|
|
|
 Accounting
Policies |
| (DKK - in thousands) |
Note |
GROUP
|
 |
| |
|
|
2002
|
|
2001
|
| Operating profit |
|
|
809,214
|
|
683,263
|
| Write-downs and depreciation |
|
|
108,027
|
|
98,111
|
| Changes in debtors* |
|
|
36,552 |
|
-128,610 |
| Changes in inventories* |
|
|
61,468 |
|
-157,055 |
| Changes in trade creditors
etc.* |
|
|
-70,063 |
|
47,979 |
| Changes in provisions* |
|
|
-23,065 |
|
-7,232 |
|
|
|
 |
| Cash flow from operating activities excluding
financial items |
|
|
922,133 |
|
536,456 |
| Financial income etc. |
|
|
15,957 |
|
14,874 |
| Financial expenses etc. |
|
|
-45,804 |
|
-59,039 |
|
|
|
|
| Cash flow from operating activities |
|
|
892,286 |
|
492,291 |
|
|
|
|
|
|
| Corporation tax |
|
|
-222,871 |
|
-174,881 |
|
|
|
|
|
|
| Net cash flow from operating activities |
|
|
669,415 |
|
317,410 |
|
|
|
|
|
|
| Acquisition of companies |
1
|
|
-6,575 |
|
-476,883 |
| Expensed investments under
DKK 50,000* |
|
|
-17,449 |
|
-17,885 |
| Investments in intangible
fixed assets* |
|
|
-2,611 |
|
-10,758 |
| Investments in tangible fixed
assets* |
|
|
-111,332 |
|
-159,669 |
| Disposals of tangible fixed
assets |
|
|
14,586 |
|
8,695 |
| Investments in financial
fixed assets*
|
|
|
-3,784 |
|
-4,119 |
|
|
|
|
|
|
|
Cash flow from investing activities
|
|
|
-127,165 |
|
-660,619 |
|
|
|
|
|
|
| Changes in long-term creditors,
net |
|
|
-47,593 |
|
555,737 |
| Sale of shares to Group employees |
|
|
15,266 |
|
0 |
| Buyback of own shares |
|
|
-423,257 |
|
-26,946 |
| Other adjustments |
|
|
-52,134 |
|
-32,770 |
|
|
|
|
|
|
|
Cash flow from financing activities
|
|
|
-507,718 |
|
496,021 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash-flow position for the
year |
|
|
34,532 |
|
152,812 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash position at 1 January |
|
|
-138,690 |
|
-291,502 |
| Net cash position at 31 December |
|
|
-104,158 |
|
-138,690 |
|
|
|
|
|
|
|
Breakdown of net cash position at 31 December:
|
|
|
|
|
|
| Liquid funds |
|
|
116,478 |
|
120,045 |
| Interest-bearing short-term
debt |
|
|
-220,636 |
|
-258,735 |
|
|
|
|
|
|
|
|
|
-104,158 |
|
-138,690 |
|
|
|
|
|
|
| *Not including additions
from acquired companies. |
|
|
|
|
|
|
