Consolidated financial statements •61
CONSOLIDATED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER
DKKmillion
Notes
2014
2013
Profit before tax
3,872
2,742
Finance income
4.6
-14
-167
Finance costs
4.6
214
106
Amortisation, depreciation and impairment losses
222
200
Share-basedpayments
2.4
71
64
Change in inventories
91
-292
Change in receivables
63
-215
Change in payables andother liabilities
795
182
Other non-cash adjustments
-208
169
Interest etc. received
7
3
Interest etc. paid
-30
-29
Income tax paid
-761
-335
Cashflows from operating activities
4,322
2,428
Acquisitionof subsidiaries and activities, net of cash acquired
5.1
-174
-45
Divestment of businesses
5.1
19
-
Purchase of intangible assets
3.1
-164
-312
Purchase of property, plant and equipment
3.2
-291
-178
Change in other non-current assets
-45
-25
Proceeds from sale of property, plant and equipment
23
17
Cashflows from investing activities
-632
-543
Dividend paid
4.2
-820
-713
Purchase of treasury shares
4.1
-2,402
-700
Proceeds from loans andborrowings
560
41
Repayment of loans andborrowings
-597
-152
Cashflows fromfinancing activities
-3,259
-1,524
Net increase (decrease) in cash
431
361
Cash at 1 January
686
341
Net exchange differences
14
-16
Net increase (decrease) in cash
431
361
Cash at 31December
1,131
686
Cash flows from operating activities
4,322
2,428
- Interest etc. received
-7
-3
- Interest etc. paid
30
29
Cashflows from investing activities
-632
-543
-Acquisition of subsidiaries and activities, net of cash acquired
174
45
- Divestment of businesses
-19
-
Free cashflow
3,868
1,956
Unutilised credit facilities
3,677
2,716
The above cannot be derived directly from the income statement and the balance sheet.
Accounting policies
Cash flows from operating activities are determined using
the indirect method.
Cashflows from investing activitiesmainly comprise
purchase of intangible assets andproperty, plant and equip-
ment, and business combinations.
Cashflows from financing activities comprise dividend
paid, proceeds and repayments of loans and borrowings,
and share buyback.
Cash flows in currencies other than the functional currency
are translated at the average exchange rates for themonth
in question, unless these differ significantly from the rates at
the transaction dates.
