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74 PANDORA ANNUAL REPORT 2009 | FINANCIAL REPORT, PARENT NOTES NOTE 3. FEES TO THE AUDITORS APPOINTED BY THE COMPANY IN GENERAL MEETING Henrichsen DKK ’000 Ernst&Young & Co. Total 2009 Fee for statutory audit 220 - 220 Other assurance engagements - - - Tax consultancy - - - Other services 1,923 230 2,153 2,143 230 2,373 Henrichsen DKK ’000 & Co. Total 2008 Fee for statutory audit 25 25 Other assurance engagements - - Tax consultancy - - Other services 795 795 820 820 Audit fees are recognised under administrative expenses. NOTE 4. FINANCIAL INCOME DKK ’000 2009 2008 Financial income originating from fi nancial assets and liabilities held as fair value through profi t or loss: Fair value adjustments on derivatives 12,713 - Interest income 15,110 - 27,823 - Financial income originating from loans and advances and other amounts due measured at amortised cost: Exchange gains 6,148 2,007 Interest income, bank 607 303 Other 1,398 - 8,153 2,310 Total fi nancial income 35,976 2,310
NOTES NOTE 5. FINANCIAL EXPENSES DKK ’000 2009 2008 Financial income originating from fi nancial assets and liabilities held as fair value through profi t or loss: Fair value adjustments on derivatives 5,486 33,978 5,486 33,978 Financial expenses originating from fi nancial liabilities measured at amortised cost: Interest to subsidiaries 18,350 3,843 Interest on subordinated loan 84,587 65,534 Borrowing costs 130,374 119,908 Other 2,972 2 236,283 189,287 Total fi nancial expenses 241,769 223,265 NOTE 6. INCOME TAXES Income tax expense recognised in the income statement: Current income tax charge 19,766 22,196 Change in deferred tax 60 1,393 19,826 23,589 A reconciliation between tax expense and the product of accounting profi t multiplied by PANDORA Holding A/S’ domestic tax rate for the years ended 31 December 2009 and 2008 is as follows: Accounting profi t before tax 759,717 -234,792 At PANDORA Holding A/S’ statutory income tax rate of 25% (2008: 25%) 189,930 -58,698 Tax effect of: Non-deductible expenses 23,746 42,129 Non-taxable income (dividend) -193,850 -7,095 Other - 75 19,826 -23,589 75 PANDORA ANNUAL REPORT 2009 | FINANCIAL REPORT, PARENT
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ANNUAL REPORT 2009 1 PANDORA ANNUAL
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ONE OF THE WORLD’S THREE LARGEST
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Hand fi nished 5 PANDORA ANNUAL REP
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HIGHLIGHTS 2009 PANDORA is a design
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Our former German distributor trans
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ADMINISTRATIVE EXPENSES Administrat
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Shades To develop our product colle
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INTELLECTUAL PROPERTY RIGHTS Intell
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MANUFACTURING IN THAILAND We believ
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ing. This reporting comprises devel
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MOMENTS A patented jewellery concep
Page 23 and 24: STATEMENT BY THE BOARD OF DIRECTORS
Page 25 and 26: INDEPENDENT AUDITORS’ REPORT, CON
Page 27 and 28: CONSOLIDATED BALANCE SHEET AT 31 DE
Page 29 and 30: CONSOLIDATED CASH FLOW STATEMENT DK
Page 31 and 32: NOTES NOTE 1. SIGNIFICANT ACCOUNTIN
Page 33 and 34: NOTES NOTE 2. OPERATING SEGMENT INF
Page 35 and 36: NOTES NOTE 3. BUSINESS COMBINATIONS
Page 41 and 42: NOTES NOTE 7. SHARE-BASED PAYMENTS
Page 43 and 44: NOTES NOTE 11. INCOME TAX DKK ‘00
Page 45 and 46: NOTES NOTE 14. IMPAIRMENT TEST, INT
Page 47 and 48: NOTES NOTE 16. DEFERRED TAX Deferre
Page 49 and 50: NOTES NOTE 20. FINANCIAL ASSETS AND
Page 51 and 52: NOTES NOTE 21. FINANCIAL RISKS, CON
Page 53 and 54: NOTES NOTE 23. CONTINGENT LIABILITI
Page 55 and 56: NOTES NOTE 26. SUMMARY OF SIGNIFICA
Page 63 and 64: NOTES NOTE 27. THE GROUP’S TRANSI
Page 65 and 66: NOTES NOTE 27. THE GROUP’S TRANSI
Page 67 and 68: 67 PANDORA ANNUAL REPORT 2009 | FIN
Page 69 and 70: INCOME STATEMENT/ STATEMENT OF COMP
Page 71 and 72: STATEMENT OF CHANGES IN SHAREHOLDER
Page 73: NOTES NOTE 1. STAFF COSTS DKK ’00
Page 77 and 78: NOTES NOTE 9. FINANCIAL ASSETS AND
Page 79 and 80: NOTES NOTE 11. TRANSITION TO IFRS W
Page 83 and 84: 83 PANDORA ANNUAL REPORT 2009 | FIN
Page 85 and 86: EXECUTIVE MANAGEMENT MIKKEL VENDELI
Page 87 and 88: IN 2009 … EVERY SECOND, EVERY DAY
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