NOTES
Consolidated financial statements •75
SECTION 3
INVESTED CAPITAL
ANDWORKING CAPITAL ITEMS
CAPEX
OPERATINGWORKING
CAPITAL / REVENUE
16.7%
455
DKKmillion
The notes in this sectiondescribe the assets that form
thebasis for the activities of PANDORA and the related
liabilities.
Approximately 80%of invested capital ismade upof in-
tangible assets, the valueof which remains unchanged as
both the PANDORAbrand and free cash flow continue
to grow.
Additions to invested capital in 2014 included the
acquisitionof a net total of 22 concept stores fromUS
jewellerHannoush,DKK 143million.
Working capital at the endof 2014was 16.7%of rev-
enue, comparedwith 20.5% at the endof 2013.
Financial risks aredescribed innote 4.4.
Working capital
DKKmillion
Notes
2014
2013
Inventories
3.3
1,684
1,490
Trade receivables
3.4
1,110
895
Trade payables
-804
-539
Operatingworking capital
1,990
1,846
Other receivables
404
731
Provisions
3.5
-739
-506
Net tax payable
-591
-511
Other payables
-630
-551
Net working capital
434
1,009
Invested capital
DKKmillion
Notes
2014
2013
Intangible assets
3.1
4,859
4,617
Property, plant and equipment
3.2
711
497
Other non-current financial assets
99
48
Net working capital
434
1,009
Net deferred tax liability
2.5
-23
-195
Invested capital
6,080
5,976
4,859
Intangible assets
711
Property, plant
and equipment
99
Other non-current financial assets
434
Net working capital
INVESTEDCAPITAL
6,080
DKKmillion
INVESTEDCAPITAL
