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Statement of cash flows and financial resources - The Novozymes Group

Note 2005 2004
      DKK milion DKK milion  
Net profit 861  775 
32 Reversal of non-cash expenses 756  963 
Corporation tax paid (382) (437)
Interest received 65  48 
Interest paid   (95) (43)  
Cash flow before change in working capital 1,205  1,306 
 
Change in working capital:
(Increase)/decrease in receivables (53) (1)
(Increase)/decrease in inventories (23) (42)
Increase/(decrease) in trade payables and other liabilities 197  24   
Cash flow from operating activities 1,326  1,287 
 
Investments:
10 Purchase of intangible fixed assets (11) (54)
Sale of property, plant and equipment 31 
11 Purchase of property, plant and equipment (355) (281)
Termination of currency swap   131 
Purchase of minority shares     (5)  
Cash flow from investing activities (335) (207)
     
Free cash flow   991  1,080   
 
Financing:
Repayments of non-current borrowings   (500)
Non-current borrowings   470 
17 Sale of shares in Novo Nordisk A/S 22  22 
18 Purchase of treasury shares, net (927) (804)
Dividend paid   (231) (217)  
Cash flow from financing activities (1,136) (1,029)
Net cash flow   (145) 51   
Unrealised gain/(loss) on currencies and financial assets included in cash and cash equivalents 29  (4)
Net change in cash and cash equivalents   (116) 47   
Cash and cash equivalents at January 1 483  436 
33 Cash and cash equivalents at December 31   367  483   
34 Undrawn committed credit facilities 3,000  3,000 
Financial resources at December 31   3,367  3,483   
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