Audited by PwC

Statement of cash flows - the Novozymes Group

Note 2012 2011
    DKK million DKK million  
Net profit 2,016  1,828 
31 Reversal of non-cash items 1,337  1,649 
Income tax paid (393) (518)
Interest received 15  16 
Interest paid (77) (72)  
Cash flow before change in working capital 2,898  2,903 
 
Change in working capital
Increase in receivables (265) (34)
Increase in inventories (85) (62)
Increase/(decrease) in trade payables and other payables 211  (88)
Currency translation adjustments (1) (10)  
Cash flow from operating activities 2,758  2,709 
 
Investments
Purchase of intangible assets (54) (34)
Sale of property, plant and equipment
Purchase of property, plant and equipment (1,122) (1,274)
Capitalized interest costs re purchase of property, plant and equipment (6) (16)
32 Acquisitions and divestments (732) (1,426)  
Cash flow from investing activities (1,909) (2,742)
Free cash flow 849  (33)  
 
Financing
Borrowings 797  550 
Repayments of borrowings (683) (562)
Purchase of treasury stock (832) (400)
Sale of treasury stock 156  165 
Refundable income tax   - 95 
Dividend paid (603) (504)  
Cash flow from financing activities (1,165) (656)
Net cash flow (316) (689)  
Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents 22  (11)
Net change in cash and cash equivalents (294) (700)  
Cash and cash equivalents at January 1 624  1,324 
33 Cash and cash equivalents at December 31 330  624   
Undrawn committed credit facilities were DKK 3,000 million at December 31, 2012. All DKK 3,000 million expires after 4 years.
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