PARENTCOMPANY FINANCIAL STATEMENTS •113
TRADE RECEIVABLES
DKKmillion
2014
2013
Analysis of trade receivables that were past due at 31December
Up to 30 days
-
2
Between 30 and 60days
1
1
Over 90 days
-
-
Total past due
1
3
Not past due
7
7
Total trade receivables at 31December
8
10
Analysis ofmovements in bad debt provisions
Provisions at 1 January
1
1
Additions
3
-
Provisions at 31December
4
1
Trade receivables at 31December 2014 include receivables of nom. DKK12million (2013: DKK11million) that have beenwritten down toDKK 8 million
(2013: DKK 10million). Historically, PANDORAA/S has not suffered any significant bad debt losses.
PROVISIONS
3.5
3.6
Earn-out,
acquisition of
Sales
non-controlling
return
Other
DKKmillion
interests
provisions
provisions
Total
Provisions at 1 January 2014
-
126
-
126
Provisionsmade in2014
-
139
15
154
Utilised in the year
-
-110
-
-110
Unused amounts reversed
-
-14
-
-14
Provisions at 31December 2014
-
141
15
156
Provisions are recognised in the balance sheet:
Current
-
141
-
141
Non-current
-
-
15
15
Total provisions at 31December 2014
-
141
15
156
Provisions at 1 January 2013
-
153
10
163
Provisionsmade in2013
-
126
-
126
Utilised in the year
-
-153
-
-153
Unused amounts reversed
-
-
-10
-10
Provisions at 31December 2013
-
126
-
126
Provisions are recognised in the balance sheet:
Current
-
126
-
126
Total provisions at 31December 2013
-
126
-
126
NOTES FOR THE
PARENT COMPANY
Earn-out, acquisitionof non-controlling interests
Theearn-out payment provision relates to theacquisitionof thenon-controlling
interests inPANDORA JewelryCentralWesternEuropeA/S.
Sales returnprovisions
Provisions regarding returns of products fromcustomers arebasedonhistorical
returnpercentages.Where the returnprices are reducedover time, this has been
taken intoaccount in thecalculationof theprovisions.
From time to time, theParent Company takes back inventory from
subsidiaries, primarily related todiscontinued items andexcess inventory.
Inventory is takenbackat original sales prices invoiced to the subsidiaries.The
provision represents expected losses in theParent Company related toexpected
returns from subsidiaries of discontinuedproducts included in inventories
at subsidiaries at year end.This does not impact PANDORA’s consolidated
financial statements.
Other provisions
Other provisions includeaprovision for onerous contracts due to the future
relocationof PANDORA’s office inDenmark,whichmay lead toaperiodof rent
payments for anempty location.
