125 / 143
PARENT COMPANY FINANCIAL STATEMENTS • 123
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER
DKK million
Notes
2016
2015
Profit before tax
5,950
5,161
Finance income
4.4
-375
-185
Finance costs
4.4
58
570
Dividends from subsidiaries
-871
-1,490
Depreciation, amortisation and impairment losses
123
88
Share-based payments
2.2
26
28
Change in inventories
-277
13
Change in intercompany receivables/payables
-1,344
-1,059
Change in receivables
62
-6
Change in payables and other liabilities
256
299
Other non-cash adjustments
4.5
362
-295
Interest etc. received
61
66
Interest etc. paid
-36
-131
Income tax paid
-1,034
-1,907
Cash flows from operating activities, net
2,961
1,152
Acquisition of subsidiaries and activities, net of cash acquired
3.1
-15
-436
Purchase of intangible assets
-227
-209
Purchase of property, plant and equipment
-94
-10
Change in other non-current assets
11
-
Proceeds from sale of property, plant and equipment
14
11
Dividends received
871
1,490
Cash flows from investing activities, net
560
846
Dividend paid
-1,507
-1,088
Purchase of treasury shares
-4,000
-3,900
Proceeds from loans and borrowings
3,763
4,510
Repayment of loans and borrowings
-1,768
-1,981
Cash flows from financing activities, net
-3,512
-2,459
Net increase/decrease in cash
9
-461
Cash at 1 January¹
66
527
Net increase/decrease in cash
9
-461
Cash at 31 December¹
75
66
Unutilised credit facilities
4,836
2,863
The above cannot be derived directly from the income statement and the balance sheet.
1
Cash comprises cash at bank and in hand.