a change in the lease payments. Lease payments are classified in financial activities in the statement of cash flows.Pandora applies the short-term lease recognition exemption to its short-term leases. Payments related to short-term leases and leases of low-value assets continue to be recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise some IT equipment and other office equipment. In March 2021, the IASB issued COVID-19-Related Rent Con-cessions beyond 30 June 2021 - amendment to IFRS 16 Leases. The IASB extended the period of the relief for lessees arising as a direct consequence of the pandemic from 30 June 2021 to 30 June 2022. As a practical expedient, a lessee may elect not to assess whether a COVID-19 pandemic-related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVID-19 pandemic-related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification. Pandora applied the extension of the practical expedient to all contracts with rent concessions occurring as a direct consequence of the pandemic and where they meet all conditions of the practical expedient. ACCOUNTING POLICIES Business combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acqui-sition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree.For each business combination, the acquirer measures the non-controlling interests in the acquiree either at fair val-ue or at the proportionate share of the acquiree\u2019s identi-fiable net assets. Acquisition costs incurred are expensed. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses.As goodwill is reported and managed internally at Group level, goodwill acquired should also be allocated to the Group. However, goodwill acquired is allocated to the grouped CGUs in the two operating segments for impair-ment testing purposes due to the constraint in IAS 36.If any part of the cost of an acquisition is contingent on future events or performance, the cost is recognised at fair value at the time of acquisition. Changes to the fair value of the contingent payment are recognised in net financials in the income statement. ACCOUNTING POLICIES Inventories are valued at the lower of cost and net realis-able value. Costs are accounted for on a first-in, first-out basis (FIFO). Besides raw materials, costs include labour and a proportion of production overheads based on nor-mal operating capacity, but excluding borrowing costs.Point-of-sale materials comprise purchase costs regarding equipment, displays and packaging materials etc. and are also accounted for on a FIFO basis. ACCOUNTING POLICIES Trade receivables are initially recognised at the amount of consideration that is unconditional unless they contain significant financing components, and consequently rec-ognised at fair value. The Group holds trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Pandora applies the simplified approach to measure expect-ed credit losses, using a lifetime expected loss allowance. ACCOUNTING POLICIES Provisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is recog-nised in the income statement net of any reimbursement. ACCOUNTING POLICIES Dividend proposed is recognised as a liability at the date of the adoption at the Annual General Meeting (decla-ration date). Extraordinary dividend is recognised as a liability at the declaration date. ACCOUNTING POLICIES On initial recognition, interest-bearing debt and borrowings are measured at fair value less trans-action costs. Subsequent to initial recognition, interest-bearing loans and borrowings are meas-ured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, and fees and other costs. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-3": { "value": " ACCOUNTING POLICIES Cash flows from operating activities are presented using the indirect method.Cash flows in currencies other than the functional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction dates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-3": { "value": "Pandora A/S is a public limited company with its registered office in Denmark.The Annual Report for the period 1 January to 31 December 2022 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as sep-arate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accor-dance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value. The Annual Report is presented in Danish kroner (DKK) and all amounts are in millions unless otherwise stated. Due to round-ing, numbers presented throughout this report may not add up precisely to the totals, and percentages may not precisely reflect the absolute figures.Apart from changes due to the implementation of new or amended standards and interpretations as described in note 1.2 New accounting policies and disclosures, accounting policies are unchanged from last year. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-4": { "value": "Pandora A/S is a public limited company with its registered office in Denmark.The Annual Report for the period 1 January to 31 December 2022 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as sep-arate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accor-dance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value. The Annual Report is presented in Danish kroner (DKK) and all amounts are in millions unless otherwise stated. Due to round-ing, numbers presented throughout this report may not add up precisely to the totals, and percentages may not precisely reflect the absolute figures.Apart from changes due to the implementation of new or amended standards and interpretations as described in note 1.2 New accounting policies and disclosures, accounting policies are unchanged from last year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-50-2": { "value": " NOTE 1.1 PRINCIPAL ACCOUNTING POLICIESPandora A/S is a public limited company with its registered office in Denmark.The Annual Report for the period 1 January to 31 December 2022 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as sep-arate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accor-dance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value. The Annual Report is presented in Danish kroner (DKK) and all amounts are in millions unless otherwise stated. Due to round-ing, numbers presented throughout this report may not add up precisely to the totals, and percentages may not precisely reflect the absolute figures.Apart from changes due to the implementation of new or amended standards and interpretations as described in note 1.2 New accounting policies and disclosures, accounting policies are unchanged from last year. iXBRL reportingPandora A/S has filed the Annual Report 2022 in the European Single Electronic Format (ESEF), XHTML, which can be displayed in a standard browser. The consolidated financial statements are tagged using eXtensible Business Reporting Language (iXBRL), which complies with the ESEF taxonomy included in the ESEF Regulation. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML docu-ment together with certain technical files, all included in a file named PAND-2022-12-31-en.zip.Alternative performance measuresPandora presents financial measures in the Annual Report that are not defined according to IFRS. Pandora believes these non-GAAP measures provide valuable information to investors and Pandora\u2019s management when evaluating performance. Since other companies may calculate these differently from Pandora, they may not be comparable to the measures used by other companies. These financial measures should there-fore not be considered to be a replacement for measures de-fined under IFRS. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions. ACCOUNTING POLICIES The overall accounting policies applied to the Annual Report as a whole are described below. The accounting policies related to specific line items are described in the notes to which they relate. The description of accounting policies in the notes forms part of the overall description of Pandora\u2019s accounting policies.Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Sub-sidiaries are fully consoli dated from the date of acquisition, being the date on which Pandora obtains control, until the date that such control ceases. All intercompany balances, income and expenses, unrealised gains and losses and dividends re-sulting from intercompany transactions are eliminated in full.Functional and presentation currencyThe consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in foreign currencies are initially recognised in the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange ruling at the reporting date. All adjustments are recognised in the income statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are trans-lated using the exchange rates at the date when the fair value is determined.Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in for-eign entities are recognised in other comprehensive income.Group companies with another functional currency than DKKThe assets and liabilities of foreign subsidiaries are translat-ed into DKK at the rate of exchange prevailing at the report-ing date, and their income statements are translated at the exchange rates prevailing at the dates of the transactions.Exchange rate adjustments arising on translation are recognised in other comprehensive income. On disposal of a foreign sub-sidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.Consolidated income statementThe consolidated income statement is presented based on costs classified by function. Cost of sales comprises direct and indirect expenses incurred to generate revenue for the year, comprising raw materials, consumables, production staff, depreciation, amortisation and impairment losses in respect of production equipment.Sales, distribution and marketing expenses comprise expens-es related to the distribution of goods sold and sales cam-paigns, including packaging materials, brochures, wages and salaries and other expenses related to sales and distribution staff as well as depreciation, amortisation and impairment losses in respect of distribution equipment. Administrative expenses comprise expenses incurred in the year to manage Pandora, including expenses related to ad-ministrative staff and depreciation, amortisation and impair-ment losses in respect of assets used in the administration.The allocation of amortisation and impairment losses from in-tangible assets is presented in note 3.1 and the allocation of depreciation and impairment losses from property, plant and equipment in note 3.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-50-4": { "value": " NOTE 1.1 PRINCIPAL ACCOUNTING POLICIESPandora A/S is a public limited company with its registered office in Denmark.The Annual Report for the period 1 January to 31 December 2022 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as sep-arate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accor-dance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value. The Annual Report is presented in Danish kroner (DKK) and all amounts are in millions unless otherwise stated. Due to round-ing, numbers presented throughout this report may not add up precisely to the totals, and percentages may not precisely reflect the absolute figures.Apart from changes due to the implementation of new or amended standards and interpretations as described in note 1.2 New accounting policies and disclosures, accounting policies are unchanged from last year. iXBRL reportingPandora A/S has filed the Annual Report 2022 in the European Single Electronic Format (ESEF), XHTML, which can be displayed in a standard browser. The consolidated financial statements are tagged using eXtensible Business Reporting Language (iXBRL), which complies with the ESEF taxonomy included in the ESEF Regulation. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML docu-ment together with certain technical files, all included in a file named PAND-2022-12-31-en.zip.Alternative performance measuresPandora presents financial measures in the Annual Report that are not defined according to IFRS. Pandora believes these non-GAAP measures provide valuable information to investors and Pandora\u2019s management when evaluating performance. Since other companies may calculate these differently from Pandora, they may not be comparable to the measures used by other companies. These financial measures should there-fore not be considered to be a replacement for measures de-fined under IFRS. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions. ACCOUNTING POLICIES The overall accounting policies applied to the Annual Report as a whole are described below. The accounting policies related to specific line items are described in the notes to which they relate. The description of accounting policies in the notes forms part of the overall description of Pandora\u2019s accounting policies.Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Sub-sidiaries are fully consoli dated from the date of acquisition, being the date on which Pandora obtains control, until the date that such control ceases. All intercompany balances, income and expenses, unrealised gains and losses and dividends re-sulting from intercompany transactions are eliminated in full.Functional and presentation currencyThe consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in foreign currencies are initially recognised in the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange ruling at the reporting date. All adjustments are recognised in the income statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are trans-lated using the exchange rates at the date when the fair value is determined.Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in for-eign entities are recognised in other comprehensive income.Group companies with another functional currency than DKKThe assets and liabilities of foreign subsidiaries are translat-ed into DKK at the rate of exchange prevailing at the report-ing date, and their income statements are translated at the exchange rates prevailing at the dates of the transactions.Exchange rate adjustments arising on translation are recognised in other comprehensive income. On disposal of a foreign sub-sidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.Consolidated income statementThe consolidated income statement is presented based on costs classified by function. Cost of sales comprises direct and indirect expenses incurred to generate revenue for the year, comprising raw materials, consumables, production staff, depreciation, amortisation and impairment losses in respect of production equipment.Sales, distribution and marketing expenses comprise expens-es related to the distribution of goods sold and sales cam-paigns, including packaging materials, brochures, wages and salaries and other expenses related to sales and distribution staff as well as depreciation, amortisation and impairment losses in respect of distribution equipment. Administrative expenses comprise expenses incurred in the year to manage Pandora, including expenses related to ad-ministrative staff and depreciation, amortisation and impair-ment losses in respect of assets used in the administration.The allocation of amortisation and impairment losses from in-tangible assets is presented in note 3.1 and the allocation of depreciation and impairment losses from property, plant and equipment in note 3.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-56-5": { "value": "Functional and presentation currencyThe consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in foreign currencies are initially recognised in the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange ruling at the reporting date. All adjustments are recognised in the income statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are trans-lated using the exchange rates at the date when the fair value is determined.Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in for-eign entities are recognised in other comprehensive income.Group companies with another functional currency than DKKThe assets and liabilities of foreign subsidiaries are translat-ed into DKK at the rate of exchange prevailing at the report-ing date, and their income statements are translated at the exchange rates prevailing at the dates of the transactions.Exchange rate adjustments arising on translation are recognised in other comprehensive income. On disposal of a foreign sub-sidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-56-6": { "value": "Functional and presentation currencyThe consolidated financial statements are presented in DKK, which is also the functional currency of the Parent Company. Each subsidiary determines its own functional currency, and items recognised in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in foreign currencies are initially recognised in the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange ruling at the reporting date. All adjustments are recognised in the income statement.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are trans-lated using the exchange rates at the date when the fair value is determined.Foreign exchange rate adjustments arising on monetary items which are considered part of the net investment in for-eign entities are recognised in other comprehensive income.Group companies with another functional currency than DKKThe assets and liabilities of foreign subsidiaries are translat-ed into DKK at the rate of exchange prevailing at the report-ing date, and their income statements are translated at the exchange rates prevailing at the dates of the transactions.Exchange rate adjustments arising on translation are recognised in other comprehensive income. On disposal of a foreign sub-sidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-3": { "value": "Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Sub-sidiaries are fully consoli dated from the date of acquisition, being the date on which Pandora obtains control, until the date that such control ceases. All intercompany balances, income and expenses, unrealised gains and losses and dividends re-sulting from intercompany transactions are eliminated in full.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-6": { "value": "Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Sub-sidiaries are fully consoli dated from the date of acquisition, being the date on which Pandora obtains control, until the date that such control ceases. All intercompany balances, income and expenses, unrealised gains and losses and dividends re-sulting from intercompany transactions are eliminated in full.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-59-2": { "value": " NOTE 1.2 NEW ACCOUNTING POLICIES AND DISCLOSURESImplementation of new or amended standards and interpretationsPandora has adopted all new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the financial year 1 January to 31 December 2022. The implementation of these new or amended stan-dards and interpretations had no material impact on the financial statements for the year. The new standards that are not yet effective are not expected to have any material impact on Pandora. NOTE 1.3 MANAGEMENT\u2019S JUDGEMENTS AND ESTIMATES UNDER IFRSNotes2.1 Segment and revenue 3.5 Inventoriesinformation3.8 Contract assets 2.5 Taxation and liabilities3.3 Leases5.1 Contingent assets and liabilities SIGNIFICANT ACCOUNTING ESTIMATES In preparing the consolidated financial state-ments, management makes various judge-ments, accounting estimates and assump-tions that form the basis of the presentation, recognition and measurement of Pandora\u2019s assets and liabilities. Determining the carrying amounts of some assets and liabilities requires judgement, es-timates and assumptions concerning future events. Judgements, estimates and assump-tions are based on historical experience and other factors, which management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These assumptions may have to be revised, and unexpected events or circumstances may occur.Pandora is subject to risks and uncertain-ties that may lead to actual results differing from these estimates, both positively and negatively. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets to the extent possible. Pandora\u2019s targets to reduce its greenhouse gas emissions by 50% by 2030 and achieve net zero emissions by 2040 as well as to only use recycled silver and gold in its jewellery by 2025 are included in the Group\u2019s financial forecasts. These con-siderations did not have a material impact on management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows or going concern assessment.In addition, consideration has been given to the potential financial impacts of climate-re-lated risks on the carrying value of goodwill through a qualitative review of the Group\u2019s climate change risk assessment. This review did not identify any material financial impacts.Pandemic and macroeconomic uncertainty The pandemic and macroeconomic un-certainty caused by the Russian invasion of Ukraine continue to affect the global economy. Pandora continues to assess the value of intangible assets and property, plant and equipment, and internal forecasts have considered the ongoing impacts on income and expenses from the pandemic, infla-tionary pressure and higher interest rates. Changes in selling prices and direct costs are based on past experience and management\u2019s expectation of future changes in the markets where the Group operates.Specific risks for Pandora are discussed in the relevant sections of the Management\u2019s review and in the notes. The areas that involve a high degree of judge-ment and estimation and are material to the financial statements are described in more detail in the related notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-59-3": { "value": " NOTE 1.2 NEW ACCOUNTING POLICIES AND DISCLOSURESImplementation of new or amended standards and interpretationsPandora has adopted all new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the financial year 1 January to 31 December 2022. The implementation of these new or amended stan-dards and interpretations had no material impact on the financial statements for the year. The new standards that are not yet effective are not expected to have any material impact on Pandora.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-60-3": { "value": " NOTE 1.3 MANAGEMENT\u2019S JUDGEMENTS AND ESTIMATES UNDER IFRSNotes2.1 Segment and revenue 3.5 Inventoriesinformation3.8 Contract assets 2.5 Taxation and liabilities3.3 Leases5.1 Contingent assets and liabilities SIGNIFICANT ACCOUNTING ESTIMATES In preparing the consolidated financial state-ments, management makes various judge-ments, accounting estimates and assump-tions that form the basis of the presentation, recognition and measurement of Pandora\u2019s assets and liabilities. Determining the carrying amounts of some assets and liabilities requires judgement, es-timates and assumptions concerning future events. Judgements, estimates and assump-tions are based on historical experience and other factors, which management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These assumptions may have to be revised, and unexpected events or circumstances may occur.Pandora is subject to risks and uncertain-ties that may lead to actual results differing from these estimates, both positively and negatively. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets to the extent possible. Pandora\u2019s targets to reduce its greenhouse gas emissions by 50% by 2030 and achieve net zero emissions by 2040 as well as to only use recycled silver and gold in its jewellery by 2025 are included in the Group\u2019s financial forecasts. These con-siderations did not have a material impact on management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows or going concern assessment.In addition, consideration has been given to the potential financial impacts of climate-re-lated risks on the carrying value of goodwill through a qualitative review of the Group\u2019s climate change risk assessment. This review did not identify any material financial impacts.Pandemic and macroeconomic uncertainty The pandemic and macroeconomic un-certainty caused by the Russian invasion of Ukraine continue to affect the global economy. Pandora continues to assess the value of intangible assets and property, plant and equipment, and internal forecasts have considered the ongoing impacts on income and expenses from the pandemic, infla-tionary pressure and higher interest rates. Changes in selling prices and direct costs are based on past experience and management\u2019s expectation of future changes in the markets where the Group operates.Specific risks for Pandora are discussed in the relevant sections of the Management\u2019s review and in the notes. The areas that involve a high degree of judge-ment and estimation and are material to the financial statements are described in more detail in the related notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-4": { "value": " SIGNIFICANT ACCOUNTING ESTIMATES In preparing the consolidated financial state-ments, management makes various judge-ments, accounting estimates and assump-tions that form the basis of the presentation, recognition and measurement of Pandora\u2019s assets and liabilities. Determining the carrying amounts of some assets and liabilities requires judgement, es-timates and assumptions concerning future events. Judgements, estimates and assump-tions are based on historical experience and other factors, which management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These assumptions may have to be revised, and unexpected events or circumstances may occur.Pandora is subject to risks and uncertain-ties that may lead to actual results differing from these estimates, both positively and negatively. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets to the extent possible. Pandora\u2019s targets to reduce its greenhouse gas emissions by 50% by 2030 and achieve net zero emissions by 2040 as well as to only use recycled silver and gold in its jewellery by 2025 are included in the Group\u2019s financial forecasts. These con-siderations did not have a material impact on management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows or going concern assessment.In addition, consideration has been given to the potential financial impacts of climate-re-lated risks on the carrying value of goodwill through a qualitative review of the Group\u2019s climate change risk assessment. This review did not identify any material financial impacts.Pandemic and macroeconomic uncertainty The pandemic and macroeconomic un-certainty caused by the Russian invasion of Ukraine continue to affect the global economy. Pandora continues to assess the value of intangible assets and property, plant and equipment, and internal forecasts have considered the ongoing impacts on income and expenses from the pandemic, infla-tionary pressure and higher interest rates. Changes in selling prices and direct costs are based on past experience and management\u2019s expectation of future changes in the markets where the Group operates.Specific risks for Pandora are discussed in the relevant sections of the Management\u2019s review and in the notes. The areas that involve a high degree of judge-ment and estimation and are material to the financial statements are described in more detail in the related notes. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-5": { "value": " SIGNIFICANT ACCOUNTING ESTIMATES In preparing the consolidated financial state-ments, management makes various judge-ments, accounting estimates and assump-tions that form the basis of the presentation, recognition and measurement of Pandora\u2019s assets and liabilities. Determining the carrying amounts of some assets and liabilities requires judgement, es-timates and assumptions concerning future events. Judgements, estimates and assump-tions are based on historical experience and other factors, which management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These assumptions may have to be revised, and unexpected events or circumstances may occur.Pandora is subject to risks and uncertain-ties that may lead to actual results differing from these estimates, both positively and negatively. Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets to the extent possible. Pandora\u2019s targets to reduce its greenhouse gas emissions by 50% by 2030 and achieve net zero emissions by 2040 as well as to only use recycled silver and gold in its jewellery by 2025 are included in the Group\u2019s financial forecasts. These con-siderations did not have a material impact on management\u2019s judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s future cash flows or going concern assessment.In addition, consideration has been given to the potential financial impacts of climate-re-lated risks on the carrying value of goodwill through a qualitative review of the Group\u2019s climate change risk assessment. This review did not identify any material financial impacts.Pandemic and macroeconomic uncertainty The pandemic and macroeconomic un-certainty caused by the Russian invasion of Ukraine continue to affect the global economy. Pandora continues to assess the value of intangible assets and property, plant and equipment, and internal forecasts have considered the ongoing impacts on income and expenses from the pandemic, infla-tionary pressure and higher interest rates. Changes in selling prices and direct costs are based on past experience and management\u2019s expectation of future changes in the markets where the Group operates.Specific risks for Pandora are discussed in the relevant sections of the Management\u2019s review and in the notes. The areas that involve a high degree of judge-ment and estimation and are material to the financial statements are described in more detail in the related notes. ALLOCATION OF INTANGIBLE ASSETS TO CGUS DKK million Goodwill Brand Distribution 2022Moments incl. Collabs 3,505 766 758Style 1,316 291 289Total 4,822 1,057 1,0472021Moments incl. Collabs 3,204 766 783Style 1,214 291 298Total 4,418 1,057 1,080DISCOUNT RATES AND GROWTH RATES Discount rate Growth rate in IN TERMINAL PERIOD before taxterminal period2022Moments incl. Collabs 12.6% 2%Style 12.7% 2%Group 12.6% 2%2021Moments incl. Collabs 11.7% 2%Style 11.7% 2%Group 11.7% 2%Method for impairment testingIn the impairment test, the recoverable amount is compared with the carrying amount. The recoverable amount is based on a calculation of the value in use using cash flow estimates based on the budget for 2023 and a forecast for the two subsequent years. The long-term growth rate in the terminal period has been set so that it equals the expected long-term rate of inflation.All intangible assets are tested for impairment if there is any indication of impairment. Intangible assets with indefinite useful life are tested at least annually. NOTE 3.5 INVENTORIESDKK million 2022 2021Raw materials and consumables 743 779Work in progress 151 148Finished goods 3,088 1,911Point-of-sale materials 229 153Total inventories at 31 December 4,211 2,991Inventory write-downs at 1 January 765 740Write-downs during the year 118 154Utilised in the year -148 -129Inventory write-downs at 31 December 735 765Write-downsInventory write-downs primarily relate to finished goods and are recognised in cost of sales, DKK 97 million (2021: DKK 141 million), and operating expenses, DKK 21 million (2021: DKK 13 million). Write-downs include mainly the cost of remelting obsolete jewellery. Remelting of goods (realised and unrealised) negatively im-pacted gross profit by DKK 63 million (2021: DKK 103 million). Production overheads Production overheads are calculated using a standard cost method, which is reviewed regularly to ensure relevant assumptions concerning capacity utilisation, lead times and other relevant factors. Net realisable valueNet realisable value is based on the estimated selling price less estimated costs of completion and distribution. Alter-natively, for inventories that are not expected to be sold, net realisable value is based on the remelt value of the reusable raw materials (primarily silver and gold). ACCOUNTING POLICIES Inventories are valued at the lower of cost and net realis-able value. Costs are accounted for on a first-in, first-out basis (FIFO). Besides raw materials, costs include labour and a proportion of production overheads based on nor-mal operating capacity, but excluding borrowing costs.Point-of-sale materials comprise purchase costs regarding equipment, displays and packaging materials etc. and are also accounted for on a FIFO basis. SIGNIFICANT ACCOUNTING ESTIMATES Estimates relating to write-downs are impacted by fore-casting accuracy in the number of obsolete products that will need to be remelted. The impact from remelt is also influenced by fluctuations in the market prices of silver and gold. Further, significant management judgements are required with regards to the calculations of internal gain on inventory when goods are sold from production entities to sales entities. NOTE 4.4 FINANCIAL RISKSAs a consequence of its operations, investments and finan- cing, Pandora is exposed to a number of financial risks that are monitored and managed by Pandora\u2019s Group Treasury.To manage financial risks, Pandora may use a number of finan-cial instruments, such as forward contracts, silver and gold swaps, currency and interest rate swaps, options and similar instruments within the framework of its current policies. Financial risks are divided into commodity price risk, foreign currency risk, credit risk, liquidity risk and interest rate risk.It is Pandora\u2019s policy to hedge at least 50% of the combined commodity, exchange rate and interest rate risk. However, at least 70% of estimated commodity purchases for the next 12 months must be hedged.The table to the right illustrates the sensitivity on 2022 reve-nue, EBIT and EBIT margin from exchange rates and commod-ity price movements. In addition, the sensitivity of assets and liabilities as at 31 December from currency movements is illustrated on the next page.Commodity price riskRaw material risk is the risk of fluctuating commodity prices resulting in additional production costs. The most important raw materials are silver and gold, which are priced in USD. It is the policy of Pandora to ensure stable, predictable raw material prices. Based on a rolling 12-month production plan, the general policy is for Group Treasury to hedge at least 70% of the Group\u2019s expected purchases. Purchases are hedged from 1 to 12 months forward with a hedge ratio target that decreases with time to maturity as illustrated to the right. Any deviation from the policy must be ap-proved by the Audit Committee. Commodity hedging is updated at the end of each month or in connection with revised 12-month rolling production plans. Actual production may deviate from the 12-month rolling production plan. In case of deviations, the realised commodity hedge ratio may deviate from the estimated hedge ratio. The effective portion of the realised gain or loss from commodity hedging is recognised in Group inventories and subsequently in cost of sales. For the fair value of hedging instruments, see note 4.5 Derivative financial instruments.Foreign currency risk Pandora\u2019s presentation currency is DKK, but the majority of Pandora\u2019s activities and invest-ments are denominated in other currencies. Consequently, exchange rate fluctuations may have a substantial impact on Pandora\u2019s cash flows, profit (loss) and/or financial position in DKK. The majority of Pandora\u2019s revenue is denominated in USD, EUR, GBP, AUD, MXN, CAD and CNY. The functional currency of subsidiaries is generally the local currency, and a substantial portion of Pandora\u2019s costs relates to raw materials purchased in USD. In addition, Pandora incurs costs 2022 2021SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 858 367 0.5% 748 350 0.7%CAD +10% 80 47 0.1% 65 38 0.1%AUD +10% 167 117 0.3% 127 81 0.2%GBP +10% 382 252 0.6% 333 235 0.6%EUR +1% 71 44 0.1% 62 39 0.1%CNY +10% 73 -9 -0.1% 111 7 -0.1%MXN +10% 86 47 0.1% 48 22 0.0%THB +10% - -220 -0.8% - -238 -1.0%GOLD and SILVER +10% - -218 -0.8% - -182 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2022 had been higher than the realised exchange rates and commodity prices. The impact would have been the opposite if exchange rates and commodity prices had been decreasing by similar percentages. The analysis is based on the transaction currency. The analysis excludes the effects of hedging and time-lag of inventory.REVENUE BREAKDOWN BY CURRENCY (%) USD GBP MXN EUR AUD CAD Other CNY32% 32%27% 27%14%14%12% 12%5%6%3%5%3%2%3%3%20212022denominated in THB. Changes in the exchange rate of these currencies versus DKK will result in changes to the translated value of future EBIT and cash flows.Pandora finances the majority of its subsidiaries\u2019 cash re-quirements via intercompany loans denominated in the local currency of the individual subsidiary. A devaluation of these currencies against DKK will in general result in a foreign exchange loss in the Parent Company.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining margins. In addition, exchange rate fluctuations affect the translated value of the profits or losses of foreign subsidiaries and the translation of foreign currency assets and liabilities. 31 December 2022 31 December 2021CURRENCY EXPOSURE FROM 1ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% -22 240 38 -188CAD +10% 33 - 28 -8AUD +10% 11 -64 8 -43GBP +10% - -64 -47 -159EUR +1% -9 -34 3 3CNY +10% -17 -9 -21 -35MXN +10% 52 52 11 11THB +10% -46 247 -71 1701 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the cur-rency that the monetary items are denominated in. The movements in equity arise from monetary items and hedging instruments where the functional currency of the entity differs from the currency that the hedging instruments or monetary items are denominated in. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.It is Pandora\u2019s policy to hedge foreign currency risks related to the risk of declining net cash flows resulting from exchange rate fluctuations. Pandora does not hedge balance sheet items or ownership interests in foreign subsidiaries. For 2022, 70% of the cash flows from the main currencies were hedged based on a rolling 12-month liquidity forecast. Cash flows are hedged from 1 to 12 months forward with a hedge ratio that decreases with time to maturity. Foreign currency hedging is updated at the end of each month or in connection with revised 12-month rolling cash forecasts. The realised profit (loss) from exchange rate hedging is taken to financial items.The table below illustrates the currency revaluation impact in DKK million on net profit and changes in equity resulting from a change in the Group\u2019s primary foreign currencies after the effect of hedge accounting. Credit risk Credit risk is primarily related to trade receivables, cash and unrealised gains on financial contracts. The maximum credit risk related to financial assets corresponds to the carrying amounts recognised in the consoli-dated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Any deviations from standard agreements must be approved by Group Treasury and/or the Chief Financial Officer. Note 3.6 Trade receivables includes an overview of the credit risk related to trade receiv-ables. Rating of trade receivables does not differ materially either by type of customer or geographic location. The risk of further impairment is considered to be limited. Credit risk related to Pandora\u2019s other financial assets mainly includes cash and unrealised gains on financial contracts. The credit risk is related to default of the counterparty with a maximum exposure corresponding to the carrying amount of the assets. Group Treasury is responsible for managing these credit risks. Liquidity risk Pandora\u2019s cash conversion is high and Pandora maintains an adequate level of cash and unuti-lised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk is consid-ered to be low. Pandora has two new term loans of DKK 3.7 billion committed until December 2023 and May 2030, respectively. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.OUTSTANDING COMMITTED Available Drawn LOAN FACILITIES facilities amount Available (END OF DECEMBER 2022)DKK million Maturity dateDKK millionliquidity1Revolving credit facilities7,065 April 2027 372 6,6931Term loan maturing in 2030744 May 2030 744 -Term loan maturing in 2023 3,000 December 2023 3,000 -Total 10,808 4,116 6,6931 The revolving credit facility and the term loan maturing in 2030 are both sustainability-linked facilities.Interest rate risk Interest rate risk is the risk of interest rate fluctuations resulting in changed interest rate payments and market value of net borrowings. At the reporting date, all interest-bearing loans and borrowings were based on floating interest rates.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1 and 5 years5 yearsTotal2022Non-derivativesLoans and borrowings 3,615 813 253 4,681Lease liabilities 1,134 2,046 539 3,718Trade payables 3,131 - - 3,131Other payables 239 - - 239DerivativesDerivative financial instruments 74 - - 74Total at 31 December 8,193 2,859 792 11,8442021Non-derivativesLoans and borrowings 274 1,050 - 1,324Lease liabilities 977 1,600 275 2,851Trade payables 3,267 - - 3,267Other payables 289 - - 289DerivativesDerivative financial instruments 209 - - 209Total at 31 December 5,016 2,650 275 7,941All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 49 million decrease in profit before tax and equity, excluding tax effect (2021: DKK 6 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual ma-turities for: \u2022 all non-derivative financial liabilities; \u2022 net and gross settled derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is insignificant. Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-2": { "value": " NOTE 2.1 SEGMENT AND REVENUE INFORMATIONPandora\u2019s activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes Moments incl. Collabs, while the other, Style, covers newer collections and innovations.The two operating segments include all channels relating to the distribution and sale of Pandora products. Management monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. INCOME STATEMENT BY SEGMENTS MomentsDKK millionincl. Collabs Style Group2022Revenue 19,192 7,272 26,463Cost of sales -4,688 -1,586 -6,273Gross profit 14,504 5,686 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%2021Revenue 16,610 6,784 23,394Cost of sales -4,106 -1,485 -5,590Gross profit 12,504 5,300 17,803Operating expenses -11,965Consolidated operating profit (EBIT) 5,839Profit margin (EBIT margin) 25.0%Non-unit driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.REVENUE BY SEGMENTSGEOGRAPHIC INFORMATION, REVENUEDKK million 2022 2021DKK million 2022 2021Moments incl. Collabs 19,192 16,610US 7,907 7,026- Moments 16,578 14,699China 737 1,126- Collabs 2,614 1,911UK 3,802 3,314Style 7,272 6,784Italy 2,580 2,443- Timeless 4,362 4,091Australia 1,271 1.131- Signature 1,883 1,990France 1,190 1,122- ME 815 656Germany 1,307 1,191- Diamonds by Pandora 213 48Denmark 28 32Total revenue 26,463 23,394Rest of world 7,641 6,009Total revenue 26,463 23,394Goods transferred at a point in time 26,386 23,321Services transferred over time 77 73Total revenue 26,463 23,394GEOGRAPHIC INFORMATION, ASSETSDKK million 2022 2021US 2,073 1,754The use of sales channels for the distribution of Pandora Australia 450 453jewellery depends on the underlying market maturity and Germany 602 602varies within markets but is consistent when viewed between Denmark 2,117 1,983segments.Thailand 495 516Rest of world 1,832 1,785REVENUE BY SALES CHANNEL1DKK million 2022 2021Total intangible assets7,568 7,094Pandora physical stores 13,503 9,945Property, plant and equipment22,226 1,816Pandora online stores 5,612 5,977Right-of-use assets32,978 2,532Wholesale and third-party distribution 7,349 7,472Deferred tax assets 1,261 891Total revenue 26,463 23,394Other non-current financial assets 249 222Current assets 7,731 5,988Total consolidated assets 22,013 18,5421 The allocation of intangible assets in the table above reflects the country in which the assets were acquired, including goodwill, in the functional currency in which it is denominated. This is different from the presentation in note 3.1 Intangible assets, where goodwill is allocated in accordance with management reporting and moni-toring.2 The crafting facilities in Thailand accounted for DKK 1,045 million (2021: DKK 1,025 million), corresponding to 46.9% of property, plant and equipment (2021: 56.4%).3 Right-of-use assets mainly relate to stores and offices. SIGNIFICANT ACCOUNTING ESTIMATES Recognition and measurement of revenue is based on es-timates and judgements relating to expected sales returns allowed to customers in most countries. These judgements can have a material impact on the timing and measurement of recognised revenue as well as the level of the refund liability. Reductions in revenue from expected sales returns are calculated based on historical return patterns and on a case-by-case basis for commercial and other reasons. ACCOUNTING POLICIES Retail sales \u2013 products Revenue from the sale of products through Pandora owned and operated stores is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the prod-uct in the store or the product is delivered from an online store. However, in some instances collection is delayed and a receivable recognised, see note 3.6 Trade receivables. A refund liability and a right-of-return asset are recog-nised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to cus-tomers are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is part of the standard terms and is there-fore recognised as a contract liability, see note 3.8 Contract assets and liabilities. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.Wholesale and third-party distributors \u2013 products Pandora manufactures and sells jewellery to wholesalers and third-party distributors. Revenue is recognised when control of the products has been transferred to the wholesaler or third-party dis-tributor. Change of control of the products occurs when they have been delivered to the wholesaler or distributor and no further obligation exists that can affect the transfer of control. Delivery has taken place when the products have been shipped to the location of the wholesaler or distributor and control of the goods has been transferred to the buyer. Revenue from the sale is recognised based on the price specified in the contract. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur. A refund liability and a right-of-return asset are recognised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns in the wholesale and distributor channels, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Provisions for rebates and discounts granted to wholesalers and franchisees are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is recognised on a gross basis in the income statement as both a reduction in revenue and a decrease in cost of goods sold. This is due to the handling of warranty claims, which leads to replacements instead of repairs. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.When control has been transferred, a receivable is rec-ognised as the consideration to be paid is conditional only on the passage of time. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months.Loyalty programme Revenue related to the loyalty programme points value is deferred up to the time the points are used. The stand-alone selling price of loyalty points issued is calculated by multiplying the estimated redemption rate and the monetary value assigned to the loyalty points. In estimating the redemption rate, Pandora considers breakage, which repre-sents the portion of points issued that will never be redeemed.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-3": { "value": " NOTE 2.1 SEGMENT AND REVENUE INFORMATIONPandora\u2019s activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes Moments incl. Collabs, while the other, Style, covers newer collections and innovations.The two operating segments include all channels relating to the distribution and sale of Pandora products. Management monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. INCOME STATEMENT BY SEGMENTS MomentsDKK millionincl. Collabs Style Group2022Revenue 19,192 7,272 26,463Cost of sales -4,688 -1,586 -6,273Gross profit 14,504 5,686 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%2021Revenue 16,610 6,784 23,394Cost of sales -4,106 -1,485 -5,590Gross profit 12,504 5,300 17,803Operating expenses -11,965Consolidated operating profit (EBIT) 5,839Profit margin (EBIT margin) 25.0%Non-unit driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.REVENUE BY SEGMENTSGEOGRAPHIC INFORMATION, REVENUEDKK million 2022 2021DKK million 2022 2021Moments incl. Collabs 19,192 16,610US 7,907 7,026- Moments 16,578 14,699China 737 1,126- Collabs 2,614 1,911UK 3,802 3,314Style 7,272 6,784Italy 2,580 2,443- Timeless 4,362 4,091Australia 1,271 1.131- Signature 1,883 1,990France 1,190 1,122- ME 815 656Germany 1,307 1,191- Diamonds by Pandora 213 48Denmark 28 32Total revenue 26,463 23,394Rest of world 7,641 6,009Total revenue 26,463 23,394Goods transferred at a point in time 26,386 23,321Services transferred over time 77 73Total revenue 26,463 23,394GEOGRAPHIC INFORMATION, ASSETSDKK million 2022 2021US 2,073 1,754The use of sales channels for the distribution of Pandora Australia 450 453jewellery depends on the underlying market maturity and Germany 602 602varies within markets but is consistent when viewed between Denmark 2,117 1,983segments.Thailand 495 516Rest of world 1,832 1,785REVENUE BY SALES CHANNEL1DKK million 2022 2021Total intangible assets7,568 7,094Pandora physical stores 13,503 9,945Property, plant and equipment22,226 1,816Pandora online stores 5,612 5,977Right-of-use assets32,978 2,532Wholesale and third-party distribution 7,349 7,472Deferred tax assets 1,261 891Total revenue 26,463 23,394Other non-current financial assets 249 222Current assets 7,731 5,988Total consolidated assets 22,013 18,5421 The allocation of intangible assets in the table above reflects the country in which the assets were acquired, including goodwill, in the functional currency in which it is denominated. This is different from the presentation in note 3.1 Intangible assets, where goodwill is allocated in accordance with management reporting and moni-toring.2 The crafting facilities in Thailand accounted for DKK 1,045 million (2021: DKK 1,025 million), corresponding to 46.9% of property, plant and equipment (2021: 56.4%).3 Right-of-use assets mainly relate to stores and offices. SIGNIFICANT ACCOUNTING ESTIMATES Recognition and measurement of revenue is based on es-timates and judgements relating to expected sales returns allowed to customers in most countries. These judgements can have a material impact on the timing and measurement of recognised revenue as well as the level of the refund liability. Reductions in revenue from expected sales returns are calculated based on historical return patterns and on a case-by-case basis for commercial and other reasons. ACCOUNTING POLICIES Retail sales \u2013 products Revenue from the sale of products through Pandora owned and operated stores is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the prod-uct in the store or the product is delivered from an online store. However, in some instances collection is delayed and a receivable recognised, see note 3.6 Trade receivables. A refund liability and a right-of-return asset are recog-nised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to cus-tomers are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is part of the standard terms and is there-fore recognised as a contract liability, see note 3.8 Contract assets and liabilities. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.Wholesale and third-party distributors \u2013 products Pandora manufactures and sells jewellery to wholesalers and third-party distributors. Revenue is recognised when control of the products has been transferred to the wholesaler or third-party dis-tributor. Change of control of the products occurs when they have been delivered to the wholesaler or distributor and no further obligation exists that can affect the transfer of control. Delivery has taken place when the products have been shipped to the location of the wholesaler or distributor and control of the goods has been transferred to the buyer. Revenue from the sale is recognised based on the price specified in the contract. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur. A refund liability and a right-of-return asset are recognised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns in the wholesale and distributor channels, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Provisions for rebates and discounts granted to wholesalers and franchisees are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is recognised on a gross basis in the income statement as both a reduction in revenue and a decrease in cost of goods sold. This is due to the handling of warranty claims, which leads to replacements instead of repairs. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.When control has been transferred, a receivable is rec-ognised as the consideration to be paid is conditional only on the passage of time. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months.Loyalty programme Revenue related to the loyalty programme points value is deferred up to the time the points are used. The stand-alone selling price of loyalty points issued is calculated by multiplying the estimated redemption rate and the monetary value assigned to the loyalty points. In estimating the redemption rate, Pandora considers breakage, which repre-sents the portion of points issued that will never be redeemed.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-4": { "value": " NOTE 2.1 SEGMENT AND REVENUE INFORMATIONPandora\u2019s activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes Moments incl. Collabs, while the other, Style, covers newer collections and innovations.The two operating segments include all channels relating to the distribution and sale of Pandora products. Management monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. INCOME STATEMENT BY SEGMENTS MomentsDKK millionincl. Collabs Style Group2022Revenue 19,192 7,272 26,463Cost of sales -4,688 -1,586 -6,273Gross profit 14,504 5,686 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%2021Revenue 16,610 6,784 23,394Cost of sales -4,106 -1,485 -5,590Gross profit 12,504 5,300 17,803Operating expenses -11,965Consolidated operating profit (EBIT) 5,839Profit margin (EBIT margin) 25.0%Non-unit driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.REVENUE BY SEGMENTSGEOGRAPHIC INFORMATION, REVENUEDKK million 2022 2021DKK million 2022 2021Moments incl. Collabs 19,192 16,610US 7,907 7,026- Moments 16,578 14,699China 737 1,126- Collabs 2,614 1,911UK 3,802 3,314Style 7,272 6,784Italy 2,580 2,443- Timeless 4,362 4,091Australia 1,271 1.131- Signature 1,883 1,990France 1,190 1,122- ME 815 656Germany 1,307 1,191- Diamonds by Pandora 213 48Denmark 28 32Total revenue 26,463 23,394Rest of world 7,641 6,009Total revenue 26,463 23,394Goods transferred at a point in time 26,386 23,321Services transferred over time 77 73Total revenue 26,463 23,394GEOGRAPHIC INFORMATION, ASSETSDKK million 2022 2021US 2,073 1,754The use of sales channels for the distribution of Pandora Australia 450 453jewellery depends on the underlying market maturity and Germany 602 602varies within markets but is consistent when viewed between Denmark 2,117 1,983segments.Thailand 495 516Rest of world 1,832 1,785REVENUE BY SALES CHANNEL1DKK million 2022 2021Total intangible assets7,568 7,094Pandora physical stores 13,503 9,945Property, plant and equipment22,226 1,816Pandora online stores 5,612 5,977Right-of-use assets32,978 2,532Wholesale and third-party distribution 7,349 7,472Deferred tax assets 1,261 891Total revenue 26,463 23,394Other non-current financial assets 249 222Current assets 7,731 5,988Total consolidated assets 22,013 18,5421 The allocation of intangible assets in the table above reflects the country in which the assets were acquired, including goodwill, in the functional currency in which it is denominated. This is different from the presentation in note 3.1 Intangible assets, where goodwill is allocated in accordance with management reporting and moni-toring.2 The crafting facilities in Thailand accounted for DKK 1,045 million (2021: DKK 1,025 million), corresponding to 46.9% of property, plant and equipment (2021: 56.4%).3 Right-of-use assets mainly relate to stores and offices. SIGNIFICANT ACCOUNTING ESTIMATES Recognition and measurement of revenue is based on es-timates and judgements relating to expected sales returns allowed to customers in most countries. These judgements can have a material impact on the timing and measurement of recognised revenue as well as the level of the refund liability. Reductions in revenue from expected sales returns are calculated based on historical return patterns and on a case-by-case basis for commercial and other reasons. ACCOUNTING POLICIES Retail sales \u2013 products Revenue from the sale of products through Pandora owned and operated stores is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the prod-uct in the store or the product is delivered from an online store. However, in some instances collection is delayed and a receivable recognised, see note 3.6 Trade receivables. A refund liability and a right-of-return asset are recog-nised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to cus-tomers are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is part of the standard terms and is there-fore recognised as a contract liability, see note 3.8 Contract assets and liabilities. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.Wholesale and third-party distributors \u2013 products Pandora manufactures and sells jewellery to wholesalers and third-party distributors. Revenue is recognised when control of the products has been transferred to the wholesaler or third-party dis-tributor. Change of control of the products occurs when they have been delivered to the wholesaler or distributor and no further obligation exists that can affect the transfer of control. Delivery has taken place when the products have been shipped to the location of the wholesaler or distributor and control of the goods has been transferred to the buyer. Revenue from the sale is recognised based on the price specified in the contract. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur. A refund liability and a right-of-return asset are recognised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns in the wholesale and distributor channels, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Provisions for rebates and discounts granted to wholesalers and franchisees are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is recognised on a gross basis in the income statement as both a reduction in revenue and a decrease in cost of goods sold. This is due to the handling of warranty claims, which leads to replacements instead of repairs. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.When control has been transferred, a receivable is rec-ognised as the consideration to be paid is conditional only on the passage of time. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months.Loyalty programme Revenue related to the loyalty programme points value is deferred up to the time the points are used. The stand-alone selling price of loyalty points issued is calculated by multiplying the estimated redemption rate and the monetary value assigned to the loyalty points. In estimating the redemption rate, Pandora considers breakage, which repre-sents the portion of points issued that will never be redeemed.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-6": { "value": "Pandora\u2019s activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes Moments incl. Collabs, while the other, Style, covers newer collections and innovations.The two operating segments include all channels relating to the distribution and sale of Pandora products. Management monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-5": { "value": "INCOME STATEMENT BY SEGMENTS MomentsDKK millionincl. Collabs Style Group2022Revenue 19,192 7,272 26,463Cost of sales -4,688 -1,586 -6,273Gross profit 14,504 5,686 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%2021Revenue 16,610 6,784 23,394Cost of sales -4,106 -1,485 -5,590Gross profit 12,504 5,300 17,803Operating expenses -11,965Consolidated operating profit (EBIT) 5,839Profit margin (EBIT margin) 25.0%Non-unit driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-68-6": { "value": " ACCOUNTING POLICIES Retail sales \u2013 products Revenue from the sale of products through Pandora owned and operated stores is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the prod-uct in the store or the product is delivered from an online store. However, in some instances collection is delayed and a receivable recognised, see note 3.6 Trade receivables. A refund liability and a right-of-return asset are recog-nised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to cus-tomers are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is part of the standard terms and is there-fore recognised as a contract liability, see note 3.8 Contract assets and liabilities. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.Wholesale and third-party distributors \u2013 products Pandora manufactures and sells jewellery to wholesalers and third-party distributors. Revenue is recognised when control of the products has been transferred to the wholesaler or third-party dis-tributor. Change of control of the products occurs when they have been delivered to the wholesaler or distributor and no further obligation exists that can affect the transfer of control. Delivery has taken place when the products have been shipped to the location of the wholesaler or distributor and control of the goods has been transferred to the buyer. Revenue from the sale is recognised based on the price specified in the contract. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur. A refund liability and a right-of-return asset are recognised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns in the wholesale and distributor channels, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Provisions for rebates and discounts granted to wholesalers and franchisees are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is recognised on a gross basis in the income statement as both a reduction in revenue and a decrease in cost of goods sold. This is due to the handling of warranty claims, which leads to replacements instead of repairs. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.When control has been transferred, a receivable is rec-ognised as the consideration to be paid is conditional only on the passage of time. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months.Loyalty programme Revenue related to the loyalty programme points value is deferred up to the time the points are used. The stand-alone selling price of loyalty points issued is calculated by multiplying the estimated redemption rate and the monetary value assigned to the loyalty points. In estimating the redemption rate, Pandora considers breakage, which repre-sents the portion of points issued that will never be redeemed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-68-7": { "value": " ACCOUNTING POLICIES Retail sales \u2013 products Revenue from the sale of products through Pandora owned and operated stores is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the prod-uct in the store or the product is delivered from an online store. However, in some instances collection is delayed and a receivable recognised, see note 3.6 Trade receivables. A refund liability and a right-of-return asset are recog-nised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to cus-tomers are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is part of the standard terms and is there-fore recognised as a contract liability, see note 3.8 Contract assets and liabilities. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.Wholesale and third-party distributors \u2013 products Pandora manufactures and sells jewellery to wholesalers and third-party distributors. Revenue is recognised when control of the products has been transferred to the wholesaler or third-party dis-tributor. Change of control of the products occurs when they have been delivered to the wholesaler or distributor and no further obligation exists that can affect the transfer of control. Delivery has taken place when the products have been shipped to the location of the wholesaler or distributor and control of the goods has been transferred to the buyer. Revenue from the sale is recognised based on the price specified in the contract. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur. A refund liability and a right-of-return asset are recognised for products expected to be returned, see note 3.8 Contract assets and liabilities. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns in the wholesale and distributor channels, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Provisions for rebates and discounts granted to wholesalers and franchisees are recognised as a reduction in revenue.The Group\u2019s obligation to repair or replace faulty products is recognised on a gross basis in the income statement as both a reduction in revenue and a decrease in cost of goods sold. This is due to the handling of warranty claims, which leads to replacements instead of repairs. Revenue is further measured excluding sales taxes and duties when these are passed on to customers. Sales taxes and duties incurred on sales that are not recoverable from the local taxation authorities are reported gross as part of revenue and cost of sales.When control has been transferred, a receivable is rec-ognised as the consideration to be paid is conditional only on the passage of time. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months.Loyalty programme Revenue related to the loyalty programme points value is deferred up to the time the points are used. The stand-alone selling price of loyalty points issued is calculated by multiplying the estimated redemption rate and the monetary value assigned to the loyalty points. In estimating the redemption rate, Pandora considers breakage, which repre-sents the portion of points issued that will never be redeemed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-71-2": { "value": " NOTE 2.2 GOVERNMENT GRANTSPandora did not receive any significant government subsidies in 2022 as a result of the pandemic (2021: DKK 152 million). The majority of the subsidies received in 2021 were related to employee retention and facility cost and included the gov-ernment programmes \u201cCoronavirus Job Retention Scheme\u201d and \u201cBusiness Rates Relief\u201d in the UK, \u201cUnemployment Ben-efits\u201d and \u201cTax Credit Rental\u201d in Italy, and \u201cShort-Time Work Subsidy\u201d in Germany. There are no unfulfilled conditions or other contingencies attached to the subsidies recognised. During the pandemic, Pandora retained all staff, including store staff while stores were closed. The government subsi-dies partially funded the associated cost, and related mainly to sales and distribution. ACCOUNTING POLICIES Government grants are recognised where there is rea-sonable assurance that the grant will be received and all attached conditions complied with.Income from government subsidies as a result of the pan-demic has been recognised as a deduction in the expense item the subsidies were intended to compensate.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-72-4": { "value": " ACCOUNTING POLICIES Government grants are recognised where there is rea-sonable assurance that the grant will be received and all attached conditions complied with.Income from government subsidies as a result of the pan-demic has been recognised as a deduction in the expense item the subsidies were intended to compensate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-2": { "value": " NOTE 2.3 STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employ-ees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2022, these obligations amounted to DKK 80 million (2021: DKK 81 million). In 2022, the actuarial gain was DKK 12 million (2021: gain of DKK 10 million) recognised in other comprehensive income. ACCOUNTING POLICIES Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recog-nised in the financial year in which services are rendered by employees of Pandora. Whenever Pandora provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.Termination benefits are recognised at the time an agree-ment between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.DKK million 2022 2021Wages and salaries 4,883 4,041Pensions 208 177Share-based payments 87 166Social security costs 341 256Other staff costs 545 395Total staff costs 6,064 5,034Staff costs have been recognised in the consolidated income statement:Cost of sales 1,177 1,063Sales, distribution and marketing expenses 3,777 3,010Administrative expenses 1,109 961Total staff costs 6,064 5,034Average number of full-time employees during the year 26,986 22,441DKK million Base pay Bonus Shares Benefits Other Total2022Total remuneration to Executive 17.1 16.2 23.2 2.6 - 59.0Management2021Total remuneration to Executive 16.2 16.6 26.6 2.4 - 61.9ManagementThe 2021 remuneration includes the DKK 1.2 million cost of shares related to the former Exec-utive Management.DKK million 2022 2021Total remuneration to Board of Directors 8.1 7.9Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2022 amounted to DKK 0.9 million (2021: DKK 0.4 million). For further details, see our Remuneration Report. NOTE 2.4SHARE-BASED PAYMENTSDecisions to grant share-based incentive programmes are made by the Board of Directors in accordance with general guidelines on incentive pay for Pandora.The total cost related to share-based payments was DKK 87 million (2021: net cost of DKK 166 million). The programmes for 2021 and 2020 were recorded at the maximum level as the maximum performance is expected to be met, while the programme for 2022 was recorded at target. The cost of share-based payments is included in staff costs. In the remaining vesting periods, an amount of DKK 87 million (2021: DKK 174 million) is expected to be recognised in respect of the current programmes. The weighted average remaining contractual life of the shares at the end of the period was 1.3 years (2021: 1.5 years).For shares exercised in 2022, the average share price at the time of exercise was DKK 692.Long-term incentive programmesPandora is launching annual incentive programmes targeting Executive Management and other employees. The calculat-ed value of each programme is recognised over the vesting period (three years) based on the likelihood that programme targets will be met. For Executive Management, a further two-year holding period applies.Vesting of the performance shares granted in 2022 is subject to achievement of Pandora\u2019s earnings per share (EPS) for the financial year 2024 and on the achievement of sustainability targets which will be assessed against objectives based on Pandora\u2019s internal projections. As financial KPIs are commer-cially sensitive, Pandora\u2019s practice is to communicate these after the end of the performance period. For further details, see our Remuneration Report. Assumptions on fair value of sharesThe volatility of the shares is based on the historical volatility of the price of Pandora A/S shares. The risk-free interest rate is based on a Danish government bond with similar maturity. The dividend yield applied is equal to 2.5% for the 2022 pro-gramme and is based on the assumed future dividend over the vesting period and the share price on the date of the grant. Actual paid dividends may differ from the assumptions applied in the valuation of the market value. Given that the exercise price for one performance share equals up to 1% of the market price of one share at grant date, the fair value almost equals the market value of one share at grant date. The assumptions therefore have very limited impact on the estimated fair value of the performance shares granted.Average exercise price per Executive Other performance SHARES OUTSTANDINGManagementemployeesTotal share, DKK2022Shares outstanding at 1 January 279,306 869,598 1,148,904 0.9Shares granted during the year 42,106 214,252 256,358 -Shares exercised during the year - -252,971 -252,971 2.6Shares lapsed during the year - -80,830 -80,830 -Shares outstanding at 31 December 321,412 750,049 1,071,461 0.32021Shares outstanding at 1 January 229,018 707,613 936,631 1.1Shares granted during the year 50,288 205,415 255,703 -Shares exercised during the year - -4,754 -4,754 -Shares lapsed during the year - -38,676 -38,676 0.8Shares outstanding at 31 December 279,306 869,598 1,148,904 0.9Maximum Accumulated Remaining Shares 31 market value cost value to be NUMBER OF SHARES IN Vesting December at launchrecognised expensed PANDORA A/Sdate2022(DKK million)(DKK million)(DKK million)Programme start date1,2November 2018 2021 7,865 2 2 - 1,2March 2019 2022 105,662 27 16 - 3July 2020 2023 373,711 152 133 - 2July 2020 2023 115,491 36 36 - 3April 2021 2024 172,760 154 70 312April 2021 2024 50,288 26 17 93April 2022 2025 203,578 130 18 392April 2022 2025 42,106 26 4 9Total number of shares outstanding 1,071,461 552 296 871 Although technically structured as options for legacy Danish tax treatment reasons, the awards have the characteristics of Performance Share Units because the option exercise price is 1% of the share price.2 Programme related to Executive Management, where a two-year holding period applies.3 Programme related to other employees. ACCOUNTING POLICIES Selected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (\u201cequity-settled transactions\u201d).Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the grant date. The calculated fair values are based on either the Black-Scholes model or the Monte Carlo model according to the performance conditions of each programme. The cost of equity-settled transactions is recognised as staff costs together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled.The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and management\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or income for a period represents the movement in cumulative expenses recognised at the beginning and end of that period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-3": { "value": " NOTE 2.3 STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employ-ees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2022, these obligations amounted to DKK 80 million (2021: DKK 81 million). In 2022, the actuarial gain was DKK 12 million (2021: gain of DKK 10 million) recognised in other comprehensive income. ACCOUNTING POLICIES Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recog-nised in the financial year in which services are rendered by employees of Pandora. Whenever Pandora provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.Termination benefits are recognised at the time an agree-ment between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.DKK million 2022 2021Wages and salaries 4,883 4,041Pensions 208 177Share-based payments 87 166Social security costs 341 256Other staff costs 545 395Total staff costs 6,064 5,034Staff costs have been recognised in the consolidated income statement:Cost of sales 1,177 1,063Sales, distribution and marketing expenses 3,777 3,010Administrative expenses 1,109 961Total staff costs 6,064 5,034Average number of full-time employees during the year 26,986 22,441DKK million Base pay Bonus Shares Benefits Other Total2022Total remuneration to Executive 17.1 16.2 23.2 2.6 - 59.0Management2021Total remuneration to Executive 16.2 16.6 26.6 2.4 - 61.9ManagementThe 2021 remuneration includes the DKK 1.2 million cost of shares related to the former Exec-utive Management.DKK million 2022 2021Total remuneration to Board of Directors 8.1 7.9Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2022 amounted to DKK 0.9 million (2021: DKK 0.4 million). For further details, see our Remuneration Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-4": { "value": " NOTE 2.3 STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employ-ees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2022, these obligations amounted to DKK 80 million (2021: DKK 81 million). In 2022, the actuarial gain was DKK 12 million (2021: gain of DKK 10 million) recognised in other comprehensive income. ACCOUNTING POLICIES Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recog-nised in the financial year in which services are rendered by employees of Pandora. Whenever Pandora provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.Termination benefits are recognised at the time an agree-ment between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.DKK million 2022 2021Wages and salaries 4,883 4,041Pensions 208 177Share-based payments 87 166Social security costs 341 256Other staff costs 545 395Total staff costs 6,064 5,034Staff costs have been recognised in the consolidated income statement:Cost of sales 1,177 1,063Sales, distribution and marketing expenses 3,777 3,010Administrative expenses 1,109 961Total staff costs 6,064 5,034Average number of full-time employees during the year 26,986 22,441DKK million Base pay Bonus Shares Benefits Other Total2022Total remuneration to Executive 17.1 16.2 23.2 2.6 - 59.0Management2021Total remuneration to Executive 16.2 16.6 26.6 2.4 - 61.9ManagementThe 2021 remuneration includes the DKK 1.2 million cost of shares related to the former Exec-utive Management.DKK million 2022 2021Total remuneration to Board of Directors 8.1 7.9Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2022 amounted to DKK 0.9 million (2021: DKK 0.4 million). For further details, see our Remuneration Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-5": { "value": "DKK million 2022 2021Wages and salaries 4,883 4,041Pensions 208 177Share-based payments 87 166Social security costs 341 256Other staff costs 545 395Total staff costs 6,064 5,034Staff costs have been recognised in the consolidated income statement:Cost of sales 1,177 1,063Sales, distribution and marketing expenses 3,777 3,010Administrative expenses 1,109 961Total staff costs 6,064 5,034Average number of full-time employees during the year 26,986 22,441DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337DKK million 2022 2021Depreciation has been recognised in the income statement as follows: Cost of sales 167 176Sales, distribution and marketing expenses 359 364Administrative expenses 37 42Total 563 582", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-6": { "value": "DKK million 2022 2021Wages and salaries 4,883 4,041Pensions 208 177Share-based payments 87 166Social security costs 341 256Other staff costs 545 395Total staff costs 6,064 5,034Staff costs have been recognised in the consolidated income statement:Cost of sales 1,177 1,063Sales, distribution and marketing expenses 3,777 3,010Administrative expenses 1,109 961Total staff costs 6,064 5,034Average number of full-time employees during the year 26,986 22,441DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337DKK million 2022 2021Depreciation has been recognised in the income statement as follows: Cost of sales 167 176Sales, distribution and marketing expenses 359 364Administrative expenses 37 42Total 563 582", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-7": { "value": "DKK million 2022 2021Wages and salaries 4,883 4,041Pensions 208 177Share-based payments 87 166Social security costs 341 256Other staff costs 545 395Total staff costs 6,064 5,034Staff costs have been recognised in the consolidated income statement:Cost of sales 1,177 1,063Sales, distribution and marketing expenses 3,777 3,010Administrative expenses 1,109 961Total staff costs 6,064 5,034Average number of full-time employees during the year 26,986 22,441DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337DKK million 2022 2021Depreciation has been recognised in the income statement as follows: Cost of sales 167 176Sales, distribution and marketing expenses 359 364Administrative expenses 37 42Total 563 582", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-74-6": { "value": " ACCOUNTING POLICIES Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recog-nised in the financial year in which services are rendered by employees of Pandora. Whenever Pandora provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.Termination benefits are recognised at the time an agree-ment between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-74-7": { "value": " ACCOUNTING POLICIES Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recog-nised in the financial year in which services are rendered by employees of Pandora. Whenever Pandora provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.Termination benefits are recognised at the time an agree-ment between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-77-3": { "value": " NOTE 2.4SHARE-BASED PAYMENTSDecisions to grant share-based incentive programmes are made by the Board of Directors in accordance with general guidelines on incentive pay for Pandora.The total cost related to share-based payments was DKK 87 million (2021: net cost of DKK 166 million). The programmes for 2021 and 2020 were recorded at the maximum level as the maximum performance is expected to be met, while the programme for 2022 was recorded at target. The cost of share-based payments is included in staff costs. In the remaining vesting periods, an amount of DKK 87 million (2021: DKK 174 million) is expected to be recognised in respect of the current programmes. The weighted average remaining contractual life of the shares at the end of the period was 1.3 years (2021: 1.5 years).For shares exercised in 2022, the average share price at the time of exercise was DKK 692.Long-term incentive programmesPandora is launching annual incentive programmes targeting Executive Management and other employees. The calculat-ed value of each programme is recognised over the vesting period (three years) based on the likelihood that programme targets will be met. For Executive Management, a further two-year holding period applies.Vesting of the performance shares granted in 2022 is subject to achievement of Pandora\u2019s earnings per share (EPS) for the financial year 2024 and on the achievement of sustainability targets which will be assessed against objectives based on Pandora\u2019s internal projections. As financial KPIs are commer-cially sensitive, Pandora\u2019s practice is to communicate these after the end of the performance period. For further details, see our Remuneration Report. Assumptions on fair value of sharesThe volatility of the shares is based on the historical volatility of the price of Pandora A/S shares. The risk-free interest rate is based on a Danish government bond with similar maturity. The dividend yield applied is equal to 2.5% for the 2022 pro-gramme and is based on the assumed future dividend over the vesting period and the share price on the date of the grant. Actual paid dividends may differ from the assumptions applied in the valuation of the market value. Given that the exercise price for one performance share equals up to 1% of the market price of one share at grant date, the fair value almost equals the market value of one share at grant date. The assumptions therefore have very limited impact on the estimated fair value of the performance shares granted.Average exercise price per Executive Other performance SHARES OUTSTANDINGManagementemployeesTotal share, DKK2022Shares outstanding at 1 January 279,306 869,598 1,148,904 0.9Shares granted during the year 42,106 214,252 256,358 -Shares exercised during the year - -252,971 -252,971 2.6Shares lapsed during the year - -80,830 -80,830 -Shares outstanding at 31 December 321,412 750,049 1,071,461 0.32021Shares outstanding at 1 January 229,018 707,613 936,631 1.1Shares granted during the year 50,288 205,415 255,703 -Shares exercised during the year - -4,754 -4,754 -Shares lapsed during the year - -38,676 -38,676 0.8Shares outstanding at 31 December 279,306 869,598 1,148,904 0.9Maximum Accumulated Remaining Shares 31 market value cost value to be NUMBER OF SHARES IN Vesting December at launchrecognised expensed PANDORA A/Sdate2022(DKK million)(DKK million)(DKK million)Programme start date1,2November 2018 2021 7,865 2 2 - 1,2March 2019 2022 105,662 27 16 - 3July 2020 2023 373,711 152 133 - 2July 2020 2023 115,491 36 36 - 3April 2021 2024 172,760 154 70 312April 2021 2024 50,288 26 17 93April 2022 2025 203,578 130 18 392April 2022 2025 42,106 26 4 9Total number of shares outstanding 1,071,461 552 296 871 Although technically structured as options for legacy Danish tax treatment reasons, the awards have the characteristics of Performance Share Units because the option exercise price is 1% of the share price.2 Programme related to Executive Management, where a two-year holding period applies.3 Programme related to other employees. ACCOUNTING POLICIES Selected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (\u201cequity-settled transactions\u201d).Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the grant date. The calculated fair values are based on either the Black-Scholes model or the Monte Carlo model according to the performance conditions of each programme. The cost of equity-settled transactions is recognised as staff costs together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled.The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and management\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or income for a period represents the movement in cumulative expenses recognised at the beginning and end of that period.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-81-2": { "value": " NOTE 2.5 TAXATION Income taxesIncome tax expenseIncome tax expense was DKK 1.5 billion in 2022, corresponding to an effective tax rate of 23.0% (2021: DKK 1.2 billion, 22.6% for the Group). As in 2021, the effective tax rate of 23.0% was negatively impacted by paid withholding taxes on dividend and other pay-ments, non-deductible expenses and non-capitalised tax assets from limitation in deduction for marketing expenses in China and other expenses with no tax deduction. The effective tax rate was reduced as part of the investment agreement entered into with the Thai Authorities, Board of In-vestment (BOI), where a specific part of the profit is treated as non-taxable profit for an agreed period.INCOME TAX EXPENSEDKK million 2022 20211Current income tax charge for the year1,799 1,500Change in deferred tax for the year -355 -201Adjustment to current tax for prior years 58 -42Adjustment to deferred tax for prior years 2 -39Total income tax expense 1,504 1,218Deferred tax on other comprehensive income 65 -92Current income tax on other comprehensive income -88 9Total tax on other comprehensive income -23 -831 Withholding taxes are included in current income tax charge for the year.2022 2021RECONCILIATION OF EFFECTIVE (DKK (DKK TAX RATE AND TAX%million) %million)Profit before tax 6,533 5,378Corporate tax rate in Denmark, 22% 22.0% 1,437 22.0% 1,183Deviation in foreign subsidiaries\u2019 tax rates compared with the Danish rate -0.6% -41 0.3% 17Non-deductible expenses 1.3% 87 3.1% 166Tax incentives -2.4% -158 -2.9% -157Adjustment to tax for prior years 0.9% 60 -1.6% -82Non-capitalised tax assets, net 1.1% 76 0.6% 30Withholding taxes/other taxes 0.7% 43 1.1% 60Effective income tax rate/income tax expense 23.0% 1,504 22.6% 1,218 ACCOUNTING POLICIES Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehensive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the report-ing date, in the countries in which Pandora operates and generates taxable income. SIGNIFICANT ACCOUNTING ESTIMATES Pandora is subject to income tax in the countries in which the Group operates, comprising various tax rates world-wide. Significant judgements are required in determining the accrual for income taxes, deferred tax assets and liabil-ities, and provision for uncertain tax positions. Provision for uncertain tax positions is measured according to IFRIC 23.As part of Pandora conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Any unresolved disputes with local tax authorities are recognised as income tax payable/receivable based on the expected value method or the most likely amount. Man-agement believes that the provision made for uncertain tax positions is adequate. However, the actual obligation may deviate from this and is dependent on the result of litiga-tions and settlements with the relevant tax authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-80-5": { "value": " ACCOUNTING POLICIES Selected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (\u201cequity-settled transactions\u201d).Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the grant date. The calculated fair values are based on either the Black-Scholes model or the Monte Carlo model according to the performance conditions of each programme. The cost of equity-settled transactions is recognised as staff costs together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled.The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and management\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or income for a period represents the movement in cumulative expenses recognised at the beginning and end of that period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-83-4": { "value": " ACCOUNTING POLICIES Income tax expense for the year comprises current tax and changes in deferred tax, including changes in tax rate, adjustment to prior years and changes in provision for uncertain tax positions. Tax is recognised in the income statement, except to the extent that it is related to items recognised in equity or other comprehensive income. The tax rates and tax laws used to compute the amounts are those enacted or substantively enacted, by the report-ing date, in the countries in which Pandora operates and generates taxable income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-85-2": { "value": "Deferred taxAt the end of 2022, deferred tax assets amounted to DKK 1,261 million (2021: DKK 891 million) and deferred tax liabili-ties amounted to DKK 172 million (2021: DKK 113 million). Net deferred tax assets amounted to DKK 1,089 million (2021: DKK 778 million). Of the total deferred tax assets recognised, DKK 35 million (2021: DKK 23 million) related to tax loss carryforwards, the utilisation of which depends on future positive taxable income exceeding realised deferred tax liabilities. It is management\u2019s opinion that these tax loss carryforwards can be utilised. Tax assets not recognised were DKK 142 million (2021: DKK 62 million), of which DKK 66 million (2021: DKK 36 million) relate to tax loss carryforwards that are not expected to be utilised in the foreseeable future. Tax losses that can expire amount-ed to DKK 24 million (2021: DKK 18 million).No deferred tax has been recognised in respect of entities\u2019 earnings that are intended for distribution in the short term, as no material tax expense will be payable on distribution.Only insignificant latent tax liabilities remained at 31 Decem-ber 2022. These liabilities are not recognised as the Group is able to control this liability and it is considered probable that the liability will not crystallise in the foreseeable future.DEFERRED TAXDKK million 2022 2021Deferred tax at 1 January 778 396Exchange rate adjustments 6 6Recognised in the income statement 353 240Recognised in other comprehensive income -65 92Recognised in equity, share-based payments 17 44Deferred tax at 31 December 1,089 778Deferred tax assets 1,261 891Deferred tax liabilities -172 -113Deferred tax, net 1,089 778BREAKDOWN OF DEFERRED TAXDKK million 2022 2021Intangible assets -686 -633Property, plant and equipment 42 7Right-of-use assets 20 16Current assets 1,434 999Non-current assets and liabilities 244 366Tax loss carryforwards 35 23Deferred tax, net 1,089 778", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-87-2": { "value": "Our approach to taxes and taxes paidWith our significantly expanded work on sustainability, we are building this important part of the foundation for Pandora\u2019s growth journey. Our sustainability strategy is reflected in our tax approach and we aim at paying a fair tax in all markets where we operate. Pandora considers tax to play a key role for societies and an important contribution in order to reach the goals of the global sustainability agenda. Pandora is committed to ensure compliance with the letter and spirit of tax law in the markets where we operate, while striving to maximise shareholder value in a responsible way. The Group tax policy, which has been approved by the Board of Di-rectors of Pandora, is available at pandoragroup.com/investor/corporate-governance/tax-in-formation and includes more information on our approach to taxes.Pandora operates globally under a vertically integrated business model, and we own a signifi-cant part of our value chain from production to retail. Pandora\u2019s transfer pricing policy follows a so-called principal tax model, where profit follows risk and value creation throughout the value chain. While all steps of the value chain are important to Pandora, Pandora A/S is the principal value driver and also assumes the majority of business risks. Pandora allocates a profit margin, based on benchmark studies, to entities in the Group, and the residual profit (or loss) in the value chain remains with Pandora A/S. With a principal tax model, Pandora by nature has a significant number of intercompany transactions. Intercompany transactions are based on arm\u2019s length stan-dard and therefore priced on a basis consistent with the way unrelated parties would have priced such transactions. This impacts the taxes we pay in the countries in which we do business. Pandora understands the need for more trans-parency by both taxpayers and tax administrations, and the need to provide more clarity about Pandora\u2019s position on tax. In doing so we provide insight in accordance with the EU Directive to be adopted, which introduces public coun-try-by-country reporting for our key markets. The full coun-try-by-country report for all markets, including definitions, is available at pandoragroup.com/investor/corporate-gover-nance/tax-information. COUNTRY-BY-COUNTRY Total revenue Third-party Current income 1OVERVIEW FOR KEY MARKETSBusiness incl. related revenue Profit Tax tax charge Employees Accumulated 2DKK millionactivitiespartyin P&Lbefore taxpaidfor the year(FTE)earningsUK 3,988 3,802 375 44 25 1,764 415Italy 2,744 2,580 110 39 41 851 78France 1,297 1,190 49 29 18 562 103Germany 1,679 1,307 88 21 26 907 64Denmark 17,890 28 14,002 1,217 1,294 913 15,148US 17,126 7,907 212 140 56 2,022 60Australia 1,803 1,271 352 76 107 302 160China 739 737 -123 39 0 1,124 -77Thailand 6,788 - 976 64 38 14,186 425Rest of world 8,495 7,641 137 122 111 4,356 233IFRS eliminations 387 - -9,646 - 83 - -7,547Total Group - 26,463 6,533 1,790 1,799 26,987 9,0631 The country-by country overview for key markets is based on the accounting information collected for Headquarters Crafting facilities DistributionWarehousethe Pandora Group Annual Report for 2022.2 Total revenue includes third-party revenue, related party revenue, other income and financial income. ACCOUNTING POLICIES Deferred tax on all temporary differences between the carrying amounts for financial reporting purposes and the tax base of assets and liabilities is measured using the balance sheet liability method. No deferred tax is recognised on temporary differences that arise from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.The recognition of deferred tax assets includes the expected tax value of tax loss carryforwards to the extent that these tax assets can be offset against positive taxable income in the foreseeable future. The same applies to deferred tax assets related to investments in subsidiaries. Management has considered future taxable income and applied judgements to determine whether deferred tax assets should be recognised.Deferred tax assets and liabilities are measured according to current tax rules and at the tax rates expected to be effective on elimination of the temporary differences. Deferred tax assets and liabilities are offset if the Group has a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax relates to the same taxable entity and the same tax authority.In 2022, we paid corporate taxes in the amount of DKK 1,790 million (2021: DKK 832 million). The increased tax payments mainly relate to Denmark and Pandora\u2019s key markets as the profit in these markets has increased significantly. The major part of the taxes paid is attributable to Denmark and Pando-ra\u2019s key markets and the main part of the tax payments relate to the current year. Paid income taxIncome tax paid reflects the cash tax payments made in the year and relates to taxes on account for the current year as well as payments regarding prior years. For the majority of the countries, the final taxes are paid in the year following the fi-nancial year, creating a timing difference in cash tax payments.At the beginning of the year, net income tax payable by Pandora amounted to DKK 934 million. The net income tax payable decreased to DKK 913 million during the year, as shown in the bridge \u201cMovement in net tax payable\u201d. The decrease is reflected in the higher tax paid for 2022. The higher profit before tax in 2022 compared to 2021 increase the tax to be paid, which is due for payment in 2023. The difference between income tax expense in the income statement and income tax paid is explained in the bridge \u201cFrom income tax expense to tax paid\u201d. The income tax expense in the income statement for 2022 has been calcu-lated at DKK 1,504 million. The income tax expense includes taxes on other income posted on equity and adjustments to taxes for timing differences. Adding the tax payable from 2021 of DKK 934 million, we have a total tax payable of DKK 2,703 million. Of this amount DKK 913 million is due to be paid in 2023 or later, and the remaining DKK 1,790 million were settled as cash tax payments in 2022.CASH INCOME TAX PAIDDKK million 2022 2021Income tax expense in income statement -1,504 -1,218Tax on other comprehensive income 88 -9Adjustments regarding deferred taxes -353 -240Movement in income tax receivable/payable -21 635Income tax paid in the year -1,790 -832- of which relates to prior years -658 9- of which relates to current year -1,132 -841Income tax paid in the year -1,790 -832MOVEMENT IN NET TAX PAYABLE DKK million1,79958 881,790934913Net tax payable, Current income Adjustments to Income tax on Income tax paid Net tax payable, start of yeartax charge for current tax in comprehensive in the year as year-endthe yearprior yearsincomereflected in our cash flows FROM INCOME TAX EXPENSE TO TAX PAID DKK million934913353 881,7901,504Income tax Adjustments Income tax on Net tax payable, Net tax payable, Income tax paid in expense in income regarding comprehensive start of yearyear-endthe year as reflected statementdeferred taxesincomein our cash flows", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-90-4": { "value": " ACCOUNTING POLICIES Deferred tax on all temporary differences between the carrying amounts for financial reporting purposes and the tax base of assets and liabilities is measured using the balance sheet liability method. No deferred tax is recognised on temporary differences that arise from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.The recognition of deferred tax assets includes the expected tax value of tax loss carryforwards to the extent that these tax assets can be offset against positive taxable income in the foreseeable future. The same applies to deferred tax assets related to investments in subsidiaries. Management has considered future taxable income and applied judgements to determine whether deferred tax assets should be recognised.Deferred tax assets and liabilities are measured according to current tax rules and at the tax rates expected to be effective on elimination of the temporary differences. Deferred tax assets and liabilities are offset if the Group has a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax relates to the same taxable entity and the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-96-5": { "value": "Other Other intangible intangible DKK million Goodwill Brand Distribution assetsTotalDKK million Goodwill Brand Distribution assets Total20222021Cost at 1 January 4,418 1,057 1,609 2,059 9,143Cost at 1 January 4,247 1,057 1,601 1,747 8,652Acquisition of subsidiaries and activities 364 - - - 364Acquisition of subsidiaries and activities 12 - 13 - 25Additions - - - 361 361Additions - - - 300 300Disposals - - - -5 -5Disposals - - - -6 -6Exchange rate adjustments 39 - 4 19 62Exchange rate adjustments 161 - -5 18 173Cost at 31 December 4,822 1,057 1,613 2,434 9,925Cost at 31 December 4,418 1,057 1,609 2,059 9,143Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation and impairment losses at 1 January - - 491 1,218 1,708Amortisation for the year - - 33 263 297Amortisation for the year - - 33 219 2511Impairment loss for the year - - - - -Impairment loss for the year- - - 85 85Disposals - - - -4 -4Disposals - - - -5 -5Exchange rate adjustments - - 4 11 15Exchange rate adjustments - - 5 4 8Amortisation and impairment losses at 31 December - - 566 1,791 2,357Amortisation and impairment losses at 31 December - - 528 1,521 2,049Carrying amount at 31 December 4,822 1,057 1,047 642 7,568Carrying amount at 31 December 4,418 1,057 1,080 538 7,0941 The impairment loss of DKK 85 million relates to write-down of software applications. The loss is mainly recognised as sales, distribution and marketing expenses in the income statement.The majority of the intangible assets have been acquired through business combinations. GoodwillAdditions in 2022 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-95-2": { "value": " NOTE 3.1 INTANGIBLE ASSETSOther Other intangible intangible DKK million Goodwill Brand Distribution assetsTotalDKK million Goodwill Brand Distribution assets Total20222021Cost at 1 January 4,418 1,057 1,609 2,059 9,143Cost at 1 January 4,247 1,057 1,601 1,747 8,652Acquisition of subsidiaries and activities 364 - - - 364Acquisition of subsidiaries and activities 12 - 13 - 25Additions - - - 361 361Additions - - - 300 300Disposals - - - -5 -5Disposals - - - -6 -6Exchange rate adjustments 39 - 4 19 62Exchange rate adjustments 161 - -5 18 173Cost at 31 December 4,822 1,057 1,613 2,434 9,925Cost at 31 December 4,418 1,057 1,609 2,059 9,143Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation and impairment losses at 1 January - - 491 1,218 1,708Amortisation for the year - - 33 263 297Amortisation for the year - - 33 219 2511Impairment loss for the year - - - - -Impairment loss for the year- - - 85 85Disposals - - - -4 -4Disposals - - - -5 -5Exchange rate adjustments - - 4 11 15Exchange rate adjustments - - 5 4 8Amortisation and impairment losses at 31 December - - 566 1,791 2,357Amortisation and impairment losses at 31 December - - 528 1,521 2,049Carrying amount at 31 December 4,822 1,057 1,047 642 7,568Carrying amount at 31 December 4,418 1,057 1,080 538 7,0941 The impairment loss of DKK 85 million relates to write-down of software applications. The loss is mainly recognised as sales, distribution and marketing expenses in the income statement.The majority of the intangible assets have been acquired through business combinations. DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337GoodwillAdditions in 2022 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u2018Pandora\u2019 brand is the only brand of the Group that is capitalised in the consolidated financial statements. It com-prises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience related to products sold under the Pandora brand. The brand was acquired as part of the Pandora core business in 2008. Distribution Distribution includes distribution network and distribution rights. The distribution network covers Pandora\u2019s relations with its distributors. The main part of the distribution network was acquired with the Pandora core business in 2008.Distribution rights mainly relate to the distribution rights for Pandora products in North America. These were acquired with the American distributor in 2008 and the carrying amount at 31 December 2022 was DKK 1.0 billion (2021: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.ALLOCATION OF INTANGIBLE ASSETS TO CGUS DKK million Goodwill Brand Distribution 2022Moments incl. Collabs 3,505 766 758Style 1,316 291 289Total 4,822 1,057 1,0472021Moments incl. Collabs 3,204 766 783Style 1,214 291 298Total 4,418 1,057 1,080DISCOUNT RATES AND GROWTH RATES Discount rate Growth rate in IN TERMINAL PERIOD before taxterminal period2022Moments incl. Collabs 12.6% 2%Style 12.7% 2%Group 12.6% 2%2021Moments incl. Collabs 11.7% 2%Style 11.7% 2%Group 11.7% 2%Method for impairment testingIn the impairment test, the recoverable amount is compared with the carrying amount. The recoverable amount is based on a calculation of the value in use using cash flow estimates based on the budget for 2023 and a forecast for the two subsequent years. The long-term growth rate in the terminal period has been set so that it equals the expected long-term rate of inflation.All intangible assets are tested for impairment if there is any indication of impairment. Intangible assets with indefinite useful life are tested at least annually.Assumptions The calculations of the recoverable amounts of CGUs or groups of CGUs are based on the following key assumptions. Discount rates reflect the current market assessment of the risks specific to each CGU or group of CGUs. The Group discount rates have been estimated based on a weighted average cost of capital for the industry. The rates have also been adjusted to reflect the market assess-ment of any risk specific to each group of CGUs.The EBIT figures used in the impairment test are based on the budget for next year, prepared and approved by management, and a forecast for the two subsequent years.Higher inflation rates were observed in 2022, affecting the estimates for the upcoming years. Pandora expects the long-term inflation rate to stabilise and the 2% growth rate applied is thus an estimate of the expected average inflation in the terminal period. As such, no real growth has been applied to the terminal period when calculating the recoverable amounts. The EBIT margin in the budget of each group of CGUs is based on historical experience and expectations concerning: \u2022 revenue development taking into account development in network (stores, retail/wholesale share), product mix and market share; \u2022 cost of sales based on raw materials consumption affected by mix of materials (stones, gold and silver), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates.Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical expe-rience and is maintained for the remainder of the expected useful economic lives. Net working capital thus increases on a linear basis as the level of activity increases.The impairment test of the brand at Group level is based on the \"Relief from Royalty\" method.The impairment tests did not identify any need for impairment losses to be recognised. Based on sensitivity analysis, it is man-agement\u2019s opinion that no probable change in any key assump-tions would cause the carrying amounts of the two operating segments or at Group level to exceed the recoverable amounts.Even with a significant reduction in growth rate and an in-crease in discount rate, management has not identified any likely impairment. NOTE 3.5 INVENTORIESDKK million 2022 2021Raw materials and consumables 743 779Work in progress 151 148Finished goods 3,088 1,911Point-of-sale materials 229 153Total inventories at 31 December 4,211 2,991Inventory write-downs at 1 January 765 740Write-downs during the year 118 154Utilised in the year -148 -129Inventory write-downs at 31 December 735 765Write-downsInventory write-downs primarily relate to finished goods and are recognised in cost of sales, DKK 97 million (2021: DKK 141 million), and operating expenses, DKK 21 million (2021: DKK 13 million). Write-downs include mainly the cost of remelting obsolete jewellery. Remelting of goods (realised and unrealised) negatively im-pacted gross profit by DKK 63 million (2021: DKK 103 million). Production overheads Production overheads are calculated using a standard cost method, which is reviewed regularly to ensure relevant assumptions concerning capacity utilisation, lead times and other relevant factors. Net realisable valueNet realisable value is based on the estimated selling price less estimated costs of completion and distribution. Alter-natively, for inventories that are not expected to be sold, net realisable value is based on the remelt value of the reusable raw materials (primarily silver and gold). ACCOUNTING POLICIES Inventories are valued at the lower of cost and net realis-able value. Costs are accounted for on a first-in, first-out basis (FIFO). Besides raw materials, costs include labour and a proportion of production overheads based on nor-mal operating capacity, but excluding borrowing costs.Point-of-sale materials comprise purchase costs regarding equipment, displays and packaging materials etc. and are also accounted for on a FIFO basis. SIGNIFICANT ACCOUNTING ESTIMATES Estimates relating to write-downs are impacted by fore-casting accuracy in the number of obsolete products that will need to be remelted. The impact from remelt is also influenced by fluctuations in the market prices of silver and gold. Further, significant management judgements are required with regards to the calculations of internal gain on inventory when goods are sold from production entities to sales entities. NOTE 3.6 TRADE RECEIVABLES DKK million 2022 2021Receivables related to third-party distribution and wholesale 747 672Receivables related to retail revenue sales 515 337Total trade receivables at 31 December 1,262 1,009Ageing of trade receivables at 31 DecemberNot past due 1,035 850Up to 30 days 176 159Between 30 and 60 days 31 -Between 60 and 90 days 12 -Over 90 days 8 -Total past due, not impaired 227 159Total trade receivables at 31 December 1,262 1,009Development in impairment losses on trade receivablesImpairment at 1 January 86 121Additions 61 12Utilised -11 -20Unused amounts reversed -55 -30Exchange rate adjustments 2 3Impairment at 31 December 83 86Trade receivables are amounts due from the sale of goods sold to wholesalers and distribu-tors, or due from landlords, malls or e-commerce providers responsible for the collection of cash on behalf of Pandora related to retail sales. The impairment on receivables decreased by DKK 3 million for the year. Realised losses were not material and remained low.Management continues to assess credit risk in order to en-sure credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 4.4 Financial risks. In view of the low historical loss rates on receivables, ad-justing these rates to reflect current and forward-looking information on macroeconomic factors such as GDP and un-employment rates affecting the ability of customers to settle receivables will not increase the risk of losses significantly. ACCOUNTING POLICIES Trade receivables are initially recognised at the amount of consideration that is unconditional unless they contain significant financing components, and consequently rec-ognised at fair value. The Group holds trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Pandora applies the simplified approach to measure expect-ed credit losses, using a lifetime expected loss allowance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-95-3": { "value": " NOTE 3.1 INTANGIBLE ASSETSOther Other intangible intangible DKK million Goodwill Brand Distribution assetsTotalDKK million Goodwill Brand Distribution assets Total20222021Cost at 1 January 4,418 1,057 1,609 2,059 9,143Cost at 1 January 4,247 1,057 1,601 1,747 8,652Acquisition of subsidiaries and activities 364 - - - 364Acquisition of subsidiaries and activities 12 - 13 - 25Additions - - - 361 361Additions - - - 300 300Disposals - - - -5 -5Disposals - - - -6 -6Exchange rate adjustments 39 - 4 19 62Exchange rate adjustments 161 - -5 18 173Cost at 31 December 4,822 1,057 1,613 2,434 9,925Cost at 31 December 4,418 1,057 1,609 2,059 9,143Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation and impairment losses at 1 January - - 491 1,218 1,708Amortisation for the year - - 33 263 297Amortisation for the year - - 33 219 2511Impairment loss for the year - - - - -Impairment loss for the year- - - 85 85Disposals - - - -4 -4Disposals - - - -5 -5Exchange rate adjustments - - 4 11 15Exchange rate adjustments - - 5 4 8Amortisation and impairment losses at 31 December - - 566 1,791 2,357Amortisation and impairment losses at 31 December - - 528 1,521 2,049Carrying amount at 31 December 4,822 1,057 1,047 642 7,568Carrying amount at 31 December 4,418 1,057 1,080 538 7,0941 The impairment loss of DKK 85 million relates to write-down of software applications. The loss is mainly recognised as sales, distribution and marketing expenses in the income statement.The majority of the intangible assets have been acquired through business combinations. DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337GoodwillAdditions in 2022 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u2018Pandora\u2019 brand is the only brand of the Group that is capitalised in the consolidated financial statements. It com-prises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience related to products sold under the Pandora brand. The brand was acquired as part of the Pandora core business in 2008. Distribution Distribution includes distribution network and distribution rights. The distribution network covers Pandora\u2019s relations with its distributors. The main part of the distribution network was acquired with the Pandora core business in 2008.Distribution rights mainly relate to the distribution rights for Pandora products in North America. These were acquired with the American distributor in 2008 and the carrying amount at 31 December 2022 was DKK 1.0 billion (2021: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.ALLOCATION OF INTANGIBLE ASSETS TO CGUS DKK million Goodwill Brand Distribution 2022Moments incl. Collabs 3,505 766 758Style 1,316 291 289Total 4,822 1,057 1,0472021Moments incl. Collabs 3,204 766 783Style 1,214 291 298Total 4,418 1,057 1,080DISCOUNT RATES AND GROWTH RATES Discount rate Growth rate in IN TERMINAL PERIOD before taxterminal period2022Moments incl. Collabs 12.6% 2%Style 12.7% 2%Group 12.6% 2%2021Moments incl. Collabs 11.7% 2%Style 11.7% 2%Group 11.7% 2%Method for impairment testingIn the impairment test, the recoverable amount is compared with the carrying amount. The recoverable amount is based on a calculation of the value in use using cash flow estimates based on the budget for 2023 and a forecast for the two subsequent years. The long-term growth rate in the terminal period has been set so that it equals the expected long-term rate of inflation.All intangible assets are tested for impairment if there is any indication of impairment. Intangible assets with indefinite useful life are tested at least annually.Assumptions The calculations of the recoverable amounts of CGUs or groups of CGUs are based on the following key assumptions. Discount rates reflect the current market assessment of the risks specific to each CGU or group of CGUs. The Group discount rates have been estimated based on a weighted average cost of capital for the industry. The rates have also been adjusted to reflect the market assess-ment of any risk specific to each group of CGUs.The EBIT figures used in the impairment test are based on the budget for next year, prepared and approved by management, and a forecast for the two subsequent years.Higher inflation rates were observed in 2022, affecting the estimates for the upcoming years. Pandora expects the long-term inflation rate to stabilise and the 2% growth rate applied is thus an estimate of the expected average inflation in the terminal period. As such, no real growth has been applied to the terminal period when calculating the recoverable amounts. The EBIT margin in the budget of each group of CGUs is based on historical experience and expectations concerning: \u2022 revenue development taking into account development in network (stores, retail/wholesale share), product mix and market share; \u2022 cost of sales based on raw materials consumption affected by mix of materials (stones, gold and silver), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates.Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical expe-rience and is maintained for the remainder of the expected useful economic lives. Net working capital thus increases on a linear basis as the level of activity increases.The impairment test of the brand at Group level is based on the \"Relief from Royalty\" method.The impairment tests did not identify any need for impairment losses to be recognised. Based on sensitivity analysis, it is man-agement\u2019s opinion that no probable change in any key assump-tions would cause the carrying amounts of the two operating segments or at Group level to exceed the recoverable amounts.Even with a significant reduction in growth rate and an in-crease in discount rate, management has not identified any likely impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-95-4": { "value": " NOTE 3.1 INTANGIBLE ASSETSOther Other intangible intangible DKK million Goodwill Brand Distribution assetsTotalDKK million Goodwill Brand Distribution assets Total20222021Cost at 1 January 4,418 1,057 1,609 2,059 9,143Cost at 1 January 4,247 1,057 1,601 1,747 8,652Acquisition of subsidiaries and activities 364 - - - 364Acquisition of subsidiaries and activities 12 - 13 - 25Additions - - - 361 361Additions - - - 300 300Disposals - - - -5 -5Disposals - - - -6 -6Exchange rate adjustments 39 - 4 19 62Exchange rate adjustments 161 - -5 18 173Cost at 31 December 4,822 1,057 1,613 2,434 9,925Cost at 31 December 4,418 1,057 1,609 2,059 9,143Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation and impairment losses at 1 January - - 491 1,218 1,708Amortisation for the year - - 33 263 297Amortisation for the year - - 33 219 2511Impairment loss for the year - - - - -Impairment loss for the year- - - 85 85Disposals - - - -4 -4Disposals - - - -5 -5Exchange rate adjustments - - 4 11 15Exchange rate adjustments - - 5 4 8Amortisation and impairment losses at 31 December - - 566 1,791 2,357Amortisation and impairment losses at 31 December - - 528 1,521 2,049Carrying amount at 31 December 4,822 1,057 1,047 642 7,568Carrying amount at 31 December 4,418 1,057 1,080 538 7,0941 The impairment loss of DKK 85 million relates to write-down of software applications. The loss is mainly recognised as sales, distribution and marketing expenses in the income statement.The majority of the intangible assets have been acquired through business combinations. DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337GoodwillAdditions in 2022 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u2018Pandora\u2019 brand is the only brand of the Group that is capitalised in the consolidated financial statements. It com-prises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience related to products sold under the Pandora brand. The brand was acquired as part of the Pandora core business in 2008. Distribution Distribution includes distribution network and distribution rights. The distribution network covers Pandora\u2019s relations with its distributors. The main part of the distribution network was acquired with the Pandora core business in 2008.Distribution rights mainly relate to the distribution rights for Pandora products in North America. These were acquired with the American distributor in 2008 and the carrying amount at 31 December 2022 was DKK 1.0 billion (2021: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.ALLOCATION OF INTANGIBLE ASSETS TO CGUS DKK million Goodwill Brand Distribution 2022Moments incl. Collabs 3,505 766 758Style 1,316 291 289Total 4,822 1,057 1,0472021Moments incl. Collabs 3,204 766 783Style 1,214 291 298Total 4,418 1,057 1,080DISCOUNT RATES AND GROWTH RATES Discount rate Growth rate in IN TERMINAL PERIOD before taxterminal period2022Moments incl. Collabs 12.6% 2%Style 12.7% 2%Group 12.6% 2%2021Moments incl. Collabs 11.7% 2%Style 11.7% 2%Group 11.7% 2%Method for impairment testingIn the impairment test, the recoverable amount is compared with the carrying amount. The recoverable amount is based on a calculation of the value in use using cash flow estimates based on the budget for 2023 and a forecast for the two subsequent years. The long-term growth rate in the terminal period has been set so that it equals the expected long-term rate of inflation.All intangible assets are tested for impairment if there is any indication of impairment. Intangible assets with indefinite useful life are tested at least annually.Assumptions The calculations of the recoverable amounts of CGUs or groups of CGUs are based on the following key assumptions. Discount rates reflect the current market assessment of the risks specific to each CGU or group of CGUs. The Group discount rates have been estimated based on a weighted average cost of capital for the industry. The rates have also been adjusted to reflect the market assess-ment of any risk specific to each group of CGUs.The EBIT figures used in the impairment test are based on the budget for next year, prepared and approved by management, and a forecast for the two subsequent years.Higher inflation rates were observed in 2022, affecting the estimates for the upcoming years. Pandora expects the long-term inflation rate to stabilise and the 2% growth rate applied is thus an estimate of the expected average inflation in the terminal period. As such, no real growth has been applied to the terminal period when calculating the recoverable amounts. The EBIT margin in the budget of each group of CGUs is based on historical experience and expectations concerning: \u2022 revenue development taking into account development in network (stores, retail/wholesale share), product mix and market share; \u2022 cost of sales based on raw materials consumption affected by mix of materials (stones, gold and silver), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates.Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical expe-rience and is maintained for the remainder of the expected useful economic lives. Net working capital thus increases on a linear basis as the level of activity increases.The impairment test of the brand at Group level is based on the \"Relief from Royalty\" method.The impairment tests did not identify any need for impairment losses to be recognised. Based on sensitivity analysis, it is man-agement\u2019s opinion that no probable change in any key assump-tions would cause the carrying amounts of the two operating segments or at Group level to exceed the recoverable amounts.Even with a significant reduction in growth rate and an in-crease in discount rate, management has not identified any likely impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-97-8": { "value": "DKK million 2022 2021Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 46 46Sales, distribution and marketing expenses 107 146Administrative expenses 143 144Total 297 337DKK million 2022 2021Depreciation has been recognised in the income statement as follows: Cost of sales 167 176Sales, distribution and marketing expenses 359 364Administrative expenses 37 42Total 563 582", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-6": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation. ACCOUNTING POLICIES Business combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acqui-sition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree.For each business combination, the acquirer measures the non-controlling interests in the acquiree either at fair val-ue or at the proportionate share of the acquiree\u2019s identi-fiable net assets. Acquisition costs incurred are expensed. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses.As goodwill is reported and managed internally at Group level, goodwill acquired should also be allocated to the Group. However, goodwill acquired is allocated to the grouped CGUs in the two operating segments for impair-ment testing purposes due to the constraint in IAS 36.If any part of the cost of an acquisition is contingent on future events or performance, the cost is recognised at fair value at the time of acquisition. Changes to the fair value of the contingent payment are recognised in net financials in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-7": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation. ACCOUNTING POLICIES Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life according to the table below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-8": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation. ACCOUNTING POLICIES Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life according to the table below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-9": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-10": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-11": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-12": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-13": { "value": " ACCOUNTING POLICIES Goodwill Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities acquired. Goodwill comprises future growth expectations, buyer-specif-ic synergies, the workforce in place and know-how. Subsequent to initial recogni-tion, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indica-tion arises. Impairment losses charged in previous years cannot be reversed. Brand Brand is initially recognised at cost based on the \u201cRelief from Royalty\u201d method, which is considered to have an indefinite useful life and is impairment tested annually.Distribution The distribution network is initially recognised at fair value based on an estimation of the costs the entity avoids by owning the intangible assets and therefore the entity does not need to rebuild the network (the cost approach). The distribution network is amortised over an expected useful life of 15 years. The distribution rights for Pandora products in the North American market are measured based on a residual model, since the distribution agreement underlying the distribution rights is non- terminable. Consequently, the distribution rights are considered to have an indefinite useful life. Other acquired distribution rights are initially recognised at cost based on the \u201cMul-ti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assets Software is initially recognised at cost and amortised over 2-5 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that IAS 38 criteria are met and amortised over the contract period.Amortisation is allocated to segments on a pro rata basis based on the standard cost per segment.Impairment At each reporting date, Pandora assesses whether there is any indication that an asset may be impaired. If any such indication exists, or when annual impairment testing of an asset is re-quired, Pandora estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the fair value of the asset or cash-generating unit (CGU) less costs to sell and its value in use. The recoverable amount is determined for the smallest group of assets that is independent from other assets or groups of assets. Where the carrying amount of an asset or CGU ex-ceeds its recoverable amount, the asset is written down to its recoverable amount.In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In deter-mining fair value less costs to sell, an appropriate valuation model is used.The most significant factors when assessing the potential need for impairment are:\u2014 decreasing revenue; \u2014 increasing production cost; \u2014 decreasing brand value; \u2014 changes to the product mix.The indicators above should be viewed in the context of Pandora\u2019s relatively high margins and low asset base.The brand is applied and supported globally in all of the Group\u2019s entities. The brand is maintained and preserved through common strategy and product development at Group level and marketing in the individual sales entities. The brand is conse-quently tested for impairment at Group level.Like the brand described above, goodwill is reported and managed internally at Group level. Due to the constraint in IAS 36, goodwill is allocated to the grouped CGUs in the two operating segments for impairment testing purposes. It is manage-ment\u2019s opinion that this best reflects Pandora\u2019s value creation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-107-2": { "value": "Land and Plant and Assets under DKK million buildings equipment constructionTotal 2022Cost at 1 January 1,193 3,582 91 4,866Acquisition of subsidiaries and activities - 32 - 32Additions 55 211 663 929Disposals -15 -350 - -365Transfers 43 425 -468 -Exchange rate adjustments 26 39 3 68Cost at 31 December 1,302 3,937 289 5,529Depreciation and impairment losses at 1 January 366 2,684 - 3,050Depreciation for the year 89 474 - 563Disposals -14 -341 - -355Exchange rate adjustments 8 37 - 45Depreciation and impairment losses at 31 December 449 2,854 - 3,303Carrying amount at 31 December 853 1,083 289 2,2262021Cost at 1 January 1,238 3,461 44 4,742Acquisition of subsidiaries and activities - - 11 11Additions 11 129 199 339Disposals -40 -249 - -289Transfers 14 150 -164 -Exchange rate adjustments -30 91 2 64Cost at 31 December 1,193 3,582 91 4,866Depreciation and impairment losses at 1 January 323 2,366 - 2,689Depreciation for the year 90 492 - 582Disposals -38 -242 - -280Exchange rate adjustments -8 68 - 59Depreciation and impairment losses at 31 December 366 2,684 - 3,050Carrying amount at 31 December 827 898 91 1,816DKK million 2022 2021Depreciation has been recognised in the income statement as follows: Cost of sales 167 176Sales, distribution and marketing expenses 359 364Administrative expenses 37 42Total 563 582 ACCOUNTING POLICIES Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life according to the table below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-109-6": { "value": " ACCOUNTING POLICIES Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life according to the table below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-110-2": { "value": " NOTE 3.3LEASESPandora leases stores, various offices, office equipment and cars. Amounts recognised in the balance sheet:RIGHT-OF-USE ASSETSDKK million 2022 2021Property 2,960 2,507IT 2 3Cars 11 14Other 5 8Total right-of-use assets 2,978 2,532Additions of right-of-use assets were DKK 1,717 million in 2022 (2021: DKK 690 million).LEASE LIABILITIESDKK million 2022 2021Non-current 2,113 1,724Current 950 886Total lease liabilities 3,063 2,610Lease liabilities are recognised in loans and borrowings.Amounts recognised in the income statement:RECOGNISED DEPRECIATION AND IMPAIRMENT LOSSES ON RIGHT-OF-USE ASSETS CHARGED TO THE INCOME STATEMENT DKK million 2022 2021Property 1,098 1,066IT 1 1Cars 11 9Other 4 4Total depreciation and impairment losses on right-of-use assets for the period 1,114 1,081The vast majority of depreciation relates to leased stores and is presented in the sales, distribution and marketing expenses.Costs recognised in the period for short-term and low-value leases were DKK 60 million (2021: DKK 39 million). Expenses are recognised on a straight-line basis.OTHER ITEMS RELATING TO LEASESDKK million 2022 2021Interest expense 162 99Total interest for the period 162 99Due to the pandemic, Pandora received rent concessions from landlords in 2021 amounting to DKK 56 million, which was recognised under sales and distribution expenses in the income statement in 2021. The impacts in 2022 were insignificant due to limited COVID-19 closures.Total cash outflows for the year relating to leases was DKK 1,702 million (2021: DKK 1,377 mil-lion), comprising fixed lease payments in scope of IFRS 16 of DKK 1,068 million (2021: DKK 991 million), variable lease payments of DKK 412 million (2021: DKK 248 million), interest paid of DKK 162 million (2021: DKK 99 million), and short-term and low-value leases of DKK 60 million (2021: DKK 39 million). Many of the Group\u2019s property leases contain variable payment terms that are linked to the volume of sales made from leased stores according to normal market practice. In 2022, around 24% (2021: 18%) of the lease payments recognised in the in-come statement were variable rent. Pandora has estimated that a 1% increase in annual physical store revenue would conse-quently result in a 0.5% (2021: 0.5%) increase in lease payments. The average standard store leases are three to five years with a three to five-year option to extend in approximately 21% (2021: 18%) of current leases, typically with one or more termi-nation options. Approximately 25% of current leases were up for renegotiation in 2022. The estimated value of lease options that Pandora is not reasonably certain of executing, is around DKK 0.3 billion (2021: DKK 0.4 billion). SIGNIFICANT ACCOUNTING ESTIMATES When assessing the lifetime of leases, Pandora considers the non-cancellable lease term and options to extend or terminate the lease where Pandora is reasonably certain to extend or not to terminate. Leases in Pandora mainly comprise stores, office buildings, cars, IT and other office equipment. Most lease contracts for stores average three to five years with a three to five-year option to extend in approximately 21% of current leases, typically with one or more termination options. The lease term for stores has been assessed to be up to ten years, depending on loca-tion, revenue and earnings. For office buildings, the lease term is usually five to 15 years. For other assets, the life is equal to the non-cancellable lease term, and extensions are not considered for these. ACCOUNTING POLICIES Pandora applies a single recognition and measurement approach to all leases, except for short-term leases and low-value leases.Pandora recognises right-of-use assets at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, key money, less any lease incentives received. Key money is measured at cost and amortised over the term of the contract. Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. At each reporting date, Pandora assesses whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, Pandora carries out impairment testing for the relevant CGU. Pandora recognises lease liabilities at the commencement date of the lease, measured at the present value of lease payments to be made over the lease term. Lease payments include fixed payments less any lease incentives receivable. Some leases are exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease li-ability until they take effect. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms that are linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, Pandora uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, for example a change in the lease term or a change in the lease payments. Lease payments are classified in financial activities in the statement of cash flows.Pandora applies the short-term lease recognition exemption to its short-term leases. Payments related to short-term leases and leases of low-value assets continue to be recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise some IT equipment and other office equipment. In March 2021, the IASB issued COVID-19-Related Rent Con-cessions beyond 30 June 2021 - amendment to IFRS 16 Leases. The IASB extended the period of the relief for lessees arising as a direct consequence of the pandemic from 30 June 2021 to 30 June 2022. As a practical expedient, a lessee may elect not to assess whether a COVID-19 pandemic-related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVID-19 pandemic-related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification. Pandora applied the extension of the practical expedient to all contracts with rent concessions occurring as a direct consequence of the pandemic and where they meet all conditions of the practical expedient.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-114-4": { "value": " ACCOUNTING POLICIES Pandora applies a single recognition and measurement approach to all leases, except for short-term leases and low-value leases.Pandora recognises right-of-use assets at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, key money, less any lease incentives received. Key money is measured at cost and amortised over the term of the contract. Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. At each reporting date, Pandora assesses whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, Pandora carries out impairment testing for the relevant CGU. Pandora recognises lease liabilities at the commencement date of the lease, measured at the present value of lease payments to be made over the lease term. Lease payments include fixed payments less any lease incentives receivable. Some leases are exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease li-ability until they take effect. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms that are linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, Pandora uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, for example a change in the lease term or a change in the lease payments. Lease payments are classified in financial activities in the statement of cash flows.Pandora applies the short-term lease recognition exemption to its short-term leases. Payments related to short-term leases and leases of low-value assets continue to be recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise some IT equipment and other office equipment. In March 2021, the IASB issued COVID-19-Related Rent Con-cessions beyond 30 June 2021 - amendment to IFRS 16 Leases. The IASB extended the period of the relief for lessees arising as a direct consequence of the pandemic from 30 June 2021 to 30 June 2022. As a practical expedient, a lessee may elect not to assess whether a COVID-19 pandemic-related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVID-19 pandemic-related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification. Pandora applied the extension of the practical expedient to all contracts with rent concessions occurring as a direct consequence of the pandemic and where they meet all conditions of the practical expedient.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-113-2": { "value": " NOTE 3.4 BUSINESS COMBINATIONSThe contribution from the acquisitions as highlighted below includes retail revenue and net profit after the acquisition date. Lost revenue and net profit from the franchise channel have not been adjusted, thus the highlighted contributions cannot be directly linked to the income statement from a performance perspective. Acquisitions in 2022Ben BridgeIn Q1 2022, Pandora took over 37 concept stores in the US and Canada (32 concept stores in the US acquired on 3 March and five concept stores in Canada acquired on 25 February) from Ben Bridge in two business combinations. Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total purchase price for the acquisitions was DKK 291 mil-lion. Based on the purchase price allocations, goodwill was DKK 194 million. Excluding the tempo-rary drag on gross margin from inventory buybacks, the contributions to the Group\u2019s revenue and net earnings from the acquisition were DKK 445 million and DKK 186 million respectively.PanborOn 13 July 2022, Pandora took over 13 concept stores in Las Vegas from Panbor. Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total pur-chase price for the acquisitions was DKK 166 million. Based on the purchase price allocations, goodwill was DKK 95 million. Excluding the temporary drag on gross margin from inventory buy-backs, the contributions to the Group\u2019s revenue and net earnings from the acquisition were DKK 121 million and DKK 55 million respectively.PortugalOn 20 July 2022, Pandora acquired the distribution in Portugal from the previous distributor, Vis\u00e3o do Tempo. The acquisition comprised mainly inventories, non-current assets and liabilities relating to 25 concept stores and nine shop-in-shops. The total purchase price for the acquisitions was DKK 99 million. Based on the purchase price allocations, goodwill was DKK 64 million. Excluding the temporary drag on gross margin from inventory buybacks, the contributions to the Group\u2019s reve-NOTE 3.4BUSINESS COMBINATIONS (CONTINUED) nue and net earnings from the acquisition were DKK 99 million and DKK 51 million respectively.Other business combinations in 2022Pandora acquired five more concept stores in the US and Italy in 2022. The purchase price was DKK 20 million. Assets acquired mainly consisted of inventories and other assets and liabilities relating to the stores. Of the purchase price, DKK 11 million was allocated to goodwill.Total business combinations in 2022The total purchase price for the acquisitions in 2022 was DKK 577 million. Based on the purchase price allocations, goodwill was DKK 364 million. Goodwill from the acquisitions was main-ly related to the synergies from converting the stores from wholesale and distribution to Pandora owned retail. All the goodwill recognised was deductible for income tax purposes.Cost relating to the acquisitions was immaterial and has been recognised as operating expenses in the income statement.Excluding the temporary drag on gross margin from inventory buybacks, the contributions to the Group\u2019s revenue and net earnings from the acquisitions for the period 1 January to 31 December 2022 were DKK 693 million and DKK 305 million respectively. On a pro forma basis, if the acquisitions had been effective from 1 January 2022, the impact on Group revenue and net earnings for the period 1 January to 31 December 2022 would have been approximately DKK 825 million and DKK 346 million respectively.Acquisitions in 2021In 2021, Pandora took over 29 concept stores in the US in two business combinations. Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total purchase price for the acquisitions was DKK 66 million. Based on the purchase price allo-cations, goodwill was DKK 12 million. Goodwill from the acquisitions was mainly related to the synergies from converting the stores from wholesale to Pandora owned retail. Of the goodwill acquired, DKK 12 million is deductible for income tax purposes. Cost relating to the acquisitions was immaterial and is recognised as operating expenses in the income statement. The contributions to the Group\u2019s revenue and net profit from acquisitions for the period 1 January to 31 December 2021 were DKK 307 million and DKK 93 million respectively.ACQUISITIONSDKK million 2022 2021Distribution rights - 13Property, plant and equipment and right-of-use assets 159 84Inventories 195 34Assets acquired 354 131Non-current liabilities 78 50Payables 3 -Other current liabilities 61 27Liabilities assumed 141 77Total identifiable net assets acquired 213 54Goodwill arising on acquisitions 364 12Purchase consideration 577 66Cash movements on acquisitions:Deferred payment -14 -Net cash flows on acquisitions 562 66On a pro forma basis, if the acquisitions had been effective from 1 January 2021, the impact on Group revenue and net profit for the period 1 January to 31 December 2021 would have been approximately DKK 358 million and DKK 112 mil-lion respectively.Acquisitions after the reporting periodNo acquisitions to an extent of significance to Pandora took place after the reporting period. ACCOUNTING POLICIES Business combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acqui-sition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree.For each business combination, the acquirer measures the non-controlling interests in the acquiree either at fair val-ue or at the proportionate share of the acquiree\u2019s identi-fiable net assets. Acquisition costs incurred are expensed. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses.As goodwill is reported and managed internally at Group level, goodwill acquired should also be allocated to the Group. However, goodwill acquired is allocated to the grouped CGUs in the two operating segments for impair-ment testing purposes due to the constraint in IAS 36.If any part of the cost of an acquisition is contingent on future events or performance, the cost is recognised at fair value at the time of acquisition. Changes to the fair value of the contingent payment are recognised in net financials in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-119-5": { "value": " ACCOUNTING POLICIES Business combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acqui-sition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree.For each business combination, the acquirer measures the non-controlling interests in the acquiree either at fair val-ue or at the proportionate share of the acquiree\u2019s identi-fiable net assets. Acquisition costs incurred are expensed. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses.As goodwill is reported and managed internally at Group level, goodwill acquired should also be allocated to the Group. However, goodwill acquired is allocated to the grouped CGUs in the two operating segments for impair-ment testing purposes due to the constraint in IAS 36.If any part of the cost of an acquisition is contingent on future events or performance, the cost is recognised at fair value at the time of acquisition. Changes to the fair value of the contingent payment are recognised in net financials in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-124-3": { "value": " NOTE 3.6 TRADE RECEIVABLES DKK million 2022 2021Receivables related to third-party distribution and wholesale 747 672Receivables related to retail revenue sales 515 337Total trade receivables at 31 December 1,262 1,009Ageing of trade receivables at 31 DecemberNot past due 1,035 850Up to 30 days 176 159Between 30 and 60 days 31 -Between 60 and 90 days 12 -Over 90 days 8 -Total past due, not impaired 227 159Total trade receivables at 31 December 1,262 1,009Development in impairment losses on trade receivablesImpairment at 1 January 86 121Additions 61 12Utilised -11 -20Unused amounts reversed -55 -30Exchange rate adjustments 2 3Impairment at 31 December 83 86Trade receivables are amounts due from the sale of goods sold to wholesalers and distribu-tors, or due from landlords, malls or e-commerce providers responsible for the collection of cash on behalf of Pandora related to retail sales. The impairment on receivables decreased by DKK 3 million for the year. Realised losses were not material and remained low.Management continues to assess credit risk in order to en-sure credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 4.4 Financial risks. In view of the low historical loss rates on receivables, ad-justing these rates to reflect current and forward-looking information on macroeconomic factors such as GDP and un-employment rates affecting the ability of customers to settle receivables will not increase the risk of losses significantly. ACCOUNTING POLICIES Trade receivables are initially recognised at the amount of consideration that is unconditional unless they contain significant financing components, and consequently rec-ognised at fair value. The Group holds trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Pandora applies the simplified approach to measure expect-ed credit losses, using a lifetime expected loss allowance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-124-4": { "value": " NOTE 3.6 TRADE RECEIVABLES DKK million 2022 2021Receivables related to third-party distribution and wholesale 747 672Receivables related to retail revenue sales 515 337Total trade receivables at 31 December 1,262 1,009Ageing of trade receivables at 31 DecemberNot past due 1,035 850Up to 30 days 176 159Between 30 and 60 days 31 -Between 60 and 90 days 12 -Over 90 days 8 -Total past due, not impaired 227 159Total trade receivables at 31 December 1,262 1,009Development in impairment losses on trade receivablesImpairment at 1 January 86 121Additions 61 12Utilised -11 -20Unused amounts reversed -55 -30Exchange rate adjustments 2 3Impairment at 31 December 83 86Trade receivables are amounts due from the sale of goods sold to wholesalers and distribu-tors, or due from landlords, malls or e-commerce providers responsible for the collection of cash on behalf of Pandora related to retail sales. The impairment on receivables decreased by DKK 3 million for the year. Realised losses were not material and remained low.Management continues to assess credit risk in order to en-sure credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 4.4 Financial risks. In view of the low historical loss rates on receivables, ad-justing these rates to reflect current and forward-looking information on macroeconomic factors such as GDP and un-employment rates affecting the ability of customers to settle receivables will not increase the risk of losses significantly. ACCOUNTING POLICIES Trade receivables are initially recognised at the amount of consideration that is unconditional unless they contain significant financing components, and consequently rec-ognised at fair value. The Group holds trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Pandora applies the simplified approach to measure expect-ed credit losses, using a lifetime expected loss allowance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-120-4": { "value": " NOTE 3.5 INVENTORIESDKK million 2022 2021Raw materials and consumables 743 779Work in progress 151 148Finished goods 3,088 1,911Point-of-sale materials 229 153Total inventories at 31 December 4,211 2,991Inventory write-downs at 1 January 765 740Write-downs during the year 118 154Utilised in the year -148 -129Inventory write-downs at 31 December 735 765Write-downsInventory write-downs primarily relate to finished goods and are recognised in cost of sales, DKK 97 million (2021: DKK 141 million), and operating expenses, DKK 21 million (2021: DKK 13 million). Write-downs include mainly the cost of remelting obsolete jewellery. Remelting of goods (realised and unrealised) negatively im-pacted gross profit by DKK 63 million (2021: DKK 103 million). Production overheads Production overheads are calculated using a standard cost method, which is reviewed regularly to ensure relevant assumptions concerning capacity utilisation, lead times and other relevant factors. Net realisable valueNet realisable value is based on the estimated selling price less estimated costs of completion and distribution. Alter-natively, for inventories that are not expected to be sold, net realisable value is based on the remelt value of the reusable raw materials (primarily silver and gold). ACCOUNTING POLICIES Inventories are valued at the lower of cost and net realis-able value. Costs are accounted for on a first-in, first-out basis (FIFO). Besides raw materials, costs include labour and a proportion of production overheads based on nor-mal operating capacity, but excluding borrowing costs.Point-of-sale materials comprise purchase costs regarding equipment, displays and packaging materials etc. and are also accounted for on a FIFO basis. SIGNIFICANT ACCOUNTING ESTIMATES Estimates relating to write-downs are impacted by fore-casting accuracy in the number of obsolete products that will need to be remelted. The impact from remelt is also influenced by fluctuations in the market prices of silver and gold. Further, significant management judgements are required with regards to the calculations of internal gain on inventory when goods are sold from production entities to sales entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-122-6": { "value": " ACCOUNTING POLICIES Inventories are valued at the lower of cost and net realis-able value. Costs are accounted for on a first-in, first-out basis (FIFO). Besides raw materials, costs include labour and a proportion of production overheads based on nor-mal operating capacity, but excluding borrowing costs.Point-of-sale materials comprise purchase costs regarding equipment, displays and packaging materials etc. and are also accounted for on a FIFO basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-6": { "value": " ACCOUNTING POLICIES Trade receivables are initially recognised at the amount of consideration that is unconditional unless they contain significant financing components, and consequently rec-ognised at fair value. The Group holds trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Pandora applies the simplified approach to measure expect-ed credit losses, using a lifetime expected loss allowance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-127-2": { "value": " NOTE 3.7 PROVISIONSDKK million 2022 2021Provisions at 1 January 442 399Additions in the year 77 127Utilised in the year -15 -11Unused provisions reversed -120 -77Exchange rate adjustments - 5Provisions at 31 December 384 442Provisions are recognised in the consolidated balance sheet as follows: Current 21 26Non-current 363 416Provisions at 31 December 384 442Provisions are liabilities of uncertain timing or amount and consist of defined benefit pension plans of DKK 80 million (2021: DKK 81 million), obligations to restore leased property of DKK 163 million (2021: DKK 132 million), and other legal and constructive obligations of DKK 141 million (2021: DKK 203 million). See note 5.1 Contingent liabilities for estimates relating to litigation. ACCOUNTING POLICIES Provisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is recog-nised in the income statement net of any reimbursement.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-127-3": { "value": " NOTE 3.7 PROVISIONSDKK million 2022 2021Provisions at 1 January 442 399Additions in the year 77 127Utilised in the year -15 -11Unused provisions reversed -120 -77Exchange rate adjustments - 5Provisions at 31 December 384 442Provisions are recognised in the consolidated balance sheet as follows: Current 21 26Non-current 363 416Provisions at 31 December 384 442Provisions are liabilities of uncertain timing or amount and consist of defined benefit pension plans of DKK 80 million (2021: DKK 81 million), obligations to restore leased property of DKK 163 million (2021: DKK 132 million), and other legal and constructive obligations of DKK 141 million (2021: DKK 203 million). See note 5.1 Contingent liabilities for estimates relating to litigation. ACCOUNTING POLICIES Provisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is recog-nised in the income statement net of any reimbursement. NOTE 5.1 CONTINGENT ASSETS AND LIABILITIESLitigationPandora is a party to various legal proceedings with current business partners, authorities and other third parties, related to copyright, marketing conduct and pricing. None of these proceedings is expected to have a material effect on Pandora\u2019s financial position or future earnings. SIGNIFICANT ACCOUNTING ESTIMATES The factors taken into account when estimating a poten-tial liability in connection with litigation include the nature of the litigation or claim. Other factors taken into account are the development of the case, the judgements and recommendations of legal or other advisers, experience from similar cases, and management\u2019s decision on how the Group will react to the litigation or claim.Contractual obligationsPandora has entered into a number of long-term purchase, sales and supply contracts in the course of the Group\u2019s ordinary business. Contractual obligations amounted to DKK 827 million at 31 December 2022 (2021: DKK 500 million) and relate mainly to commercial collaborations and IT contracts.Apart from the liabilities already recognised in the balance sheet, no significant financial losses are expected to be incurred as a result of these contracts.Contingent assetsIn October 2022, Pandora\u2019s European Distribution Center, located in Hamburg, Germany, was affected by a fire. The extent of any potential insurance compensation is being assessed, and discussions are ongoing with the insurers. Due to the premature state of discussions and the associated uncertainties, Pandora has not recognised an indemnity claim under the business interruption insurance policy as of 31 December 2022. No other material insurance compensation has been recognised in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-127-4": { "value": " NOTE 3.7 PROVISIONSDKK million 2022 2021Provisions at 1 January 442 399Additions in the year 77 127Utilised in the year -15 -11Unused provisions reversed -120 -77Exchange rate adjustments - 5Provisions at 31 December 384 442Provisions are recognised in the consolidated balance sheet as follows: Current 21 26Non-current 363 416Provisions at 31 December 384 442Provisions are liabilities of uncertain timing or amount and consist of defined benefit pension plans of DKK 80 million (2021: DKK 81 million), obligations to restore leased property of DKK 163 million (2021: DKK 132 million), and other legal and constructive obligations of DKK 141 million (2021: DKK 203 million). See note 5.1 Contingent liabilities for estimates relating to litigation. ACCOUNTING POLICIES Provisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is recog-nised in the income statement net of any reimbursement.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-128-6": { "value": " ACCOUNTING POLICIES Provisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is recog-nised in the income statement net of any reimbursement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-128-7": { "value": " ACCOUNTING POLICIES Provisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is recog-nised in the income statement net of any reimbursement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-129-2": { "value": " NOTE 3.8 CONTRACT ASSETS AND LIABILITIESDKK million 2022 2021Contract assets Receivables from sale of products, see note 3.6 1,262 1,009Right-of-return assets 54 70Total contract assets 1,316 1,078Contract liabilitiesPrepayments from customers 16 11Coupons, gift cards etc. 102 92Loyalty programme 18 60Refund liabilities 628 724Total contract liabilities 763 887DKK million Refund Warranty Total2022Liability at 1 January 478 246 724Performance obligations for which consideration has been received 982 327 1,309Revenue recognised, included in the contract liability -897 -214 -1,111Contract liabilities reversed -243 -66 -308Exchange rate adjustments 19 -5 14Refund and warranty liability at 31 December 339 288 6282021Liability at 1 January 382 273 654Performance obligations for which consideration has been received 1,238 218 1,456Revenue recognised, included in the contract liability -974 -171 -1,145Contract liabilities reversed -189 -80 -269Exchange rate adjustments 21 6 27Refund and warranty liability at 31 December 478 246 724 ACCOUNTING POLICIES Pandora recognises a refund and warranty liability related to return rights provided to customers in most countries. A corresponding right-of-return asset is also recognised as part of contract assets. The value of the right-of-return asset is determined by how many of the returned products are expected to be sold. Remaining products are written down to remelt value together with returns covered by warranties.The refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can other-wise be made. The income effect recognised is the gross margin of the expected returns and the potential effect of writing down parts of the returned goods to remelt value. Changes to the right-of-return asset and refund liability are recognised gross in the income statement, as both revenue and cost of sales.Refund liability to cover warranty claims is based on ex-pected replacements provided for products still covered by warranty at the end of the period. The liability is recog-nised gross in the income statement, as both a reduction in revenue and in cost of goods sold. This is due to the handling of warranty claims, which lead to replacements instead of repairs.As a common practice in Pandora, no costs to obtain contracts with customers were capitalised in 2022 or previous years. SIGNIFICANT ACCOUNTING ESTIMATES In most countries, Pandora has provided return and war-ranty rights to customers. The handling of warranty claims leads to replacements instead of repairs. The recognised refund liability relating to return and warranty rights is assessed to a large extent on the basis of historical return patterns. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-132-2": { "value": " NOTE 3.9 TRADE PAYABLESThe Group generally accepts that vendors sell off their receivables arising from the sale of goods and services to the Group to a third party. Pandora has established a supply chain financing programme where vendors can sell off their receivables from Pandora on attractive terms, based on invoices approved by Pandora, but at the bank's sole discretion. Pandora is not directly or indirectly a party to these agreements. The amounts payable to suppliers included in the supply chain financing programme are classified as trade payables in the balance sheet as well as in the statement of cash flows (working capital within cash flows from operations) and amounted to DKK 79 million at 31 December 2022 (2021: DKK 24 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-133-2": { "value": " NOTE 4.1 shares. At 31 December 2022, the share capital comprised 95,500,000 shares with a par value of DKK 1. No shares have SHARE CAPITALspecial rights.In 2022, Pandora launched a new share buyback programme At the Annual General Meeting of Pandora A/S on 10 March under which Pandora expects to buy back own shares up to a 2022, the shareholders resolved to cancel 4,500,000 treasury maximum value of DKK 3.3 billion. In 2022, Pandora purchased SHARE CAPITAL Number of shares Nominal value (DKK)2022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,0002021Balance at 1 January 100,000,000 100,000,000Balance at 31 December 100,000,000 100,000,000 Number NominalTREASURY SHARESof sharesvalue (DKK) Purchase price% of shares2022Balance at 1 January 4,261,882 4,261,882 3,416,201,836 4.3%Used to settle share-based incentive plans -252,971 -252,971 -198,579,700 -0.3%Purchase of treasury shares 6,595,620 6,595,620 3,588,038,037 6.7%Cancellation of treasury shares -4,500,000 -4,500,000 -3,485,684,600 -4.5%Balance at 31 December 6,104,531 6,104,531 3,319,975,573 6.4%2021Balance at 1 January 322,839 322,839 92,742,356 0.3%Used to settle share-based incentive plans -4,754 -4,754 -1,264,761 0.0%Purchase of treasury shares 3,943,797 3,943,797 3,324,724,241 3.9%Balance at 31 December 4,261,882 4,261,882 3,416,201,836 4.3%6,595,620 treasury shares, corresponding to a total purchase price of DKK 3.6 billion (DKK 0.7 billion related to the share buyback programme launched in 2021 and DKK 2.9 billion related to the share buyback programme launched in 2022). At 31 December 2022, Pandora had yet to repurchase own shares at a total purchase price of DKK 0.4 billion as part of the share buyback programme.Own shares of DKK 0.4 billion have been repurchased after 31 December 2022.Treasury sharesAll treasury shares are owned by Pandora A/S. Treasury shares include hedges for share-based incentive plans granted to the Executive Management and other employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-133-3": { "value": " NOTE 4.1 shares. At 31 December 2022, the share capital comprised 95,500,000 shares with a par value of DKK 1. No shares have SHARE CAPITALspecial rights.In 2022, Pandora launched a new share buyback programme At the Annual General Meeting of Pandora A/S on 10 March under which Pandora expects to buy back own shares up to a 2022, the shareholders resolved to cancel 4,500,000 treasury maximum value of DKK 3.3 billion. In 2022, Pandora purchased SHARE CAPITAL Number of shares Nominal value (DKK)2022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,0002021Balance at 1 January 100,000,000 100,000,000Balance at 31 December 100,000,000 100,000,000 Number NominalTREASURY SHARESof sharesvalue (DKK) Purchase price% of shares2022Balance at 1 January 4,261,882 4,261,882 3,416,201,836 4.3%Used to settle share-based incentive plans -252,971 -252,971 -198,579,700 -0.3%Purchase of treasury shares 6,595,620 6,595,620 3,588,038,037 6.7%Cancellation of treasury shares -4,500,000 -4,500,000 -3,485,684,600 -4.5%Balance at 31 December 6,104,531 6,104,531 3,319,975,573 6.4%2021Balance at 1 January 322,839 322,839 92,742,356 0.3%Used to settle share-based incentive plans -4,754 -4,754 -1,264,761 0.0%Purchase of treasury shares 3,943,797 3,943,797 3,324,724,241 3.9%Balance at 31 December 4,261,882 4,261,882 3,416,201,836 4.3%6,595,620 treasury shares, corresponding to a total purchase price of DKK 3.6 billion (DKK 0.7 billion related to the share buyback programme launched in 2021 and DKK 2.9 billion related to the share buyback programme launched in 2022). At 31 December 2022, Pandora had yet to repurchase own shares at a total purchase price of DKK 0.4 billion as part of the share buyback programme.Own shares of DKK 0.4 billion have been repurchased after 31 December 2022.Treasury sharesAll treasury shares are owned by Pandora A/S. Treasury shares include hedges for share-based incentive plans granted to the Executive Management and other employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-133-4": { "value": " NOTE 4.1 shares. At 31 December 2022, the share capital comprised 95,500,000 shares with a par value of DKK 1. No shares have SHARE CAPITALspecial rights.In 2022, Pandora launched a new share buyback programme At the Annual General Meeting of Pandora A/S on 10 March under which Pandora expects to buy back own shares up to a 2022, the shareholders resolved to cancel 4,500,000 treasury maximum value of DKK 3.3 billion. In 2022, Pandora purchased SHARE CAPITAL Number of shares Nominal value (DKK)2022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,0002021Balance at 1 January 100,000,000 100,000,000Balance at 31 December 100,000,000 100,000,000 Number NominalTREASURY SHARESof sharesvalue (DKK) Purchase price% of shares2022Balance at 1 January 4,261,882 4,261,882 3,416,201,836 4.3%Used to settle share-based incentive plans -252,971 -252,971 -198,579,700 -0.3%Purchase of treasury shares 6,595,620 6,595,620 3,588,038,037 6.7%Cancellation of treasury shares -4,500,000 -4,500,000 -3,485,684,600 -4.5%Balance at 31 December 6,104,531 6,104,531 3,319,975,573 6.4%2021Balance at 1 January 322,839 322,839 92,742,356 0.3%Used to settle share-based incentive plans -4,754 -4,754 -1,264,761 0.0%Purchase of treasury shares 3,943,797 3,943,797 3,324,724,241 3.9%Balance at 31 December 4,261,882 4,261,882 3,416,201,836 4.3%6,595,620 treasury shares, corresponding to a total purchase price of DKK 3.6 billion (DKK 0.7 billion related to the share buyback programme launched in 2021 and DKK 2.9 billion related to the share buyback programme launched in 2022). At 31 December 2022, Pandora had yet to repurchase own shares at a total purchase price of DKK 0.4 billion as part of the share buyback programme.Own shares of DKK 0.4 billion have been repurchased after 31 December 2022.Treasury sharesAll treasury shares are owned by Pandora A/S. Treasury shares include hedges for share-based incentive plans granted to the Executive Management and other employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-133-5": { "value": " NOTE 4.1 shares. At 31 December 2022, the share capital comprised 95,500,000 shares with a par value of DKK 1. No shares have SHARE CAPITALspecial rights.In 2022, Pandora launched a new share buyback programme At the Annual General Meeting of Pandora A/S on 10 March under which Pandora expects to buy back own shares up to a 2022, the shareholders resolved to cancel 4,500,000 treasury maximum value of DKK 3.3 billion. In 2022, Pandora purchased SHARE CAPITAL Number of shares Nominal value (DKK)2022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,0002021Balance at 1 January 100,000,000 100,000,000Balance at 31 December 100,000,000 100,000,000 Number NominalTREASURY SHARESof sharesvalue (DKK) Purchase price% of shares2022Balance at 1 January 4,261,882 4,261,882 3,416,201,836 4.3%Used to settle share-based incentive plans -252,971 -252,971 -198,579,700 -0.3%Purchase of treasury shares 6,595,620 6,595,620 3,588,038,037 6.7%Cancellation of treasury shares -4,500,000 -4,500,000 -3,485,684,600 -4.5%Balance at 31 December 6,104,531 6,104,531 3,319,975,573 6.4%2021Balance at 1 January 322,839 322,839 92,742,356 0.3%Used to settle share-based incentive plans -4,754 -4,754 -1,264,761 0.0%Purchase of treasury shares 3,943,797 3,943,797 3,324,724,241 3.9%Balance at 31 December 4,261,882 4,261,882 3,416,201,836 4.3%6,595,620 treasury shares, corresponding to a total purchase price of DKK 3.6 billion (DKK 0.7 billion related to the share buyback programme launched in 2021 and DKK 2.9 billion related to the share buyback programme launched in 2022). At 31 December 2022, Pandora had yet to repurchase own shares at a total purchase price of DKK 0.4 billion as part of the share buyback programme.Own shares of DKK 0.4 billion have been repurchased after 31 December 2022.Treasury sharesAll treasury shares are owned by Pandora A/S. Treasury shares include hedges for share-based incentive plans granted to the Executive Management and other employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-135-2": { "value": " NOTE 4.2 EARNINGS PER SHARE AND DIVIDENDDKK million 2022 2021Profit attributable to equity holders 5,029 4,160Weighted average number of ordinary shares 92,746,543 98,775,946Effect of performance shares 949,850 898,708Weighted average number of ordinary shares adjusted for the effect of dilution 93,696,393 99,674,654Basic earnings per share, DKK 54.2 42.1Diluted earnings per share, DKK 53.7 41.7There have been no transactions between the reporting date and the date of completion of the Annual Report involving shares that would have significantly changed the number of shares or potential shares in Pandora A/S. DividendThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 16 per share (2021: DKK 16), corresponding to DKK 1.4 billion, be distributed for 2022. No divi-dend is paid on treasury shares.In 2022, a dividend of DKK 1.5 billion in total was paid. Dividend paid had no effect on the Group\u2019s tax expense for the year.For further shareholder information on dividend payments, see page 43. ACCOUNTING POLICIES Dividend proposed is recognised as a liability at the date of the adoption at the Annual General Meeting (decla-ration date). Extraordinary dividend is recognised as a liability at the declaration date.NOTE 4.2EARNINGS PER SHARE AND DIVIDEND (CONTINUED)Distributable reservesCash distribution to the shareholders is, by law, limited to the amount of the free reserves of the Parent Company.As at 31 December 2022, free reserves in the Parent Compa-ny amounted to DKK 15.2 billion, of which DKK 5.9 billion was derived from an intra-group restructuring to bring together its crafting activities into a separate crafting sub-group, which will oversee all crafting activities across the Group. For further information on the intra-group restructuring see note 3.3 Investments in subsidiaries and business combina-tions in the Parent Company financial statements. When calculating the amount available for distribution of dividend and share buyback, treasury shares are deducted from distributable reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-138-4": { "value": " ACCOUNTING POLICIES Dividend proposed is recognised as a liability at the date of the adoption at the Annual General Meeting (decla-ration date). Extraordinary dividend is recognised as a liability at the declaration date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-139-2": { "value": " NOTE 4.3 NET INTEREST-BEARING DEBTTOTAL LIABILITIES FROM FINANCING ACTIVITIES Financial liabilities Foreign exchange Financial liabilities 1DKK million1 January Cash flows, net New leases, etc. Otheradjustments31 December2022Non-current borrowings 1,041 74 - -99 - 1,017Non-current lease liabilities 1,724 - 1,253 -857 -6 2,113Current borrowings 274 2,935 - 299 - 3,508Current lease liabilities 886 -1,068 465 665 2 950Total liabilities from financing activities 3,926 1,941 1,717 7 -3 7,5882021Non-current borrowings - 1,315 - -273 - 1,041Non-current lease liabilities 2,066 - 495 -899 61 1,724Current borrowings 3,003 -3,004 - 274 1 274Current lease liabilities 993 -991 215 637 32 886Total liabilities from financing activities 6,063 -2,680 710 -262 94 3,9261 Includes the effect of the reclassification of the non-current portion of interest-bearing loans and borrowings to the current portion due to the passage of time. Also includes the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, upfront prepayment of lease liabilities and the effect of the lease modification and reassessment. The Group classifies interest paid as cash flows from operating activities. ACCOUNTING POLICIES On initial recognition, interest-bearing debt and borrowings are measured at fair value less trans-action costs. Subsequent to initial recognition, interest-bearing loans and borrowings are meas-ured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, and fees and other costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-139-3": { "value": " NOTE 4.3 NET INTEREST-BEARING DEBTTOTAL LIABILITIES FROM FINANCING ACTIVITIES Financial liabilities Foreign exchange Financial liabilities 1DKK million1 January Cash flows, net New leases, etc. Otheradjustments31 December2022Non-current borrowings 1,041 74 - -99 - 1,017Non-current lease liabilities 1,724 - 1,253 -857 -6 2,113Current borrowings 274 2,935 - 299 - 3,508Current lease liabilities 886 -1,068 465 665 2 950Total liabilities from financing activities 3,926 1,941 1,717 7 -3 7,5882021Non-current borrowings - 1,315 - -273 - 1,041Non-current lease liabilities 2,066 - 495 -899 61 1,724Current borrowings 3,003 -3,004 - 274 1 274Current lease liabilities 993 -991 215 637 32 886Total liabilities from financing activities 6,063 -2,680 710 -262 94 3,9261 Includes the effect of the reclassification of the non-current portion of interest-bearing loans and borrowings to the current portion due to the passage of time. Also includes the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, upfront prepayment of lease liabilities and the effect of the lease modification and reassessment. The Group classifies interest paid as cash flows from operating activities. ACCOUNTING POLICIES On initial recognition, interest-bearing debt and borrowings are measured at fair value less trans-action costs. Subsequent to initial recognition, interest-bearing loans and borrowings are meas-ured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, and fees and other costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-140-5": { "value": " ACCOUNTING POLICIES On initial recognition, interest-bearing debt and borrowings are measured at fair value less trans-action costs. Subsequent to initial recognition, interest-bearing loans and borrowings are meas-ured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, and fees and other costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-140-6": { "value": " ACCOUNTING POLICIES On initial recognition, interest-bearing debt and borrowings are measured at fair value less trans-action costs. Subsequent to initial recognition, interest-bearing loans and borrowings are meas-ured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liabilities are derecognised and through the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at inception, and fees and other costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-145-5": { "value": "Foreign currency risk Pandora\u2019s presentation currency is DKK, but the majority of Pandora\u2019s activities and invest-ments are denominated in other currencies. Consequently, exchange rate fluctuations may have a substantial impact on Pandora\u2019s cash flows, profit (loss) and/or financial position in DKK. The majority of Pandora\u2019s revenue is denominated in USD, EUR, GBP, AUD, MXN, CAD and CNY. The functional currency of subsidiaries is generally the local currency, and a substantial portion of Pandora\u2019s costs relates to raw materials purchased in USD. In addition, Pandora incurs costs 2022 2021SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 858 367 0.5% 748 350 0.7%CAD +10% 80 47 0.1% 65 38 0.1%AUD +10% 167 117 0.3% 127 81 0.2%GBP +10% 382 252 0.6% 333 235 0.6%EUR +1% 71 44 0.1% 62 39 0.1%CNY +10% 73 -9 -0.1% 111 7 -0.1%MXN +10% 86 47 0.1% 48 22 0.0%THB +10% - -220 -0.8% - -238 -1.0%GOLD and SILVER +10% - -218 -0.8% - -182 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2022 had been higher than the realised exchange rates and commodity prices. The impact would have been the opposite if exchange rates and commodity prices had been decreasing by similar percentages. The analysis is based on the transaction currency. The analysis excludes the effects of hedging and time-lag of inventory.REVENUE BREAKDOWN BY CURRENCY (%) USD GBP MXN EUR AUD CAD Other CNY32% 32%27% 27%14%14%12% 12%5%6%3%5%3%2%3%3%20212022denominated in THB. Changes in the exchange rate of these currencies versus DKK will result in changes to the translated value of future EBIT and cash flows.Pandora finances the majority of its subsidiaries\u2019 cash re-quirements via intercompany loans denominated in the local currency of the individual subsidiary. A devaluation of these currencies against DKK will in general result in a foreign exchange loss in the Parent Company.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining margins. In addition, exchange rate fluctuations affect the translated value of the profits or losses of foreign subsidiaries and the translation of foreign currency assets and liabilities. 31 December 2022 31 December 2021CURRENCY EXPOSURE FROM 1ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% -22 240 38 -188CAD +10% 33 - 28 -8AUD +10% 11 -64 8 -43GBP +10% - -64 -47 -159EUR +1% -9 -34 3 3CNY +10% -17 -9 -21 -35MXN +10% 52 52 11 11THB +10% -46 247 -71 1701 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the cur-rency that the monetary items are denominated in. The movements in equity arise from monetary items and hedging instruments where the functional currency of the entity differs from the currency that the hedging instruments or monetary items are denominated in. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.It is Pandora\u2019s policy to hedge foreign currency risks related to the risk of declining net cash flows resulting from exchange rate fluctuations. Pandora does not hedge balance sheet items or ownership interests in foreign subsidiaries. For 2022, 70% of the cash flows from the main currencies were hedged based on a rolling 12-month liquidity forecast. Cash flows are hedged from 1 to 12 months forward with a hedge ratio that decreases with time to maturity. Foreign currency hedging is updated at the end of each month or in connection with revised 12-month rolling cash forecasts. The realised profit (loss) from exchange rate hedging is taken to financial items.The table below illustrates the currency revaluation impact in DKK million on net profit and changes in equity resulting from a change in the Group\u2019s primary foreign currencies after the effect of hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-3": { "value": " NOTE 4.4 FINANCIAL RISKSAs a consequence of its operations, investments and finan- cing, Pandora is exposed to a number of financial risks that are monitored and managed by Pandora\u2019s Group Treasury.To manage financial risks, Pandora may use a number of finan-cial instruments, such as forward contracts, silver and gold swaps, currency and interest rate swaps, options and similar instruments within the framework of its current policies. Financial risks are divided into commodity price risk, foreign currency risk, credit risk, liquidity risk and interest rate risk.It is Pandora\u2019s policy to hedge at least 50% of the combined commodity, exchange rate and interest rate risk. However, at least 70% of estimated commodity purchases for the next 12 months must be hedged.The table to the right illustrates the sensitivity on 2022 reve-nue, EBIT and EBIT margin from exchange rates and commod-ity price movements. In addition, the sensitivity of assets and liabilities as at 31 December from currency movements is illustrated on the next page.Commodity price riskRaw material risk is the risk of fluctuating commodity prices resulting in additional production costs. The most important raw materials are silver and gold, which are priced in USD. It is the policy of Pandora to ensure stable, predictable raw material prices. Based on a rolling 12-month production plan, the general policy is for Group Treasury to hedge at least 70% of the Group\u2019s expected purchases. Purchases are hedged from 1 to 12 months forward with a hedge ratio target that decreases with time to maturity as illustrated to the right. Any deviation from the policy must be ap-proved by the Audit Committee. Commodity hedging is updated at the end of each month or in connection with revised 12-month rolling production plans. Actual production may deviate from the 12-month rolling production plan. In case of deviations, the realised commodity hedge ratio may deviate from the estimated hedge ratio. The effective portion of the realised gain or loss from commodity hedging is recognised in Group inventories and subsequently in cost of sales. For the fair value of hedging instruments, see note 4.5 Derivative financial instruments.Foreign currency risk Pandora\u2019s presentation currency is DKK, but the majority of Pandora\u2019s activities and invest-ments are denominated in other currencies. Consequently, exchange rate fluctuations may have a substantial impact on Pandora\u2019s cash flows, profit (loss) and/or financial position in DKK. The majority of Pandora\u2019s revenue is denominated in USD, EUR, GBP, AUD, MXN, CAD and CNY. The functional currency of subsidiaries is generally the local currency, and a substantial portion of Pandora\u2019s costs relates to raw materials purchased in USD. In addition, Pandora incurs costs 2022 2021SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 858 367 0.5% 748 350 0.7%CAD +10% 80 47 0.1% 65 38 0.1%AUD +10% 167 117 0.3% 127 81 0.2%GBP +10% 382 252 0.6% 333 235 0.6%EUR +1% 71 44 0.1% 62 39 0.1%CNY +10% 73 -9 -0.1% 111 7 -0.1%MXN +10% 86 47 0.1% 48 22 0.0%THB +10% - -220 -0.8% - -238 -1.0%GOLD and SILVER +10% - -218 -0.8% - -182 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2022 had been higher than the realised exchange rates and commodity prices. The impact would have been the opposite if exchange rates and commodity prices had been decreasing by similar percentages. The analysis is based on the transaction currency. The analysis excludes the effects of hedging and time-lag of inventory.REVENUE BREAKDOWN BY CURRENCY (%) USD GBP MXN EUR AUD CAD Other CNY32% 32%27% 27%14%14%12% 12%5%6%3%5%3%2%3%3%20212022denominated in THB. Changes in the exchange rate of these currencies versus DKK will result in changes to the translated value of future EBIT and cash flows.Pandora finances the majority of its subsidiaries\u2019 cash re-quirements via intercompany loans denominated in the local currency of the individual subsidiary. A devaluation of these currencies against DKK will in general result in a foreign exchange loss in the Parent Company.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining margins. In addition, exchange rate fluctuations affect the translated value of the profits or losses of foreign subsidiaries and the translation of foreign currency assets and liabilities. 31 December 2022 31 December 2021CURRENCY EXPOSURE FROM 1ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% -22 240 38 -188CAD +10% 33 - 28 -8AUD +10% 11 -64 8 -43GBP +10% - -64 -47 -159EUR +1% -9 -34 3 3CNY +10% -17 -9 -21 -35MXN +10% 52 52 11 11THB +10% -46 247 -71 1701 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the cur-rency that the monetary items are denominated in. The movements in equity arise from monetary items and hedging instruments where the functional currency of the entity differs from the currency that the hedging instruments or monetary items are denominated in. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.It is Pandora\u2019s policy to hedge foreign currency risks related to the risk of declining net cash flows resulting from exchange rate fluctuations. Pandora does not hedge balance sheet items or ownership interests in foreign subsidiaries. For 2022, 70% of the cash flows from the main currencies were hedged based on a rolling 12-month liquidity forecast. Cash flows are hedged from 1 to 12 months forward with a hedge ratio that decreases with time to maturity. Foreign currency hedging is updated at the end of each month or in connection with revised 12-month rolling cash forecasts. The realised profit (loss) from exchange rate hedging is taken to financial items.The table below illustrates the currency revaluation impact in DKK million on net profit and changes in equity resulting from a change in the Group\u2019s primary foreign currencies after the effect of hedge accounting. Credit risk Credit risk is primarily related to trade receivables, cash and unrealised gains on financial contracts. The maximum credit risk related to financial assets corresponds to the carrying amounts recognised in the consoli-dated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Any deviations from standard agreements must be approved by Group Treasury and/or the Chief Financial Officer. Note 3.6 Trade receivables includes an overview of the credit risk related to trade receiv-ables. Rating of trade receivables does not differ materially either by type of customer or geographic location. The risk of further impairment is considered to be limited. Credit risk related to Pandora\u2019s other financial assets mainly includes cash and unrealised gains on financial contracts. The credit risk is related to default of the counterparty with a maximum exposure corresponding to the carrying amount of the assets. Group Treasury is responsible for managing these credit risks. Liquidity risk Pandora\u2019s cash conversion is high and Pandora maintains an adequate level of cash and unuti-lised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk is consid-ered to be low. Pandora has two new term loans of DKK 3.7 billion committed until December 2023 and May 2030, respectively. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.OUTSTANDING COMMITTED Available Drawn LOAN FACILITIES facilities amount Available (END OF DECEMBER 2022)DKK million Maturity dateDKK millionliquidity1Revolving credit facilities7,065 April 2027 372 6,6931Term loan maturing in 2030744 May 2030 744 -Term loan maturing in 2023 3,000 December 2023 3,000 -Total 10,808 4,116 6,6931 The revolving credit facility and the term loan maturing in 2030 are both sustainability-linked facilities.Interest rate risk Interest rate risk is the risk of interest rate fluctuations resulting in changed interest rate payments and market value of net borrowings. At the reporting date, all interest-bearing loans and borrowings were based on floating interest rates.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1 and 5 years5 yearsTotal2022Non-derivativesLoans and borrowings 3,615 813 253 4,681Lease liabilities 1,134 2,046 539 3,718Trade payables 3,131 - - 3,131Other payables 239 - - 239DerivativesDerivative financial instruments 74 - - 74Total at 31 December 8,193 2,859 792 11,8442021Non-derivativesLoans and borrowings 274 1,050 - 1,324Lease liabilities 977 1,600 275 2,851Trade payables 3,267 - - 3,267Other payables 289 - - 289DerivativesDerivative financial instruments 209 - - 209Total at 31 December 5,016 2,650 275 7,941All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 49 million decrease in profit before tax and equity, excluding tax effect (2021: DKK 6 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual ma-turities for: \u2022 all non-derivative financial liabilities; \u2022 net and gross settled derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is insignificant. Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-4": { "value": " NOTE 4.4 FINANCIAL RISKSAs a consequence of its operations, investments and finan- cing, Pandora is exposed to a number of financial risks that are monitored and managed by Pandora\u2019s Group Treasury.To manage financial risks, Pandora may use a number of finan-cial instruments, such as forward contracts, silver and gold swaps, currency and interest rate swaps, options and similar instruments within the framework of its current policies. Financial risks are divided into commodity price risk, foreign currency risk, credit risk, liquidity risk and interest rate risk.It is Pandora\u2019s policy to hedge at least 50% of the combined commodity, exchange rate and interest rate risk. However, at least 70% of estimated commodity purchases for the next 12 months must be hedged.The table to the right illustrates the sensitivity on 2022 reve-nue, EBIT and EBIT margin from exchange rates and commod-ity price movements. In addition, the sensitivity of assets and liabilities as at 31 December from currency movements is illustrated on the next page.Commodity price riskRaw material risk is the risk of fluctuating commodity prices resulting in additional production costs. The most important raw materials are silver and gold, which are priced in USD. It is the policy of Pandora to ensure stable, predictable raw material prices. Based on a rolling 12-month production plan, the general policy is for Group Treasury to hedge at least 70% of the Group\u2019s expected purchases. Purchases are hedged from 1 to 12 months forward with a hedge ratio target that decreases with time to maturity as illustrated to the right. Any deviation from the policy must be ap-proved by the Audit Committee. Commodity hedging is updated at the end of each month or in connection with revised 12-month rolling production plans. Actual production may deviate from the 12-month rolling production plan. In case of deviations, the realised commodity hedge ratio may deviate from the estimated hedge ratio. The effective portion of the realised gain or loss from commodity hedging is recognised in Group inventories and subsequently in cost of sales. For the fair value of hedging instruments, see note 4.5 Derivative financial instruments.Foreign currency risk Pandora\u2019s presentation currency is DKK, but the majority of Pandora\u2019s activities and invest-ments are denominated in other currencies. Consequently, exchange rate fluctuations may have a substantial impact on Pandora\u2019s cash flows, profit (loss) and/or financial position in DKK. The majority of Pandora\u2019s revenue is denominated in USD, EUR, GBP, AUD, MXN, CAD and CNY. The functional currency of subsidiaries is generally the local currency, and a substantial portion of Pandora\u2019s costs relates to raw materials purchased in USD. In addition, Pandora incurs costs 2022 2021SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 858 367 0.5% 748 350 0.7%CAD +10% 80 47 0.1% 65 38 0.1%AUD +10% 167 117 0.3% 127 81 0.2%GBP +10% 382 252 0.6% 333 235 0.6%EUR +1% 71 44 0.1% 62 39 0.1%CNY +10% 73 -9 -0.1% 111 7 -0.1%MXN +10% 86 47 0.1% 48 22 0.0%THB +10% - -220 -0.8% - -238 -1.0%GOLD and SILVER +10% - -218 -0.8% - -182 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2022 had been higher than the realised exchange rates and commodity prices. The impact would have been the opposite if exchange rates and commodity prices had been decreasing by similar percentages. The analysis is based on the transaction currency. The analysis excludes the effects of hedging and time-lag of inventory.REVENUE BREAKDOWN BY CURRENCY (%) USD GBP MXN EUR AUD CAD Other CNY32% 32%27% 27%14%14%12% 12%5%6%3%5%3%2%3%3%20212022denominated in THB. Changes in the exchange rate of these currencies versus DKK will result in changes to the translated value of future EBIT and cash flows.Pandora finances the majority of its subsidiaries\u2019 cash re-quirements via intercompany loans denominated in the local currency of the individual subsidiary. A devaluation of these currencies against DKK will in general result in a foreign exchange loss in the Parent Company.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining margins. In addition, exchange rate fluctuations affect the translated value of the profits or losses of foreign subsidiaries and the translation of foreign currency assets and liabilities. 31 December 2022 31 December 2021CURRENCY EXPOSURE FROM 1ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% -22 240 38 -188CAD +10% 33 - 28 -8AUD +10% 11 -64 8 -43GBP +10% - -64 -47 -159EUR +1% -9 -34 3 3CNY +10% -17 -9 -21 -35MXN +10% 52 52 11 11THB +10% -46 247 -71 1701 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from the cur-rency that the monetary items are denominated in. The movements in equity arise from monetary items and hedging instruments where the functional currency of the entity differs from the currency that the hedging instruments or monetary items are denominated in. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.It is Pandora\u2019s policy to hedge foreign currency risks related to the risk of declining net cash flows resulting from exchange rate fluctuations. Pandora does not hedge balance sheet items or ownership interests in foreign subsidiaries. For 2022, 70% of the cash flows from the main currencies were hedged based on a rolling 12-month liquidity forecast. Cash flows are hedged from 1 to 12 months forward with a hedge ratio that decreases with time to maturity. Foreign currency hedging is updated at the end of each month or in connection with revised 12-month rolling cash forecasts. The realised profit (loss) from exchange rate hedging is taken to financial items.The table below illustrates the currency revaluation impact in DKK million on net profit and changes in equity resulting from a change in the Group\u2019s primary foreign currencies after the effect of hedge accounting. Credit risk Credit risk is primarily related to trade receivables, cash and unrealised gains on financial contracts. The maximum credit risk related to financial assets corresponds to the carrying amounts recognised in the consoli-dated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Any deviations from standard agreements must be approved by Group Treasury and/or the Chief Financial Officer. Note 3.6 Trade receivables includes an overview of the credit risk related to trade receiv-ables. Rating of trade receivables does not differ materially either by type of customer or geographic location. The risk of further impairment is considered to be limited. Credit risk related to Pandora\u2019s other financial assets mainly includes cash and unrealised gains on financial contracts. The credit risk is related to default of the counterparty with a maximum exposure corresponding to the carrying amount of the assets. Group Treasury is responsible for managing these credit risks. Liquidity risk Pandora\u2019s cash conversion is high and Pandora maintains an adequate level of cash and unuti-lised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk is consid-ered to be low. Pandora has two new term loans of DKK 3.7 billion committed until December 2023 and May 2030, respectively. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.OUTSTANDING COMMITTED Available Drawn LOAN FACILITIES facilities amount Available (END OF DECEMBER 2022)DKK million Maturity dateDKK millionliquidity1Revolving credit facilities7,065 April 2027 372 6,6931Term loan maturing in 2030744 May 2030 744 -Term loan maturing in 2023 3,000 December 2023 3,000 -Total 10,808 4,116 6,6931 The revolving credit facility and the term loan maturing in 2030 are both sustainability-linked facilities.Interest rate risk Interest rate risk is the risk of interest rate fluctuations resulting in changed interest rate payments and market value of net borrowings. At the reporting date, all interest-bearing loans and borrowings were based on floating interest rates.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1 and 5 years5 yearsTotal2022Non-derivativesLoans and borrowings 3,615 813 253 4,681Lease liabilities 1,134 2,046 539 3,718Trade payables 3,131 - - 3,131Other payables 239 - - 239DerivativesDerivative financial instruments 74 - - 74Total at 31 December 8,193 2,859 792 11,8442021Non-derivativesLoans and borrowings 274 1,050 - 1,324Lease liabilities 977 1,600 275 2,851Trade payables 3,267 - - 3,267Other payables 289 - - 289DerivativesDerivative financial instruments 209 - - 209Total at 31 December 5,016 2,650 275 7,941All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 49 million decrease in profit before tax and equity, excluding tax effect (2021: DKK 6 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual ma-turities for: \u2022 all non-derivative financial liabilities; \u2022 net and gross settled derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is insignificant. Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-151-5": { "value": "Credit risk Credit risk is primarily related to trade receivables, cash and unrealised gains on financial contracts. The maximum credit risk related to financial assets corresponds to the carrying amounts recognised in the consoli-dated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Any deviations from standard agreements must be approved by Group Treasury and/or the Chief Financial Officer. Note 3.6 Trade receivables includes an overview of the credit risk related to trade receiv-ables. Rating of trade receivables does not differ materially either by type of customer or geographic location. The risk of further impairment is considered to be limited. Credit risk related to Pandora\u2019s other financial assets mainly includes cash and unrealised gains on financial contracts. The credit risk is related to default of the counterparty with a maximum exposure corresponding to the carrying amount of the assets. Group Treasury is responsible for managing these credit risks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-153-5": { "value": "Liquidity risk Pandora\u2019s cash conversion is high and Pandora maintains an adequate level of cash and unuti-lised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk is consid-ered to be low. Pandora has two new term loans of DKK 3.7 billion committed until December 2023 and May 2030, respectively. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.OUTSTANDING COMMITTED Available Drawn LOAN FACILITIES facilities amount Available (END OF DECEMBER 2022)DKK million Maturity dateDKK millionliquidity1Revolving credit facilities7,065 April 2027 372 6,6931Term loan maturing in 2030744 May 2030 744 -Term loan maturing in 2023 3,000 December 2023 3,000 -Total 10,808 4,116 6,6931 The revolving credit facility and the term loan maturing in 2030 are both sustainability-linked facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-2": { "value": " NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-3": { "value": " NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-4": { "value": " NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-5": { "value": " NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-6": { "value": " NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-7": { "value": " NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-8": { "value": " NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctua-tions in commodity prices and exchange rates. Derivative financial instruments include silver and gold swaps and foreign exchange forward contracts.Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 1212021Commodities 8 -121 -113 -90Foreign exchange 61 -88 -27 -20Total derivative financial instruments 69 -209 -140 -110NOTE 4.5 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected gold and silver consumption based on a rolling 12-month production plan. The table below illustrates the timing of the hedges related to the purchase of gold and silver for production, excluding the time-lag effect from inventory to cost of sales (when the product is sold). The time-lag from use in production to impact on cost of sales is usually 2 to 7 months. Classification according to the fair value hierarchyThe fair value at 31 December 2022 of Pandora\u2019s derivative financial instruments was measured in accordance with lev-el 2 in the fair value hierarchy (IFRS 13). Level 2 is based on non-quoted prices, observable either directly (as prices) or indirectly (derived from prices). Pandora uses input from third-party valuation specialists to quote prices for unrealised derivative financial instruments. The value of unrealised silver and gold instruments is tested against the prices observable at London Bullion Market Association (LBMA). The value of unrealised foreign exchange instruments is tested against observable foreign exchange forward rates. The value of financial instruments recognised in other com-prehensive income is recycled from equity at the time the instrument is settled, within 12 months.Derivative financial instruments that qualify for cash flow hedge accounting The hedges are expected to be highly effective due to the nature of the economic relation between the exposure and the hedge.The effective portion of the unrealised gain or loss on all hedg-ing instruments is recognised directly as other comprehensive income in the equity hedging reserve. The ineffective portion is recognised in net financials.The effective portion of the realised gain or loss on a com-modity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The realised gain or loss on all foreign exchange contracts is recognised in net financials.The ineffectiveness impact in net financials was a loss of HEDGED AND REALISED PURCHASE PRICES Realised in Hedged Hedged Hedged Hedged At use of the gold and silver for production (USD/OZ)2022Q1 2023Q2 2023Q3 2023Q4 2023Gold price 1,806 1,835 1,839 1,793 1,847Silver price 24.29 23.48 21.75 20.42 22.27Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%DKK 46 million (2021: gain of DKK 16 million).For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-163-10": { "value": " ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-163-11": { "value": " ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-163-12": { "value": " ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-163-13": { "value": " ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-163-14": { "value": " ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-163-15": { "value": " ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-163-16": { "value": " ACCOUNTING POLICIES Derivative financial instruments are initially recognised at fair value at the date on which a contract is entered into and are subsequently measured at fair value. For derivative financial instruments not traded in an active market, the fair value is determined using appropriate valuation methods. Such methods may include comparison with recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis.Pandora has designated certain derivative financial instru-ments as cash flow hedges as defined under IFRS 9. Hedge accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions. Pandora designates and documents all hedging relationships between commodity contracts and purchase transactions. The effective portion of the unrealised gain or loss on all hedging instruments is recognised directly as other com-prehensive income in the equity hedging reserve. The inef-fective portion is recognised in net financials. The effective portion of the realised gain or loss from commodity hedg-ing is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-167-2": { "value": " NOTE 4.7 OTHER NON-CASH ADJUSTMENTS OTHER NON-CASH ADJUSTMENTS DKK million 2022 2021Effects from exchange rate adjustments 16 129Effects from IFRS16 rent concessions -30 -56Other, incl. gains/losses from the sale of property, plant and equipment -4 -4Total other non-cash adjustments -18 70", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-164-2": { "value": " NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-164-3": { "value": " NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-164-4": { "value": " NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-164-5": { "value": " NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-164-6": { "value": " NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-164-7": { "value": " NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-164-8": { "value": " NOTE 4.6 NET FINANCIALSFINANCE INCOMEDKK million 2022 2021Reclassified from equity hedge reserves 12 53Total finance income from derivative financial instruments 12 53Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 393 78Interest income, bank 5 19Interest income, loans and receivables 2 2Total finance income from loans and receivables 400 99Total finance income 412 152FINANCE COSTSDKK million 2022 2021Reclassified from equity hedge reserves 167 286Total finance costs from derivative financial instruments 167 286Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 134 116Interest on loans and borrowings 100 34Interest on lease liabilities 162 99Other finance costs 59 78Total finance costs from loans and borrowings 455 327Total finance costs 622 613ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-165-10": { "value": "ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-165-11": { "value": "ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-165-12": { "value": "ACCOUNTING POLICIES Finance income and costs comprise interest income and expenses, realised and unreal-ised gains and losses on payables/receiva-bles and transactions in foreign currencies.For all financial instruments measured at amortised cost, interest income or expense is recognised using the effective interest rate, which is the rate that discounts the estimat-ed future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-168-3": { "value": " NOTE 5.1 CONTINGENT ASSETS AND LIABILITIESLitigationPandora is a party to various legal proceedings with current business partners, authorities and other third parties, related to copyright, marketing conduct and pricing. None of these proceedings is expected to have a material effect on Pandora\u2019s financial position or future earnings. SIGNIFICANT ACCOUNTING ESTIMATES The factors taken into account when estimating a poten-tial liability in connection with litigation include the nature of the litigation or claim. Other factors taken into account are the development of the case, the judgements and recommendations of legal or other advisers, experience from similar cases, and management\u2019s decision on how the Group will react to the litigation or claim.Contractual obligationsPandora has entered into a number of long-term purchase, sales and supply contracts in the course of the Group\u2019s ordinary business. Contractual obligations amounted to DKK 827 million at 31 December 2022 (2021: DKK 500 million) and relate mainly to commercial collaborations and IT contracts.Apart from the liabilities already recognised in the balance sheet, no significant financial losses are expected to be incurred as a result of these contracts.Contingent assetsIn October 2022, Pandora\u2019s European Distribution Center, located in Hamburg, Germany, was affected by a fire. The extent of any potential insurance compensation is being assessed, and discussions are ongoing with the insurers. Due to the premature state of discussions and the associated uncertainties, Pandora has not recognised an indemnity claim under the business interruption insurance policy as of 31 December 2022. No other material insurance compensation has been recognised in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-168-4": { "value": " NOTE 5.1 CONTINGENT ASSETS AND LIABILITIESLitigationPandora is a party to various legal proceedings with current business partners, authorities and other third parties, related to copyright, marketing conduct and pricing. None of these proceedings is expected to have a material effect on Pandora\u2019s financial position or future earnings. SIGNIFICANT ACCOUNTING ESTIMATES The factors taken into account when estimating a poten-tial liability in connection with litigation include the nature of the litigation or claim. Other factors taken into account are the development of the case, the judgements and recommendations of legal or other advisers, experience from similar cases, and management\u2019s decision on how the Group will react to the litigation or claim.Contractual obligationsPandora has entered into a number of long-term purchase, sales and supply contracts in the course of the Group\u2019s ordinary business. Contractual obligations amounted to DKK 827 million at 31 December 2022 (2021: DKK 500 million) and relate mainly to commercial collaborations and IT contracts.Apart from the liabilities already recognised in the balance sheet, no significant financial losses are expected to be incurred as a result of these contracts.Contingent assetsIn October 2022, Pandora\u2019s European Distribution Center, located in Hamburg, Germany, was affected by a fire. The extent of any potential insurance compensation is being assessed, and discussions are ongoing with the insurers. Due to the premature state of discussions and the associated uncertainties, Pandora has not recognised an indemnity claim under the business interruption insurance policy as of 31 December 2022. No other material insurance compensation has been recognised in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-171-2": { "value": " NOTE 5.2 RELATED PARTIESRelated parties with significant interestsAt 31 December 2022, treasury shares accounted for 6.4% of the share capital (2021: 4.3%), for further information see note 4.1 Share capital. Other related parties of Pandora include the Board, Execu-tive Management and their close family members. Related parties also include companies in which the aforementioned persons have control or significant interests.Transactions with related partiesAs part of the share buyback carried out in 2022, Pando-ra purchased own shares from shareholders. The shares were purchased at the volume-weighted average purchase price for the shares purchased under the share buyback programme in the market on the relevant day of trading.Pandora did not enter into any significant transactions with members of the Board or the Executive Management, except for compensation and benefits received as a result of their membership of the Board, employment with Pandora or shareholdings in Pandora. For further information see note 2.3 Staff costs and note 2 .4 Share-based payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-172-2": { "value": " NOTE 5.3 FEES TO INDEPENDENT AUDITORDKK million 2022 2021Fee for statutory audit 11 10Other assurance engagements 2 1Total audit related services 13 11Tax consultancy - -Other services 1 -Total non-audit services 1 -Total fees to independent auditor 14 11The costs are recognised in the consolidated income statement as administrative expenses. Pandora has implemented a policy regarding non-audit services provided by the auditor appointed at the Annual General Meeting. The policy states which services are allowed or prohibited. Other non-audit services include fees for advisory services. All non-audit services have been approved according to the policy for non-audit services and within the 70% fee cap restrictions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-173-2": { "value": " NOTE 5.4 EVENTS OCCURRING AFTER THE REPORTING PERIODNo subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-169-5": { "value": "Contractual obligationsPandora has entered into a number of long-term purchase, sales and supply contracts in the course of the Group\u2019s ordinary business. Contractual obligations amounted to DKK 827 million at 31 December 2022 (2021: DKK 500 million) and relate mainly to commercial collaborations and IT contracts.Apart from the liabilities already recognised in the balance sheet, no significant financial losses are expected to be incurred as a result of these contracts.Contingent assetsIn October 2022, Pandora\u2019s European Distribution Center, located in Hamburg, Germany, was affected by a fire. The extent of any potential insurance compensation is being assessed, and discussions are ongoing with the insurers. Due to the premature state of discussions and the associated uncertainties, Pandora has not recognised an indemnity claim under the business interruption insurance policy as of 31 December 2022. No other material insurance compensation has been recognised in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-174-2": { "value": " NOTE 5.5 COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2022. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017Pandora \u00d6sterreich GmbH 100% Austria 23 May 2012Pandora Jewellery Belgium NV 100% Belgium 13 April 2017Pandora do Brasil Participa\u00e7\u00f5es Ltda. 100% Brazil 24 October 2013Pandora Jewelry Ltd. 100% Canada 7 March 2008Pandora Jewelry Chile SpA 100% Chile 7 May 2017Pandora Jewelry Colombia S.A.S 100% Colombia 17 January 2019Pandora Int. ApS 100% Denmark 1 October 2009Pan Me A/S 100% Denmark 16 January 2015Pandora Jewelry Taiwan A/S 100% Denmark 18 May 2018Pandora Production Holding A/S 100% Denmark 3 May 2022Pandora Jewellery UK Limited 100% England 1 December 2008Pandora Jewelry Finland Oy 100% Finland 1 January 2012Pandora France SAS 100% France 25 February 2011Pandora Jewelry GmbH 100% Germany 5 January 2010Pandora EMEA Distribution Center GmbH 100% Germany 5 December 2011Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pandora Jewelry Limited 100% Ireland 10 January 2018Pandora Italia SRL 100% Italy 23 May 2012Pandora Jewelry Japan Ltd. 100% Japan 29 October 2014Pandora Jewelry Macau Company Ltd. 100% Macau 1 January 2016Pandora Jewelry Mexico, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Servicios, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Import, S.A. de C.V. 100% Mexico 4 April 2018Pandora Jewelry Panama S.A. 100% Panama 5 July 2016Pandora Jewelry Panama Retail, S.A. 100% Panama 14 April 2021Pandora Jewelry Peru S.A.C 100% Peru 10 July 2018Pandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Portugal, Unipessoal LDA 100% Portugal 4 April 2022Pandora Jewelry Singapore Pte. Ltd. 100% Singapore 1 January 2016Pandora Jewelry Slovakia s.r.o. 100% Slovakia 6 September 2016Pandora Jewellery South Africa Pty Ltd. 100% South Africa 31 January 2017Pandora Jewellery Spain S.L 100% Spain 28 September 2017Pandora Sweden AB 100% Sweden 4 November 2013Pandora Schweiz AG 100% Switzerland 6 December 2011Pandora Services Co. Ltd. 100% Thailand 15 October 2010Pandora Jewelry M\u00fccevherat Anonim \u015eirketi 100% Turkey 4 November 2013Pandora Jewelry Inc. 100% United States 1 July 2008Pandora Jewelry Latam LLC 100% United States 20 October 2021Company Ownership Registered office Date of consolidationOWNED BY OTHER COMPANIES IN THE PANDORA GROUPAD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora Jewelry Pty Ltd. 100% Australia 1 July 2009Pandora Retail Pty Ltd. 100% Australia 1 July 2009Pandora do Brasil Com\u00e9rcio e Importa\u00e7\u00e3o Ltda. 100% Brazil 24 October 2013Pandora Franchise Canada Ltd. 100% Canada 19 January 2011Pandora Retail Canada Ltd. 100% Canada 4 February 2014Pandora Jewelry (Shanghai) Company Ltd. 100% China 4 February 2015Pandora Jewelry Design (Beijing) Company Ltd. 100% China 1 March 2016Pandora Jewelry CR s.r.o. 100% Czech Republic 2 December 2009Panmeas Jewellery LLC 100% Dubai 16 January 2015Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Jewelry B.V. 100% Netherlands 20 September 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Pandora Jewelry LLC 100% United States 7 March 2008Pandora Franchising LLC 100% United States 1 November 2009Pandora Ventures LLC 100% United States 10 May 2012Pandora ECOMM LLC 100% United States 21 August 2014Pandora Group has seven dormant companies, which have been omitted from the table.Pandora A/S has no dormant companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-174-3": { "value": " NOTE 5.5 COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2022. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017Pandora \u00d6sterreich GmbH 100% Austria 23 May 2012Pandora Jewellery Belgium NV 100% Belgium 13 April 2017Pandora do Brasil Participa\u00e7\u00f5es Ltda. 100% Brazil 24 October 2013Pandora Jewelry Ltd. 100% Canada 7 March 2008Pandora Jewelry Chile SpA 100% Chile 7 May 2017Pandora Jewelry Colombia S.A.S 100% Colombia 17 January 2019Pandora Int. ApS 100% Denmark 1 October 2009Pan Me A/S 100% Denmark 16 January 2015Pandora Jewelry Taiwan A/S 100% Denmark 18 May 2018Pandora Production Holding A/S 100% Denmark 3 May 2022Pandora Jewellery UK Limited 100% England 1 December 2008Pandora Jewelry Finland Oy 100% Finland 1 January 2012Pandora France SAS 100% France 25 February 2011Pandora Jewelry GmbH 100% Germany 5 January 2010Pandora EMEA Distribution Center GmbH 100% Germany 5 December 2011Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pandora Jewelry Limited 100% Ireland 10 January 2018Pandora Italia SRL 100% Italy 23 May 2012Pandora Jewelry Japan Ltd. 100% Japan 29 October 2014Pandora Jewelry Macau Company Ltd. 100% Macau 1 January 2016Pandora Jewelry Mexico, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Servicios, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Import, S.A. de C.V. 100% Mexico 4 April 2018Pandora Jewelry Panama S.A. 100% Panama 5 July 2016Pandora Jewelry Panama Retail, S.A. 100% Panama 14 April 2021Pandora Jewelry Peru S.A.C 100% Peru 10 July 2018Pandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Portugal, Unipessoal LDA 100% Portugal 4 April 2022Pandora Jewelry Singapore Pte. Ltd. 100% Singapore 1 January 2016Pandora Jewelry Slovakia s.r.o. 100% Slovakia 6 September 2016Pandora Jewellery South Africa Pty Ltd. 100% South Africa 31 January 2017Pandora Jewellery Spain S.L 100% Spain 28 September 2017Pandora Sweden AB 100% Sweden 4 November 2013Pandora Schweiz AG 100% Switzerland 6 December 2011Pandora Services Co. Ltd. 100% Thailand 15 October 2010Pandora Jewelry M\u00fccevherat Anonim \u015eirketi 100% Turkey 4 November 2013Pandora Jewelry Inc. 100% United States 1 July 2008Pandora Jewelry Latam LLC 100% United States 20 October 2021Company Ownership Registered office Date of consolidationOWNED BY OTHER COMPANIES IN THE PANDORA GROUPAD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora Jewelry Pty Ltd. 100% Australia 1 July 2009Pandora Retail Pty Ltd. 100% Australia 1 July 2009Pandora do Brasil Com\u00e9rcio e Importa\u00e7\u00e3o Ltda. 100% Brazil 24 October 2013Pandora Franchise Canada Ltd. 100% Canada 19 January 2011Pandora Retail Canada Ltd. 100% Canada 4 February 2014Pandora Jewelry (Shanghai) Company Ltd. 100% China 4 February 2015Pandora Jewelry Design (Beijing) Company Ltd. 100% China 1 March 2016Pandora Jewelry CR s.r.o. 100% Czech Republic 2 December 2009Panmeas Jewellery LLC 100% Dubai 16 January 2015Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Jewelry B.V. 100% Netherlands 20 September 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Pandora Jewelry LLC 100% United States 7 March 2008Pandora Franchising LLC 100% United States 1 November 2009Pandora Ventures LLC 100% United States 10 May 2012Pandora ECOMM LLC 100% United States 21 August 2014Pandora Group has seven dormant companies, which have been omitted from the table.Pandora A/S has no dormant companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-174-4": { "value": " NOTE 5.5 COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2022. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017Pandora \u00d6sterreich GmbH 100% Austria 23 May 2012Pandora Jewellery Belgium NV 100% Belgium 13 April 2017Pandora do Brasil Participa\u00e7\u00f5es Ltda. 100% Brazil 24 October 2013Pandora Jewelry Ltd. 100% Canada 7 March 2008Pandora Jewelry Chile SpA 100% Chile 7 May 2017Pandora Jewelry Colombia S.A.S 100% Colombia 17 January 2019Pandora Int. ApS 100% Denmark 1 October 2009Pan Me A/S 100% Denmark 16 January 2015Pandora Jewelry Taiwan A/S 100% Denmark 18 May 2018Pandora Production Holding A/S 100% Denmark 3 May 2022Pandora Jewellery UK Limited 100% England 1 December 2008Pandora Jewelry Finland Oy 100% Finland 1 January 2012Pandora France SAS 100% France 25 February 2011Pandora Jewelry GmbH 100% Germany 5 January 2010Pandora EMEA Distribution Center GmbH 100% Germany 5 December 2011Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pandora Jewelry Limited 100% Ireland 10 January 2018Pandora Italia SRL 100% Italy 23 May 2012Pandora Jewelry Japan Ltd. 100% Japan 29 October 2014Pandora Jewelry Macau Company Ltd. 100% Macau 1 January 2016Pandora Jewelry Mexico, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Servicios, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Import, S.A. de C.V. 100% Mexico 4 April 2018Pandora Jewelry Panama S.A. 100% Panama 5 July 2016Pandora Jewelry Panama Retail, S.A. 100% Panama 14 April 2021Pandora Jewelry Peru S.A.C 100% Peru 10 July 2018Pandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Portugal, Unipessoal LDA 100% Portugal 4 April 2022Pandora Jewelry Singapore Pte. Ltd. 100% Singapore 1 January 2016Pandora Jewelry Slovakia s.r.o. 100% Slovakia 6 September 2016Pandora Jewellery South Africa Pty Ltd. 100% South Africa 31 January 2017Pandora Jewellery Spain S.L 100% Spain 28 September 2017Pandora Sweden AB 100% Sweden 4 November 2013Pandora Schweiz AG 100% Switzerland 6 December 2011Pandora Services Co. Ltd. 100% Thailand 15 October 2010Pandora Jewelry M\u00fccevherat Anonim \u015eirketi 100% Turkey 4 November 2013Pandora Jewelry Inc. 100% United States 1 July 2008Pandora Jewelry Latam LLC 100% United States 20 October 2021Company Ownership Registered office Date of consolidationOWNED BY OTHER COMPANIES IN THE PANDORA GROUPAD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora Jewelry Pty Ltd. 100% Australia 1 July 2009Pandora Retail Pty Ltd. 100% Australia 1 July 2009Pandora do Brasil Com\u00e9rcio e Importa\u00e7\u00e3o Ltda. 100% Brazil 24 October 2013Pandora Franchise Canada Ltd. 100% Canada 19 January 2011Pandora Retail Canada Ltd. 100% Canada 4 February 2014Pandora Jewelry (Shanghai) Company Ltd. 100% China 4 February 2015Pandora Jewelry Design (Beijing) Company Ltd. 100% China 1 March 2016Pandora Jewelry CR s.r.o. 100% Czech Republic 2 December 2009Panmeas Jewellery LLC 100% Dubai 16 January 2015Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Jewelry B.V. 100% Netherlands 20 September 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Pandora Jewelry LLC 100% United States 7 March 2008Pandora Franchising LLC 100% United States 1 November 2009Pandora Ventures LLC 100% United States 10 May 2012Pandora ECOMM LLC 100% United States 21 August 2014Pandora Group has seven dormant companies, which have been omitted from the table.Pandora A/S has no dormant companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-174-5": { "value": " NOTE 5.5 COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2022. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017Pandora \u00d6sterreich GmbH 100% Austria 23 May 2012Pandora Jewellery Belgium NV 100% Belgium 13 April 2017Pandora do Brasil Participa\u00e7\u00f5es Ltda. 100% Brazil 24 October 2013Pandora Jewelry Ltd. 100% Canada 7 March 2008Pandora Jewelry Chile SpA 100% Chile 7 May 2017Pandora Jewelry Colombia S.A.S 100% Colombia 17 January 2019Pandora Int. ApS 100% Denmark 1 October 2009Pan Me A/S 100% Denmark 16 January 2015Pandora Jewelry Taiwan A/S 100% Denmark 18 May 2018Pandora Production Holding A/S 100% Denmark 3 May 2022Pandora Jewellery UK Limited 100% England 1 December 2008Pandora Jewelry Finland Oy 100% Finland 1 January 2012Pandora France SAS 100% France 25 February 2011Pandora Jewelry GmbH 100% Germany 5 January 2010Pandora EMEA Distribution Center GmbH 100% Germany 5 December 2011Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pandora Jewelry Limited 100% Ireland 10 January 2018Pandora Italia SRL 100% Italy 23 May 2012Pandora Jewelry Japan Ltd. 100% Japan 29 October 2014Pandora Jewelry Macau Company Ltd. 100% Macau 1 January 2016Pandora Jewelry Mexico, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Servicios, S.A. de C.V. 100% Mexico 8 March 2017Pandora Jewelry Mexico Import, S.A. de C.V. 100% Mexico 4 April 2018Pandora Jewelry Panama S.A. 100% Panama 5 July 2016Pandora Jewelry Panama Retail, S.A. 100% Panama 14 April 2021Pandora Jewelry Peru S.A.C 100% Peru 10 July 2018Pandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Portugal, Unipessoal LDA 100% Portugal 4 April 2022Pandora Jewelry Singapore Pte. Ltd. 100% Singapore 1 January 2016Pandora Jewelry Slovakia s.r.o. 100% Slovakia 6 September 2016Pandora Jewellery South Africa Pty Ltd. 100% South Africa 31 January 2017Pandora Jewellery Spain S.L 100% Spain 28 September 2017Pandora Sweden AB 100% Sweden 4 November 2013Pandora Schweiz AG 100% Switzerland 6 December 2011Pandora Services Co. Ltd. 100% Thailand 15 October 2010Pandora Jewelry M\u00fccevherat Anonim \u015eirketi 100% Turkey 4 November 2013Pandora Jewelry Inc. 100% United States 1 July 2008Pandora Jewelry Latam LLC 100% United States 20 October 2021Company Ownership Registered office Date of consolidationOWNED BY OTHER COMPANIES IN THE PANDORA GROUPAD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora Jewelry Pty Ltd. 100% Australia 1 July 2009Pandora Retail Pty Ltd. 100% Australia 1 July 2009Pandora do Brasil Com\u00e9rcio e Importa\u00e7\u00e3o Ltda. 100% Brazil 24 October 2013Pandora Franchise Canada Ltd. 100% Canada 19 January 2011Pandora Retail Canada Ltd. 100% Canada 4 February 2014Pandora Jewelry (Shanghai) Company Ltd. 100% China 4 February 2015Pandora Jewelry Design (Beijing) Company Ltd. 100% China 1 March 2016Pandora Jewelry CR s.r.o. 100% Czech Republic 2 December 2009Panmeas Jewellery LLC 100% Dubai 16 January 2015Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Jewelry B.V. 100% Netherlands 20 September 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Pandora Jewelry LLC 100% United States 7 March 2008Pandora Franchising LLC 100% United States 1 November 2009Pandora Ventures LLC 100% United States 10 May 2012Pandora ECOMM LLC 100% United States 21 August 2014Pandora Group has seven dormant companies, which have been omitted from the table.Pandora A/S has no dormant companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-176-3": { "value": "STATEMENT BY THE EXECUTIVE MANAGEMENT AND THE BOARD OF DIRECTORSThe Board of Directors and the Executive Management have today discussed and approved the Annual Report of Pandora A/S for 2022.The Annual Report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial State-ments Act.It is our opinion that the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Par-ent Company at 31 December 2022 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January to 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, results of oper-ations, cash flows and financial position as well as a descrip-tion of material risks and uncertainties that the Group and the Parent Company face.In our opinion, the Annual Report of Pandora A/S for the financial year 1 January to 31 December 2022 with the file name PAND-2022-12-31-en.zip has been prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be approved at the Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-220-2": { "value": "PANDORA A/S", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-221-1": { "value": "Pandora A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f44711": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-225-1": { "value": "Havneholmen 17-19 1561Copenhagen V", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f44723": { "value": "Copenhagen V", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f44724": { "value": "Copenhagen V", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f44727": { "value": "Denmark ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5299007OWYZ6I1E46843", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }