Statement of cash flows and financial resources - the Novozymes Group


Audited by PwC
Note 2010 2009
    DKK million  DKK million  
Net profit 1,614  1,194 
34 Reversal of non-cash items 1,340  1,539 
Corporation tax paid (609) (594)
Interest received 24  61 
Interest paid (87) (210)  
Cash flow before change in working capital 2,282  1,990 
 
Change in working capital:
(Increase)/decrease in receivables (239) (264)
(Increase)/decrease in inventories (13) 43 
Increase/(decrease) in trade payables and other payables 267  46 
Currency translation 27   
Cash flow from operating activities 2,324  1,817 
 
Investments:
11 Purchase of intangible assets (3) (11)
Sale of intangible assets   -
Sale of property, plant and equipment 37 
13 Purchase of property, plant and equipment (including interest of DKK 26 million) (1,326) (1,009)
Acquisition of companies (excluding unpaid earn-out of DKK 24 million) (23)   -  
Cash flow from investing activities (1,349) (978)
     
Free cash flow 975  839   
 
Financing:
Borrowings 20  607 
Repayments of borrowings (448) (854)
Sale of Novo Nordisk A/S stock   - 14 
20 Sale/(purchase) of treasury stock, net 145  36 
Refundable income tax (95)   -
Dividend paid (359) (326)  
Cash flow from financing activities (737) (523)
Net cash flow 238  316   
Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents 24 
Net change in cash and cash equivalents 262  319   
Cash and cash equivalents at January 1 1,062  743 
35 Cash and cash equivalents at December 31 1,324  1,062   
36 Undrawn committed credit facilities 3,745  3,000 
Financial resources at December 31 5,069  4,062   
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