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Cash flow from operating activities

 ###Free cash flow graph###

Cash flow from operating activities was DKK 3,339 million, down from DKK 4,525 million in 2014. Despite higher net profit, operating cash flow was lower. This was mainly a result of the positive impact of The BioAg Alliance agreement in 2014, which contributed to a positive change in net working capital in 2014.

Net investments

 ###CAPEX and depr. graph### ###Net investments graph###

Net investments excluding acquisitions and The BioAg Alliance agreement were DKK 1,015 million, up from DKK 715 million in 2014.

Net investments in property, plant and equipment amounted to DKK 952 million, compared with DKK 695 million in 2014.

Free cash flow before acquisitions

Free cash flow before acquisitions was DKK 2,324 million, compared with DKK 4,229 million in 2014. Free cash flow was lower than in 2014, mainly as a result of the positive impact of The BioAg Alliance agreement in 2014 and higher net investments. All in all, the net impact of The BioAg Alliance agreement in 2014 was DKK ~1,700 million.

Financing and cash position

Cash flow from financing activities was negative at DKK 3,681 million, compared with a negative cash flow of DKK 2,703 million in 2014. The negative cash flow from financing activities was mainly due to the completion of the stock buyback program, dividend payments, repayments of borrowings and hedging of net investments.

Cash and cash equivalents at December 31, 2015, amounted to DKK 839 million, down from DKK 2,535 million at year-end 2014.

 

Consolidated statement of cash flows

DKK million Note   2015 2014
         
 Net profit     2,825  2,525 
         
 Reversal of non-cash items 6.6   1,992  1,123 
 Income tax paid 2.5   (893) (777)
 Interest received     10 
 Interest paid     (42) (61)
 Cash flow before change in working capital     3,885  2,820 
         
 Change in working capital        
 (Increase)/decrease in receivables     (311) 231 
 (Increase)/decrease in inventories     (60) (186)
 Increase/(decrease) in payables and deferred income     (161) 1,659 
 Currency translation adjustments     (14)
 Cash flow from operating activities     3,339  4,525 
         
 Investments        
 Purchase of intangible assets 3.1   (63) (20)
 Sale of intangible assets*       - 409 
 Purchase of property, plant and equipment 3.2   (968) (703)
 Sale of property, plant and equipment*     16  18 
 Business acquisitions and purchase of financial assets 6.6   (242) (14)
 Cash flow from investing activities     (1,257) (310)
         
 Free cash flow     2,082  4,215 
         
* The formation of The BioAg Alliance in 2014 included the sale of intangible assets and property, plant and equipment of DKK 419 million.
DKK million Note   2015 2014
         
 Financing        
 Borrowings     122    -
 Repayments of borrowings     (606)   -
 Hedging of net investments     (398)   -
 Purchase of treasury stock     (2,000) (2,000)
 Sale of treasury stock     126  85 
 Dividend paid     (925) (788)
 Cash flow from financing activities     (3,681) (2,703)
         
 Net cash flow     (1,599) 1,512 
         
 Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents     (58) (1)
 Net change in cash and cash equivalents     (1,657) 1,511 
         
 Cash and cash equivalents, net, at January 1     2,453  942 
 Cash and cash equivalents, net, at December 31  6.6   796  2,453