If you turn Pandora Silver Charms online sale to slide five, we’ll talk a bit more about the full year 2014. The record seven numbers in Q4 caps a very successful 2014 for Pandora with revenue growing 32.5% to DKK11.942 million. And despite some noticeable currency move at the end of the year the revenue growth for the full year in local currency was almost the same at 32.7%.Revenue growth for the year was driven by all geographies supported by strong growth in particular charms and rings. The rings category increased to 117% and in the year did more than 1 billion in revenue we set as our target and precisely did DKK1.2 billion but primarily was driven by a very relevant product portfolio as well as strong marketing and in store focus which continued into 2015.

During Q4 we launched the Christmas collection which was very well received by the consumer and Pandora Silver Gold Charms in North America we launched the new Disney products which received equally well. As part of our strategy we continue to expand our branded network with particular focus on concept stores. During 2014 we opened 310 new concept stores to bring our total to 1,410. The revenues from concept stores increased by 51.4% and now represent 56.4% of our total revenue a number we aim to increase going forward.Sales out which I’ll return to in a couple of slides continue to be positive and as was in the case in 2013 we’ve been able to generate positive like-for-like sales in all four reported markets in all four quarters of the year. EBITDA for the year was DKK4.3 billion an increase of 49% compared to 2013 and the EBITDA margin was 36%. This margin improvement was primarily driven by tailwind from the gross margin of around 4% driven by lower commodity prices.

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