|
Cash flow statement for 2003
|
|
Accounting Policies |
| (DKK
- in thousands) |
Note |
GROUP
|
 |
| |
|
|
2003
|
|
2002
|
| Operating
profit (EBIT) |
|
|
855,546
|
|
810,151
|
| Depreciation
and amortisation |
|
|
116,974
|
|
108,027
|
| Change
in debtors* |
|
|
-31,818 |
|
36,552 |
| Change
in inventories* |
|
|
41,069 |
|
61,468 |
| Change
in trade creditors* |
|
|
5,166 |
|
-92,886 |
| Change
in other provisions* |
|
|
2,670 |
|
-242 |
|
|
|
 |
| Cash
flow from operating activities excluding net financials
and corporation tax |
|
|
989,607 |
|
923,070 |
| Financial
income etc. |
3 |
|
19,314 |
|
15,020 |
| Financial
expenses etc. |
3 |
|
-47,527 |
|
-45,804 |
| Corporation
tax |
4 |
|
-207,657 |
|
-222,871 |
| |
|
|
|
| Cash
flow from operating activities (CFFO) |
|
|
753,737 |
|
669,415 |
| |
|
|
|
|
|
| Acquisition
of undertakings |
1 |
|
0 |
|
-6,575 |
| Expensed
investments under DKK 50,000* |
|
|
-16,942 |
|
-17,449 |
| Investment
in intangible assets* |
|
|
-737 |
|
-2,611 |
| Disposal
of intangible assets* |
|
|
18 |
|
0 |
| Investment
in tangible fixed assets* |
|
|
-120,118 |
|
-111,332 |
| Disposals
of tangible fixed assets |
|
|
12,694 |
|
14,586 |
|
Financial asset investments
|
|
|
-13,153 |
|
-3,784 |
| |
|
|
|
|
|
|
Cash flow from investing activities (CFFI) |
|
|
-138,238 |
|
-127,165 |
| |
|
|
|
|
|
| Changes
in debt, net |
|
|
-113,564 |
|
-47,593 |
| Sale
of shares to Group employees |
|
|
0 |
|
15,266 |
| Buyback
of own shares |
|
|
-541,469 |
|
-423,257 |
| Other
adjustments |
|
|
-41,889 |
|
-52,134 |
| |
|
|
|
|
|
|
Cash flow from financing activities (CFFF) |
|
|
-696,922 |
|
-507,718 |
| |
|
|
|
|
|
| Net
cash-flow position for the year |
|
|
-81,423 |
|
34,532 |
| |
|
|
|
|
|
| Net
cash position at 1 January |
|
|
-104,158 |
|
-138,690 |
| Net
cash position at 31 December |
|
|
-185,581 |
|
-104,158 |
| |
|
|
|
|
|
|
Breakdown of net cash position at 31 December:
|
|
|
|
|
|
| Liquid
funds |
|
|
108,144 |
|
116,478 |
| Interest-bearing
short-term debt |
|
|
-293,725 |
|
-220,636 |
| |
|
|
|
|
|
| |
|
|
-185,581 |
|
-104,158 |
| |
|
|
|
|
|
| *Not
including additions from acquired undertakings. |
|
|
|
|
|
|
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