Total assets###ROIC and Invested capital graph###
Total assets decreased from DKK 18,426 million at year-end 2014 to DKK 17,791 million at December 31, 2015, mainly driven by a decrease in cash and cash equivalents.
Cash and cash equivalents at December 31, 2015, amounted to DKK 839 million, down from DKK 2,535 million at year-end 2014. The main reasons for the decrease are the completion of a stock buyback program in which Novozymes bought back B shares with a transaction value of DKK 2,000 million and dividend payments of DKK 925 million.
Invested capital increased from DKK 10,535 million in 2014 to DKK 11,891 million in 2015, while invested capital increased from DKK 11,203 million to DKK 11,213 million.
Return on invested capital (ROIC), including goodwill, was 25.9%, up 2.8 percentage points from 23.1% in 2014. The increase in ROIC was a result of higher net profit and only a minor increase in average invested capital.###Working capital graph###
Novozymes’ net working capital increased to DKK 1,708 million, up from DKK 1,059 million in 2014, mainly due to a growing business and currency developments.
Novozymes had net interest-bearing debt of DKK 437 million at year-end 2015, compared with net positive cash holdings of DKK 716 million at December 31, 2014. This was driven by cash flows from dividend payouts of DKK 925 million, stock buybacks of DKK 2,000 million, net investments of DKK 1,015 million and repayments of borrowings of DKK 484 million, which more than offset cash flows from operating activities.
Net interest-bearing debt-to-EBITDA###NIBD and NIBD-EBITDA graph###
Net interest-bearing debt-to-EBITDA was 0.1 at year-end 2015, compared with -0.2 at December 31, 2014.