Audited by PwC

Statement of cash flows and financial resources - the Novozymes Group

Note 2008 2007
    DKK million  DKK million  
Net profit 1,062  1,042 
31 Reversal of non-cash expenses 993  1,028 
Corporation tax paid (129) (186)
Interest received 94  98 
Interest paid (198) (159)  
Cash flow before change in working capital 1,822  1,823 
 
Change in working capital:
(Increase)/decrease in receivables (199) (113)
(Increase)/decrease in inventories (243) 39 
Increase/(decrease) in trade payables and other liabilities 317  (35)  
Cash flow from operating activities 1,697  1,714 
 
Investments:
10 Purchase of intangible assets (57) (14)
Sale of property, plant and equipment 17 
11 Purchase of property, plant and equipment (902) (729)
34 Acquisition of companies   - (716)
Purchase of minority interests   - (16)  
Cash flow from investing activities (942) (1,467)
     
Free cash flow 755  247   
 
Financing:
Long-term borrowings 555    -
13 Sale of Novo Nordisk A/S stock 17  35 
18 Sale/(purchase) of treasury stock, net 24  (388)
Dividend paid (309) (278)  
Cash flow from financing activities 287  (631)
Net cash flow 1,042  (384)  
Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents 20  (6)
Net change in cash and cash equivalents 1,062  (390)  
Cash and cash equivalents at January 1 (319) 71 
32 Cash and cash equivalents at December 31 743  (319)  
Drawn uncommitted credit facilities   - 319 
33 Undrawn committed credit facilities 3,000  3,000 
Financial resources at December 31 3,743  3,000