NOTES
Consolidated financial statements •83
SECTION 3: INVESTED CAPITAL ANDWORKING CAPITAL ITEMS, CONTINUED
TRADE RECEIVABLES
DKKmillion
2014
2013
Analysis of trade receivables that were past due at 31December
Up to 30days
177
144
Between30 and 60 days
34
58
Between60 and 90days
26
19
Over 90 days
1
21
Total past due
238
242
Not past due
872
653
Total trade receivables at 31December
1,110
895
Analysis ofmovements in baddebt provisions
Provisions at 1 January
33
32
Additions
6
6
Utilised
-6
-5
Unused amounts reversed
-9
-1
Exchange rate adjustments
-1
1
Provisions at 31December
23
33
3.4
Trade receivables at 31December 2014 include receivables
at a nominal value of DKK1,133million (2013: DKK 928
million), which have beenwritten down toDKK 1,110
million (2013: DKK 895million).
Historically, PANDORA has not suffered any significant
bad debt losses.
Accounting policies
Receivables are non-derivative financial assetswithfixed
or determinable payments that are not quoted in an active
market. Subsequent to initial recognition, such financial
assets aremeasured at amortised cost using the effective
interest ratemethod, less impairment. Any losses arising
from impairment are recognised in the income statement as
administrative expenses.
Awrite-down for bad or doubtful debts ismade if there
is any indication of impairment of a receivable or a
portfolioof receivables.Thewrite-down is calculated as the
difference between the carrying amount and the present
value of estimated future cash flows associatedwith the
receivable.The discount rate used is the effective interest
rate for the individual receivable or portfolio.
