|
Cash flow statement for 2005
|
|
Accounting Policies |
 |
| (DKK
- in thousands) |
|
GROUP
|
|
| |
Note |
|
2005 |
|
2004 |
| |
|
|
|
|
|
| Operating
profit (EBIT) |
|
|
1,102,814 |
|
1,003,720 |
| Depreciation etc. and other non-cash movements |
|
|
115,259 |
|
124,563 |
| Change
in receivables |
|
|
-37,287 |
|
-117,970 |
| Change
in inventories |
|
|
-16,554 |
|
28,128 |
| Change
in payables etc. |
|
|
59,286 |
|
44,061 |
| Change
in provisions |
|
|
6,385 |
|
-1,032 |
|
|
|
 |
Cash
flow from operating activities excluding net financials
and corporation tax |
|
|
1,229,903 |
|
1,025,214 |
| Financial
income etc. paid |
6 |
|
14,775 |
|
11,671 |
| Financial
expenses etc. paid |
6 |
|
-51,567 |
|
-50,251 |
| Corporation
tax paid |
7 |
|
-301,287 |
|
-266,952 |
| Cash
flow from operating activities (CFFO) |
|
|
891,824 |
|
719,682 |
| |
|
|
|
|
|
| Acquisition
of undertakings |
21 |
|
-12,174 |
|
-30,066 |
| Investment
in intangible assets |
|
|
-1,654 |
|
-17,640 |
| Investment in tangible assets |
|
|
-371,951 |
|
-319,881 |
| Disposal
of tangible assets |
|
|
20,519 |
|
8,222 |
|
Investments in other long-term assets, net |
|
|
-71,013 |
|
-36,869 |
|
Cash flow from investing activities (CFFI) |
|
|
-436,273 |
|
-396,234 |
| |
|
|
|
|
|
| Repayment of long-term debt |
|
|
-62,357 |
|
-56,653 |
| Proceeds from borrowing transactions |
|
|
323,809 |
|
0 |
| Sale
of own shares to Group employees |
|
|
0 |
|
15,049 |
| Buy-back
of own shares |
|
|
-694,671 |
|
-611,468 |
| Other
adjustments |
|
|
-18,405 |
|
-19,125 |
|
Cash flow from financing activities (CFFF) |
|
|
-451,624 |
|
-672,197 |
| |
|
|
|
|
|
| Net
cash flow position for the year |
|
|
3,927 |
|
-348,749 |
| Net
cash position at 1 January |
|
|
-534,341 |
|
-185,581 |
| Exchange rate adjustment of cash funds |
|
|
6,161 |
|
-11 |
| Net
cash position at 31 December |
|
|
-524,253 |
|
-534,341 |
| |
|
|
|
|
|
|
Break-down of net cash position at 31 December:
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
134,685 |
|
126,434 |
| Interest-bearing
debt |
|
|
-658,938 |
|
-660,775 |
| |
|
|
|
|
|
| |
|
|
-524,253 |
|
-534,341 |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
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