Statement of cash flows and financial resources - the Novozymes Group


Audited by PwC
Note 2009 2008
    DKK million  DKK million  
Net profit 1,194  1,062 
31 Reversal of non-cash expenses 1,539  993 
Corporation tax paid (594) (129)
Interest received 61  94 
Interest paid (210) (198)  
Cash flow before change in working capital 1,990  1,822 
 
Change in working capital:
(Increase)/decrease in receivables (264) (199)
(Increase)/decrease in inventories 43  (243)
Increase/(decrease) in trade payables and other liabilities 48  317   
Cash flow from operating activities 1,817  1,697 
 
Investments:
10 Purchase of intangible assets (11) (57)
Sale of intangible assets   -
Sale of property, plant and equipment 37  17 
11 Purchase of property, plant and equipment (1,009) (902)
Cash flow from investing activities (978) (942)
     
Free cash flow 839  755   
 
Financing:
Long-term borrowings 607  555 
Repayments of borrowings (854)   -
Sale of Novo Nordisk A/S stock 14  17 
18 Sale/(purchase) of treasury stock, net 36  24 
Dividend paid (326) (309)  
Cash flow from financing activities (523) 287 
Net cash flow 316  1,042   
Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents 20 
Net change in cash and cash equivalents 319  1,062   
Cash and cash equivalents at January 1 743  (319)
32 Cash and cash equivalents at December 31 1,062  743   
33 Undrawn committed credit facilities 3,000  3,000 
Financial resources at December 31 4,062  3,743   
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