|
Cash flow statement for 2004
|
|
Accounting Policies |
| (DKK
- in thousands) |
Note |
GROUP
|
 |
| |
|
|
2004
|
|
2003
|
| Operating
profit (EBIT) |
|
|
1,004,262
|
|
855,546
|
| Depreciation
and amortisation etc. |
|
|
140,746
|
|
116,974
|
| Change
in debtors* |
|
|
-117,970 |
|
-31,818 |
| Change
in inventories* |
|
|
-28,128 |
|
41,069 |
| Change
in creditors* |
|
|
44,061 |
|
5,166 |
| Change
in other provisions* |
|
|
-1,032 |
|
2,670 |
|
|
|
 |
| Cash
flow from operating activities excluding net financials
and corporation tax |
|
|
1,041,939 |
|
989,607 |
| Financial
income etc. |
3 |
|
11,671 |
|
19,314 |
| Financial
expenses etc. |
3 |
|
-50,251 |
|
-47,527 |
| Corporation
tax |
4 |
|
-268,001 |
|
-207,657 |
| |
|
|
|
| Cash
flow from operating activities (CFFO) |
|
|
735,358 |
|
753,737 |
| |
|
|
|
|
|
| Acquisition
of undertakings |
1 |
|
-30,066 |
|
0 |
| Expensed
investments under DKK 50,000 |
|
|
-18,430 |
|
-16,942 |
| Investment
in intangible assets* |
|
|
-17,640 |
|
-737 |
| Disposal
of intangible assets |
|
|
0 |
|
18 |
| Investment
in tangible fixed assets* |
|
|
-301,451 |
|
-120,118 |
| Disposal
of tangible fixed assets |
|
|
8,222 |
|
12,694 |
|
Financial asset investments
|
|
|
-36,869 |
|
-13,153 |
| |
|
|
|
|
|
|
Cash flow from investing activities (CFFI) |
|
|
-396,234 |
|
-138,238 |
| |
|
|
|
|
|
| Changes
in debt, net |
|
|
-56,653 |
|
-113,564 |
| Sale
of own shares to Group employees |
|
|
15,049 |
|
0 |
| Buyback
of own shares |
|
|
-611,468 |
|
-541,469 |
| Other
adjustments |
|
|
-34,812 |
|
-41,889 |
| |
|
|
|
|
|
|
Cash flow from financing activities (CFFF) |
|
|
-687,884 |
|
-696,922 |
| |
|
|
|
|
|
| Net
cash flow position for the year |
|
|
-348,760 |
|
-81,423 |
| |
|
|
|
|
|
| Net
cash position at 1 January |
|
|
-185,581 |
|
-104,158 |
| Net
cash position at 31 December |
|
|
-534,341 |
|
-185,581 |
| |
|
|
|
|
|
|
Break-down of net cash position at year-end:
|
|
|
|
|
|
| Liquid
funds |
|
|
126,434 |
|
108,144 |
| Interest-bearing
short-term debt |
|
|
-660,775 |
|
-293,725 |
| |
|
|
|
|
|
| |
|
|
-534,341 |
|
-185,581 |
| |
|
|
|
|
|
| *Not
including additions from acquired undertakings. |
|
|
|
|
|
|
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