Audited by PwC

Statement of cash flows and financial resources - the Novozymes Group

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Note 2011 2010
    DKK million  DKK million  
Net profit 1,828  1,614 
33 Reversal of non-cash items 1,649  1,340 
Corporation tax paid (518) (609)
Interest received 16  24 
Interest paid (72) (87)  
Cash flow before change in working capital 2,903  2,282 
 
Change in working capital:
(Increase)/decrease in receivables (34) (239)
(Increase)/decrease in inventories (62) (13)
Increase/(decrease) in trade payables and other payables (88) 267 
Currency translation adjustments (10) 27   
Cash flow from operating activities 2,709  2,324 
 
Investments:
11 Purchase of intangible assets (34) (3)
Sale of property, plant and equipment
13 Purchase of property, plant and equipment (1,290) (1,326)
34 Net acquisition of activities and companies (1,426) (23)  
Cash flow from investing activities (2,742) (1,349)
  
Free cash flow (33) 975   
 
Financing:
Borrowings 550  20 
Repayments of borrowings (562) (448)
20 Sale/(purchase) of treasury stock, net (235) 145 
Refundable income tax 95  (95)
Dividend paid (504) (359)  
Cash flow from financing activities (656) (737)
Net cash flow (689) 238   
Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents (11) 24 
Net change in cash and cash equivalents (700) 262   
Cash and cash equivalents at January 1 1,324  1,062 
35 Cash and cash equivalents at December 31 624  1,324   
36 Undrawn committed credit facilities 3,743  3,745 
Financial resources at December 31 4,367  5,069