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 | 8 | ||
| 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 | ||
