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Consolidated financial statements • 77
CONSOLIDATED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER
DKK million
Notes
2016
2015
Profit before tax
7,650
5,345
Finance income
4.6
-328
-84
Finance costs
4.6
82
553
Depreciation, amortisation and impairment losses
518
400
Share-based payments
2.4
76
75
Change in inventories
-206
-431
Change in receivables
-327
-560
Change in payables and other liabilities
327
1,139
Other non-cash adjustments
4.7
241
-432
Interest etc. received
3
3
Interest etc. paid
-43
-104
Income taxes paid
-1,462
-2,520
Cash flows from operating activities, net
6,531
3,384
Acquisition of subsidiaries and activities, net of cash acquired
5.1
-210
-289
Divestment of businesses
5.1
-
29
Purchase of intangible assets
-344
-402
Purchase of property, plant and equipment
-825
-620
Change in other non-current assets
-75
-49
Proceeds from sale of property, plant and equipment
31
35
Cash flows from investing activities, net
-1,423
-1,296
Dividend paid
4.2
-1,507
-1,088
Purchase of treasury shares
4.1
-4,000
-3,900
Proceeds from loans and borrowings
3,777
4,658
Repayment of loans and borrowings
-3,373
-2,003
Cash flows from financing activities, net
-5,103
-2,333
Net increase/decrease in cash
5
-245
Cash at 1 January¹
889
1,131
Exchange gains/losses on cash
3
3
Net increase/decrease in cash
5
-245
Cash at 31 December¹
897
889
Cash flows from operating activities, net
6,531
3,384
- Interest etc. received
-3
-3
- Interest etc. paid
43
104
Cash flows from investing activities, net
-1,423
-1,296
- Acquisition of subsidiaries and activities, net of cash acquired
210
289
- Divestment of businesses
-
-29
Free cash flow
5,358
2,449
Unutilised credit facilities
5,120
3,089
The above cannot be derived directly from the income statement and the balance sheet.
1
Cash comprises cash at bank and in hand.
Accounting policies
Cash flows from operating activities are presented using the
indirect method.
Cash flows in currencies other than the functional currency
are translated at the average exchange rates for the month
in question, unless these differ significantly from the rates at
the transaction dates.