Financials DKK USD. Knowing that as a god, Hercules is immortal, Hades sends his two lackeys, Pain and Panic , to kidnap Hercules and turn him mortal by means of a magic potion.

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Save on selected Bestselling Fiction Books. Explore all bracelets Mix new bracelets with old favourites to update your everyday jewellery. My Watchlists. Due to the change of operating segments, an impairment test was carried out in Q2

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Based on the film, Pandora - The World of Avatar is an amazing land located within Disney's Animal Kingdom Theme Park and filled with new attractions and wonders—such as the Na'vi River Journey, Avatar Flight of themed dining, fun-filled shopping and Pandoran entertainment.

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Enhance your purchase. Previous page. See all details. Next page. Save on selected Bestselling Fiction Books. View our curated selection of books. Click to explore. Due to the COVID the repayment of the fixed leases is deferred by approximately DKK million.

In addition Pandora has received rent concessions from the landlords in amount of DKK 52 million. On 28 May , the IASB issued COVIDRelated Rent Concessions - amendment to IFRS 16 Leases. The IASB amended the standard to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the COVID pandemic.

The amendment has not yet been endorsed by the EU but a non-rejection note was issued on July 8 meaning therefore that EU approval is expected solely to be a formality.

As a practical expedient, a lessee may elect not to assess whether a COVIDpandemic-related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVIDpandemic-related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification.

The practical expedient applies only to rent concessions occurring as a direct consequence of the COVID pandemic and only if all of the following conditions are met:. Pandora decided to apply the practical expedient for all contracts with rent concessions occurring as direct consequence of COVID and where it meets all conditions of the practical expedient.

As a result, rent concessions have been recognized in the profit and loss statement in Q2 amounting to DKK 52 million under Sales and Distribution expenses.

DKK million rent was deferred meaning that rent payments are postponed as per agreements with landlords. Overall financing cash flow is positively impacted by DKK million due to rent relief and rent deferrals. Reference is made to note 5. Related parties also include companies in which the persons have control or significant interests. The below table illustrates the timing of the use of the silver for production, i. The time-lag from use in production to impact on Cost of sales is usually months.

Pandora has also opportunistically hedged additional silver during the COVID pandemic where the silver prices were very low.

As this was an opportunistic approach in addition to the hedging policy, Pandora terminated the position at a gain of DKK 49 million which will impact Cost Of Sales, mainly in H1 This gain is not reflected in the hedging purchase prices in the table above. Other than as described in "Other events" in the Management review, Pandora is not aware of events after 30 June , which are expected to materially impact the Group's financial position.

Sell-out growth incl. The consolidated interim financial statement, which has not been audited or reviewed by the Company's auditor, has been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the EU, and additional requirements in the Danish Financial Statements Act, except for CovidRelated Rent Concessions - Amendment to IFRS 16 Leases, which has been implemented by the Group before the amendment has been endorsed by the EU see note This company announcement contains forward-looking statements, which include estimates of financial performance and targets.

These statements are not guarantees of future performance and involve certain risks and uncertainties. Distributed by Public, unedited and unaltered, on 18 August UTC. Log in. E-mail Password Show password. Sign up. English USA. English UK. English Canada. Deutsch Deutschland. Deutsch Schweiz. Nederlands Nederland. Settings Dynamic quotes OFF ON. Latest News. Listed companies. Sector News. All Analysis. Stock Picks. All stock picks. My Portfolio. My Watchlists. Investment style.

Investment themes. Top News. Top Fundamentals. Top Technicals. Top Movers. Investment selections. Technical Rankings. Fundamental Rankings. Stock Screener Home. MarketScreener tools. Dynamic chart. Our Services. MarketScreener Portfolios. Add to my list. Company Announcement No. Disney x Pandora collection The Pandora Ocean series Pandora Timeless collection.

Our Equity Story Pandora is a cross-generational brand with unmatched recognition that gives a voice to people's loves. Sell-out growth improvement has stalled in Q3 following new surges in COVID Since the outset of the COVID outbreak, Pandora has initiated forceful initiatives to manage through the crisis in a socially responsible way. Alexander Lacik, President and CEO of Pandora, says: "Q2 will not be forgotten anytime soon.

COVID Social responsibility Pandora has prioritised a safe environment for employees and consumers both during the lockdown and through the re-opening phase.

Status of re-opening of the physical network Throughout Q2 and during July, the re-opening of physical stores developed positively despite spikes in infection rates and risk of new lockdowns. Consumer trends in the re-opening phase Pandora consumers have generally shown a solid and robust engagement with the brand both in physical stores and online through the re-opening phase.

COVID initiatives and financial implications Pandora initiated measures to protect profitability and cash in the early phase of the lockdown period. Brand Access - Online initiatives paying off Last year's implementation of the new design and updated backend of the online store has improved the consumer journey and proved to be reliable during the second quarter.

Cost Reset - Cost savings target within reach During the quarter, the key focus has been on protecting cash and profitability through short-term cost saving initiatives such as rent negotiations and management of CAPEX and working capital. Q2 Q2 excl. H1 H1 excl. DKK million reported costs restructuring costs reported Restructuring costs restructuring costs Revenue 7, - 7, 9, - 9, Cost of sales -1, -1, -2, -2, Gross profit 5, 5, 7, 7, Sales and distribution expenses -2, -2, -3, -3, Marketing expenses -1, -1, -1, -1, Administrative expenses -1, -1, -1, Operating profit EBIT 5 1, 2, The restructuring costs incurred in the quarter relates to cost reduction projects, consultancy expenses and costs related to the strategic reorganisation.

REVIEW OF REVENUE BY CHANNEL The Pandora owned concept stores generally generated better Sell-out growth than partners' concept stores, which is mainly a result of the geographical locations of the stores. OPERATING WORKING CAPITAL AS A SHARE OF THE LAST 12 MONTHS' REVENUE Share of preceding 12 months' revenue Q2 Q1 Q4 Q3 Q2 Inventories Raw materials and foreign exchange exposure The recent surge in silver and gold prices will negatively impact Cost of sales of Pandora once the hedging contracts expire.

OTHER EVENTS OTHER IMPORTANT EVENTS IN Q2 AND AFTER THE REPORTING PERIOD On 2 June , Pandora announced that the company will stop using newly mined silver and gold in its jewellery by and only buy from recycled sources. FINANCIAL CALENDAR This financial calendar below lists the expected dates of publication of financial announcements.

GROSS PROFIT AND COSTS Reported gross profit was DKK 5, million in H1 DKK 7, million in H1 , resulting in a gross margin of INCOME TAX EXPENSES Income tax expenses were positive DKK 58 million in H1 DKK million expense in H1 , implying an effective tax rate for the Group of NET PROFIT Net profit in H1 was a loss of DKK million DKK 1, million profit in H1 ASSETS Goodwill Brand Distribution network Distribution rights Other intangible assets Total intangible assets Property, plant and equipment Right-of-use assets Deferred tax assets Other financial assets Total non-current assets Inventories Trade receivables Right-of-return assets Derivative financial instruments Income tax receivable Other receivables Cash Total current assets.

IFRS 16 excluding repayment of lease commitments 1, 1, 1, 2, 6, Unutilised credit facilities 30 June 7, 5, 7, 5, 3, 1 Cash comprises cash at bank and in hand. The above cannot be derived directly from the income statement and the balance sheet. The accounting policies applied are consistent with the accounting policies set out in the Annual Report , except for accounting policies related to: Operating segments, as described in note 3 Government Grants, which are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with.

When the grant relates to an expense item, it is recognised as a deduction in reporting the related costs, for which it is intended to compensate, and as these costs are expensed. New standards, interpretations and amendments adopted by Pandora Pandora has adopted all new or amended standards IFRS and interpretations IFRIC as adopted by the EU and which are effective for the financial year beginning on 1 January NOTE 2 - Significant accounting estimates and judgements In preparing the interim financial report, Management makes various accounting estimates and assumptions, which form the basis of presentation, recognition and measurement of Pandora's assets and liabilities.

For information on liquidity risk, please refer to note 6. NOTE 3 - Segment information As part of Pandora's strategic reorganisation, the reportable segments have been reorganised as of Q2 in two Global Business Units; Moments, Charms and Collaborations and Style, New pillar development and upstream innovation.

NOTE 5 - Seasonality of operations Due to the seasonal nature of the jewellery business, higher revenue is historically realised in the second half of the year. NOTE 6 - Financial risks Pandora's overall risk exposure and financial risks, including risks related to commodity prices, foreign currency, credit, liquidity and interest rate, are described in the disclosures in note 4. Current outstanding committed loan facilities end of June Amount Drawn amount DKK million Maturity date DKK million Revolving Credit Facilities 7, May Club Deal 2, December 2, Bilateral term-loans 1, December 1, Total 12, 4, NOTE 7 - Derivative financial instruments Derivative financial instruments are measured at fair value and in accordance with level 2 in the fair value hierarchy IFRS 7.

See note 4. NOTE 8 - Trade receivables DKK million 30 June 30 June Receivables related to third-party distribution and wholesale Receivables related to retail revenue sales Total trade receivables 1, NOTE 9 - Business combinations No acquisitions took place in Q2 Acquisitions after the reporting period On August 1, one store was acquired in Germany.

NOTE 10 - Goodwill DKK million 30 June 30 June Cost at 1 January 4, 4, Acquisition of subsidiaries and activities in the period - 59 Exchange rate adjustments 14 Cost at the end of the period 4, 4, Impairment testing of goodwill was performed in Q2 after the change in the operating segments in Pandora. NOTE 11 - Assets and liabilities related to leases Amounts recognised in the balance sheet.

RIGHT-OF-USE-ASSETS DKK million 30 June Property 3, IT 2 Cars 16 Other 12 Total right-of-use assets 3, Out of the total decrease of DKK 0. Amendment to IFRS 16 Leases On 28 May , the IASB issued COVIDRelated Rent Concessions - amendment to IFRS 16 Leases. NOTE 12 - Contingent liabilities Reference is made to note 5.

NOTE 17 - Subsequent events Other than as described in "Other events" in the Management review, Pandora is not aware of events after 30 June , which are expected to materially impact the Group's financial position. QUARTERLY OVERVIEW DKK million Q2 Q1 Q4 Q3 Q2 Key financial highlights. Like-for-like in Q3 and Q4 excluding Hong Kong SAR due to the extraordinary turmoil in the market. Free cash flow deviates from Free cash flow in the cash flow statement as it includes lease payments i.

Excluding sale of Treasury shares amounting to DKK 1. Havneholmen DK Copenhagen V Denmark. Attachments Original document Permalink. Financials DKK USD. Period : Day Week. Short Term Mid-Term Long Term Trends Bullish Bullish Bullish. Technical analysis. Income Statement Evolution.

Please enable JavaScript in your browser's settings to use dynamic charts. EPS Revisions. Managers and Directors. Sector and Competitors. All rights reserved. Show password. Add to my list Report. ADRs Finish Lower; RedHill Biopharma, Pandora Among Companies Actively Trading. Europe ends flat as miners, luxury stocks weigh; inflation optimism cools. All News. Analyst Reco. Other languages. After a couple of disastrous missteps, Hercules beats Nessus and rescues Meg.

While the distracted Hercules is smitten and quickly develops romantic feelings for Meg, both Phil and Pegasus immediately dislike her and set off. Unbeknownst to them, Meg is working for Hercules' uncle Hades. Upon hearing from her that Hercules is still alive, Hades plots once again to kill the eager young would-be hero. Meanwhile, Hercules and Phil arrived in Thebes to prove their worth, one as a hero and the other as a trainer.

Hercules shyly introduced himself to a group of Thebans , who rolled their eyes, seeing Hercules as an amateur and wouldn't give him a chance. Suddenly, Meg appears and tells Hercules about two little boys trapped and require rescuing. Lured to a canyon, Hercules lifts a massive boulder from the mouth of a cave, freeing the boys, but only a few people applauded, still not willing to believe Hercules is a hero. Despite his bravado, brimming with confidence, Hercules got cocky too quickly as he was oblivious to the unintended consequences.

Hercules thinks he rescued the "boys" Pain and Panic in disguise but instead releases the Hydra , a giant serpent-like creature, which has been set up as a fixed battle by Hades. Though afraid, Hercules bravely fights the Hydra with just his sword and his wits. Hercules scrambles to defeat the monster until it threw him into the air and swallowed him whole. But after a moment, Hercules slashed his way out from inside the Hydra. Although Hercules thought he did great, three heads oozed from the Hydra's wound.

As Hercules retreated from the three-headed monster closing in on him, he whistled for Pegasus. Hercules ends up inside a living jungle of Hydra necks, horrified as snarling heads gang up to attack him, until the enormous creature pinned the desperate hero to a cliff with its clawed foot.

Thinking quickly, Hercules smashed his powerful fists into the cliff, causing an avalanche, burying him and the multi-headed Hydra under a mountain of rocks. However, a bruised and battered Hercules emerges from the Hydra's foot unharmed. Bursting into wild shouts and cheers, the crowd rushed in as the light shined on Hercules, eager to congratulate their new champion by hoisting him on their shoulders.

Having accomplished the unsavory yet heroic task, Hercules earned newfound fame and adoration. As word of Hercules' deeds spread, the grateful people of Thebes found inspiration in him as he continued his heroics. During the song "Zero to Hero", Hercules put the "glad" in gladiator and his daring deeds were great theater, some of which the hero has attended. Hercules is shown to dispatch every variety of monsters Hades sends to defeat him, enraging Hades with each victory Hercules attains against the beasts, saving the town and overcoming disasters.

By the time Hercules and Pegasus again paid a visit to the temple of Zeus, Hercules has become the toast of Greece: famous, rich, and believes himself a true hero. Meg, on assignment from Hades, convinces him to play "hooky", or truant for the day, going on a date. The date is ended by Phil, irate at Herc for skipping training. Phil is knocked off Pegasus and wakes up in time to learn of Meg's involvement with Hades. Hades then discovers that Hercules loves Meg and uses that knowledge to attempt to take the hero out of the picture while he attempts to overtake Olympus.

Hercules, ecstatic from the date, refuses to believe Phil's warning about Meg, even accidentally hitting him in a flash of blind anger, prompting Phil to quit as his trainer, with Hercules, still in a state of anger, telling him to go ahead and leave, but becomes remorseful over his actions after Phil has departed.

As soon as he is gone, Hades confronts Hercules, offering Meg's safety if the hero will give up his godly strength for 24 hours long enough for Hades to conquer Olympus. Hercules is reluctant to see anyone hurt, but Hades vows that no harm will come to Meg.

Herc agrees, Hades takes the opportunity to reveal Meg's role in his scheme, in that Meg had been working for Hades all along only for Herc to realize that Phil was telling the truth about Meg working for Hades and should have listened to him all along thereby leaving the hero shocked, humiliated, and heartbroken.

Enacting his plan, setting free the Titans from Tartarus, Hades sends a Cyclops to destroy Hercules so that he can't get in the way later on.

Hercules has been so disheartened and demoralized by learning the truth about Meg that he doesn't even try to fight the Cyclops. Meg hurries to fetch Phil, who convinces Hercules not to give up. Using his wits, he seizes a nearby torch as a weapon. He is able to defeat the Cyclops, which he does by burning its eye and sending him hurtling off a cliff. The monster's fall causes a pillar to topple towards Hercules and Meg pushes him out of the way, taking the impact of the pillar.

This, in turn, causes Hercules to regain his strength because Hades' end of the bargain is now broken. Meg, however, is gravely injured and Hercules leaves her in the care of Phil while he rushes off to thwart Hades' invasion of Olympus. His first move is freeing the Olympian Gods from their shackles, then his father Zeus from his imprisonment by the Ice and Lava Titans. He immediately engages the Titans.

Ultimately, he wins the battle by using the Wind Titan to suck up the other three Titans, then uses all his strength to hurl them into outer space. There, the group of Titans explode and are forever silenced.

After thwarting the invasion, Hades shouts to him that he's got Meg's soul as his 'consolation prize', and Hercules rushes back to Meg's side, only to find that she had died moments before he got there, her Thread of Life cut by the Fates. However, he then travels to the Underworld to rescue Meg's soul. Hercules manages to capture Hades' dog, Cerberus, and ride it to Hades' lair.

Hades is undisturbed by this, even going so far as to taunt him. When Hades points out that Meg is dead and belongs in the Underworld now, Hercules makes a deal that he will trade his soul for Meg's. Hades agrees to this - IF Hercules can get her out. Hercules nevertheless enters the pool to rescue Meg's soul. Although he begins to age as Hades forewarned, he does not die, as his selfless act fulfills the requirement for being a true hero and, thus, Hercules regains his godhood, rendering him immortal moments before the Fates could cut his Thread of Life, leaving them stunned that Hercules is immortal again.

He then beats Hades by punching him into the River Styx and returns Meg's soul to her body. With his immortality restored, Hercules is brought to the other Gods, including Zeus and Hera, both of whom express how proud they are of their son.

Zeus invites Hercules to live in Olympus, which was originally his wish, but Hercules decides to live his life on earth as a mortal with Meg. Although he will eventually die, he believes that even an immortal life without Meg would be empty.

Zeus and Hera respect this wish, and Hercules is turned back to his mortal self as he and Meg kiss. Returning to the city of Thebes, everyone witnesses Zeus creating a picture of Hercules in the stars, thus achieving Phil's dream as well.

The animated series follows the adventures of young Hercules, set in the period between his teenage years and his first journey to Thebes as an adult, while he is still in training as a hero under the tutelage of satyr Phil on his island.

With Hercules is still in "geek god" mode, before his "Zero to Hero" transformation, it expands upon the Greek demigod's feats during his formative, adolescent hero-in-training years, Hercules attends the Prometheus Academy , a high school for both gods and mortals, on Zeus' instruction.

While there, Herc befriends fellow students Icarus and Cassandra and gains a rivalry with Adonis. Hercules also battles various monsters like Orthos and meet characters like Alexander the Great.

Many of the Olympian Gods and Goddesses only glimpsed during the film pay visit to young hero-to-be and help or hinder him in his adventures. In a special crossover episode , Hercules and Aladdin meet and battled prior to joining forces against Hades and Jafar , who met after the latter ended up in the Underworld. When Hades and Jafar initially teamed up, they each try and fail to defeat each others' foes, with Jafar losing to Hercules. Afterwards, the villains kidnapped Icarus and blamed it on Aladdin as well as Aladdin's monkey Abu and blamed it on Hercules.

After a battle in Agrabah , the heroes learn that they've been duped by the villains and travel to the Underworld to take the fight to them. In the animated sequel to the film and extension of the series, Hercules and Meg are revealed to have since married, moving into a new home together. During the move-in, however, Hercules' old yearbook from his high school years at Prometheus Academy was uncovered.

Not wanting Meg to learn the truth of his embarrassing past, Hercules ordered Hermes to send the book back to Phil's island, to keep it away from Meg at all times. Later on, though, Hercules finds that Megara flew off to the island on Pegasus, and persuaded Phil into revealing the stories of Herc's youth. Once Hercules himself arrives, he decides to give in and explain some of the stories himself. Afterwards, Hercules believed Meg would see the strongman as pitiful as his peers did back then, rather than wanting her to see him as a hero, only to find out Meg couldn't care less.

She accepts that part of his life as an awkward phase and her love for him was still as strong as ever. However, this does not stop Hercules from having Hermes retrieve Meg's own yearbook where it is revealed Meg was a cheerleader and in the glee club. He also appears in the television series House of Mouse. Hercules can also be seen during the opening song with Phil and Megara.

In the episode " Salute to Sports ", Hercules is competing in the Olympics with Donald Duck. He is seen in " Everybody Loves Mickey " when Meg compliments Mickey on his heroic cartoon.

In " Donald Wants to Fly ", Hercules and Phil are seen watching Carpet 's stunt performance, which echoes some of the trials that Hercules went through during "One Last Hope". In " Ask Von Drake ", Hercules is among the guests featured during Ludwig Von Drake 's musical headcount.

In " Mickey and Minnie's Big Vacation ", he was shown having difficulty weighing a large amount of Pink Elephants after they invade the club. In " Jiminy Cricket ", Hercules is among the crowd of characters requesting for Jiminy Cricket to join their side; Hercules, specifically, request for Jiminy to replace Phil as his trainer.

Hercules can also be seen along with Phil sitting at the table in Mickey's House of Villains right after the Lonesome Ghosts ' debut short ended. During the Disney Villains ' takeover, however, both Herc and Phil are nowhere to be seen whatsoever. Hercules appears on the show, portrayed by Jonathan Whitesell. He appeared in the episode " Labor of Love ". Like in the movie, he was on a quest to return to Mount Olympus. While on his last quest to defeating 12 beasts and collect 12 labors he stumbled across Snow White.

Satu’li Canteen at Pandora Walt Disney World Resort

United States (English) Visit Disney.com. - search disneyworld.com. Satu'li Canteen. Dining located in Pandora – The World of Avatar at Disney's Animal Kingdom Theme Park. Indulge in the art and culture of the Na'vi while dining inside this former RDA mess hall, only at Pandora – The World of Avatar. View Menu.

18/08/ · Disney x Pandora collection The Pandora Ocean series Pandora Timeless collection Our Equity Story Pandora is a cross-generational brand with unmatched recognition that gives a voice to people's loves. Our jewellery is crafted and hand-finished to the highest ethical and environmental standards at our state-of-the-art crafting facilities in Thailand and made to inspire women to collect, create. Disney Pandora Moments Mickey Mouse Heart Clasp Snake Chain Bracelet. C$ heart. heartfilled. C Disney Mickey Mouse & Minnie Mouse Love and Kisses Dangle Charm. C$ heart. heartfilled. Pandora Jewelry is made from the highest quality, ethically sourced, 14k gold, 18K gold-plated sterling silver. sterling silver and Pandora Rose metals, and every single stone is hand set by a dedicated and skilled team of craftsman. In addition to iconic Pandora charms and bracelets, Pandora rings, earrings and necklaces are equally beautiful and versatile. Come be inspired at your local.

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Havneholmen DK Copenhagen V Denmark www. Pandora is a cross-generational brand with unmatched recognition that gives a voice to people's loves. Our jewellery is crafted and hand-finished to the highest ethical and environmental standards at our state-of-the-art crafting facilities in Thailand and made to inspire women to collect, create and combine genuine jewellery at affordable prices.

With business fundamentals intact and by executing on our turnaround roadmap, Programme NOW, Pandora will return to sustainable growth and maintain industry-leading margins.

A strong cash generation and an attractive cash return will remain. Since the outset of the COVID outbreak, Pandora has initiated forceful initiatives to manage through the crisis in a socially responsible way. The initiatives have led to a very robust liquidity position, protected profitability as revenue declined and created a strong sales recovery throughout Q2 During the re-opening phase, consumer interaction with the brand has been encouraging with continued positive response to Pandora's commercial initiatives unfolded and executed in continuation of the brand relaunch on 29 August However, the recent Miriam Goessner Playboy in COVID and new, local lockdowns in August are impacting consumer behaviour and has stalled the improvement in Pandora Disney Esel.

Pandora continues to consider the future macroeconomic environment and COVID development as highly uncertain. Based on the assumption that there will be no new major lockdowns, a continued positive development in the number of open stores and no material deterioration of the macroeconomic environment, Pandora today reinstates its financial guidance.

The continued local spikes in incident rates and inherent commercial impact from social distancing are expected to continue to negatively impact revenue in the second half of the year. COVID has changed our societies and challenged global brands around the world. The pandemic may leave a lasting effect on consumer behaviour, our ways of working and use of technology. Pandora's business model has proven its resilience during the crisis, and our consumers have continued to engage actively with the brand despite closed stores.

I am proud of how our employees have been coping with the challenges while at the same time finding creative ways to identify opportunities in times of change. Pandora has prioritised a safe environment for employees and consumers both during the lockdown and through the re-opening phase. Pandora also decided to cancel Jana Ina Zarrella Nude annual salary adjustment for all employees. Pandora is actively managing safety and social distancing in the re-opened stores while strictly adhering to local government guidelines and restrictions.

The store staff have improved transaction efficiency and minimised consumer browsing while prioritizing a clean environment related to both the store and the jewellery. Pandora is developing global best practice solutions to accommodate social distancing, which will continue to represent a social and commercial challenge, especially in the upcoming peak trading periods in Q4.

As part of Pandora's long-term partnership with UNICEF, Pandora has agreed to support UNICEF's "Reimagine" campaign to respond, recover and reimagine a world currently besieged by COVID Pandora has donated USD 1 million by matching donations made in the campaign. In the first activation event, the family of Bob Marley has reimagined the song "One love", which was released on 17 July Throughout Q2 and during July, the re-opening of physical stores developed positively despite spikes in infection rates and risk of new lockdowns.

In the first weeks of August, the number of temporarily closed stores increased slightly. Pandora has been able to be a first-mover in the store re-opening phase as employees' jobs and salaries were protected in the lockdown period. Pandora has kept its experienced store staff, and they have quickly returned to stores and managed the necessary operational adjustments required to accommodate guidelines for social distancing while ensuring safety and an excellent consumer experience.

Many re-opened stores are also operating based on reduced opening hours, which continues to affect the sell-out in the physical stores. Pandora consumers have generally shown a solid and robust engagement with the brand both in physical stores and online through the re-opening phase. All markets are showing different characteristics when re-opening but all of the Haus Des Geldes Alison key markets experienced a gradual improvement in traffic into physical stores until early August, where surges of incidents stalled the improvement.

The current level of traffic into physical stores is still well below the pre-COVID- 19 level. The lower traffic is partly offset by a materially higher conversion rate across all markets. The online stores continue to perform better than before the global lockdown based on both increased traffic and a higher conversion rate. Pandora is securing additional online capacity to be able to cope with continued significant growth also in the peak trading periods of Q4 Across markets, there is no clear indications of a lasting COVID impact on the average basket characteristics.

Pandora initiated measures to protect profitability and cash in the early phase of the lockdown period. In the re-opening phase, consumers showed positive engagement with the brand, and Pandora decided to invest strongly Jackie Geary Wikipedia media and marketing. There have been significant opportunities for the brand Pandora Disney Esel visibly stand out but also opportunities to gain discounts on media cost, among others by being one of few retail brands investing opportunistically in TV campaigns in a number of countries.

Government subsidies amounted to approximately DKK million in the quarter resulting in lower OPEX. The manufacturing setup in Thailand has been largely unaffected by COVID with a stable supply chain.

During May and June, Pandora decided to send factory workers on leave every second week to manage inventory and balance supply and demand. The adjustment of production volumes led to non-recurring costs Cost of sales of around DKK 80 million in Q2 Inventory Archipel De Riau in stores and at distribution centres have been actively managed and are currently at a satisfactory level.

The elevated uncertainty related to the consumer demand in the second half of creates uncertainty about Pandora Disney Esel required level of production and inventory. Combined with the fact that Pandora wants to avoid the stock-out experienced during peak trading in Q4it has been Pandora Disney Esel to increase inventories and lift production to a level anticipated to exceed demand in the second half of The limited seasonality of Pandora's products reduces the risk of extraordinary and material write-downs.

Pandora has also worked closely with wholesale partners to ensure a continued strong partnership. Pandora's trade receivables developed favourably in Q2 The balance sheet and liquidity is considered very healthy following the debt refinancing and sale of Treasury shares executed in May Pandora thereby has ample headroom to the bank loan covenant at 4.

The commercial initiatives in the programme led to a clear positive consumer response before the disruption caused by COVID The strategic reorganisation and the new operating model without a regional layer has already had a positive impact on decision-making and coordination across the value chain. The global Executive Leadership Team is now in place with strong and experienced profiles, which are required to make Pandora a world-classbrand-builder and a world-class retailer. Note 3 in this Interim Financial Report segment information has been changed to reflect the new operational structure.

There are still significant opportunities to professionalise the company further. Early in the quarter when the majority of the physical stores were closed, Pandora reduced its Horkheimer Adorno media efforts to a minimum and significantly increased its digital marketing spend. The brand momentum and positive development across key retail metrics have been managed throughout the lockdown period, and Pandora has decided to increase its media spending early in the Pandora Disney Esel phase to build further on the positive brand momentum.

Pandora's product introductions for have not been materially affected by the COVID outbreak. The launch of the "Blue ocean" collection planned for late May was made an "online exclusive".

In early Q3Pandora has launched new Pandora ME products and new Harry Potter design variations to build on the successes from In August, a new product partnership with Lucasfilm to launch a capsule collection of Star Wars-inspired jewellery was also announced.

Pandora is progressing well on an initiative focused on creating "Data-driven growth" by using customer data to better target the right customers with the right message across channels. The initiative includes a Pom Klementieff Feet better understanding of consumer characteristics and uses data to Pandora Disney Esel and tailor marketing content to the individual customer.

Last year's implementation of the new design and updated backend of the online store has improved the consumer journey and proved to be reliable during the second quarter.

As a consequence of the strong online growth and continued skewed traffic towards the online channel in the future, Pandora is expanding its distribution capacity ahead of the peak trading season. The roll-out of omnichannel capabilities in the US has continued despite of COVID Pandora is re-evaluating the new physical store concept and the Deutsche Reife Porn consumer journey in physical stores.

The initial design and visual expression receive positive consumer feedback but Alain Testart operational setup will be further improved to optimise performance.

During the quarter, the key focus has been on protecting cash and profitability through short-term cost saving initiatives such as rent negotiations and management of CAPEX and working capital. Despite focus on short-term initiatives, Pandora confirms the cost saving run-rate target by the end of of DKK 1. The restructuring costs incurred in the quarter relates to cost reduction projects, consultancy expenses and costs related to the strategic reorganisation.

The lockdowns and re-opening patterns for each market made the performance by market diverse. Markets, where the online channel comprises a larger part of the business such as UK and USnaturally performed better during lockdowns while the timing and guidelines for re-opening of the different markets also had an impact.

Pandora has been able to move consumers from offline to online during the periods of closed physical stores. As the physical stores have re-opened, Pandora has observed a negative correlation between traffic online and traffic into physical stores but the online store continues to perform better than before COVID The momentum Birkenstock Shop Duisburg the online store has been supported by commercial initiatives, among others the launch of an online-exclusive product collection.

In Black Futa new operational structure, Moments, Charms and Collaborations generated revenue of DKK 2, million comprising a larger share of business in Q2 compared with Q2 The development reflects solid performance of bracelets and collaborations including Disney and Harry Potter.

In Q2Pandora launched two product collections with focus on collectability and affordability. The Mother's Day collection was launched early in the quarter and also included 9 Disney Animal design variations. The Blue Ocean collection was decided to be launched as an "online exclusive" collection for the first time in Pandora's history.

The collection was a clear contributor to the online growth. The move of a relative larger part of sell-out from Wholesale to online is positively impacting organic growth compared to sell-out growth as Pandora benefits from the higher ASP in Pandora Disney Esel sales. This channel shift was the main component driving the 1pp contribution to organic growth seen in the chart below. The Pandora owned concept stores generally generated better Sell-out growth than partners' concept stores, which is mainly a result of the geographical locations of the stores.

The traditional like-for-like definition Like-for-likesales-out excludes temporary closed stores. In Q2the total number of concept stores decreased by The period with lockdowns of retail stores has been used to execute on already planned permanent store closures. During the first two quarters ofa total of net 56 stores have been closed, mainly in Germany, the UK and the Nordics.

The online growth was very strong and triple-digit for the quarter. The UK market was the last of the key markets to re-open with physical stores entirely closed until mid-June. UK performed better than the group average, driven by the large online business, which generated triple-digit growth rates in all months throughout the quarter.

The traffic into physical stores appear to be recovering but clearly lagging behind the trend seen in markets that have been open longer. The online channel grew double-digit based on very solid performance in June and particularly around the important trading period in the week of 18 Junewhere Pandora was the best performing brand online across all jewellery brands. The general consumer confidence appears to be recovering in China, and Pandora's new management team is now launching the first initiatives visible for consumers under the targeted brand transformation in China.

The EBIT margin excluding restructuring costs was 1. The decline is mainly a result of the material COVID impact on revenue. Government subsidies amounted to approximately DKK million in the quarter.