Thank you, and welcome to Pandora's Conference Call following the release of our new financial reporting structure announced earlier today. The presentation for this call, as well as a spreadsheet with comparative figures for the last eight quarters, based on the changed reporting, are available on pandoragroup.com/investor. My name is Morten Eismark from Pandora Investor Relations, and with me here today is CFO, Peter Vekslund. Before handing over to Peter, I kindly ask you to pay close attention to the disclaimer on page two. Peter, please.
Yeah, thank you, Morten, and good morning, everyone. Please turn to slide number three. As Morten mentioned this morning, we announced some changes and updates to our financial reporting structure, which will be effective from the first quarter of 2016. Before diving into the details of the individual changes, I'll elaborate a bit on our reasons for changing the reporting structure. Pandora was I PO'd back in 2010, and the reporting have not changed materially since. In 2010, our revenue was close to DKK 7 billion, and the revenue was concentrated on a few markets. In 2015, we realized a revenue of almost DKK 17 billion with a much more diversified footprint. Furthermore, we have moved towards a more regional focus rather than an individual focus on markets.
Consequently, we and the board of directors have decided to update our financial reporting structure to better reflect Pandora's business today. The new reporting is based on a regional approach and will offer more transparency to our regional operations, which I'll comment on in more details in the coming slides. So the changed reporting structure, we believe, will offer a more relevant financial reporting, which is sustainable and also representative of our business. By focusing more on the regions, we secure better alignment between our internal way of running the business and our external reporting. Please turn to slide four. Now let me take you through the planned changes to our new financial reporting structure, starting with a quick overview. We'll continue to report on the already established regions with an added scope that includes regional revenue per store type, as well as like-for-like sales-out growth.
The three regions being Americas, Asia Pacific, and EMEA. The EMEA region covers Europe, Middle East, and Africa, and represents the same countries that we before referred to as Europe. Additionally, we'll do a couple of housekeeping changes related to product categories, unallocated costs, categorizing of revenue, as well as ASP and volume, and I will return to these changes at the end of the presentation. Please turn to slide five. As you can see from the slide, we'll report much more detail on each of the three regions, which will leave you with an improved understanding of all regions, both in terms of organic and network development. Going forward, we'll report revenue for each of the regions on all store types, including a split between owned and operated and franchise revenue.
Third-party revenue will continue to be reported as one line, as we cannot fully track the store split on selling to third-party distributors. As you can see from the table, we have decided to aggregate Gold Stores, White Stores, and Silver Stores into a single category labeled Multi-branded Stores. Gold Stores are still considered an important part of the store network, but have been added to the Multi-branded Stores category to add simplicity to the reporting and to underline our strong focus on Concept Stores and shop-in-shops. In order for the reader to be able to get a good understanding of the revenue generation of the individual store types in each of the regions, the store network per region is reported in a similar fashion, with the exception that Third-party stores is distributed between the three overall store types.
Finally, we're adding regional Like-for-like sales-out growth for our Concept Stores, as well as total number for the group. With this change, starting from Q1 2016, we'll report Like-for-like for roughly 1,200 Concept Stores on a quarterly basis, compared to around 600 when we reported back in February, where we reported for the four single countries. As evident from the tables in the slide, changing to the new reporting structure also means that we'll no longer report revenue or Like-for-like on a quarterly basis for the four historically reported markets, the U.S., Australia, U.K., and Germany. This does not mean that we'll stop commenting on the size or direction of country-specific revenue or Like-for-like numbers for that matter.
So rest assured that whenever it's relevant to understand the underlying development in each of the three regions, or when a trend changes in an important market, this will be commented in the financial reports. Please turn to slide six. As I mentioned, we also plan to make a couple of changes beside the more regional approach. In our product mix table, the bracelet category will be updated to include all bracelets. Before, it only consisted of bracelets from the 2 charm collections, Moments and Essence, whereas going forward, the category will also include leather bracelets, bangles, and other bracelets, currently part of the other jewelry category. We'll keep disclosing revenue from the Moments and Essence as part of the new category. Earrings, necklaces, and pendants are then the remaining categories within other jewelry.
In relation to the EBITDA margin, we will, with the new reporting structure, start to allocate all unallocated cost to the three regions. This is done to allow, align our financial reporting structure to our internal performance model and business setup. We'll update the definition of our third-party distributors, which means that a number of markets formerly disclosed as wholesale or franchise markets, will be disclosed as third-party distributors. The most significant redefined markets are Russia, as well as a number of Asian markets. Full list of the markets now categorized as third-party, can be found in the appendix to the release sent out earlier today. Finally, we'll no longer report specifically on either ASP or volume.
As pointed to on numerous occasions, ASP is affected by a lot of things, including market mix, channel mix, and product mix, and it is no longer giving a relevant picture of the pricing development in Pandora. We'll continue to provide color on important development in these mixes, as well as volumes, to make sure everybody has a fair impression of where we're heading. Please turn to slide seven. Looking ahead, the new financial reporting structure will be implemented from the Q1 2016 report, to be released on 10th of May. This morning, we also released comparable figures related to the new financial reporting structure for the past eight quarters, which should give you the data and time to update your models and make any preparation for the coming financial reporting. And with this, we'll now open up for any questions related to the changes. So operator, please?
Thank you. If you would like to ask a question at this time, please press the star or asterisk key followed by the digit one on your telephone. Please ensure that the mute function on your phone is switched off to allow your signal to reach our equipment. Again, please press star one to ask a question. We will pause for just a moment to allow everyone to signal. Again, as a reminder, to ask a question, please press star one on your telephone keypad. There are no questions coming into the phone queue at this time.
Yep, so this is Peter Vekslund again. Allow me to address one question we have received a couple of times this morning since we sent out the release, and that is, in respect of our guidance for 2016. We said that one-third is related to like-for-like growth and two-thirds to network. This is by some being compared to the global like-for-like figure that we have now disclosed for the past eight quarters. When doing that comparison, please, please bear in mind that the like-for-like growth that that is being calculated based on the one-third figure, that is based on both sales-in and sales-out across all store types, whereas the like-for-like figure that we are reporting globally, that is only concept stores and that's sales-out.
So those two numbers cannot directly be compared, as one is only Concept Stores sales-out, the other one is a mixed revenue number across all store types.
So with that, thank you for participating in the call, and we're looking forward to reporting on our Q1 results in the new financial reporting structure. Thanks a lot.