John Lewis Partnership plc annual report and accounts 2013

Business review Review of performance (continued)

Return on invested capital

Return on invested capital increased to 8.2%, an improvement of 1.0%. This reflects increased returns from investment decisions and the improved operating performance made across the Partnership.

Return on invested capital (%)

 7.7 6.8 7.9 7.2 8.2

2009 2010 2011 2012 2013

Net assets

Net assets decreased by £107.4m, or 5.3%, to £1,901.5m. This reflects an increase in the pension deficit of £184.0m and a decrease in working capital of £183.0m, principally through improved management of trade receivables and trade payables. This has been partially offset by a reduction in borrowings and overdrafts of £230.3m and an increase in property, plant and equipment and information technology systems of £71.9m.

Net assets (£m)

 2,073 2,009 1,723 1,705 1,902

2009 2010 2011 2012 2013

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