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Statement of cash flows and financial resources - the Novozymes Group

Note 2007 2006
    DKK million  DKK million  
Net profit 1,042  911 
31 Reversal of non-cash expenses 1,028  996 
Corporation tax paid (186) (120)
Interest received 98  133 
Interest paid (159) (147)  
Cash flow before change in working capital 1,823  1,773 
 
Change in working capital:
(Increase)/decrease in receivables (113) (80)
(Increase)/decrease in inventories 39  (48)
Increase/(decrease) in trade payables and other liabilities (35) (111)  
Cash flow from operating activities 1,714  1,534 
 
Investments:
10 Purchase of intangible assets (14) (13)
Sale of property, plant and equipment 29 
11 Purchase of property, plant and equipment (729) (492)
34 Acquisition of companies (716) (477)
Purchase of minority interests (16)   -   
Cash flow from investing activities (1,467) (953)
     
Free cash flow 247  581   
 
Financing:
Non-current borrowings   -  385 
13 Sale of shares in Novo Nordisk A/S 35  15 
18 Purchase of treasury shares, net (388) (996)
Dividend paid (278) (255)  
Cash flow from financing activities (631) (851)
Net cash flow (384) (270)  
Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents (6) (26)
Net change in cash and cash equivalents (390) (296)  
Cash and cash equivalents at January 1 71  367 
32 Cash and cash equivalents at December 31 (319) 71   
Drawn uncommitted credit facillities 319    - 
33 Undrawn committed credit facilities 3,000  3,000 
Financial resources at December 31 (3,000) 3,071