Cash flow statement 1 January – 31 December

(m DKK)

Profit before tax Income tax paid Reversals of items with no effect on cash flows Changes in working capital

Cash flows from operating activities

Acquisition of securities, net Acquisition of intangible assets Sale of property, plant and equipment Acquisition of property, plant and equipment

Cash flows from investing activities

Dividend paid to shareholders Dividend paid to non-controlling interests New borrowings Repayments of borrowings

Cash flows from financing activities

Net cash flows for the year

Cash and cash equivalents at 1 January

Cash and cash equivalents at 31 December Notes 2017 2016

16,044 16,872 (2,701) (3,745) 5.6 (2,406) (234) 5.7 (684) (377)

10,253 12,516

(5,611) (2,349) (143) (92)

48

24 (2,281) (7,596)

(7,987) (10,013)

(400) (400) (1,752) (1,750) 579 354 (540) (1,396)

(2,113) (3,192)

153 (689)

1,614 2,303 1,767 1,614

Accounting policies

The consolidated cash flow statement shows cash flows for the year broken down by operating, investing and financing activities, changes for the period in cash and bank overdrafts and cash and bank overdrafts at the beginning of the year.

Cash flows from operating activities are calculated indirectly as the profit for the year adjusted for non-cash items, income taxes paid and changes in working capital.

Cash flows from investing activities comprise payments relating to acquisitions and disposals of securities, intangible assets, property, plant and equipment, fixtures and fittings as well as fixed asset investments.

Cash flows from financing activities comprise proceeds from borrowings, repayment of interest-bearing debt and dividend paid to shareholders and non-controlling interests.

Cash and cash equivalents comprise cash and bank overdrafts etc. that can readily be converted into cash reduced by short-term bank debt.