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"s8_notesesefdkgaap__9__91-1": {
"value": "ACCOUNTING POLICIESCash 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.ACCOUNTING POLICIESRetail sales \u2013 productsRevenue from the sale of products through stores owned and operated by Pandora is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the product 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 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, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to customers 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 therefore 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 distributor. 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 recognised 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 represents the portion of loyalty points issued that will never be redeemed.ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.ACCOUNTING POLICIESSelected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions with employees is measured by refer-ence 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 per-formance 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 POLICIESIncome 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 reporting date, in the countries in which Pandora operates and generates taxable income.ACCOUNTING POLICIESThe Group has adopted the amendments to the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to minimum taxes. The mandatory exception from accounting for deferred tax in respect of minimum tax has been applied.ACCOUNTING POLICIESDeferred tax on all temporary differences between the carrying amounts for financial reporting purposes and the tax base of assets and liabilities are 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 POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.ACCOUNTING POLICIESProperty, 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 list below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 yearsACCOUNTING POLICIESPandora 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 liability 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 recogni-tion exemption to its short-term leases. Pay-ments 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.ACCOUNTING POLICIESBusiness combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acquisition 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 value or at the proportionate share of the acquiree\u2019s identifiable 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 CGUs in the two operating segments for impairment testing purposes due to the constraint in IAS 36.ACCOUNTING POLICIESInventories are valued at the lower of cost and net realisable 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 normal 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 POLICIESTrade receivables are initially recognised at the amount of consideration that is unconditional and consequently recognised 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 expected credit losses, using a lifetime expected loss allowance.ACCOUNTING POLICIESProvisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event, 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 recognised in the income statement net of any reimbursement.ACCOUNTING POLICIESPandora recognises a refund and warranty liability related to return rights provided to customers in most markets. 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 otherwise 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 expected replacements provided for products still covered by warranty at the end of the period. The liability is recognised 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.Revenue related to the gift cards and coupons is deferred up to the time the gift cards and coupons are used. The stand-alone selling price of the gift cards and coupons is the monetary value of the cards and coupons. In estimating the redemption rate, Pandora considers breakage, which represents the portion of the gift cards and coupons value issued that will never be redeemed.As a common practice in Pandora, no costs to obtain contracts with customers were capitalised in 2023 or previous years.ACCOUNTING POLICIESDividend proposed is recognised as a liability at the date of the adoption at the Annual General Meeting (declaration date). Extraordinary dividend is recognised as a liability at the declaration date.ACCOUNTING POLICIESOn initial recognition, interest-bearing debt and borrowings are measured at fair value less transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are measured 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, as well as fees and other costs.ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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 POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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 1.1 GENERAL 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 2023 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as separate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act for class D companies.The consolidated 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 rounding, 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 2023 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 document together with certain technical files, all included in a zip file named PAND-2023-12-31-en.zip. Alternative performance measuresPandora presents financial measures in the Annual Report that are not defined according to IFRS. Pandora believes that 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 therefore not be considered to be a replacement for measures defined under IFRS. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions. ACCOUNTING POLICIESThe general accounting policies applied in 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 general description of Pandora\u2019s accounting policies.Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Subsidiaries 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 resulting 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 prevailing 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 translated 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 foreign entities are recognised in other comprehensive income.Group companies with a functional currency other than DKKThe assets and liabilities of foreign subsidiaries are translated into DKK at the rate of exchange prevailing at the reporting 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 subsidiary, 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 expenses related to the distribution of goods sold and sales campaigns, 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 and stores. Administrative expenses comprise expenses incurred in the year to manage Pandora, including expenses related to administrative staff and depreciation, amortisation and impairment losses in respect of assets used in the administration.The allocation of amortisation and impairment losses from intangible 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 our Core collections (formerly referred to as Moments incl. Collabs), while the other, Fuel with more (formerly referred to as Style), covers newer collections and innovations.In 2023, Pandora updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment into the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million and gross profit of DKK 1,464 million from Fuel with more into Core. The strategic reasoning centres around design aesthetics and categorisation of jewellery to better align consumer synergies among collections, leading to a centralised platform for charms and carriers. All the comparative figures have been restated to reflect the updated structure.Core includes charms and carriers which focus on collectability. Fuel with more includes the Modern Classics (Pandora Timeless and Pandora Signature accompanied by Pandora\u2019s newest collection, PANDORA ESSENCE) and Pandora Lab-Grown Diamonds and targets both existing and new customers who may have a different aesthetic preference than the Core jewellery design.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.",
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"value": "ACCOUNTING POLICIESCash 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.",
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"value": "NOTE 1.1 GENERAL 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 2023 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as separate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act for class D companies.The consolidated 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 rounding, 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 2023 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 document together with certain technical files, all included in a zip file named PAND-2023-12-31-en.zip. Alternative performance measuresPandora presents financial measures in the Annual Report that are not defined according to IFRS. Pandora believes that 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 therefore not be considered to be a replacement for measures defined under IFRS. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions. ACCOUNTING POLICIESThe general accounting policies applied in 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 general description of Pandora\u2019s accounting policies.Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Subsidiaries 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 resulting 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 prevailing 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 translated 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 foreign entities are recognised in other comprehensive income.Group companies with a functional currency other than DKKThe assets and liabilities of foreign subsidiaries are translated into DKK at the rate of exchange prevailing at the reporting 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 subsidiary, 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 expenses related to the distribution of goods sold and sales campaigns, 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 and stores. Administrative expenses comprise expenses incurred in the year to manage Pandora, including expenses related to administrative staff and depreciation, amortisation and impairment losses in respect of assets used in the administration.The allocation of amortisation and impairment losses from intangible 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 5.6FINANCIAL DEFINITIONSKey figures and financial ratios stated in the consolidated financial statements have been calculated in accordance with the CFA Society Denmark guidelines. Revenue growth, % (Current year\u2019s revenue - last year\u2019s revenue) / last year\u2019s revenueRevenue growth,(Current year\u2019s revenue at last year\u2019s exchange rates - last year\u2019s revenue) / local currency, %last year\u2019s revenueGross margin, % Gross profit / revenueEffective tax rate, % Income tax expense / profit before taxEquity ratio, % Equity / total assetsTotal payout ratio, % (Dividends paid for the year + value of share buyback) / net profitEPS, basic Net profit / average number of shares outstandingEPS, diluted Net profit / average number of shares outstanding, including the dilutive effect of share options \u201cin the money\u201dPandora presents the following alternative performance measures not defined according to IFRS (non-GAAP measures) in the Annual Report:Like-for-like, % Like-for-like growth includes sell-out from all concept stores (including partner-owned), owned and operated Shop in Shops and Pandora Online. Partner-owned other points of sale are not included in like-for-like. The KPI includes stores which have been operating for +12 monthsOrganic growth, % Revenue growth in local currency relative to the same period in the comparative year adjusted for the acquisition/divestment of distributors and franchisee stores (the effect of converting wholesale to retail revenue and vice versa)EBITDA Profit before interest, tax, depreciation and amortisationEBITDA margin, % EBITDA / revenueEBIT Profit before interest and taxEBIT margin, % EBIT / revenueFree cash flows incl. Cash flows from operating activities, lease paymentsexcluding financial items and cash flows from investing activities excluding acquisitions of subsidiaries and activities and including the repayment of lease commitmentsCapital expenditure Purchase of intangible assets and (CAPEX)property, plant and equipment for the year, excluding acquisitions of subsidiariesDays sales Last three months of wholesale and outstanding (DSO) third-party distribution revenue relative to trade receivables from these channels and not adjusted for VATReturn on invested EBIT / invested capital including goodwillcapital (ROIC), %Net Interest-Loans, borrowings, capitalised leases and bearing debt (NIBD)other liabilities relating to obligations to acquire non-controlling interests (current and non-current) less cashNIBD to EBITDA NIBD / EBITDA (rolling 12 months)Cash conversion Free cash flows incl. lease payments / incl. lease EBITpayments, %",
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"value": "NOTE 1.1 GENERAL 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 2023 comprises the consolidated financial statements of Pandora A/S and its subsidiaries (the Group) as well as separate financial statements for the Parent Company, Pandora A/S. The financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act for class D companies.The consolidated 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 rounding, 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 2023 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 document together with certain technical files, all included in a zip file named PAND-2023-12-31-en.zip. Alternative performance measuresPandora presents financial measures in the Annual Report that are not defined according to IFRS. Pandora believes that 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 therefore not be considered to be a replacement for measures defined under IFRS. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions. ACCOUNTING POLICIESThe general accounting policies applied in 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 general description of Pandora\u2019s accounting policies.Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Subsidiaries 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 resulting 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 prevailing 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 translated 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 foreign entities are recognised in other comprehensive income.Group companies with a functional currency other than DKKThe assets and liabilities of foreign subsidiaries are translated into DKK at the rate of exchange prevailing at the reporting 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 subsidiary, 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 expenses related to the distribution of goods sold and sales campaigns, 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 and stores. Administrative expenses comprise expenses incurred in the year to manage Pandora, including expenses related to administrative staff and depreciation, amortisation and impairment losses in respect of assets used in the administration.The allocation of amortisation and impairment losses from intangible assets is presented in note 3.1 and the allocation of depreciation and impairment losses from property, plant and equipment in note 3.2. ",
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"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notesesefdkgaap__9__99": {
"value": "Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Subsidiaries 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 resulting from intercompany transactions are eliminated in full.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__98": {
"value": "Consolidated financial statementsThe consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries. Subsidiaries 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 resulting from intercompany transactions are eliminated in full.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__101": {
"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 prevailing 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 translated 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 foreign entities are recognised in other comprehensive income.Group companies with a functional currency other than DKKThe assets and liabilities of foreign subsidiaries are translated into DKK at the rate of exchange prevailing at the reporting 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 subsidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.",
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"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__9__100": {
"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 prevailing 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 translated 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 foreign entities are recognised in other comprehensive income.Group companies with a functional currency other than DKKThe assets and liabilities of foreign subsidiaries are translated into DKK at the rate of exchange prevailing at the reporting 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 subsidiary, the component of other comprehensive income relating to that particular foreign operation is recognised in the income statement.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__104": {
"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 2023. The implementation of these new or amended standards and interpretations had no material impact on the consolidated financial statements for the year. The new standards that are not yet effective are not expected to have any material impact on Pandora.International tax reform \u2013 Pillar Two model rulesThe Group has adopted the amendments applied to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD), including tax law that implements qualified domestic minimum top-up taxes described in those rules.The amendments introduce a temporary exception to the accounting requirements for deferred taxes in International Accounting Standard (IAS) 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The effect of the amendment and its impact on financial statements are presented in note 2.4 Taxation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__103-1": {
"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 2023. The implementation of these new or amended standards and interpretations had no material impact on the consolidated financial statements for the year. The new standards that are not yet effective are not expected to have any material impact on Pandora.International tax reform \u2013 Pillar Two model rulesThe Group has adopted the amendments applied to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD), including tax law that implements qualified domestic minimum top-up taxes described in those rules.The amendments introduce a temporary exception to the accounting requirements for deferred taxes in International Accounting Standard (IAS) 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The effect of the amendment and its impact on financial statements are presented in note 2.4 Taxation. NOTE 1.3 MANAGEMENT\u2019S JUDGEMENTS AND ESTIMATES UNDER IFRSSIGNIFICANT ACCOUNTING ESTIMATESIn preparing the consolidated financial statements, management makes various judgements, accounting estimates and assumptions 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, estimates and assumptions concerning future events. Judgements, estimates and assumptions 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 uncertainties that may lead to actual results differing from these estimates, both positively and negatively.Climate changeAs a global business, Pandora is exposed to risks associated with climate change comprising both transitional risks and physical risks. The transition from a linear economy to a circular economy entails a range of transitional risks to Pandora, such as the demand for more sustainable products and packaging and further legal requirements with focus on Environmental, Social and Governance (ESG) for the supply chain.Beginning 1 January 2024, Pandora will be subject to the reporting requirements under the CSRD, which will require additional disclosures to be integrated into the Annual Report and subject to limited assurance.In preparing the consolidated financial statements for 2023, 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.Sustainability-related investments as well as costs of sourcing only recycled silver and gold and using sustainable lab-grown diamonds in our jewellery, as well as other potential impact of climate change (such as costs to source renewable energy), have been considered in the budget and forecast applied as basis for impairment testing of goodwill (see note 3.1 Intangible assets). The potential consequences on the value and useful life of production facilities becoming outdated in the sustainability transformation was also assessed as having no financial impact. Our investments related to expansion of production facilities are aligned with our sustainability agenda in this respect.While sustainability is an embedded part of Pandora\u2019s business model, by including sustainability targets in our incentive programmes for senior leadership (see note 2.3 Share-based payments) and in all of Pandora\u2019s financing agreements (see note 4.4 Financial risks), management does not consider sustainability targets or climatechange to have a material impact on the accounting estimates and judgements prepared by management in relation to the 2023 consolidated and Parent Company financial statements. This is 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.Macroeconomic uncertaintyThe macroeconomic uncertainty caused by the Russian invasion of Ukraine, the Israel-Hamas war (including the continuation and escalation thereof) and the high inflation rates 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 inflationary 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 judgement and estimation and that are material to the financial statements are described in more detail in the related notes.",
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"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__109-1": {
"value": "SIGNIFICANT ACCOUNTING ESTIMATESIn preparing the consolidated financial statements, management makes various judgements, accounting estimates and assumptions 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, estimates and assumptions concerning future events. Judgements, estimates and assumptions 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 uncertainties that may lead to actual results differing from these estimates, both positively and negatively.Climate changeAs a global business, Pandora is exposed to risks associated with climate change comprising both transitional risks and physical risks. The transition from a linear economy to a circular economy entails a range of transitional risks to Pandora, such as the demand for more sustainable products and packaging and further legal requirements with focus on Environmental, Social and Governance (ESG) for the supply chain.Beginning 1 January 2024, Pandora will be subject to the reporting requirements under the CSRD, which will require additional disclosures to be integrated into the Annual Report and subject to limited assurance.In preparing the consolidated financial statements for 2023, 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.Sustainability-related investments as well as costs of sourcing only recycled silver and gold and using sustainable lab-grown diamonds in our jewellery, as well as other potential impact of climate change (such as costs to source renewable energy), have been considered in the budget and forecast applied as basis for impairment testing of goodwill (see note 3.1 Intangible assets). The potential consequences on the value and useful life of production facilities becoming outdated in the sustainability transformation was also assessed as having no financial impact. Our investments related to expansion of production facilities are aligned with our sustainability agenda in this respect.While sustainability is an embedded part of Pandora\u2019s business model, by including sustainability targets in our incentive programmes for senior leadership (see note 2.3 Share-based payments) and in all of Pandora\u2019s financing agreements (see note 4.4 Financial risks), management does not consider sustainability targets or climatechange to have a material impact on the accounting estimates and judgements prepared by management in relation to the 2023 consolidated and Parent Company financial statements. This is 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.Macroeconomic uncertaintyThe macroeconomic uncertainty caused by the Russian invasion of Ukraine, the Israel-Hamas war (including the continuation and escalation thereof) and the high inflation rates 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 inflationary 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 judgement and estimation and that are material to the financial statements are described in more detail in the related notes.NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.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 2024 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 lives are tested at least annually.ALLOCATION OF INTANGIBLE ASSETS TO CGUSDKK million Goodwill Brand Distribution 2023Core 3,580 766 751Fuel with more 1,334 291 288Total 4,914 1,057 1,0392022Core 3,505 766 758Fuel with more 1,316 291 289Total 4,822 1,057 1,047DISCOUNT RATES AND GROWTH Discount rate Growth rate in RATES IN TERMINAL PERIOD before taxterminal period2023Core 13.1% 2%Fuel with more 13.1% 2%Group 13.1% 2%2022Core 12.6% 2%Fuel with more 12.7% 2%Group 12.6% 2%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 assessment 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 man-agement, and a forecast for the two subsequent years.High inflation rates were still observed in 2023, 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, silver and gold), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates that are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates; \u2022 increasing climate risk and geographical exposure; \u2022 the transition to a circular economy and to net zero impact, including investments required, change in consumer behaviour and impact on the useful economic life of the assets.For more information, see note 1.3 Management\u2019s judgements and estimates under IFRS. Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical experience 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 management\u2019s opinion that no probable change in any key assumptions 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 increase in discount rate, management has not identified any likely impairment.NOTE 3.5INVENTORIESINVENTORIESDKK million 2023 2022Raw materials and consumables 615 743Work in progress 141 151Finished goods 3,216 3,088Point-of-sale materials 194 229Total inventories at 31 December 4,166 4,211Inventory write-downs at 1 January 735 765Write-downs during the year 200 118Utilised in the year -185 -148Inventory write-downs at 31 December 750 735Write-downsInventory write-downs primarily relate to finished goods and are recognised in cost of sales, DKK 170 million (2022: DKK 97 million), and operating expenses, DKK 30 million (2022: DKK 21 million). Write-downs include mainly the cost of remelting obsolete jewellery. Remelting of goods (realised and unrealised) negatively impacted gross profit by DKK 138 million (2022: DKK 63 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. Alternatively, for inventories that are not expected to be sold, net realisable value is based on the recycle value of the reusable raw materials (primarily silver, gold and lab-grown diamonds).ACCOUNTING POLICIESInventories are valued at the lower of cost and net realisable 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 normal 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 ESTIMATESEstimates relating to write-downs are impacted by forecasting 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 4.4FINANCIAL RISKSAs a consequence of its operations, investments and financing, Pandora is exposed to a number of financial risks that are monitored and managed by Pandora\u2019s Group Treasury department.To manage financial risks, Pandora may use a number of financial instruments, such as forward contracts in silver and gold, 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 on the right illustrates the sensitivity on 2023 revenue, EBIT and EBIT margin from exchange rates and commodity price movements. In addition, the sensitivity of assets and liabilities as at 31 December from currency and commodity price 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 Pandora\u2019s policy 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 consumption. Consumption is hedged from 1 to 12 months forward with a hedge ratio target that decreases with time to maturity as illustrated to the right. 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 roll-ing 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 investments 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, PLN 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. 2023 2022SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 894 339 0.4% 858 367 0.5%CAD +10% 81 41 0.1% 80 47 0.1%AUD +10% 154 104 0.2% 167 117 0.3%GBP +10% 383 238 0.5% 382 252 0.6%EUR +1% 77 45 0.1% 71 44 0.1%CNY +10% 55 -3 -0.1% 73 -9 -0.1%MXN +10% 124 69 0.1% 86 47 0.1%PLN +10% 76 59 0.1% 64 47 0.1%THB +10% - -231 -0.8% - -220 -0.8%SILVER and GOLD +10% - -210 -0.7% - -218 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2023 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.In addition, Pandora incurs costs denominated 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 requirements 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.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining marginsIn addition, exchange rate fluctuations affect the translatedvalue of the profits or losses of foreign subsidiaries and thetranslation of foreign currency assets and liabilities. 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 2023, 70% of the cash flows from currencies with risk above policy threshold were hedged based on a rolling 12 month forecast. In 2023, this included USD, THB, GBP, AUD and MXN. 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. 31 December 2023 31 December 2022CURRENCY AND COMMODITY EXPOSURE 1FROM ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% 32 -61 -22 240CAD +10% 15 6 33 -AUD +10% 20 -15 11 -64GBP +10% -63 -97 - -64EUR +1% -68 -68 -9 -34CNY +10% -10 -10 -17 -9MXN +10% 60 34 52 52PLN +10% 12 12 1 1THB +10% -36 168 -46 247SILVER and GOLD +10% - 190 - 1891 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from thecurrency that the monetary items are denominated in. The currency 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 commodity movements in equity arise from the change in the hedging reserve. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.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 consolidated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Credit limits above certain policy thresholds 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 receivables. Rating of trade receivables does not differ materially either by type of cus-tomer 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 unutilised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk and refinancing risk are considered to be low. OUTSTANDING COMMITTED LOAN FACILITIESAvailable Maturity Drawn Avg. effective AvailableDKK millionfacilities dateamount interest rateliquidity1Revolving credit facilities7,080 April 2028 2,609 6.07% 4,4721Term loan maturing in 2030646 May 2030 646 2.80% -1Bond maturing in 20283,726 April 2028 3,726 5.04% -Total outstanding committed loan facilities at 31 December 11,453 6,981 4,4721 Sustainability-linked facilities.Pandora has one revolving credit facility of EUR 950 million and one term loan of EUR 87 million committed until April 2028 and May 2030, respectively. On 3 March 2023, Pandora announced the successful issuance of EUR 500 million in senior notes under its newly established Euro Medium Term Note programme. The issuance is a result of Pandora\u2019s desire to diversify its funding sources and was well received by investors across Europe. The net proceeds from the bond have been used for refinancing of a bridge loan facility established in December 2022. In connection with the bond issuance, Pandora obtained a credit rating of BBB by S&P Global Ratings and a Baa2 rating from Moody\u2019s Investor Service. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.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, only the revolving credit facilities were based on floating interest rates.All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 37 million decrease in profit before tax and equity, excluding tax effect (2022: DKK 49 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual maturities 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.Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1-5 years5 yearsTotal2023Non-derivativesLoans and borrowings 343 3,049 153 3,545Bond 168 4,397 - 4,565Lease liabilities 1,248 2,818 1,142 5,209Trade payables 3,211 - - 3,211Other payables 137 92 - 229DerivativesDerivative financial instruments 128 - - 128Total at 31 December 5,234 10,357 1,295 16,8862022Non-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 11,844",
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"s8_notesesefdkgaap__9__108": {
"value": "SIGNIFICANT ACCOUNTING ESTIMATESIn preparing the consolidated financial statements, management makes various judgements, accounting estimates and assumptions 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, estimates and assumptions concerning future events. Judgements, estimates and assumptions 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 uncertainties that may lead to actual results differing from these estimates, both positively and negatively.Climate changeAs a global business, Pandora is exposed to risks associated with climate change comprising both transitional risks and physical risks. The transition from a linear economy to a circular economy entails a range of transitional risks to Pandora, such as the demand for more sustainable products and packaging and further legal requirements with focus on Environmental, Social and Governance (ESG) for the supply chain.Beginning 1 January 2024, Pandora will be subject to the reporting requirements under the CSRD, which will require additional disclosures to be integrated into the Annual Report and subject to limited assurance.In preparing the consolidated financial statements for 2023, 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.Sustainability-related investments as well as costs of sourcing only recycled silver and gold and using sustainable lab-grown diamonds in our jewellery, as well as other potential impact of climate change (such as costs to source renewable energy), have been considered in the budget and forecast applied as basis for impairment testing of goodwill (see note 3.1 Intangible assets). The potential consequences on the value and useful life of production facilities becoming outdated in the sustainability transformation was also assessed as having no financial impact. Our investments related to expansion of production facilities are aligned with our sustainability agenda in this respect.While sustainability is an embedded part of Pandora\u2019s business model, by including sustainability targets in our incentive programmes for senior leadership (see note 2.3 Share-based payments) and in all of Pandora\u2019s financing agreements (see note 4.4 Financial risks), management does not consider sustainability targets or climatechange to have a material impact on the accounting estimates and judgements prepared by management in relation to the 2023 consolidated and Parent Company financial statements. This is 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.Macroeconomic uncertaintyThe macroeconomic uncertainty caused by the Russian invasion of Ukraine, the Israel-Hamas war (including the continuation and escalation thereof) and the high inflation rates 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 inflationary 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 judgement and estimation and that are material to the financial statements are described in more detail in the related notes.",
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"s8_notesesefdkgaap__9__92-1": {
"value": "SIGNIFICANT ACCOUNTING ESTIMATESIn preparing the consolidated financial statements, management makes various judgements, accounting estimates and assumptions 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, estimates and assumptions concerning future events. Judgements, estimates and assumptions 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 uncertainties that may lead to actual results differing from these estimates, both positively and negatively.Climate changeAs a global business, Pandora is exposed to risks associated with climate change comprising both transitional risks and physical risks. The transition from a linear economy to a circular economy entails a range of transitional risks to Pandora, such as the demand for more sustainable products and packaging and further legal requirements with focus on Environmental, Social and Governance (ESG) for the supply chain.Beginning 1 January 2024, Pandora will be subject to the reporting requirements under the CSRD, which will require additional disclosures to be integrated into the Annual Report and subject to limited assurance.In preparing the consolidated financial statements for 2023, 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.Sustainability-related investments as well as costs of sourcing only recycled silver and gold and using sustainable lab-grown diamonds in our jewellery, as well as other potential impact of climate change (such as costs to source renewable energy), have been considered in the budget and forecast applied as basis for impairment testing of goodwill (see note 3.1 Intangible assets). The potential consequences on the value and useful life of production facilities becoming outdated in the sustainability transformation was also assessed as having no financial impact. Our investments related to expansion of production facilities are aligned with our sustainability agenda in this respect.While sustainability is an embedded part of Pandora\u2019s business model, by including sustainability targets in our incentive programmes for senior leadership (see note 2.3 Share-based payments) and in all of Pandora\u2019s financing agreements (see note 4.4 Financial risks), management does not consider sustainability targets or climatechange to have a material impact on the accounting estimates and judgements prepared by management in relation to the 2023 consolidated and Parent Company financial statements. This is 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.Macroeconomic uncertaintyThe macroeconomic uncertainty caused by the Russian invasion of Ukraine, the Israel-Hamas war (including the continuation and escalation thereof) and the high inflation rates 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 inflationary 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 judgement and estimation and that are material to the financial statements are described in more detail in the related notes.SIGNIFICANT ACCOUNTING ESTIMATESRecognition and measurement of revenue is based on estimates and judgements relating to expected sales returns allowed to customers in most markets. 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, see note 3.8 Contract assets and liabilities.SIGNIFICANT ACCOUNTING ESTIMATESPandora is subject to income tax in the countries in which the Group operates, comprising various tax rates worldwide. Significant judgements are required in determining the accrual for income taxes, deferred tax assets and liabilities, and provisions for uncertain tax positions. Provisions for uncertain tax positions are 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. Management believes that the provisions made for uncertain tax positions are adequate. However, the actual obligation may deviate from this and is dependent on the result of litigation and settlements with the relevant tax authorities.ACCOUNTING ESTIMATESWhen 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 and office buildings. Most lease contracts for stores average three to five years with a three to five-year option to extend in approximately 18% of current leases, typically with one or more termination options. The lease term for stores has been assessed to be up to 10 years, depending on location, revenue and earnings. For office buildings, the lease term is usually 5 to 15 years.SIGNIFICANT ACCOUNTING ESTIMATESEstimates relating to write-downs are impacted by forecasting 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.SIGNIFICANT ACCOUNTING ESTIMATESIn most markets, Pandora has provided return and warranty 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.SIGNIFICANT ACCOUNTING ESTIMATESThe factors taken into account when estimating a potential 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.NOTE 1.3 MANAGEMENT\u2019S JUDGEMENTS AND ESTIMATES UNDER IFRS",
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"s8_notesesefdkgaap__9__114": {
"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 our Core collections (formerly referred to as Moments incl. Collabs), while the other, Fuel with more (formerly referred to as Style), covers newer collections and innovations.In 2023, Pandora updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment into the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million and gross profit of DKK 1,464 million from Fuel with more into Core. The strategic reasoning centres around design aesthetics and categorisation of jewellery to better align consumer synergies among collections, leading to a centralised platform for charms and carriers. All the comparative figures have been restated to reflect the updated structure.Core includes charms and carriers which focus on collectability. Fuel with more includes the Modern Classics (Pandora Timeless and Pandora Signature accompanied by Pandora\u2019s newest collection, PANDORA ESSENCE) and Pandora Lab-Grown Diamonds and targets both existing and new customers who may have a different aesthetic preference than the Core jewellery design.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 Fuel with DKK million Coremore Group2023Revenue 21,951 6,186 28,136Cost of sales -4,875 -1,137 -6,012Gross profit 17,076 5,049 22,125Operating expenses -15,086Consolidated operating profit (EBIT) 7,039Profit margin (EBIT margin) 25.0%2022Revenue 21,156 5,308 26,463Cost of sales -5,188 -1,085 -6,273Gross profit 15,968 4,223 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%Non-unit-driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.1REVENUE BY SEGMENTSDKK million 2023 2022Core 21,951 21,156- Moments 18,369 17,727- Collabs 2,681 2,614- ME 900 815Fuel with more 6,186 5,3082- Timeless4,792 3,847- Signature 1,129 1,248- Pandora Lab-Grown Diamonds 265 213Total revenue 28,136 26,463Goods transferred at a point in time 28,070 26,386Services transferred over time 66 77Total revenue 28,136 26,4631 Pandora has updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment to the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million from Fuel with more into Core.2 Pandora Timeless includes revenue from the PANDORA ESSENCE collection in the amount of DKK 5 million.The use of sales channels for the distribution of Pandora jewellery depends on the underlying market maturity and varies within markets, but is consistent when viewed between segments.REVENUE BY SALES CHANNELDKK million 2023 2022Pandora physical stores 16,142 13,503Pandora online stores 5,892 5,612Wholesale and third-party distribution 6,103 7,349Total revenue 28,136 26,463GEOGRAPHIC INFORMATION, REVENUEDKK million 2023 2022US 8,306 7,907China 564 737UK 3,821 3,802Italy 2,540 2,580Australia 1,120 1,271France 1,196 1,190Germany 1,527 1,307Rest of world 9,062 7,669\u2013 of which Spain 1,246 1,123\u2013 of which Mexico 1,385 994\u2013 of which Denmark 39 28Total revenue 28,136 26,463GEOGRAPHIC INFORMATION, ASSETSDKK million 2023 2022US 2,105 2,073Australia 436 450Germany 602 602Denmark 2,332 2,117Thailand 455 495Rest of world 1,871 1,8321Total intangible assets7,801 7,5682Property, plant and equipment2,746 2,2263Right-of-use assets3,779 2,978Deferred tax assets 1,260 1,261Other non-current financial assets 215 249Current assets 7,998 7,731Total consolidated assets 23,798 22,0131 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 monitoring.2 The crafting facilities in Thailand accounted for DKK 951 million (2022: DKK 1,045 million), corresponding to34.6% of property, plant and equipment (2022: 46.9%).3 Right-of-use assets mainly relate to stores and offices. SIGNIFICANT ACCOUNTING ESTIMATESRecognition and measurement of revenue is based on estimates and judgements relating to expected sales returns allowed to customers in most markets. 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, see note 3.8 Contract assets and liabilities.ACCOUNTING POLICIESRetail sales \u2013 productsRevenue from the sale of products through stores owned and operated by Pandora is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the product 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 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, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to customers 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 therefore 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 distributor. 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 recognised 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 represents the portion of loyalty points issued that will never be redeemed.",
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"s8_notesesefdkgaap__9__113": {
"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 our Core collections (formerly referred to as Moments incl. Collabs), while the other, Fuel with more (formerly referred to as Style), covers newer collections and innovations.In 2023, Pandora updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment into the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million and gross profit of DKK 1,464 million from Fuel with more into Core. The strategic reasoning centres around design aesthetics and categorisation of jewellery to better align consumer synergies among collections, leading to a centralised platform for charms and carriers. All the comparative figures have been restated to reflect the updated structure.Core includes charms and carriers which focus on collectability. Fuel with more includes the Modern Classics (Pandora Timeless and Pandora Signature accompanied by Pandora\u2019s newest collection, PANDORA ESSENCE) and Pandora Lab-Grown Diamonds and targets both existing and new customers who may have a different aesthetic preference than the Core jewellery design.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 Fuel with DKK million Coremore Group2023Revenue 21,951 6,186 28,136Cost of sales -4,875 -1,137 -6,012Gross profit 17,076 5,049 22,125Operating expenses -15,086Consolidated operating profit (EBIT) 7,039Profit margin (EBIT margin) 25.0%2022Revenue 21,156 5,308 26,463Cost of sales -5,188 -1,085 -6,273Gross profit 15,968 4,223 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%Non-unit-driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.1REVENUE BY SEGMENTSDKK million 2023 2022Core 21,951 21,156- Moments 18,369 17,727- Collabs 2,681 2,614- ME 900 815Fuel with more 6,186 5,3082- Timeless4,792 3,847- Signature 1,129 1,248- Pandora Lab-Grown Diamonds 265 213Total revenue 28,136 26,463Goods transferred at a point in time 28,070 26,386Services transferred over time 66 77Total revenue 28,136 26,4631 Pandora has updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment to the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million from Fuel with more into Core.2 Pandora Timeless includes revenue from the PANDORA ESSENCE collection in the amount of DKK 5 million.The use of sales channels for the distribution of Pandora jewellery depends on the underlying market maturity and varies within markets, but is consistent when viewed between segments.REVENUE BY SALES CHANNELDKK million 2023 2022Pandora physical stores 16,142 13,503Pandora online stores 5,892 5,612Wholesale and third-party distribution 6,103 7,349Total revenue 28,136 26,463GEOGRAPHIC INFORMATION, REVENUEDKK million 2023 2022US 8,306 7,907China 564 737UK 3,821 3,802Italy 2,540 2,580Australia 1,120 1,271France 1,196 1,190Germany 1,527 1,307Rest of world 9,062 7,669\u2013 of which Spain 1,246 1,123\u2013 of which Mexico 1,385 994\u2013 of which Denmark 39 28Total revenue 28,136 26,463GEOGRAPHIC INFORMATION, ASSETSDKK million 2023 2022US 2,105 2,073Australia 436 450Germany 602 602Denmark 2,332 2,117Thailand 455 495Rest of world 1,871 1,8321Total intangible assets7,801 7,5682Property, plant and equipment2,746 2,2263Right-of-use assets3,779 2,978Deferred tax assets 1,260 1,261Other non-current financial assets 215 249Current assets 7,998 7,731Total consolidated assets 23,798 22,0131 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 monitoring.2 The crafting facilities in Thailand accounted for DKK 951 million (2022: DKK 1,045 million), corresponding to34.6% of property, plant and equipment (2022: 46.9%).3 Right-of-use assets mainly relate to stores and offices. SIGNIFICANT ACCOUNTING ESTIMATESRecognition and measurement of revenue is based on estimates and judgements relating to expected sales returns allowed to customers in most markets. 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, see note 3.8 Contract assets and liabilities.ACCOUNTING POLICIESRetail sales \u2013 productsRevenue from the sale of products through stores owned and operated by Pandora is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the product 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 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, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to customers 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 therefore 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 distributor. 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 recognised 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 represents the portion of loyalty points issued that will never be redeemed.",
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"s8_notesesefdkgaap__9__112": {
"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 our Core collections (formerly referred to as Moments incl. Collabs), while the other, Fuel with more (formerly referred to as Style), covers newer collections and innovations.In 2023, Pandora updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment into the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million and gross profit of DKK 1,464 million from Fuel with more into Core. The strategic reasoning centres around design aesthetics and categorisation of jewellery to better align consumer synergies among collections, leading to a centralised platform for charms and carriers. All the comparative figures have been restated to reflect the updated structure.Core includes charms and carriers which focus on collectability. Fuel with more includes the Modern Classics (Pandora Timeless and Pandora Signature accompanied by Pandora\u2019s newest collection, PANDORA ESSENCE) and Pandora Lab-Grown Diamonds and targets both existing and new customers who may have a different aesthetic preference than the Core jewellery design.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 Fuel with DKK million Coremore Group2023Revenue 21,951 6,186 28,136Cost of sales -4,875 -1,137 -6,012Gross profit 17,076 5,049 22,125Operating expenses -15,086Consolidated operating profit (EBIT) 7,039Profit margin (EBIT margin) 25.0%2022Revenue 21,156 5,308 26,463Cost of sales -5,188 -1,085 -6,273Gross profit 15,968 4,223 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%Non-unit-driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.1REVENUE BY SEGMENTSDKK million 2023 2022Core 21,951 21,156- Moments 18,369 17,727- Collabs 2,681 2,614- ME 900 815Fuel with more 6,186 5,3082- Timeless4,792 3,847- Signature 1,129 1,248- Pandora Lab-Grown Diamonds 265 213Total revenue 28,136 26,463Goods transferred at a point in time 28,070 26,386Services transferred over time 66 77Total revenue 28,136 26,4631 Pandora has updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment to the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million from Fuel with more into Core.2 Pandora Timeless includes revenue from the PANDORA ESSENCE collection in the amount of DKK 5 million.The use of sales channels for the distribution of Pandora jewellery depends on the underlying market maturity and varies within markets, but is consistent when viewed between segments.REVENUE BY SALES CHANNELDKK million 2023 2022Pandora physical stores 16,142 13,503Pandora online stores 5,892 5,612Wholesale and third-party distribution 6,103 7,349Total revenue 28,136 26,463GEOGRAPHIC INFORMATION, REVENUEDKK million 2023 2022US 8,306 7,907China 564 737UK 3,821 3,802Italy 2,540 2,580Australia 1,120 1,271France 1,196 1,190Germany 1,527 1,307Rest of world 9,062 7,669\u2013 of which Spain 1,246 1,123\u2013 of which Mexico 1,385 994\u2013 of which Denmark 39 28Total revenue 28,136 26,463GEOGRAPHIC INFORMATION, ASSETSDKK million 2023 2022US 2,105 2,073Australia 436 450Germany 602 602Denmark 2,332 2,117Thailand 455 495Rest of world 1,871 1,8321Total intangible assets7,801 7,5682Property, plant and equipment2,746 2,2263Right-of-use assets3,779 2,978Deferred tax assets 1,260 1,261Other non-current financial assets 215 249Current assets 7,998 7,731Total consolidated assets 23,798 22,0131 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 monitoring.2 The crafting facilities in Thailand accounted for DKK 951 million (2022: DKK 1,045 million), corresponding to34.6% of property, plant and equipment (2022: 46.9%).3 Right-of-use assets mainly relate to stores and offices. SIGNIFICANT ACCOUNTING ESTIMATESRecognition and measurement of revenue is based on estimates and judgements relating to expected sales returns allowed to customers in most markets. 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, see note 3.8 Contract assets and liabilities.ACCOUNTING POLICIESRetail sales \u2013 productsRevenue from the sale of products through stores owned and operated by Pandora is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the product 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 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, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to customers 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 therefore 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 distributor. 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 recognised 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 represents the portion of loyalty points issued that will never be redeemed.",
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"s8_notesesefdkgaap__9__116": {
"value": "Pandora\u2019s activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes our Core collections (formerly referred to as Moments incl. Collabs), while the other, Fuel with more (formerly referred to as Style), covers newer collections and innovations.In 2023, Pandora updated its collection structure by moving the Pandora ME collection and other products from the Fuel with more segment into the Core segment. The comparative figures for 2022 were restated accordingly by moving revenue of DKK 1,964 million and gross profit of DKK 1,464 million from Fuel with more into Core. The strategic reasoning centres around design aesthetics and categorisation of jewellery to better align consumer synergies among collections, leading to a centralised platform for charms and carriers. All the comparative figures have been restated to reflect the updated structure.Core includes charms and carriers which focus on collectability. Fuel with more includes the Modern Classics (Pandora Timeless and Pandora Signature accompanied by Pandora\u2019s newest collection, PANDORA ESSENCE) and Pandora Lab-Grown Diamonds and targets both existing and new customers who may have a different aesthetic preference than the Core jewellery design.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.",
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"s8_notesesefdkgaap__9__117": {
"value": "INCOME STATEMENT BY SEGMENTS Fuel with DKK million Coremore Group2023Revenue 21,951 6,186 28,136Cost of sales -4,875 -1,137 -6,012Gross profit 17,076 5,049 22,125Operating expenses -15,086Consolidated operating profit (EBIT) 7,039Profit margin (EBIT margin) 25.0%2022Revenue 21,156 5,308 26,463Cost of sales -5,188 -1,085 -6,273Gross profit 15,968 4,223 20,190Operating expenses -13,448Consolidated operating profit (EBIT) 6,743Profit margin (EBIT margin) 25.5%Non-unit-driven revenue, comprising mainly franchise fees, is allocated proportionately to the different revenue categories.1",
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"s8_notesesefdkgaap__9__130-1": {
"value": "NOTE 2.2STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2023, these obligations amounted to DKK 104 million (2022: DKK 80 million). In 2023, the actuarial loss was DKK 9 million (2022: gain of DKK 12 million) recognised in other comprehensive income. STAFF COSTSDKK million 2023 2022Wages and salaries 5,487 4,883Pensions 244 208Share-based payments 105 87Social security costs 414 341Other staff costs 605 545Total staff costs 6,855 6,064Staff costs have been recognised in the income statement as follows:Cost of sales 990 1,177Sales, distribution and marketing expenses 4,500 3,777Administrative expenses 1,365 1,109Total staff costs 6,855 6,064Average number of full-time employees 27,480 26,986during the yearTOTAL REMUNERATION1DKK million Base pay Bonus Shares Benefits OtherTotal2023Executive Management 17.8 16.4 22.2 2.6 - 59.0Executive Leadership Team253.7 56.9 52.7 10.2 2.2 175.62022Executive Management 17.1 16.2 23.2 2.6 - 59.0Executive Leadership Team240.3 47.1 47.3 8.2 1.2 144.11 Other relates to sign-on bonuses.2 Executive Leadership Team is reported including Executive Management. Executive Management, together with other members ofthe Executive Leadership Team, is considered as key management personnel in Pandora.TOTAL REMUNERATIONDKK million 2023 2022To Board of Directors 10.0 8.2Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2023 amounted to DKK 1.7 million (2022: DKK 0.9 million). For further details, see our Remuneration Report. ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.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 2024 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 lives are tested at least annually.ALLOCATION OF INTANGIBLE ASSETS TO CGUSDKK million Goodwill Brand Distribution 2023Core 3,580 766 751Fuel with more 1,334 291 288Total 4,914 1,057 1,0392022Core 3,505 766 758Fuel with more 1,316 291 289Total 4,822 1,057 1,047DISCOUNT RATES AND GROWTH Discount rate Growth rate in RATES IN TERMINAL PERIOD before taxterminal period2023Core 13.1% 2%Fuel with more 13.1% 2%Group 13.1% 2%2022Core 12.6% 2%Fuel with more 12.7% 2%Group 12.6% 2%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 assessment 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 man-agement, and a forecast for the two subsequent years.High inflation rates were still observed in 2023, 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, silver and gold), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates that are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates; \u2022 increasing climate risk and geographical exposure; \u2022 the transition to a circular economy and to net zero impact, including investments required, change in consumer behaviour and impact on the useful economic life of the assets.For more information, see note 1.3 Management\u2019s judgements and estimates under IFRS. Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical experience 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 management\u2019s opinion that no probable change in any key assumptions 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 increase in discount rate, management has not identified any likely impairment.NOTE 3.2PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT Land and Plant and Assets under DKK million buildings equipment constructionTotal 2023Cost at 1 January 1,302 3,937 289 5,529Acquisition of subsidiaries and activities - 31 - 31Additions 15 179 968 1,161Disposals -10 -398 - -408Transfers 15 976 -992 -Exchange rate adjustments -37 -64 -2 -103Cost at 31 December 1,286 4,661 263 6,210Depreciation and impairment losses at 1 January 449 2,854 - 3,303Depreciation for the year 84 529 - 614Disposals -9 -388 - -397Exchange rate adjustments -13 -43 - -56Depreciation and impairment losses at 31 December 511 2,953 - 3,464Carrying amount at 31 December 774 1,708 263 2,7462022Cost 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 2,226DKK million 2023 2022Depreciation has been recognised in the income statement as follows: Cost of sales 144 167Sales, distribution and marketing expenses 427 359Administrative expenses 43 37Total 614 563ACCOUNTING POLICIESProperty, 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 list below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years",
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"value": "NOTE 2.2STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2023, these obligations amounted to DKK 104 million (2022: DKK 80 million). In 2023, the actuarial loss was DKK 9 million (2022: gain of DKK 12 million) recognised in other comprehensive income. STAFF COSTSDKK million 2023 2022Wages and salaries 5,487 4,883Pensions 244 208Share-based payments 105 87Social security costs 414 341Other staff costs 605 545Total staff costs 6,855 6,064Staff costs have been recognised in the income statement as follows:Cost of sales 990 1,177Sales, distribution and marketing expenses 4,500 3,777Administrative expenses 1,365 1,109Total staff costs 6,855 6,064Average number of full-time employees 27,480 26,986during the yearTOTAL REMUNERATION1DKK million Base pay Bonus Shares Benefits OtherTotal2023Executive Management 17.8 16.4 22.2 2.6 - 59.0Executive Leadership Team253.7 56.9 52.7 10.2 2.2 175.62022Executive Management 17.1 16.2 23.2 2.6 - 59.0Executive Leadership Team240.3 47.1 47.3 8.2 1.2 144.11 Other relates to sign-on bonuses.2 Executive Leadership Team is reported including Executive Management. Executive Management, together with other members ofthe Executive Leadership Team, is considered as key management personnel in Pandora.TOTAL REMUNERATIONDKK million 2023 2022To Board of Directors 10.0 8.2Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2023 amounted to DKK 1.7 million (2022: DKK 0.9 million). For further details, see our Remuneration Report. ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.NOTE 3.2PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT Land and Plant and Assets under DKK million buildings equipment constructionTotal 2023Cost at 1 January 1,302 3,937 289 5,529Acquisition of subsidiaries and activities - 31 - 31Additions 15 179 968 1,161Disposals -10 -398 - -408Transfers 15 976 -992 -Exchange rate adjustments -37 -64 -2 -103Cost at 31 December 1,286 4,661 263 6,210Depreciation and impairment losses at 1 January 449 2,854 - 3,303Depreciation for the year 84 529 - 614Disposals -9 -388 - -397Exchange rate adjustments -13 -43 - -56Depreciation and impairment losses at 31 December 511 2,953 - 3,464Carrying amount at 31 December 774 1,708 263 2,7462022Cost 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 2,226DKK million 2023 2022Depreciation has been recognised in the income statement as follows: Cost of sales 144 167Sales, distribution and marketing expenses 427 359Administrative expenses 43 37Total 614 563ACCOUNTING POLICIESProperty, 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 list below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years",
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"s8_notesesefdkgaap__9__128-1": {
"value": "NOTE 2.2STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2023, these obligations amounted to DKK 104 million (2022: DKK 80 million). In 2023, the actuarial loss was DKK 9 million (2022: gain of DKK 12 million) recognised in other comprehensive income. STAFF COSTSDKK million 2023 2022Wages and salaries 5,487 4,883Pensions 244 208Share-based payments 105 87Social security costs 414 341Other staff costs 605 545Total staff costs 6,855 6,064Staff costs have been recognised in the income statement as follows:Cost of sales 990 1,177Sales, distribution and marketing expenses 4,500 3,777Administrative expenses 1,365 1,109Total staff costs 6,855 6,064Average number of full-time employees 27,480 26,986during the yearTOTAL REMUNERATION1DKK million Base pay Bonus Shares Benefits OtherTotal2023Executive Management 17.8 16.4 22.2 2.6 - 59.0Executive Leadership Team253.7 56.9 52.7 10.2 2.2 175.62022Executive Management 17.1 16.2 23.2 2.6 - 59.0Executive Leadership Team240.3 47.1 47.3 8.2 1.2 144.11 Other relates to sign-on bonuses.2 Executive Leadership Team is reported including Executive Management. Executive Management, together with other members ofthe Executive Leadership Team, is considered as key management personnel in Pandora.TOTAL REMUNERATIONDKK million 2023 2022To Board of Directors 10.0 8.2Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2023 amounted to DKK 1.7 million (2022: DKK 0.9 million). For further details, see our Remuneration Report. ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.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 2024 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 lives are tested at least annually.ALLOCATION OF INTANGIBLE ASSETS TO CGUSDKK million Goodwill Brand Distribution 2023Core 3,580 766 751Fuel with more 1,334 291 288Total 4,914 1,057 1,0392022Core 3,505 766 758Fuel with more 1,316 291 289Total 4,822 1,057 1,047DISCOUNT RATES AND GROWTH Discount rate Growth rate in RATES IN TERMINAL PERIOD before taxterminal period2023Core 13.1% 2%Fuel with more 13.1% 2%Group 13.1% 2%2022Core 12.6% 2%Fuel with more 12.7% 2%Group 12.6% 2%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 assessment 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 man-agement, and a forecast for the two subsequent years.High inflation rates were still observed in 2023, 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, silver and gold), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates that are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates; \u2022 increasing climate risk and geographical exposure; \u2022 the transition to a circular economy and to net zero impact, including investments required, change in consumer behaviour and impact on the useful economic life of the assets.For more information, see note 1.3 Management\u2019s judgements and estimates under IFRS. Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical experience 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 management\u2019s opinion that no probable change in any key assumptions 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 increase in discount rate, management has not identified any likely impairment.NOTE 3.2PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT Land and Plant and Assets under DKK million buildings equipment constructionTotal 2023Cost at 1 January 1,302 3,937 289 5,529Acquisition of subsidiaries and activities - 31 - 31Additions 15 179 968 1,161Disposals -10 -398 - -408Transfers 15 976 -992 -Exchange rate adjustments -37 -64 -2 -103Cost at 31 December 1,286 4,661 263 6,210Depreciation and impairment losses at 1 January 449 2,854 - 3,303Depreciation for the year 84 529 - 614Disposals -9 -388 - -397Exchange rate adjustments -13 -43 - -56Depreciation and impairment losses at 31 December 511 2,953 - 3,464Carrying amount at 31 December 774 1,708 263 2,7462022Cost 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 2,226DKK million 2023 2022Depreciation has been recognised in the income statement as follows: Cost of sales 144 167Sales, distribution and marketing expenses 427 359Administrative expenses 43 37Total 614 563ACCOUNTING POLICIESProperty, 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 list below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years",
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"s8_notesesefdkgaap__9__124": {
"value": "NOTE 2.2STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2023, these obligations amounted to DKK 104 million (2022: DKK 80 million). In 2023, the actuarial loss was DKK 9 million (2022: gain of DKK 12 million) recognised in other comprehensive income. STAFF COSTSDKK million 2023 2022Wages and salaries 5,487 4,883Pensions 244 208Share-based payments 105 87Social security costs 414 341Other staff costs 605 545Total staff costs 6,855 6,064Staff costs have been recognised in the income statement as follows:Cost of sales 990 1,177Sales, distribution and marketing expenses 4,500 3,777Administrative expenses 1,365 1,109Total staff costs 6,855 6,064Average number of full-time employees 27,480 26,986during the yearTOTAL REMUNERATION1DKK million Base pay Bonus Shares Benefits OtherTotal2023Executive Management 17.8 16.4 22.2 2.6 - 59.0Executive Leadership Team253.7 56.9 52.7 10.2 2.2 175.62022Executive Management 17.1 16.2 23.2 2.6 - 59.0Executive Leadership Team240.3 47.1 47.3 8.2 1.2 144.11 Other relates to sign-on bonuses.2 Executive Leadership Team is reported including Executive Management. Executive Management, together with other members ofthe Executive Leadership Team, is considered as key management personnel in Pandora.TOTAL REMUNERATIONDKK million 2023 2022To Board of Directors 10.0 8.2Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2023 amounted to DKK 1.7 million (2022: DKK 0.9 million). For further details, see our Remuneration Report. ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.",
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"s8_notesesefdkgaap__9__123": {
"value": "NOTE 2.2STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2023, these obligations amounted to DKK 104 million (2022: DKK 80 million). In 2023, the actuarial loss was DKK 9 million (2022: gain of DKK 12 million) recognised in other comprehensive income. STAFF COSTSDKK million 2023 2022Wages and salaries 5,487 4,883Pensions 244 208Share-based payments 105 87Social security costs 414 341Other staff costs 605 545Total staff costs 6,855 6,064Staff costs have been recognised in the income statement as follows:Cost of sales 990 1,177Sales, distribution and marketing expenses 4,500 3,777Administrative expenses 1,365 1,109Total staff costs 6,855 6,064Average number of full-time employees 27,480 26,986during the yearTOTAL REMUNERATION1DKK million Base pay Bonus Shares Benefits OtherTotal2023Executive Management 17.8 16.4 22.2 2.6 - 59.0Executive Leadership Team253.7 56.9 52.7 10.2 2.2 175.62022Executive Management 17.1 16.2 23.2 2.6 - 59.0Executive Leadership Team240.3 47.1 47.3 8.2 1.2 144.11 Other relates to sign-on bonuses.2 Executive Leadership Team is reported including Executive Management. Executive Management, together with other members ofthe Executive Leadership Team, is considered as key management personnel in Pandora.TOTAL REMUNERATIONDKK million 2023 2022To Board of Directors 10.0 8.2Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2023 amounted to DKK 1.7 million (2022: DKK 0.9 million). For further details, see our Remuneration Report. ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.",
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"s8_notesesefdkgaap__9__122-1": {
"value": "NOTE 2.2STAFF COSTSThe Group\u2019s pension plans are primarily defined contribution plans. Pandora has defined benefit plans relating to employees in Thailand. The defined benefit plans are recognised at the present value of the actuarially measured obligations. In 2023, these obligations amounted to DKK 104 million (2022: DKK 80 million). In 2023, the actuarial loss was DKK 9 million (2022: gain of DKK 12 million) recognised in other comprehensive income. STAFF COSTSDKK million 2023 2022Wages and salaries 5,487 4,883Pensions 244 208Share-based payments 105 87Social security costs 414 341Other staff costs 605 545Total staff costs 6,855 6,064Staff costs have been recognised in the income statement as follows:Cost of sales 990 1,177Sales, distribution and marketing expenses 4,500 3,777Administrative expenses 1,365 1,109Total staff costs 6,855 6,064Average number of full-time employees 27,480 26,986during the yearTOTAL REMUNERATION1DKK million Base pay Bonus Shares Benefits OtherTotal2023Executive Management 17.8 16.4 22.2 2.6 - 59.0Executive Leadership Team253.7 56.9 52.7 10.2 2.2 175.62022Executive Management 17.1 16.2 23.2 2.6 - 59.0Executive Leadership Team240.3 47.1 47.3 8.2 1.2 144.11 Other relates to sign-on bonuses.2 Executive Leadership Team is reported including Executive Management. Executive Management, together with other members ofthe Executive Leadership Team, is considered as key management personnel in Pandora.TOTAL REMUNERATIONDKK million 2023 2022To Board of Directors 10.0 8.2Board members receive a fixed travel fee when attending Board meetings abroad. Total travel fee for 2023 amounted to DKK 1.7 million (2022: DKK 0.9 million). For further details, see our Remuneration Report. ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.NOTE 2.3 SHARE-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 105 million (2022: net cost of DKK 87 million). The 2021 programme was recorded at the maximum level, the 2022 programme was recorded at maximum target for financial performance and at target for sustainability performance, while the programme for 2023 was recorded at target for both the financial and sustainability metric. The cost of share-based payments is included in staff costs. In the remaining vesting periods, an amount of DKK 97 million (2022: DKK 87 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 1.0 years (2022: 1.3 years).For shares exercised in 2023, the average share price at the time of exercise was DKK 648.Long-term incentive plansPandora is launching annual incentive programmes targeting Executive Management and other employees. The calculated 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 2023 is subject to achievement of Pandora\u2019s earnings per share (EPS) for the financial year 2025 and the achievement of sustainability targets, which will be assessed against objectives based on Pandora\u2019s internal projections. As financial KPIs are commercially 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 2.44% for the 2023 programme 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.Executive Other Average exercise price per SHARES OUTSTANDINGManagementemployeesTotal performance share, DKK2023Shares outstanding at 1 January 321,412 750,049 1,071,461 0.3Shares granted during the year 56,228 224,166 280,394 -Shares exercised during the year -123,356 -384,839 -508,195 0.1Shares lapsed during the year - -38,878 -38,878 -Shares outstanding at 31 December 254,284 550,498 804,782 0.32022Shares 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 0.3Shares at 31 Maximum market Accumulated cost Remaining value to be NUMBER OF OUTSTANDING SHARES Vesting December value at launchrecognised expensed IN PANDORA A/Sdate2023(DKK million)(DKK million)(DKK million)Programme start date1,2March 20192022 105,662 27 16 -3April 20212024 160,642 154 96 -2April 20212024 50,288 26 26 -3April 20222025 180,329 130 55 342April 20222025 42,106 26 12 103April 20232026 209,527 137 21 422April 20232026 56,228 34 6 11Total number of shares outstanding 804,782 534 231 971 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 POLICIESSelected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions with employees is measured by refer-ence 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 per-formance 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.",
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"s8_notesesefdkgaap__9__120": {
"value": "ACCOUNTING POLICIESRetail sales \u2013 productsRevenue from the sale of products through stores owned and operated by Pandora is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the product 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 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, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to customers 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 therefore 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 distributor. 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 recognised 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 represents the portion of loyalty points issued that will never be redeemed.",
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},
"s8_notesesefdkgaap__9__119": {
"value": "ACCOUNTING POLICIESRetail sales \u2013 productsRevenue from the sale of products through stores owned and operated by Pandora is recognised when a store sells a product to the customer. Payment is usually due when the customer picks up the product 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 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, it is considered highly probable that a significant reversal of cumulative revenue recognised will not occur. Rebates and discounts granted to customers 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 therefore 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 distributor. 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 recognised 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 represents the portion of loyalty points issued that will never be redeemed.",
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"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__127-1": {
"value": "ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement between Pandora and the employee is made and no future service is rendered by the employee in exchange for the benefits.ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.ACCOUNTING POLICIESProperty, 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 list below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years",
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"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__126": {
"value": "ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__125": {
"value": "ACCOUNTING POLICIESWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by Pandora employees. 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 agreement 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__134": {
"value": "NOTE 2.3 SHARE-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 105 million (2022: net cost of DKK 87 million). The 2021 programme was recorded at the maximum level, the 2022 programme was recorded at maximum target for financial performance and at target for sustainability performance, while the programme for 2023 was recorded at target for both the financial and sustainability metric. The cost of share-based payments is included in staff costs. In the remaining vesting periods, an amount of DKK 97 million (2022: DKK 87 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 1.0 years (2022: 1.3 years).For shares exercised in 2023, the average share price at the time of exercise was DKK 648.Long-term incentive plansPandora is launching annual incentive programmes targeting Executive Management and other employees. The calculated 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 2023 is subject to achievement of Pandora\u2019s earnings per share (EPS) for the financial year 2025 and the achievement of sustainability targets, which will be assessed against objectives based on Pandora\u2019s internal projections. As financial KPIs are commercially 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 2.44% for the 2023 programme 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.Executive Other Average exercise price per SHARES OUTSTANDINGManagementemployeesTotal performance share, DKK2023Shares outstanding at 1 January 321,412 750,049 1,071,461 0.3Shares granted during the year 56,228 224,166 280,394 -Shares exercised during the year -123,356 -384,839 -508,195 0.1Shares lapsed during the year - -38,878 -38,878 -Shares outstanding at 31 December 254,284 550,498 804,782 0.32022Shares 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 0.3Shares at 31 Maximum market Accumulated cost Remaining value to be NUMBER OF OUTSTANDING SHARES Vesting December value at launchrecognised expensed IN PANDORA A/Sdate2023(DKK million)(DKK million)(DKK million)Programme start date1,2March 20192022 105,662 27 16 -3April 20212024 160,642 154 96 -2April 20212024 50,288 26 26 -3April 20222025 180,329 130 55 342April 20222025 42,106 26 12 103April 20232026 209,527 137 21 422April 20232026 56,228 34 6 11Total number of shares outstanding 804,782 534 231 971 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 POLICIESSelected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions with employees is measured by refer-ence 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 per-formance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__135": {
"value": "ACCOUNTING POLICIESSelected Pandora employees receive remuneration in the form of share-based payment transactions, whereby programme participants render services as consideration for equity instruments (equity-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions with employees is measured by refer-ence 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 per-formance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__137": {
"value": "NOTE 2.4 TAXATION Income taxesIncome tax expenseThe tax expense was DKK 1.5 billion in 2023, corresponding to an effective tax rate of 24.0% (2022: DKK 1.5 billion, 23.0% for the Group). As in 2022, the effective tax rate of 24.0% was negatively impacted by paid withholding taxes on dividends and other payments, non-deductible expenses and non-capitalised tax assets from losses and limitation in deduction for marketing expenses in China. The effective tax rate was reduced as part of the investment agreement entered into with the Board of Investment (BOI) in Thailand, where a specific part of the profit is treated as non-taxable profit for an agreed period.INCOME TAX EXPENSEDKK million 2023 20221Current income tax charge for the year1,448 1,799Change in deferred tax for the year 110 -355Adjustment to current tax for prior years -50 58Adjustment to deferred tax for prior years -14 2Total income tax expense 1,494 1,504Deferred tax on other comprehensive income -43 65Current income tax on other comprehensive income 4 -88Total tax on other comprehensive income -39 -231 Withholding taxes are included in current income tax charge for the year.2023 2022RECONCILIATION OF EFFECTIVE (DKK (DKK TAX RATE AND TAX%million) %million)Profit before tax 6,234 6,533Income tax rate in Denmark, 22% 22.0% 1,371 22.0% 1,437Deviation in foreign subsidiaries\u2019 tax rates compared with the Danish rate 1.0% 64 -0.6% -41Non-deductible expenses 3.0% 190 1.3% 87Tax incentives -2.1% -134 -2.4% -158Adjustment to tax for prior years -1.0% -64 0.9% 60Non-capitalised tax assets, net 0.8% 51 1.1% 76Withholding taxes/other taxes 0.3% 16 0.7% 43Effective income tax rate/income tax expense 24.0% 1,494 23.0% 1,504ACCOUNTING POLICIESIncome 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 reporting date, in the countries in which Pandora operates and generates taxable income.SIGNIFICANT ACCOUNTING ESTIMATESPandora is subject to income tax in the countries in which the Group operates, comprising various tax rates worldwide. Significant judgements are required in determining the accrual for income taxes, deferred tax assets and liabilities, and provisions for uncertain tax positions. Provisions for uncertain tax positions are 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. Management believes that the provisions made for uncertain tax positions are adequate. However, the actual obligation may deviate from this and is dependent on the result of litigation and settlements with the relevant tax authorities.OECD Pillar Two minimum taxPillar Two of the OECD\u2019s two-pillar solution for the challenges arising from the digitalisation of the economy will apply to Pandora from 2024.Pandora expects to be subject to minimum tax primarily in respect of jurisdictions with corporate income tax rates lower than 15% or in which we receive tax incentives. This is mainly related to Thailand and to a lesser extent a few other countries, including the United Arab Emirates, Ireland and Panama. Where qualifying domestic minimum taxes are implemented in applicable jurisdictions, Pandora will pay the minimum tax in those jurisdictions. Where no qualifying domestic minimum tax has been implemented, tax will be paid in Denmark.Based on 2023, 11% of Pandora\u2019s profits, with an average effective tax rate of 4%, will be subject to minimum tax in 2024. Of the minimum tax due, 97% is expected to relate to Thailand, where Pandora receives tax incentives as part of the investment agreement with BOI.ACCOUNTING POLICIESThe Group has adopted the amendments to the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to minimum taxes. The mandatory exception from accounting for deferred tax in respect of minimum tax has been applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__138-1": {
"value": "ACCOUNTING POLICIESIncome 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 reporting date, in the countries in which Pandora operates and generates taxable income.ACCOUNTING POLICIESThe Group has adopted the amendments to the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to minimum taxes. The mandatory exception from accounting for deferred tax in respect of minimum tax has been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__141": {
"value": "ACCOUNTING POLICIESDeferred tax on all temporary differences between the carrying amounts for financial reporting purposes and the tax base of assets and liabilities are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__140": {
"value": "Deferred taxAt the end of 2023, deferred tax assets amounted to DKK 1,260 million (2022: DKK 1,261 million), and deferred tax liabilities amounted to DKK 164 million (2022: DKK 172 million). Net deferred tax assets amounted to DKK 1,096 million (2022: DKK 1,089 million). Of the total deferred tax assets recognised, DKK 36 million (2022: DKK 35 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 191 million (2022: DKK 142 million), of which DKK 100 million (2022: DKK 66 million) relate to tax loss carryforwards that are not expected to be utilised in the foreseeable future. Tax losses that can expire amounted to DKK 23 million (2022: DKK 24 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 December 2023. 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 2023 2022Deferred tax at 1 January 1,089 778Exchange rate adjustments -2 6Recognised in the income statement -96 353Recognised in other comprehensive income 43 -65Recognised in equity, share-based payments 62 17Deferred tax at 31 December 1,096 1,089Deferred tax assets 1,260 1,261Deferred tax liabilities -164 -172Deferred tax, net 1,096 1,089BREAKDOWN OF DEFERRED TAXDKK million 2023 2022Intangible assets -719 -686Property, plant and equipment -15 42Right-of-use assets 27 20Current assets 1,388 1,434Non-current assets and liabilities 379 244Tax loss carryforwards 36 35Deferred tax, net 1,096 1,089ACCOUNTING POLICIESDeferred tax on all temporary differences between the carrying amounts for financial reporting purposes and the tax base of assets and liabilities are 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:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__142": {
"value": "Our approach to taxes and taxes paidOur 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 to be an important contribution towards reaching the UN Sustainability Development Goals. 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 Directors of Pandora, is available at pandoragroup.com/investor/corporate-governance/tax-information and includes more information on our approach to taxes.Pandora operates globally under a vertically integrated business model, and we own a significant part of our value chain from production to retail. Pandora\u2019s transfer pricing policy follows a so-called principal operating 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. Other entities in the Group achieve a profit margin, based on benchmark studies, and the residual profit (or loss) in the value chain remains with Pandora A/S. With a principal operating model, Pandora by nature has a significant number of intercompany transactions. COUNTRY-BY-COUNTRY Current income 1OVERVIEWBusiness Third-party Profit Tax tax charge Employees Accumulated 2revenue before tax3DKK millionactivities Total revenuepaidfor the year(FTE)earningsUK 4,203 3,821 309 50 32 1,996 595Italy 2,600 2,540 114 30 61 927 60France1,280 1,196 38 18 19 576 84Germany 1,970 1,527 82 33 27 927 65Denmark 15,953 39 4,223 1,381 958 1,031 13,528US 17,133 8,306 290 24 67 2,474 103Australia1,683 1,120 322 102 102 337 162China738 564 -4 - - 1,026 -77Thailand 5,750 - 628 34 27 13,089 323Spain1,258 1,246 57 32 17 679 150Mexico1,771 1,385 44 34 39 774 26Rest of world7,131 6,392 283 94 107 3,644 245IFRS eliminations 4 - -153 - -8 - -7,485Total Group 61,474 28,136 6,234 1,832 1,448 27,480 7,7791 The country-by-country overview is based on the accounting information collected for the Pandora Group Annual Report for 2023.2 Total revenue includes third-party revenue, related-party revenue, other income and financial income.3 Profit before tax excludes intercompany dividend income.Headquarters DistributionWarehouse Crafting facilitiesIntercompany transactions are made on arm\u2019s length basis 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 transparency 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 on key markets and make our full country-by-country report for all markets, including definitions, available at pandoragroup.com/investor/corporate-governance/tax-information. Paid income taxIn 2023, we paid corporate taxes in the amount of DKK 1,832 million (2022: DKK 1,790 million). The increased tax payments mainly relate to Denmark and Pandora\u2019s key markets as the profit in these markets has increased. The major part of the taxes paid is attributable to Denmark and Pandora\u2019s key markets, and mainly relates to the current year. Income 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 financial year, creating a timing difference in cash tax payments.At the beginning of the year, net income tax payable by Pandora amounted to DKK 913 million (2022: DKK 934 million). The net income tax payable decreased to DKK 480 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 2023 and the reduced current tax charge for the year. 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 2023 has been calculated at DKK 1,494 million. This is adjusted for taxes on other income posted on equity and adjustments to taxes for timing differences. Adding the tax payable from 2022 of DKK 913 million, we have a total tax payable of DKK 2,312 million. Of this amount, DKK 480 million will be paid in 2024 or later, and the remaining DKK 1,832 million were settled as cash tax payments in 2023.CASH INCOME TAX PAIDDKK million 2023 2022Income tax expense in income statement -1,494 -1,504Tax on other comprehensive income and exchange rate adjustments -1 88Adjustments regarding deferred taxes 96 -353Movement in income tax receivable/payable -433 -21Income tax paid in the year -1,832 -1,790- of which relates to prior years -751 -658- of which relates to current year -1,081 -1,132Income tax paid in the year -1,832 -1,790",
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"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__9__150-1": {
"value": "NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.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 2024 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 lives are tested at least annually.ALLOCATION OF INTANGIBLE ASSETS TO CGUSDKK million Goodwill Brand Distribution 2023Core 3,580 766 751Fuel with more 1,334 291 288Total 4,914 1,057 1,0392022Core 3,505 766 758Fuel with more 1,316 291 289Total 4,822 1,057 1,047DISCOUNT RATES AND GROWTH Discount rate Growth rate in RATES IN TERMINAL PERIOD before taxterminal period2023Core 13.1% 2%Fuel with more 13.1% 2%Group 13.1% 2%2022Core 12.6% 2%Fuel with more 12.7% 2%Group 12.6% 2%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 assessment 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 man-agement, and a forecast for the two subsequent years.High inflation rates were still observed in 2023, 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, silver and gold), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates that are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates; \u2022 increasing climate risk and geographical exposure; \u2022 the transition to a circular economy and to net zero impact, including investments required, change in consumer behaviour and impact on the useful economic life of the assets.For more information, see note 1.3 Management\u2019s judgements and estimates under IFRS. Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical experience 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 management\u2019s opinion that no probable change in any key assumptions 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 increase in discount rate, management has not identified any likely impairment.NOTE 3.2PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT Land and Plant and Assets under DKK million buildings equipment constructionTotal 2023Cost at 1 January 1,302 3,937 289 5,529Acquisition of subsidiaries and activities - 31 - 31Additions 15 179 968 1,161Disposals -10 -398 - -408Transfers 15 976 -992 -Exchange rate adjustments -37 -64 -2 -103Cost at 31 December 1,286 4,661 263 6,210Depreciation and impairment losses at 1 January 449 2,854 - 3,303Depreciation for the year 84 529 - 614Disposals -9 -388 - -397Exchange rate adjustments -13 -43 - -56Depreciation and impairment losses at 31 December 511 2,953 - 3,464Carrying amount at 31 December 774 1,708 263 2,7462022Cost 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 2,226DKK million 2023 2022Depreciation has been recognised in the income statement as follows: Cost of sales 144 167Sales, distribution and marketing expenses 427 359Administrative expenses 43 37Total 614 563ACCOUNTING POLICIESProperty, 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 list below.Asset Useful lifeLand IndefiniteBuildings 20-50 yearsLeasehold improvements Lease termPlant and equipment 3-5 yearsOther fixtures and fittings 3-5 years",
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"s8_notesesefdkgaap__9__148-1": {
"value": "NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.NOTE 3.4BUSINESS 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 2023In 2023, Pandora took over 54 concept stores (35 concept stores in the US, 14 concept stores in Colombia and 5 concept stores in Canada). Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total purchase price for the acquisitions was DKK 356 million. Based on the purchase price allocations, goodwill was DKK 143 million. Goodwill from the acquisitions was mainly related to the synergies from converting the stores from wholesale and distribution to Pandora-owned retail. Among the goodwill acquired, DKK 93 million 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 inven-tory buybacks and the impact from converting the stores from wholesale to Pandora-owned retail, the contribution to Group revenue and net profit from acquisitions for the period 1 January \u2013 31 December 2023 was DKK 339 million and DKK 136 million, respectively. On a pro forma basis, if the acquisitions had been effective from 1 January 2023, the impact on Group revenue and net profit for the period 1 January \u2013 31 December 2023 would have been approxi-mately DKK 463 million and DKK 169 million, respectively.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 million. Based on the purchase price allocations, goodwill was DKK 194 million. Excluding the temporary 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 purchase 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 buybacks, 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 revenue 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 mainly 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.The 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.Business combinations after the reporting periodNo business combinations of significance to Pandora took place after the reporting period.ACQUISITIONSDKK million 2023 2022Property, plant and equipment and right-of-use assets 144 159Inventories 194 195Other current assets 3 -Assets acquired 341 354Non-current liabilities 75 78Payables 4 3Other current liabilities 49 61Liabilities assumed 128 141Total identifiable net assets acquired 213 213Goodwill arising on acquisitions 143 364Purchase consideration 356 577Cash movements on acquisitions:1Consideration transferred regarding previous years14 -2Deferred payment-21 -14Net cash flows on acquisitions 349 5621 The deferred payment of DKK 14 million related to the acquisition in Portugal and Italy in 2022 was paid in 2023. 2 The deferred payment of DKK 21 million relates mainly to the acquisition in Colombia in 2023.ACCOUNTING POLICIESBusiness combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acquisition 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 value or at the proportionate share of the acquiree\u2019s identifiable 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 CGUs in the two operating segments for impairment testing purposes due to the constraint in IAS 36.",
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"s8_notesesefdkgaap__9__147": {
"value": "NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.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 2024 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 lives are tested at least annually.ALLOCATION OF INTANGIBLE ASSETS TO CGUSDKK million Goodwill Brand Distribution 2023Core 3,580 766 751Fuel with more 1,334 291 288Total 4,914 1,057 1,0392022Core 3,505 766 758Fuel with more 1,316 291 289Total 4,822 1,057 1,047DISCOUNT RATES AND GROWTH Discount rate Growth rate in RATES IN TERMINAL PERIOD before taxterminal period2023Core 13.1% 2%Fuel with more 13.1% 2%Group 13.1% 2%2022Core 12.6% 2%Fuel with more 12.7% 2%Group 12.6% 2%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 assessment 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 man-agement, and a forecast for the two subsequent years.High inflation rates were still observed in 2023, 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, silver and gold), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates that are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates; \u2022 increasing climate risk and geographical exposure; \u2022 the transition to a circular economy and to net zero impact, including investments required, change in consumer behaviour and impact on the useful economic life of the assets.For more information, see note 1.3 Management\u2019s judgements and estimates under IFRS. Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical experience 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 management\u2019s opinion that no probable change in any key assumptions 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 increase in discount rate, management has not identified any likely impairment.",
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"s8_notesesefdkgaap__9__146": {
"value": "NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.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 2024 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 lives are tested at least annually.ALLOCATION OF INTANGIBLE ASSETS TO CGUSDKK million Goodwill Brand Distribution 2023Core 3,580 766 751Fuel with more 1,334 291 288Total 4,914 1,057 1,0392022Core 3,505 766 758Fuel with more 1,316 291 289Total 4,822 1,057 1,047DISCOUNT RATES AND GROWTH Discount rate Growth rate in RATES IN TERMINAL PERIOD before taxterminal period2023Core 13.1% 2%Fuel with more 13.1% 2%Group 13.1% 2%2022Core 12.6% 2%Fuel with more 12.7% 2%Group 12.6% 2%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 assessment 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 man-agement, and a forecast for the two subsequent years.High inflation rates were still observed in 2023, 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, silver and gold), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates that are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates; \u2022 increasing climate risk and geographical exposure; \u2022 the transition to a circular economy and to net zero impact, including investments required, change in consumer behaviour and impact on the useful economic life of the assets.For more information, see note 1.3 Management\u2019s judgements and estimates under IFRS. Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical experience 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 management\u2019s opinion that no probable change in any key assumptions 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 increase in discount rate, management has not identified any likely impairment.",
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"s8_notesesefdkgaap__9__145-1": {
"value": "NOTE 3.1INTANGIBLE ASSETSOther INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assetsTotal2023Cost at 1 January 4,822 1,057 1,613 2,434 9,925Acquisition of subsidiaries and activities 143 - - - 143Additions - - - 448 448Disposals - - - -183 -183Exchange rate adjustments -50 - -2 -21 -73Cost at 31 December 4,914 1,057 1,610 2,678 10,259Amortisation and impairment losses at 1 January - - 566 1,791 2,357Amortisation for the year - - 8 294 302Disposals - - - -181 -181Exchange rate adjustments - - -2 -17 -19Amortisation and impairment losses at 31 December - - 572 1,887 2,459Carrying amount at 31 December 4,914 1,057 1,039 790 7,801The majority of the intangible assets have been acquired through business combinations. DKK million 2023 2022Amortisation and impairment losses have been recognised in the income statement as follows: Cost of sales 21 46Sales, distribution and marketing expenses 128 107Administrative expenses 153 143Total 302 297Other INTANGIBLE ASSETS intangible DKK million Goodwill Brand Distribution assets Total2022Cost at 1 January 4,418 1,057 1,609 2,059 9,143Acquisition of subsidiaries and activities 364 - - - 364Additions - - - 361 361Disposals - - - -5 -5Exchange rate adjustments 39 - 4 19 62Cost at 31 December 4,822 1,057 1,613 2,434 9,925Amortisation and impairment losses at 1 January - - 528 1,521 2,049Amortisation for the year - - 33 263 297Disposals - - - -4 -4Exchange rate adjustments - - 4 11 15Amortisation and impairment losses at 31 December - - 566 1,791 2,357Carrying amount at 31 December 4,822 1,057 1,047 642 7,568GoodwillAdditions in 2023 relate to acquisitions of activities. Note 3.4 Business combinations includes an overview of acquired goodwill for the year.Brand The \u201cPandora\u201d brand is the only brand of the Group that is capitalised in the consolidated financial statements. It comprises a group of complementary intangible assets relating to the brand, domain name, products, image and customer experience of 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 acquired. 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 2023 was DKK 1.0 billion (2022: DKK 1.0 billion). Other intangible assets Other intangible assets mainly comprise software. ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.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 2024 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 lives are tested at least annually.ALLOCATION OF INTANGIBLE ASSETS TO CGUSDKK million Goodwill Brand Distribution 2023Core 3,580 766 751Fuel with more 1,334 291 288Total 4,914 1,057 1,0392022Core 3,505 766 758Fuel with more 1,316 291 289Total 4,822 1,057 1,047DISCOUNT RATES AND GROWTH Discount rate Growth rate in RATES IN TERMINAL PERIOD before taxterminal period2023Core 13.1% 2%Fuel with more 13.1% 2%Group 13.1% 2%2022Core 12.6% 2%Fuel with more 12.7% 2%Group 12.6% 2%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 assessment 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 man-agement, and a forecast for the two subsequent years.High inflation rates were still observed in 2023, 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, silver and gold), salaries and average lagged hedge commodity prices at the time the budget is prepared; \u2022 development in operating expenses; \u2022 currency rates that are based on actual rates at the time the budget is prepared; \u2022 increasing inflation and interest rates; \u2022 increasing climate risk and geographical exposure; \u2022 the transition to a circular economy and to net zero impact, including investments required, change in consumer behaviour and impact on the useful economic life of the assets.For more information, see note 1.3 Management\u2019s judgements and estimates under IFRS. Net working capital in the budget for next year, relative to the revenue of each group of CGUs, is based on historical experience 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 management\u2019s opinion that no probable change in any key assumptions 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 increase in discount rate, management has not identified any likely impairment.NOTE 3.5INVENTORIESINVENTORIESDKK million 2023 2022Raw materials and consumables 615 743Work in progress 141 151Finished goods 3,216 3,088Point-of-sale materials 194 229Total inventories at 31 December 4,166 4,211Inventory write-downs at 1 January 735 765Write-downs during the year 200 118Utilised in the year -185 -148Inventory write-downs at 31 December 750 735Write-downsInventory write-downs primarily relate to finished goods and are recognised in cost of sales, DKK 170 million (2022: DKK 97 million), and operating expenses, DKK 30 million (2022: DKK 21 million). Write-downs include mainly the cost of remelting obsolete jewellery. Remelting of goods (realised and unrealised) negatively impacted gross profit by DKK 138 million (2022: DKK 63 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. Alternatively, for inventories that are not expected to be sold, net realisable value is based on the recycle value of the reusable raw materials (primarily silver, gold and lab-grown diamonds).ACCOUNTING POLICIESInventories are valued at the lower of cost and net realisable 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 normal 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 ESTIMATESEstimates relating to write-downs are impacted by forecasting 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 3.6TRADE RECEIVABLES TRADE RECEIVABLESDKK million 2023 2022Receivables related to third-party distribution and wholesale 705 747Receivables related to retail revenue sales 637 515Total trade receivables at 31 December 1,342 1,262Ageing of trade receivables at 31 DecemberNot past due 1,056 1,035Up to 30 days 233 176Between 30 and 60 days 27 31Between 60 and 90 days 14 12Over 90 days 12 8Total past due, not impaired 286 227Total trade receivables at 31 December 1,342 1,262Development in impairment losses on trade receivablesImpairment at 1 January 83 86Additions 20 61Utilised -2 -11Unused amounts reversed -10 -55Exchange rate adjustments 4 2Impairment at 31 December 94 83Trade receivables are amounts due from the sale of goods to wholesalers and distributors, or due from landlords, malls or e-commerce providers responsible for the collection of cash related to retail sales on behalf of Pandora. The impairment on receivables increased by DKK 11 million for the year. Realised losses were not material and remained low.Management continues to assess credit risk in order to ensure 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, adjusting these rates to reflect current and forward-looking information on macroeconomic factors such as GDP and unemployment rates affecting the ability of customers to settle receivables will not increase the risk of losses significantly.ACCOUNTING POLICIESTrade receivables are initially recognised at the amount of consideration that is unconditional and consequently recognised 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 expected credit losses, using a lifetime expected loss allowance.",
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"s8_notesesefdkgaap__9__159": {
"value": "ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.",
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"s8_notesesefdkgaap__9__158": {
"value": "ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.",
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"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__157": {
"value": "ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__156": {
"value": "ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__155": {
"value": "ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__154-1": {
"value": "ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.ACCOUNTING POLICIESProperty, 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 list 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__152-1": {
"value": "ACCOUNTING POLICIESGoodwillGoodwill 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-specific synergies, the workforce in place and know-how. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised, but is tested for impairment annually or if an impairment indication 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 tested for impairment annually.DistributionThe 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 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 \u201cMulti-period Excess Earnings\u201d model and amortised over their expected useful lives. Other intangible assetsSoftware is initially recognised at cost and amortised over 2-10 years. Software obtained through a Software-as-a-Service (SaaS) arrangement is capitalised to the extent that the IAS 38 criteria are met, and amortised over the contract period. Costs directly attributable to prepare the software for its intended use, such as costs related to implementation and configuration, is capitalised together with the software. Any cost not directly attributable to the assets recorded is expensed as incurred.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 required, 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 anasset or CGU exceeds 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 determining 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 consequently 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 CGUs in the two operating segments for impairment testing purposes. It is management\u2019s opinion that this best reflects Pandora\u2019s value creation.ACCOUNTING POLICIESBusiness combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acquisition 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 value or at the proportionate share of the acquiree\u2019s identifiable 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 CGUs in the two operating segments for impairment testing purposes due to the constraint in IAS 36.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__163": {
"value": "NOTE 3.2PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT Land and Plant and Assets under DKK million buildings equipment constructionTotal 2023Cost at 1 January 1,302 3,937 289 5,529Acquisition of subsidiaries and activities - 31 - 31Additions 15 179 968 1,161Disposals -10 -398 - -408Transfers 15 976 -992 -Exchange rate adjustments -37 -64 -2 -103Cost at 31 December 1,286 4,661 263 6,210Depreciation and impairment losses at 1 January 449 2,854 - 3,303Depreciation for the year 84 529 - 614Disposals -9 -388 - -397Exchange rate adjustments -13 -43 - -56Depreciation and impairment losses at 31 December 511 2,953 - 3,464Carrying amount at 31 December 774 1,708 263 2,7462022Cost 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 2,226DKK million 2023 2022Depreciation has been recognised in the income statement as follows: Cost of sales 144 167Sales, distribution and marketing expenses 427 359Administrative expenses 43 37Total 614 563ACCOUNTING POLICIESProperty, 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 list 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__170": {
"value": "ACCOUNTING POLICIESProperty, 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 list 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__172": {
"value": "NOTE 3.3LEASESPandora leases stores, various offices, office equipment and cars. Amounts recognised in the balance sheet:RIGHT-OF-USE ASSETSDKK million 2023 2022Property 3,765 2,960IT 2 2Cars 10 11Other 2 5Total right-of-use assets 3,779 2,978Additions of right-of-use assets amounted to DKK 2,129 million in 2023 (2022: DKK 1,717 million).LEASE LIABILITIESDKK million 2023 2022Non-current 2,765 2,113Current 1,116 950Total lease liabilities 3,880 3,063Lease liabilities are recognised in loans and borrowings.Amounts recognised in the income statement:RECOGNISED DEPRECIATION ON RIGHT-OF-USE ASSETS CHARGED TO THE INCOME STATEMENT DKK million 2023 2022Property 1,149 1,098IT 1 1Cars 9 11Other 4 4Total depreciation on right-of-use assets for the period 1,163 1,114Depreciation mainly 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 67 million (2022: DKK 60 million). Expenses are recognised on a straight-line basis.OTHER ITEMS RELATING TO LEASESDKK million 2023 2022Interest expense 270 162Total interest for the period 270 162TOTAL CASH FLOWS RELATING TO LEASESDKK million 2023 2022Fixed lease payments 1,107 1,068Interest payments 270 162Variable leases linked to revenue 521 412Short-term and low-value leases 67 60Total cash flows relating to leases 1,965 1,702Many of the Group\u2019s property leases contain terms on variable lease payments that are linked to the volume of sales made from leased stores according to normal market practice. In 2023, around 27% (2022: 24%) of the lease payments recognised in the income statement were variable rent. Pandora has estimated that a 1% increase in annual physical store revenue would result in a 0.5% (2022: 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 18% (2022: 21%) of current leases, typically with one or more termination options. Approximately 22% of current leases are up for renegotiation in 2024. The estimated value of lease options that Pandora is not reasonably certain of executing, is around DKK 0.4 billion (2022: DKK 0.3 billion). ACCOUNTING ESTIMATESWhen 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 and office buildings. Most lease contracts for stores average three to five years with a three to five-year option to extend in approximately 18% of current leases, typically with one or more termination options. The lease term for stores has been assessed to be up to 10 years, depending on location, revenue and earnings. For office buildings, the lease term is usually 5 to 15 years. ACCOUNTING POLICIESPandora 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 liability 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 recogni-tion exemption to its short-term leases. Pay-ments 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__174": {
"value": "ACCOUNTING POLICIESPandora 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 liability 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 recogni-tion exemption to its short-term leases. Pay-ments 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__176": {
"value": "NOTE 3.4BUSINESS 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 2023In 2023, Pandora took over 54 concept stores (35 concept stores in the US, 14 concept stores in Colombia and 5 concept stores in Canada). Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total purchase price for the acquisitions was DKK 356 million. Based on the purchase price allocations, goodwill was DKK 143 million. Goodwill from the acquisitions was mainly related to the synergies from converting the stores from wholesale and distribution to Pandora-owned retail. Among the goodwill acquired, DKK 93 million 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 inven-tory buybacks and the impact from converting the stores from wholesale to Pandora-owned retail, the contribution to Group revenue and net profit from acquisitions for the period 1 January \u2013 31 December 2023 was DKK 339 million and DKK 136 million, respectively. On a pro forma basis, if the acquisitions had been effective from 1 January 2023, the impact on Group revenue and net profit for the period 1 January \u2013 31 December 2023 would have been approxi-mately DKK 463 million and DKK 169 million, respectively.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 million. Based on the purchase price allocations, goodwill was DKK 194 million. Excluding the temporary 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 purchase 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 buybacks, 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 revenue 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 mainly 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.The 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.Business combinations after the reporting periodNo business combinations of significance to Pandora took place after the reporting period.ACQUISITIONSDKK million 2023 2022Property, plant and equipment and right-of-use assets 144 159Inventories 194 195Other current assets 3 -Assets acquired 341 354Non-current liabilities 75 78Payables 4 3Other current liabilities 49 61Liabilities assumed 128 141Total identifiable net assets acquired 213 213Goodwill arising on acquisitions 143 364Purchase consideration 356 577Cash movements on acquisitions:1Consideration transferred regarding previous years14 -2Deferred payment-21 -14Net cash flows on acquisitions 349 5621 The deferred payment of DKK 14 million related to the acquisition in Portugal and Italy in 2022 was paid in 2023. 2 The deferred payment of DKK 21 million relates mainly to the acquisition in Colombia in 2023.ACCOUNTING POLICIESBusiness combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acquisition 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 value or at the proportionate share of the acquiree\u2019s identifiable 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 CGUs in the two operating segments for impairment testing purposes due to the constraint in IAS 36.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__179": {
"value": "ACCOUNTING POLICIESBusiness combinations are accounted for in accordance with the IFRS 3 acquisition method. The cost of an acquisition 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 value or at the proportionate share of the acquiree\u2019s identifiable 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 CGUs in the two operating segments for impairment testing purposes due to the constraint in IAS 36.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__183": {
"value": "NOTE 3.5INVENTORIESINVENTORIESDKK million 2023 2022Raw materials and consumables 615 743Work in progress 141 151Finished goods 3,216 3,088Point-of-sale materials 194 229Total inventories at 31 December 4,166 4,211Inventory write-downs at 1 January 735 765Write-downs during the year 200 118Utilised in the year -185 -148Inventory write-downs at 31 December 750 735Write-downsInventory write-downs primarily relate to finished goods and are recognised in cost of sales, DKK 170 million (2022: DKK 97 million), and operating expenses, DKK 30 million (2022: DKK 21 million). Write-downs include mainly the cost of remelting obsolete jewellery. Remelting of goods (realised and unrealised) negatively impacted gross profit by DKK 138 million (2022: DKK 63 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. Alternatively, for inventories that are not expected to be sold, net realisable value is based on the recycle value of the reusable raw materials (primarily silver, gold and lab-grown diamonds).ACCOUNTING POLICIESInventories are valued at the lower of cost and net realisable 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 normal 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 ESTIMATESEstimates relating to write-downs are impacted by forecasting 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__184": {
"value": "ACCOUNTING POLICIESInventories are valued at the lower of cost and net realisable 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 normal 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__189": {
"value": "NOTE 3.6TRADE RECEIVABLES TRADE RECEIVABLESDKK million 2023 2022Receivables related to third-party distribution and wholesale 705 747Receivables related to retail revenue sales 637 515Total trade receivables at 31 December 1,342 1,262Ageing of trade receivables at 31 DecemberNot past due 1,056 1,035Up to 30 days 233 176Between 30 and 60 days 27 31Between 60 and 90 days 14 12Over 90 days 12 8Total past due, not impaired 286 227Total trade receivables at 31 December 1,342 1,262Development in impairment losses on trade receivablesImpairment at 1 January 83 86Additions 20 61Utilised -2 -11Unused amounts reversed -10 -55Exchange rate adjustments 4 2Impairment at 31 December 94 83Trade receivables are amounts due from the sale of goods to wholesalers and distributors, or due from landlords, malls or e-commerce providers responsible for the collection of cash related to retail sales on behalf of Pandora. The impairment on receivables increased by DKK 11 million for the year. Realised losses were not material and remained low.Management continues to assess credit risk in order to ensure 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, adjusting these rates to reflect current and forward-looking information on macroeconomic factors such as GDP and unemployment rates affecting the ability of customers to settle receivables will not increase the risk of losses significantly.ACCOUNTING POLICIESTrade receivables are initially recognised at the amount of consideration that is unconditional and consequently recognised 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 expected credit losses, using a lifetime expected loss allowance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__187": {
"value": "NOTE 3.6TRADE RECEIVABLES TRADE RECEIVABLESDKK million 2023 2022Receivables related to third-party distribution and wholesale 705 747Receivables related to retail revenue sales 637 515Total trade receivables at 31 December 1,342 1,262Ageing of trade receivables at 31 DecemberNot past due 1,056 1,035Up to 30 days 233 176Between 30 and 60 days 27 31Between 60 and 90 days 14 12Over 90 days 12 8Total past due, not impaired 286 227Total trade receivables at 31 December 1,342 1,262Development in impairment losses on trade receivablesImpairment at 1 January 83 86Additions 20 61Utilised -2 -11Unused amounts reversed -10 -55Exchange rate adjustments 4 2Impairment at 31 December 94 83Trade receivables are amounts due from the sale of goods to wholesalers and distributors, or due from landlords, malls or e-commerce providers responsible for the collection of cash related to retail sales on behalf of Pandora. The impairment on receivables increased by DKK 11 million for the year. Realised losses were not material and remained low.Management continues to assess credit risk in order to ensure 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, adjusting these rates to reflect current and forward-looking information on macroeconomic factors such as GDP and unemployment rates affecting the ability of customers to settle receivables will not increase the risk of losses significantly.ACCOUNTING POLICIESTrade receivables are initially recognised at the amount of consideration that is unconditional and consequently recognised 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 expected credit losses, using a lifetime expected loss allowance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__194": {
"value": "NOTE 3.7PROVISIONSPROVISIONSDKK million 2023 2022Provisions at 1 January 384 442Additions in the year 140 77Utilised in the year -53 -15Unused provisions reversed -36 -120Exchange rate adjustments -4 -Provisions at 31 December 431 384Provisions are recognised in the balance sheet as follows: Current 23 21Non-current 408 363Provisions at 31 December 431 384Provisions are liabilities of uncertain timing or amount and consist of defined benefit pension plans of DKK 104 million (2022: DKK 80 million), obligations to restore leased property of DKK 159 million (2022: DKK 163 million), and other legal and constructive obligations of DKK 168 million (2022: DKK 141 million). See note 5.1 Contingent assets and liabilities for estimates relating to litigation.ACCOUNTING POLICIESProvisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event, 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 recognised in the income statement net of any reimbursement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__193-1": {
"value": "NOTE 3.7PROVISIONSPROVISIONSDKK million 2023 2022Provisions at 1 January 384 442Additions in the year 140 77Utilised in the year -53 -15Unused provisions reversed -36 -120Exchange rate adjustments -4 -Provisions at 31 December 431 384Provisions are recognised in the balance sheet as follows: Current 23 21Non-current 408 363Provisions at 31 December 431 384Provisions are liabilities of uncertain timing or amount and consist of defined benefit pension plans of DKK 104 million (2022: DKK 80 million), obligations to restore leased property of DKK 159 million (2022: DKK 163 million), and other legal and constructive obligations of DKK 168 million (2022: DKK 141 million). See note 5.1 Contingent assets and liabilities for estimates relating to litigation.ACCOUNTING POLICIESProvisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event, 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 recognised in the income statement net of any reimbursement.NOTE 5.1CONTINGENT ASSETS AND LIABILITIESLitigationPandora is from time to time 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 ESTIMATESThe factors taken into account when estimating a potential 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 810 million at 31 December 2023 (2022: DKK 827 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 assetsThe insurance compensation for Pandora\u2019s European Distribution Center, located in Hamburg, Germany, that was affected by a fire in October 2022, has been recognised in Sales, distribution and marketing expenses in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__192": {
"value": "NOTE 3.7PROVISIONSPROVISIONSDKK million 2023 2022Provisions at 1 January 384 442Additions in the year 140 77Utilised in the year -53 -15Unused provisions reversed -36 -120Exchange rate adjustments -4 -Provisions at 31 December 431 384Provisions are recognised in the balance sheet as follows: Current 23 21Non-current 408 363Provisions at 31 December 431 384Provisions are liabilities of uncertain timing or amount and consist of defined benefit pension plans of DKK 104 million (2022: DKK 80 million), obligations to restore leased property of DKK 159 million (2022: DKK 163 million), and other legal and constructive obligations of DKK 168 million (2022: DKK 141 million). See note 5.1 Contingent assets and liabilities for estimates relating to litigation.ACCOUNTING POLICIESProvisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event, 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 recognised in the income statement net of any reimbursement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__196": {
"value": "ACCOUNTING POLICIESProvisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event, 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 recognised in the income statement net of any reimbursement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__195": {
"value": "ACCOUNTING POLICIESProvisions are recognised when Pandora has a present obligation (legal or constructive) as a result of a past event, 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 recognised in the income statement net of any reimbursement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__198": {
"value": "NOTE 3.8CONTRACT ASSETS AND LIABILITIESCONTRACT ASSETS AND LIABILITIESDKK million 2023 2022Contract assets Receivables from sale of products, see note 3.6 1,342 1,262Right-of-return assets 55 54Total contract assets 1,397 1,316Contract liabilitiesPrepayments from customers 14 16Coupons, gift cards etc. 142 102Loyalty programme 29 18Refund and warranty liability 721 628Total contract liabilities 906 763REFUND AND WARRANTY LIABILITYDKK million Refund Warranty Total2023Liability at 1 January 339 288 628Performance obligations for which consideration has been received 1,093 431 1,525Revenue recognised, included in the contract liability -946 -336 -1,281Contract liabilities reversed -106 -35 -141Exchange rate adjustments -5 -4 -9Refund and warranty liability at 31 December 376 345 7212022Liability 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 628ACCOUNTING POLICIESPandora recognises a refund and warranty liability related to return rights provided to customers in most markets. 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 otherwise 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 expected replacements provided for products still covered by warranty at the end of the period. The liability is recognised 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.Revenue related to the gift cards and coupons is deferred up to the time the gift cards and coupons are used. The stand-alone selling price of the gift cards and coupons is the monetary value of the cards and coupons. In estimating the redemption rate, Pandora considers breakage, which represents the portion of the gift cards and coupons value issued that will never be redeemed.As a common practice in Pandora, no costs to obtain contracts with customers were capitalised in 2023 or previous years. SIGNIFICANT ACCOUNTING ESTIMATESIn most markets, Pandora has provided return and warranty 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__190": {
"value": "ACCOUNTING POLICIESTrade receivables are initially recognised at the amount of consideration that is unconditional and consequently recognised 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 expected credit losses, using a lifetime expected loss allowance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__202": {
"value": "NOTE 3.9TRADE 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 82 million at 31 December 2023 (2022: DKK 79 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__208": {
"value": "NOTE 4.1SHARE CAPITALAt the Annual General Meeting of Pandora A/S on 16 March 2023, the shareholders resolved to cancel 6,500,000 treasury shares. At 31 December 2023, the share capital comprised 89,000,000 shares with a par value of DKK 1. No shares have special rights. Pandora maintains an equity ratio of 23% and high returns to the shareholders. In 2023, Pandora executed a new share buyback programme under which Pandora bought back own shares of DKK 5.0 billion. In 2023, Pandora purchased 7,693,692 treasury shares, corresponding to a total purchase price of DKK 5.0 billion (DKK 0.4 billion related to the share buyback programme from 2022, and DKK 4.6 billion related to the share buyback programme in 2023). At 31 December 2023, 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 2023.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.SHARE CAPITAL Number of shares Nominal value (DKK)2023Balance at 1 January 95,500,000 95,500,000Cancellation of shares -6,500,000 -6,500,000Balance at 31 December 89,000,000 89,000,0002022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,000 Number of Nominal TREASURY SHARESsharesvalue (DKK) Purchase price% of shares2023Balance at 1 January 6,104,531 6,104,531 3,319,975,573 6.4%Used to settle share-based incentive plans -508,195 -508,195 -277,749,702 -0.5%Purchase of treasury shares 7,693,692 7,693,692 4,997,666,138 8.3%Cancellation of treasury shares -6,500,000 -6,500,000 -3,686,966,729 -6.8%Balance at 31 December 6,790,028 6,790,028 4,352,925,278 7.6%2022Balance 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%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__207": {
"value": "NOTE 4.1SHARE CAPITALAt the Annual General Meeting of Pandora A/S on 16 March 2023, the shareholders resolved to cancel 6,500,000 treasury shares. At 31 December 2023, the share capital comprised 89,000,000 shares with a par value of DKK 1. No shares have special rights. Pandora maintains an equity ratio of 23% and high returns to the shareholders. In 2023, Pandora executed a new share buyback programme under which Pandora bought back own shares of DKK 5.0 billion. In 2023, Pandora purchased 7,693,692 treasury shares, corresponding to a total purchase price of DKK 5.0 billion (DKK 0.4 billion related to the share buyback programme from 2022, and DKK 4.6 billion related to the share buyback programme in 2023). At 31 December 2023, 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 2023.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.SHARE CAPITAL Number of shares Nominal value (DKK)2023Balance at 1 January 95,500,000 95,500,000Cancellation of shares -6,500,000 -6,500,000Balance at 31 December 89,000,000 89,000,0002022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,000 Number of Nominal TREASURY SHARESsharesvalue (DKK) Purchase price% of shares2023Balance at 1 January 6,104,531 6,104,531 3,319,975,573 6.4%Used to settle share-based incentive plans -508,195 -508,195 -277,749,702 -0.5%Purchase of treasury shares 7,693,692 7,693,692 4,997,666,138 8.3%Cancellation of treasury shares -6,500,000 -6,500,000 -3,686,966,729 -6.8%Balance at 31 December 6,790,028 6,790,028 4,352,925,278 7.6%2022Balance 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%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__206": {
"value": "NOTE 4.1SHARE CAPITALAt the Annual General Meeting of Pandora A/S on 16 March 2023, the shareholders resolved to cancel 6,500,000 treasury shares. At 31 December 2023, the share capital comprised 89,000,000 shares with a par value of DKK 1. No shares have special rights. Pandora maintains an equity ratio of 23% and high returns to the shareholders. In 2023, Pandora executed a new share buyback programme under which Pandora bought back own shares of DKK 5.0 billion. In 2023, Pandora purchased 7,693,692 treasury shares, corresponding to a total purchase price of DKK 5.0 billion (DKK 0.4 billion related to the share buyback programme from 2022, and DKK 4.6 billion related to the share buyback programme in 2023). At 31 December 2023, 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 2023.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.SHARE CAPITAL Number of shares Nominal value (DKK)2023Balance at 1 January 95,500,000 95,500,000Cancellation of shares -6,500,000 -6,500,000Balance at 31 December 89,000,000 89,000,0002022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,000 Number of Nominal TREASURY SHARESsharesvalue (DKK) Purchase price% of shares2023Balance at 1 January 6,104,531 6,104,531 3,319,975,573 6.4%Used to settle share-based incentive plans -508,195 -508,195 -277,749,702 -0.5%Purchase of treasury shares 7,693,692 7,693,692 4,997,666,138 8.3%Cancellation of treasury shares -6,500,000 -6,500,000 -3,686,966,729 -6.8%Balance at 31 December 6,790,028 6,790,028 4,352,925,278 7.6%2022Balance 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%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__205": {
"value": "NOTE 4.1SHARE CAPITALAt the Annual General Meeting of Pandora A/S on 16 March 2023, the shareholders resolved to cancel 6,500,000 treasury shares. At 31 December 2023, the share capital comprised 89,000,000 shares with a par value of DKK 1. No shares have special rights. Pandora maintains an equity ratio of 23% and high returns to the shareholders. In 2023, Pandora executed a new share buyback programme under which Pandora bought back own shares of DKK 5.0 billion. In 2023, Pandora purchased 7,693,692 treasury shares, corresponding to a total purchase price of DKK 5.0 billion (DKK 0.4 billion related to the share buyback programme from 2022, and DKK 4.6 billion related to the share buyback programme in 2023). At 31 December 2023, 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 2023.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.SHARE CAPITAL Number of shares Nominal value (DKK)2023Balance at 1 January 95,500,000 95,500,000Cancellation of shares -6,500,000 -6,500,000Balance at 31 December 89,000,000 89,000,0002022Balance at 1 January 100,000,000 100,000,000Cancellation of shares -4,500,000 -4,500,000Balance at 31 December 95,500,000 95,500,000 Number of Nominal TREASURY SHARESsharesvalue (DKK) Purchase price% of shares2023Balance at 1 January 6,104,531 6,104,531 3,319,975,573 6.4%Used to settle share-based incentive plans -508,195 -508,195 -277,749,702 -0.5%Purchase of treasury shares 7,693,692 7,693,692 4,997,666,138 8.3%Cancellation of treasury shares -6,500,000 -6,500,000 -3,686,966,729 -6.8%Balance at 31 December 6,790,028 6,790,028 4,352,925,278 7.6%2022Balance 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%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__210": {
"value": "NOTE 4.2EARNINGS PER SHARE AND DIVIDENDEARNINGS PER SHAREDKK million 2023 2022Profit attributable to equity holders 4,740 5,029Weighted average number of ordinary shares 85,408,547 92,746,543Effect of performance shares 671,905 949,850Weighted average number of ordinary shares adjusted for the effect of dilution 86,080,451 93,696,393Basic earnings per share, DKK 55.5 54.2Diluted earnings per share, DKK 55.1 53.7There 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 18 per share (2022: DKK 16), corresponding to DKK 1.5 billion, be distributed for 2023. No dividend is paid on treasury shares.In 2023, a dividend of DKK 1.4 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 45.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 2023, free reserves in the Parent Company amounted to DKK 13.5 billion. When calculating the amount available for distribution of dividend and share buyback, treasury shares are deducted from distributable reserves.ACCOUNTING POLICIESDividend proposed is recognised as a liability at the date of the adoption at the Annual General Meeting (declaration date). Extraordinary dividend is recognised as a liability at the declaration date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__211": {
"value": "DividendThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 18 per share (2022: DKK 16), corresponding to DKK 1.5 billion, be distributed for 2023. No dividend is paid on treasury shares.In 2023, a dividend of DKK 1.4 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 45.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__212": {
"value": "18",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s8_notesesefdkgaap__10__212": {
"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"
}
},
"s8_notesesefdkgaap__9__213": {
"value": "1500000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s8_notesesefdkgaap__9__215": {
"value": "ACCOUNTING POLICIESDividend proposed is recognised as a liability at the date of the adoption at the Annual General Meeting (declaration date). Extraordinary dividend is recognised as a liability at the declaration date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__220": {
"value": "ACCOUNTING POLICIESOn initial recognition, interest-bearing debt and borrowings are measured at fair value less transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are measured 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, as well as fees and other costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__219": {
"value": "ACCOUNTING POLICIESOn initial recognition, interest-bearing debt and borrowings are measured at fair value less transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are measured 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, as well as fees and other costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__218": {
"value": "NOTE 4.3LIABILITIES FROM FINANCING ACTIVITIESTOTAL LIABILITIES FROM FINANCING ACTIVITIES Financial liabilities Foreign exchange Financial liabilities 1DKK millionat 1 January Cash flows, net New leases etc. Otheradjustmentsat 31 December2023Non-current borrowings1,017 5,927 - 29 - 6,973Non-current lease liabilities 2,113 - 1,560 -886 -23 2,765Current borrowings 3,508 -3,321 - 128 -2 313Current lease liabilities 950 -1,107 520 769 -16 1,116Total liabilities from financing activities 7,588 1,499 2,080 40 -41 11,1652022Non-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 7,5881 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.2 Includes the bond of EUR 500 million issued in March 2023.ACCOUNTING POLICIESOn initial recognition, interest-bearing debt and borrowings are measured at fair value less transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are measured 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, as well as fees and other costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__217": {
"value": "NOTE 4.3LIABILITIES FROM FINANCING ACTIVITIESTOTAL LIABILITIES FROM FINANCING ACTIVITIES Financial liabilities Foreign exchange Financial liabilities 1DKK millionat 1 January Cash flows, net New leases etc. Otheradjustmentsat 31 December2023Non-current borrowings1,017 5,927 - 29 - 6,973Non-current lease liabilities 2,113 - 1,560 -886 -23 2,765Current borrowings 3,508 -3,321 - 128 -2 313Current lease liabilities 950 -1,107 520 769 -16 1,116Total liabilities from financing activities 7,588 1,499 2,080 40 -41 11,1652022Non-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 7,5881 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.2 Includes the bond of EUR 500 million issued in March 2023.ACCOUNTING POLICIESOn initial recognition, interest-bearing debt and borrowings are measured at fair value less transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are measured 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, as well as fees and other costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__224": {
"value": "NOTE 4.4FINANCIAL RISKSAs a consequence of its operations, investments and financing, Pandora is exposed to a number of financial risks that are monitored and managed by Pandora\u2019s Group Treasury department.To manage financial risks, Pandora may use a number of financial instruments, such as forward contracts in silver and gold, 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 on the right illustrates the sensitivity on 2023 revenue, EBIT and EBIT margin from exchange rates and commodity price movements. In addition, the sensitivity of assets and liabilities as at 31 December from currency and commodity price 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 Pandora\u2019s policy 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 consumption. Consumption is hedged from 1 to 12 months forward with a hedge ratio target that decreases with time to maturity as illustrated to the right. 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 roll-ing 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 investments 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, PLN 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. 2023 2022SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 894 339 0.4% 858 367 0.5%CAD +10% 81 41 0.1% 80 47 0.1%AUD +10% 154 104 0.2% 167 117 0.3%GBP +10% 383 238 0.5% 382 252 0.6%EUR +1% 77 45 0.1% 71 44 0.1%CNY +10% 55 -3 -0.1% 73 -9 -0.1%MXN +10% 124 69 0.1% 86 47 0.1%PLN +10% 76 59 0.1% 64 47 0.1%THB +10% - -231 -0.8% - -220 -0.8%SILVER and GOLD +10% - -210 -0.7% - -218 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2023 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.In addition, Pandora incurs costs denominated 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 requirements 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.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining marginsIn addition, exchange rate fluctuations affect the translatedvalue of the profits or losses of foreign subsidiaries and thetranslation of foreign currency assets and liabilities. 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 2023, 70% of the cash flows from currencies with risk above policy threshold were hedged based on a rolling 12 month forecast. In 2023, this included USD, THB, GBP, AUD and MXN. 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. 31 December 2023 31 December 2022CURRENCY AND COMMODITY EXPOSURE 1FROM ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% 32 -61 -22 240CAD +10% 15 6 33 -AUD +10% 20 -15 11 -64GBP +10% -63 -97 - -64EUR +1% -68 -68 -9 -34CNY +10% -10 -10 -17 -9MXN +10% 60 34 52 52PLN +10% 12 12 1 1THB +10% -36 168 -46 247SILVER and GOLD +10% - 190 - 1891 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from thecurrency that the monetary items are denominated in. The currency 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 commodity movements in equity arise from the change in the hedging reserve. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.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 consolidated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Credit limits above certain policy thresholds 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 receivables. Rating of trade receivables does not differ materially either by type of cus-tomer 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 unutilised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk and refinancing risk are considered to be low. OUTSTANDING COMMITTED LOAN FACILITIESAvailable Maturity Drawn Avg. effective AvailableDKK millionfacilities dateamount interest rateliquidity1Revolving credit facilities7,080 April 2028 2,609 6.07% 4,4721Term loan maturing in 2030646 May 2030 646 2.80% -1Bond maturing in 20283,726 April 2028 3,726 5.04% -Total outstanding committed loan facilities at 31 December 11,453 6,981 4,4721 Sustainability-linked facilities.Pandora has one revolving credit facility of EUR 950 million and one term loan of EUR 87 million committed until April 2028 and May 2030, respectively. On 3 March 2023, Pandora announced the successful issuance of EUR 500 million in senior notes under its newly established Euro Medium Term Note programme. The issuance is a result of Pandora\u2019s desire to diversify its funding sources and was well received by investors across Europe. The net proceeds from the bond have been used for refinancing of a bridge loan facility established in December 2022. In connection with the bond issuance, Pandora obtained a credit rating of BBB by S&P Global Ratings and a Baa2 rating from Moody\u2019s Investor Service. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.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, only the revolving credit facilities were based on floating interest rates.All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 37 million decrease in profit before tax and equity, excluding tax effect (2022: DKK 49 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual maturities 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.Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1-5 years5 yearsTotal2023Non-derivativesLoans and borrowings 343 3,049 153 3,545Bond 168 4,397 - 4,565Lease liabilities 1,248 2,818 1,142 5,209Trade payables 3,211 - - 3,211Other payables 137 92 - 229DerivativesDerivative financial instruments 128 - - 128Total at 31 December 5,234 10,357 1,295 16,8862022Non-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 11,844",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__223": {
"value": "NOTE 4.4FINANCIAL RISKSAs a consequence of its operations, investments and financing, Pandora is exposed to a number of financial risks that are monitored and managed by Pandora\u2019s Group Treasury department.To manage financial risks, Pandora may use a number of financial instruments, such as forward contracts in silver and gold, 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 on the right illustrates the sensitivity on 2023 revenue, EBIT and EBIT margin from exchange rates and commodity price movements. In addition, the sensitivity of assets and liabilities as at 31 December from currency and commodity price 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 Pandora\u2019s policy 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 consumption. Consumption is hedged from 1 to 12 months forward with a hedge ratio target that decreases with time to maturity as illustrated to the right. 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 roll-ing 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 investments 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, PLN 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. 2023 2022SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 894 339 0.4% 858 367 0.5%CAD +10% 81 41 0.1% 80 47 0.1%AUD +10% 154 104 0.2% 167 117 0.3%GBP +10% 383 238 0.5% 382 252 0.6%EUR +1% 77 45 0.1% 71 44 0.1%CNY +10% 55 -3 -0.1% 73 -9 -0.1%MXN +10% 124 69 0.1% 86 47 0.1%PLN +10% 76 59 0.1% 64 47 0.1%THB +10% - -231 -0.8% - -220 -0.8%SILVER and GOLD +10% - -210 -0.7% - -218 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2023 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.In addition, Pandora incurs costs denominated 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 requirements 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.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining marginsIn addition, exchange rate fluctuations affect the translatedvalue of the profits or losses of foreign subsidiaries and thetranslation of foreign currency assets and liabilities. 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 2023, 70% of the cash flows from currencies with risk above policy threshold were hedged based on a rolling 12 month forecast. In 2023, this included USD, THB, GBP, AUD and MXN. 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. 31 December 2023 31 December 2022CURRENCY AND COMMODITY EXPOSURE 1FROM ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% 32 -61 -22 240CAD +10% 15 6 33 -AUD +10% 20 -15 11 -64GBP +10% -63 -97 - -64EUR +1% -68 -68 -9 -34CNY +10% -10 -10 -17 -9MXN +10% 60 34 52 52PLN +10% 12 12 1 1THB +10% -36 168 -46 247SILVER and GOLD +10% - 190 - 1891 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from thecurrency that the monetary items are denominated in. The currency 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 commodity movements in equity arise from the change in the hedging reserve. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.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 consolidated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Credit limits above certain policy thresholds 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 receivables. Rating of trade receivables does not differ materially either by type of cus-tomer 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 unutilised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk and refinancing risk are considered to be low. OUTSTANDING COMMITTED LOAN FACILITIESAvailable Maturity Drawn Avg. effective AvailableDKK millionfacilities dateamount interest rateliquidity1Revolving credit facilities7,080 April 2028 2,609 6.07% 4,4721Term loan maturing in 2030646 May 2030 646 2.80% -1Bond maturing in 20283,726 April 2028 3,726 5.04% -Total outstanding committed loan facilities at 31 December 11,453 6,981 4,4721 Sustainability-linked facilities.Pandora has one revolving credit facility of EUR 950 million and one term loan of EUR 87 million committed until April 2028 and May 2030, respectively. On 3 March 2023, Pandora announced the successful issuance of EUR 500 million in senior notes under its newly established Euro Medium Term Note programme. The issuance is a result of Pandora\u2019s desire to diversify its funding sources and was well received by investors across Europe. The net proceeds from the bond have been used for refinancing of a bridge loan facility established in December 2022. In connection with the bond issuance, Pandora obtained a credit rating of BBB by S&P Global Ratings and a Baa2 rating from Moody\u2019s Investor Service. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.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, only the revolving credit facilities were based on floating interest rates.All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 37 million decrease in profit before tax and equity, excluding tax effect (2022: DKK 49 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual maturities 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.Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1-5 years5 yearsTotal2023Non-derivativesLoans and borrowings 343 3,049 153 3,545Bond 168 4,397 - 4,565Lease liabilities 1,248 2,818 1,142 5,209Trade payables 3,211 - - 3,211Other payables 137 92 - 229DerivativesDerivative financial instruments 128 - - 128Total at 31 December 5,234 10,357 1,295 16,8862022Non-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 11,844",
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"s8_notesesefdkgaap__9__225": {
"value": "Foreign currency risk Pandora\u2019s presentation currency is DKK, but the majority of Pandora\u2019s activities and investments 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, PLN 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. 2023 2022SENSITIVITY ANALYSIS ON EXCHANGE Change in EBIT EBIT 1RATES AND COMMODITY PRICESexchange rate and margin margin DKK millioncommodity prices Revenue EBITimpact Revenue EBITimpactUSD +10% 894 339 0.4% 858 367 0.5%CAD +10% 81 41 0.1% 80 47 0.1%AUD +10% 154 104 0.2% 167 117 0.3%GBP +10% 383 238 0.5% 382 252 0.6%EUR +1% 77 45 0.1% 71 44 0.1%CNY +10% 55 -3 -0.1% 73 -9 -0.1%MXN +10% 124 69 0.1% 86 47 0.1%PLN +10% 76 59 0.1% 64 47 0.1%THB +10% - -231 -0.8% - -220 -0.8%SILVER and GOLD +10% - -210 -0.7% - -218 -0.8%1 Revenue and EBIT would have been impacted by the above amounts if exchange rates and commodity prices in 2023 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.In addition, Pandora incurs costs denominated 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 requirements 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.Exchange rate fluctuations may lead to a decrease in revenue and an increase in costs and thus declining marginsIn addition, exchange rate fluctuations affect the translatedvalue of the profits or losses of foreign subsidiaries and thetranslation of foreign currency assets and liabilities. 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 2023, 70% of the cash flows from currencies with risk above policy threshold were hedged based on a rolling 12 month forecast. In 2023, this included USD, THB, GBP, AUD and MXN. 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. 31 December 2023 31 December 2022CURRENCY AND COMMODITY EXPOSURE 1FROM ASSETS AND LIABILITIESChange in Profit (loss) Profit (loss) DKK million exchange ratebefore taxEquitybefore taxEquityUSD +10% 32 -61 -22 240CAD +10% 15 6 33 -AUD +10% 20 -15 11 -64GBP +10% -63 -97 - -64EUR +1% -68 -68 -9 -34CNY +10% -10 -10 -17 -9MXN +10% 60 34 52 52PLN +10% 12 12 1 1THB +10% -36 168 -46 247SILVER and GOLD +10% - 190 - 1891 The movements in the income statement arise from monetary items (cash, borrowings, receivables and payables) where the functional currency of the entity differs from thecurrency that the monetary items are denominated in. The currency 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 commodity movements in equity arise from the change in the hedging reserve. The impact would have been the opposite if exchange rates had been decreasing by similar percentages. The analysis is based on the transaction currency.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 consolidated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Credit limits above certain policy thresholds 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 receivables. Rating of trade receivables does not differ materially either by type of cus-tomer 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 unutilised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk and refinancing risk are considered to be low. OUTSTANDING COMMITTED LOAN FACILITIESAvailable Maturity Drawn Avg. effective AvailableDKK millionfacilities dateamount interest rateliquidity1Revolving credit facilities7,080 April 2028 2,609 6.07% 4,4721Term loan maturing in 2030646 May 2030 646 2.80% -1Bond maturing in 20283,726 April 2028 3,726 5.04% -Total outstanding committed loan facilities at 31 December 11,453 6,981 4,4721 Sustainability-linked facilities.Pandora has one revolving credit facility of EUR 950 million and one term loan of EUR 87 million committed until April 2028 and May 2030, respectively. On 3 March 2023, Pandora announced the successful issuance of EUR 500 million in senior notes under its newly established Euro Medium Term Note programme. The issuance is a result of Pandora\u2019s desire to diversify its funding sources and was well received by investors across Europe. The net proceeds from the bond have been used for refinancing of a bridge loan facility established in December 2022. In connection with the bond issuance, Pandora obtained a credit rating of BBB by S&P Global Ratings and a Baa2 rating from Moody\u2019s Investor Service. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.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, only the revolving credit facilities were based on floating interest rates.All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 37 million decrease in profit before tax and equity, excluding tax effect (2022: DKK 49 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual maturities 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.Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1-5 years5 yearsTotal2023Non-derivativesLoans and borrowings 343 3,049 153 3,545Bond 168 4,397 - 4,565Lease liabilities 1,248 2,818 1,142 5,209Trade payables 3,211 - - 3,211Other payables 137 92 - 229DerivativesDerivative financial instruments 128 - - 128Total at 31 December 5,234 10,357 1,295 16,8862022Non-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 11,844",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__226": {
"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 consolidated balance sheet. It is Pandora\u2019s policy for subsidiaries to be responsible for credit evaluation and credit risk on their trade receivables. Credit limits above certain policy thresholds 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 receivables. Rating of trade receivables does not differ materially either by type of cus-tomer 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 unutilised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk and refinancing risk are considered to be low. OUTSTANDING COMMITTED LOAN FACILITIESAvailable Maturity Drawn Avg. effective AvailableDKK millionfacilities dateamount interest rateliquidity1Revolving credit facilities7,080 April 2028 2,609 6.07% 4,4721Term loan maturing in 2030646 May 2030 646 2.80% -1Bond maturing in 20283,726 April 2028 3,726 5.04% -Total outstanding committed loan facilities at 31 December 11,453 6,981 4,4721 Sustainability-linked facilities.Pandora has one revolving credit facility of EUR 950 million and one term loan of EUR 87 million committed until April 2028 and May 2030, respectively. On 3 March 2023, Pandora announced the successful issuance of EUR 500 million in senior notes under its newly established Euro Medium Term Note programme. The issuance is a result of Pandora\u2019s desire to diversify its funding sources and was well received by investors across Europe. The net proceeds from the bond have been used for refinancing of a bridge loan facility established in December 2022. In connection with the bond issuance, Pandora obtained a credit rating of BBB by S&P Global Ratings and a Baa2 rating from Moody\u2019s Investor Service. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.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, only the revolving credit facilities were based on floating interest rates.All else being equal, it is estimated that a general increase in interest rates by 1.0 percentage point would lead to a DKK 37 million decrease in profit before tax and equity, excluding tax effect (2022: DKK 49 million decrease).Contractual maturities of financial liabilitiesThe table below breaks the Group\u2019s financial liabilities down into relevant maturity groupings based on contractual maturities 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.Based on the Group\u2019s expectations for the future operation and the Group\u2019s current cash resources, no significant liquidity risks have been identified.LIABILITIES FALL DUE AS FOLLOWS Within Within After more than DKK million1 year1-5 years5 yearsTotal2023Non-derivativesLoans and borrowings 343 3,049 153 3,545Bond 168 4,397 - 4,565Lease liabilities 1,248 2,818 1,142 5,209Trade payables 3,211 - - 3,211Other payables 137 92 - 229DerivativesDerivative financial instruments 128 - - 128Total at 31 December 5,234 10,357 1,295 16,8862022Non-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 11,844",
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"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__227": {
"value": "Liquidity risk Pandora\u2019s cash conversion is high and Pandora maintains an adequate level of cash and unutilised credit facilities to meet financial obligations when due. Pandora\u2019s liquidity risk and refinancing risk are considered to be low. OUTSTANDING COMMITTED LOAN FACILITIESAvailable Maturity Drawn Avg. effective AvailableDKK millionfacilities dateamount interest rateliquidity1Revolving credit facilities7,080 April 2028 2,609 6.07% 4,4721Term loan maturing in 2030646 May 2030 646 2.80% -1Bond maturing in 20283,726 April 2028 3,726 5.04% -Total outstanding committed loan facilities at 31 December 11,453 6,981 4,4721 Sustainability-linked facilities.Pandora has one revolving credit facility of EUR 950 million and one term loan of EUR 87 million committed until April 2028 and May 2030, respectively. On 3 March 2023, Pandora announced the successful issuance of EUR 500 million in senior notes under its newly established Euro Medium Term Note programme. The issuance is a result of Pandora\u2019s desire to diversify its funding sources and was well received by investors across Europe. The net proceeds from the bond have been used for refinancing of a bridge loan facility established in December 2022. In connection with the bond issuance, Pandora obtained a credit rating of BBB by S&P Global Ratings and a Baa2 rating from Moody\u2019s Investor Service. Pandora has uncommitted credit facilities to ensure efficient and flexible local liquidity management. The credit facilities are managed by Group Treasury.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
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"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notesesefdkgaap__9__234": {
"value": "NOTE 4.5DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctuations in commodity prices and exchange rates. Derivative financial instruments include silver and gold forward contracts and foreign exchange forward contracts.It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected silver and gold consumption based on a rolling 12-month production plan. The table to the right illustrates the timing of the hedges related to the purchase of silver and gold 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 2023 of Pandora\u2019s derivative financial instruments was measured in accordance with level 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. DERIVATIVE FINANCIAL INSTRUMENTS Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2023Commodities 55 -71 -16 -13Foreign exchange 32 -57 -25 -20Total derivative financial instruments 87 -128 -41 -332022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 121HEDGED AND REALISED PURCHASE PRICESRealised in Hedged Hedged Hedged Hedged 1At use of the silver and gold for production (USD/OZ)2023Q1 2024Q2 2024Q3 2024Q4 2024Silver price 22.60 23.97 24.95 25.23 25.34Gold price 1,877 1,998 2,023 2,078 2,144Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%1 Realised hedges are initially recognised in Group inventories and subsequently in cost of sales when the products are sold.The value of financial instruments recognised in other comprehensive 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 hedging 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 commodity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The impact in net financials was a gain of DKK 9 million (2022: loss of DKK 46 million). The realised gain or loss on all foreign exchange contracts is recognised in net financials. For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging is recognised in Group inventories and subsequently in cost of sales. The realised profit (loss) from exchange rate hedging is taken to financial items.",
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"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notesesefdkgaap__9__233": {
"value": "NOTE 4.5DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctuations in commodity prices and exchange rates. Derivative financial instruments include silver and gold forward contracts and foreign exchange forward contracts.It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected silver and gold consumption based on a rolling 12-month production plan. The table to the right illustrates the timing of the hedges related to the purchase of silver and gold 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 2023 of Pandora\u2019s derivative financial instruments was measured in accordance with level 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. DERIVATIVE FINANCIAL INSTRUMENTS Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2023Commodities 55 -71 -16 -13Foreign exchange 32 -57 -25 -20Total derivative financial instruments 87 -128 -41 -332022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 121HEDGED AND REALISED PURCHASE PRICESRealised in Hedged Hedged Hedged Hedged 1At use of the silver and gold for production (USD/OZ)2023Q1 2024Q2 2024Q3 2024Q4 2024Silver price 22.60 23.97 24.95 25.23 25.34Gold price 1,877 1,998 2,023 2,078 2,144Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%1 Realised hedges are initially recognised in Group inventories and subsequently in cost of sales when the products are sold.The value of financial instruments recognised in other comprehensive 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 hedging 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 commodity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The impact in net financials was a gain of DKK 9 million (2022: loss of DKK 46 million). The realised gain or loss on all foreign exchange contracts is recognised in net financials. For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__232": {
"value": "NOTE 4.5DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctuations in commodity prices and exchange rates. Derivative financial instruments include silver and gold forward contracts and foreign exchange forward contracts.It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected silver and gold consumption based on a rolling 12-month production plan. The table to the right illustrates the timing of the hedges related to the purchase of silver and gold 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 2023 of Pandora\u2019s derivative financial instruments was measured in accordance with level 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. DERIVATIVE FINANCIAL INSTRUMENTS Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2023Commodities 55 -71 -16 -13Foreign exchange 32 -57 -25 -20Total derivative financial instruments 87 -128 -41 -332022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 121HEDGED AND REALISED PURCHASE PRICESRealised in Hedged Hedged Hedged Hedged 1At use of the silver and gold for production (USD/OZ)2023Q1 2024Q2 2024Q3 2024Q4 2024Silver price 22.60 23.97 24.95 25.23 25.34Gold price 1,877 1,998 2,023 2,078 2,144Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%1 Realised hedges are initially recognised in Group inventories and subsequently in cost of sales when the products are sold.The value of financial instruments recognised in other comprehensive 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 hedging 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 commodity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The impact in net financials was a gain of DKK 9 million (2022: loss of DKK 46 million). The realised gain or loss on all foreign exchange contracts is recognised in net financials. For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__231": {
"value": "NOTE 4.5DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctuations in commodity prices and exchange rates. Derivative financial instruments include silver and gold forward contracts and foreign exchange forward contracts.It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected silver and gold consumption based on a rolling 12-month production plan. The table to the right illustrates the timing of the hedges related to the purchase of silver and gold 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 2023 of Pandora\u2019s derivative financial instruments was measured in accordance with level 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. DERIVATIVE FINANCIAL INSTRUMENTS Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2023Commodities 55 -71 -16 -13Foreign exchange 32 -57 -25 -20Total derivative financial instruments 87 -128 -41 -332022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 121HEDGED AND REALISED PURCHASE PRICESRealised in Hedged Hedged Hedged Hedged 1At use of the silver and gold for production (USD/OZ)2023Q1 2024Q2 2024Q3 2024Q4 2024Silver price 22.60 23.97 24.95 25.23 25.34Gold price 1,877 1,998 2,023 2,078 2,144Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%1 Realised hedges are initially recognised in Group inventories and subsequently in cost of sales when the products are sold.The value of financial instruments recognised in other comprehensive 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 hedging 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 commodity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The impact in net financials was a gain of DKK 9 million (2022: loss of DKK 46 million). The realised gain or loss on all foreign exchange contracts is recognised in net financials. For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__230": {
"value": "NOTE 4.5DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctuations in commodity prices and exchange rates. Derivative financial instruments include silver and gold forward contracts and foreign exchange forward contracts.It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected silver and gold consumption based on a rolling 12-month production plan. The table to the right illustrates the timing of the hedges related to the purchase of silver and gold 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 2023 of Pandora\u2019s derivative financial instruments was measured in accordance with level 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. DERIVATIVE FINANCIAL INSTRUMENTS Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2023Commodities 55 -71 -16 -13Foreign exchange 32 -57 -25 -20Total derivative financial instruments 87 -128 -41 -332022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 121HEDGED AND REALISED PURCHASE PRICESRealised in Hedged Hedged Hedged Hedged 1At use of the silver and gold for production (USD/OZ)2023Q1 2024Q2 2024Q3 2024Q4 2024Silver price 22.60 23.97 24.95 25.23 25.34Gold price 1,877 1,998 2,023 2,078 2,144Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%1 Realised hedges are initially recognised in Group inventories and subsequently in cost of sales when the products are sold.The value of financial instruments recognised in other comprehensive 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 hedging 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 commodity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The impact in net financials was a gain of DKK 9 million (2022: loss of DKK 46 million). The realised gain or loss on all foreign exchange contracts is recognised in net financials. For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__229": {
"value": "NOTE 4.5DERIVATIVE FINANCIAL INSTRUMENTSPandora uses a number of derivative financial instruments to hedge its exposure to fluctuations in commodity prices and exchange rates. Derivative financial instruments include silver and gold forward contracts and foreign exchange forward contracts.It is Pandora\u2019s policy to hedge at least 70% of the Group\u2019s expected silver and gold consumption based on a rolling 12-month production plan. The table to the right illustrates the timing of the hedges related to the purchase of silver and gold 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 2023 of Pandora\u2019s derivative financial instruments was measured in accordance with level 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. DERIVATIVE FINANCIAL INSTRUMENTS Carrying Hedge reserve, DKK millionAssetsLiabilitiesamountnet of tax2023Commodities 55 -71 -16 -13Foreign exchange 32 -57 -25 -20Total derivative financial instruments 87 -128 -41 -332022Commodities 166 -33 133 103Foreign exchange 65 -42 23 18Total derivative financial instruments 231 -74 157 121HEDGED AND REALISED PURCHASE PRICESRealised in Hedged Hedged Hedged Hedged 1At use of the silver and gold for production (USD/OZ)2023Q1 2024Q2 2024Q3 2024Q4 2024Silver price 22.60 23.97 24.95 25.23 25.34Gold price 1,877 1,998 2,023 2,078 2,144Commodity hedge ratio, % Realised 70-100% 70-90% 50-70% 30-50%1 Realised hedges are initially recognised in Group inventories and subsequently in cost of sales when the products are sold.The value of financial instruments recognised in other comprehensive 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 hedging 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 commodity hedging transaction is recognised in Group inventories and subsequently in cost of sales whereas the ineffective portion is realised in net financials. The impact in net financials was a gain of DKK 9 million (2022: loss of DKK 46 million). The realised gain or loss on all foreign exchange contracts is recognised in net financials. For information about risk management strategy, see note 4.4 Financial risks. ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__241": {
"value": "ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__240": {
"value": "ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__239": {
"value": "ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__238": {
"value": "ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__237": {
"value": "ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__236": {
"value": "ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__235": {
"value": "ACCOUNTING POLICIESDerivative 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 instruments 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 relation-ships between commodity contracts and purchase transactions relating to silver and gold. The effective portion of the unrealised gain or loss on all hedging 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 from commodity hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__249": {
"value": "NOTE 4.6NET FINANCIALSFINANCE INCOMEDKK million 2023 2022Reclassified from equity hedge reserves 36 12Total finance income from derivative financial instruments 36 12Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 175 393Interest income, bank 20 5Interest income, loans and receivables 20 2Total finance income from loans and receivables 215 400Total finance income 251 412FINANCE COSTSDKK million 2023 2022Reclassified from equity hedge reserves 131 167Total finance costs from derivative financial instruments 131 167Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 209 134Interest on loans and borrowings 374 100Interest on lease liabilities 270 162Other finance costs 72 59Total finance costs from loans and borrowings 925 455Total finance costs 1,056 622ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__248": {
"value": "NOTE 4.6NET FINANCIALSFINANCE INCOMEDKK million 2023 2022Reclassified from equity hedge reserves 36 12Total finance income from derivative financial instruments 36 12Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 175 393Interest income, bank 20 5Interest income, loans and receivables 20 2Total finance income from loans and receivables 215 400Total finance income 251 412FINANCE COSTSDKK million 2023 2022Reclassified from equity hedge reserves 131 167Total finance costs from derivative financial instruments 131 167Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 209 134Interest on loans and borrowings 374 100Interest on lease liabilities 270 162Other finance costs 72 59Total finance costs from loans and borrowings 925 455Total finance costs 1,056 622ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__247": {
"value": "NOTE 4.6NET FINANCIALSFINANCE INCOMEDKK million 2023 2022Reclassified from equity hedge reserves 36 12Total finance income from derivative financial instruments 36 12Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 175 393Interest income, bank 20 5Interest income, loans and receivables 20 2Total finance income from loans and receivables 215 400Total finance income 251 412FINANCE COSTSDKK million 2023 2022Reclassified from equity hedge reserves 131 167Total finance costs from derivative financial instruments 131 167Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 209 134Interest on loans and borrowings 374 100Interest on lease liabilities 270 162Other finance costs 72 59Total finance costs from loans and borrowings 925 455Total finance costs 1,056 622ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__246": {
"value": "NOTE 4.6NET FINANCIALSFINANCE INCOMEDKK million 2023 2022Reclassified from equity hedge reserves 36 12Total finance income from derivative financial instruments 36 12Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 175 393Interest income, bank 20 5Interest income, loans and receivables 20 2Total finance income from loans and receivables 215 400Total finance income 251 412FINANCE COSTSDKK million 2023 2022Reclassified from equity hedge reserves 131 167Total finance costs from derivative financial instruments 131 167Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 209 134Interest on loans and borrowings 374 100Interest on lease liabilities 270 162Other finance costs 72 59Total finance costs from loans and borrowings 925 455Total finance costs 1,056 622ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__245": {
"value": "NOTE 4.6NET FINANCIALSFINANCE INCOMEDKK million 2023 2022Reclassified from equity hedge reserves 36 12Total finance income from derivative financial instruments 36 12Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 175 393Interest income, bank 20 5Interest income, loans and receivables 20 2Total finance income from loans and receivables 215 400Total finance income 251 412FINANCE COSTSDKK million 2023 2022Reclassified from equity hedge reserves 131 167Total finance costs from derivative financial instruments 131 167Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 209 134Interest on loans and borrowings 374 100Interest on lease liabilities 270 162Other finance costs 72 59Total finance costs from loans and borrowings 925 455Total finance costs 1,056 622ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__244": {
"value": "NOTE 4.6NET FINANCIALSFINANCE INCOMEDKK million 2023 2022Reclassified from equity hedge reserves 36 12Total finance income from derivative financial instruments 36 12Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 175 393Interest income, bank 20 5Interest income, loans and receivables 20 2Total finance income from loans and receivables 215 400Total finance income 251 412FINANCE COSTSDKK million 2023 2022Reclassified from equity hedge reserves 131 167Total finance costs from derivative financial instruments 131 167Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 209 134Interest on loans and borrowings 374 100Interest on lease liabilities 270 162Other finance costs 72 59Total finance costs from loans and borrowings 925 455Total finance costs 1,056 622ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__243": {
"value": "NOTE 4.6NET FINANCIALSFINANCE INCOMEDKK million 2023 2022Reclassified from equity hedge reserves 36 12Total finance income from derivative financial instruments 36 12Finance income from loans and receivables measured at amortised cost:Foreign exchange gains 175 393Interest income, bank 20 5Interest income, loans and receivables 20 2Total finance income from loans and receivables 215 400Total finance income 251 412FINANCE COSTSDKK million 2023 2022Reclassified from equity hedge reserves 131 167Total finance costs from derivative financial instruments 131 167Finance costs from financial liabilities measured at amortised cost:Foreign exchange losses 209 134Interest on loans and borrowings 374 100Interest on lease liabilities 270 162Other finance costs 72 59Total finance costs from loans and borrowings 925 455Total finance costs 1,056 622ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__252": {
"value": "ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__251": {
"value": "ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__250": {
"value": "ACCOUNTING POLICIESFinance income and costs comprise interest income and expenses, realised and unrealised gains and losses on payables/receivables 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 estimated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__254": {
"value": "NOTE 4.7OTHER NON-CASH ADJUSTMENTSOTHER NON-CASH ADJUSTMENTSDKK million 2023 2022Effects from exchange rate adjustments 8 16Effects from IFRS 16 rent concessions - -30Other, incl. gains/losses from the sale of property, plant and equipment -63 -4Total other non-cash adjustments -55 -18",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__258": {
"value": "NOTE 5.1CONTINGENT ASSETS AND LIABILITIESLitigationPandora is from time to time 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 ESTIMATESThe factors taken into account when estimating a potential 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 810 million at 31 December 2023 (2022: DKK 827 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 assetsThe insurance compensation for Pandora\u2019s European Distribution Center, located in Hamburg, Germany, that was affected by a fire in October 2022, has been recognised in Sales, distribution and marketing expenses in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__257": {
"value": "NOTE 5.1CONTINGENT ASSETS AND LIABILITIESLitigationPandora is from time to time 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 ESTIMATESThe factors taken into account when estimating a potential 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 810 million at 31 December 2023 (2022: DKK 827 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 assetsThe insurance compensation for Pandora\u2019s European Distribution Center, located in Hamburg, Germany, that was affected by a fire in October 2022, has been recognised in Sales, distribution and marketing expenses in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__263": {
"value": "NOTE 5.2RELATED PARTIESRelated parties with significant interestsAt 31 December 2023, treasury shares accounted for 7.6% of the share capital (2022: 6.4%), for further information see note 4.1 Share capital. Other related parties of Pandora include the Board of Directors, Executive Leadership Team 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 2023, Pandora 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 of Directors or the Executive Leadership Team, except for compensation and benefits received as a result of their membership of the Board of Directors, employment with Pandora or shareholdings in Pandora. For further information, see note 2.2 Staff costs and note 2.3 Share-based payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__265": {
"value": "NOTE 5.3FEES TO INDEPENDENT AUDITORFEES TO INDEPENDENT AUDITORDKK million 2023 2022Fee for statutory audit 12 11Other assurance engagements 2 2Total audit-related services 14 13Tax consultancy 0 -Other services 0 1Total non-audit services 0 1Total fees to independent auditor 14 14The costs in the table above are recognised in the 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. In addition to statutory audit, EY Godkendt Revisionspartnerselskab, the Group auditors appointed at the Annual General Meeting, provided other assurance engagements, primarily consisting of a limited assurance report on the Sustainability Report, a reasonable assurance report on the Remuneration Report, comfort letter work as well as audit of turnover certificates. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__267": {
"value": "NOTE 5.4EVENTS 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__260": {
"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 810 million at 31 December 2023 (2022: DKK 827 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 assetsThe insurance compensation for Pandora\u2019s European Distribution Center, located in Hamburg, Germany, that was affected by a fire in October 2022, has been recognised in Sales, distribution and marketing expenses in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__272": {
"value": "NOTE 5.5COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2023. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017AD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora \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 Greece Single Member S.A. 100% Greece 1 October 2023Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pan 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 B.V. 100% Netherlands 20 September 2010Pandora 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 2018Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Pandora 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 GROUPPandora 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 2013Pyrrha Importa\u00e7\u00e3o e Com\u00e9rcio Atacadista Ltda. 100% Brazil 3 October 2023Pandora 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 2009Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Panmeas Jewellery LLC 100% United Arab Emirates 16 January 2015Pandora 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 Production Vietnam Company Limited 100% Vietnam 31 March 2023Pandora Group has seven dormant companies, which have been omitted from the table.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__271": {
"value": "NOTE 5.5COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2023. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017AD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora \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 Greece Single Member S.A. 100% Greece 1 October 2023Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pan 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 B.V. 100% Netherlands 20 September 2010Pandora 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 2018Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Pandora 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 GROUPPandora 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 2013Pyrrha Importa\u00e7\u00e3o e Com\u00e9rcio Atacadista Ltda. 100% Brazil 3 October 2023Pandora 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 2009Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Panmeas Jewellery LLC 100% United Arab Emirates 16 January 2015Pandora 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 Production Vietnam Company Limited 100% Vietnam 31 March 2023Pandora Group has seven dormant companies, which have been omitted from the table.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__270": {
"value": "NOTE 5.5COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2023. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017AD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora \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 Greece Single Member S.A. 100% Greece 1 October 2023Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pan 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 B.V. 100% Netherlands 20 September 2010Pandora 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 2018Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Pandora 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 GROUPPandora 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 2013Pyrrha Importa\u00e7\u00e3o e Com\u00e9rcio Atacadista Ltda. 100% Brazil 3 October 2023Pandora 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 2009Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Panmeas Jewellery LLC 100% United Arab Emirates 16 January 2015Pandora 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 Production Vietnam Company Limited 100% Vietnam 31 March 2023Pandora Group has seven dormant companies, which have been omitted from the table.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notesesefdkgaap__9__269": {
"value": "NOTE 5.5COMPANIES IN THE PANDORA GROUPThe table below shows information about the Group entities at 31 December 2023. Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry Argentina SRL 100% Argentina 27 September 2017AD Astra Holdings Pty Ltd. 100% Australia 1 July 2009Pandora \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 Greece Single Member S.A. 100% Greece 1 October 2023Pandora Jewelry Asia-Pacific Limited 100% Hong Kong 1 November 2009Pan 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 B.V. 100% Netherlands 20 September 2010Pandora 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 2018Company Ownership Registered office Date of consolidationOWNED BY PANDORA A/SPandora Jewelry CEE Sp. z.o.o. 100% Poland 1 March 2009Pandora Jewelry Shared Services Sp. z.o.o. 100% Poland 7 February 2012Pandora 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 GROUPPandora 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 2013Pyrrha Importa\u00e7\u00e3o e Com\u00e9rcio Atacadista Ltda. 100% Brazil 3 October 2023Pandora 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 2009Pandora Jewelry Hong Kong Company Ltd. 100% Hong Kong 4 February 2015Pandora Jewelry Hungary Ltd. 100% Hungary 2 June 2010Pandora Norge AS 100% Norway 17 August 2010Pandora Jewelry Romania SRL 100% Romania 18 August 2011Pandora Production Co. Ltd. 100% Thailand 7 March 2008Panmeas Jewellery LLC 100% United Arab Emirates 16 January 2015Pandora 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 Production Vietnam Company Limited 100% Vietnam 31 March 2023Pandora Group has seven dormant companies, which have been omitted from the table.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5299007OWYZ6I1E46843",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}