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92 • Consolidated financial statements
PANDORA ANNUAL REPORT 2016
SECTION 3
INVESTED CAPITAL
AND WORKING CAPITAL ITEMS
CAPEX
OPERATING WORKING
CAPITAL / REVENUE
13.7%
1,199
DKK million
The notes in this section describe the assets that form
the basis for the activities of PANDORA and the related
liabilities.
Around 60% of invested capital is made up of
intangible assets, the value of which remains unchanged
as both the PANDORA brand and free cash flow continue
to grow.
Additions to invested capital in 2016 included
acquisitions described in note 5.1 for a total considera-
tion of DKK 188 million.
Operating working capital at the end of 2016 was
13.7% of revenue, compared with 14.3% at the end of
2015.
Financial risks are described in note 4.4.
Working capital
DKK million
Notes
2016
2015
Inventories
3.3
2,729
2,357
Trade receivables
3.4
1,673
1,360
Trade payables
-1,622
-1,329
Operating working capital
2,780
2,388
Other receivables
754
803
Current provisions
3.5
-1,004
-971
Net tax payable
-405
-193
Other payables
-964
-1,005
Net working capital
1,161
1,022
Invested capital
DKK million
Notes
2016
2015
Intangible assets
3.1
5,766
5,449
Property, plant and equipment
3.2
1,767
1,237
Other non-current financial assets
250
159
Non-current provisions
3.5
-101
-97
Net working capital
1,161
1,022
Deferred tax, net
2.5
553
485
Invested capital
9,396
8,255
INVESTED CAPITAL
9,396
DKK million