Pandora Community Factors

...

Table 4.1 of Annex 7 shows the trend in gross domestic product (GDP), unemployment rate and exchange rate. Since they are regarded as factors that may influence the Pandora's earnings.

GDP:

The percentage change in GDP, indicating activity in each country's economy. The development is approximately equal in the countries concerned, however, experiencing Australia not to the same extent the negative trend as the other countries.

In 2005-2009, the economic activity in the countries falling and in 2009 and partly in 2008, a constituent lower economic activity than previous years. Where in 2010 again experienced an increase, which is likely to put the stamp on unemployment, and thus consumption, which may increase the Pandora's revenue.

4.1.1.2。经济因素

在与，近年来一直是全球经济危机，消费者都不愿消费，现在已经回到进步的期望。

北欧银行全球首席经济师，预测全球经济更乐观的画面比2010年，从一个事实，即美国经济正经历改进新包税条款和亚洲经济来源正在经历日益增加的经济发展，尤其是中国和印度。最棘手的繁荣位于欧洲仍然受危机按住。然而，在上升的德国经济，帮助欧洲其他国家。欧洲被分割，在北方的高增长，但仍危机在欧洲南部的条款。 （Nordea银行，1）。

附件7的表4.1显示了在国内生产总值（GDP），失业率和汇率的走势。因为他们被视为可能影响潘多拉的盈利因素。

国内生产总值：

百分比变化在国内生产总值，这表明每个国家的经济活动。发展是在有关国家大致相等，但是，在经历了澳大利亚不相同程度的负面趋势，其他国家。

在2005- 2009年，在国家的经济活动下降，在2009年，部分在2008年，制宪较低的经济活动较往年。凡在2010年再次经历增加，这很可能将失业邮票，因而消费，这可能会增加潘多拉的收入。

失业率：

Unemployment rate:

Almost all countries' development in the unemployment rate was declining in the years 2005-2007, with the exception of England who experienced a moderate increase.

England and the United States saw the increase in the unemployment rate in 2008, with the other countries still had falling unemployment rates. But in the year 2009, the rate considerably for the countries concerned. Year 2010 increased rate modestly in Denmark, USA and England, while Australia and Germany managed to lower the unemployment rate.

The unemployment rate for those countries roughly follows the evolution of GDP, with a few years after the impact with which the rate is supposed to be on the mend soon as GDP in 2010 saw progress.

exchange rate equivalent:

Since Denmark following Euro currency development has been based in the conversion rate per. Euro € for each country. How also according to the table, there are only minimal differences in the conversion rate for the years 2005-2010. As Germany uses the euro as their currency, seen no foreign development here of.

The Australian currency follow the euro in the years 2005-2008, where in 2009 strengthened against the euro, but weakened considerably in 2010.

US dollar strengthened significantly compared to the euro, from 2005 to 2008, while the so weakened the original exchange rate equivalent in 2010.

The British pound has partially full Euro development, with a calm strengthening against the euro in six years.

The Thai baht, which is the currency of the country where Pandora manufactures its jewelery, experiencing a weaker currency in the years 2005-2007. Where the strengthened briefly in 2008 and then weakened considerably against the euro.

Page 18 of 87

Bachelor thesis Strategic analysis and valuation of Pandora A / S Cecilie P. Saabye

Thus it is considered to Pandora, based on their reported foreign exchange risk (2010 annual report), have the advantage of increased profit before tax, if England's currency strengthened further, or euro strengthened. Where the reverse currency developments seen in force for the United States and Australia, also will increase the Pandora's profit before tax.

The historic currency weakness in the Thai baht, and any future, will affect Pandora's profit before tax.

The development of GDP and the unemployment rate is also to recognize in the development of private consumption. Table 4.2: Historical year-on-year growth in private consumption of jewelry, silverware, watches and luggage, in real terms

失业率：

几乎所有国家的失业率发展却在不断下降在2005 - 2007年与英格兰除外谁经历了温和增长。

英国和美国看到在2008年的失业率上升，与其他国家仍然有下降的失业率。但在2009年，相当给有关国家的速度。 2010年在丹麦，美国和​​英国略有增加速度，而澳大利亚和德国管理，以降低失业率。

这些国家的失业率大致如下GDP的演变，与该比率应该是好转一旦2010年GDP看到进步的影响，几年后。

汇率相当于：

自丹麦以下欧元货币发展已经基于在每的转化率。欧元€每个国家。根据表如何也存在针对年2005-2010中的转化率只有很小的差别。作为德国采用欧元作为本国货币，在这里看到任何外国发展。

澳大利亚汇率按照2005 - 2008年，其中在2009年兑欧元走强，欧元，但在2010年大大削弱。

美元显著加强相比欧元，2005至2008年，而因此2010年削弱了原有的汇率等同。

英镑有部分全欧洲的发展，用平静加强打击六年欧元。

泰铢，这是在潘多拉制造其珠宝的国家的货币，在2005 - 2007年经历了疲软的货币。凡在2008年短暂加强，随后减弱大大兑欧元。

第18页87