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CASH FLOW STATEMENT - DKK
DKK in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of cash flows [abstract]      
Net profit for the year DKK 38,130 DKK 37,925 DKK 34,860
Reversal of non-cash items:      
Income taxes in the Income statement 10,550 9,873 8,623
Depreciation, amortisation and impairment losses 3,182 3,193 2,959
Non-recurring income from the partial divestment of NNIT A/S included in Other operating income 0 0 (2,526)
Other non-cash items 2,027 3,882 5,908
Change in working capital (3,634) (3,708) (2,157)
Interest received 101 114 55
Interest paid (87) (66) (61)
Income taxes paid (9,101) (2,899) (9,374)
Net cash generated from operating activities 41,168 48,314 38,287
Proceeds from the partial divestment of NNIT A/S 0 0 2,303
Purchase of intangible assets (1,022) (1,199) (1,182)
Proceeds from sale of property, plant and equipment 9 7 15
Purchase of property, plant and equipment (7,626) (7,068) (5,224)
Proceeds from sale of other financial assets 73 23 32
Purchase of other financial assets (40) (112) (9)
Sale of marketable securities 2,009 2,064 1,500
Purchase of marketable securities 0 (531) (3,533)
Dividend received from associated company 26 26 0
Net cash used in investing activities (6,571) (6,790) (6,098)
Purchase of treasury shares, net (16,845) (15,057) (17,196)
Dividends paid (18,844) (23,830) (12,905)
Net cash used in financing activities (35,689) (38,887) (30,101)
Net cash generated from activities (1,092) 2,637 2,088
Cash and cash equivalents at the beginning of the year 18,461 15,850 13,676
Exchange gains/(losses) on cash and cash equivalents (211) (26) 86
Cash and cash equivalents at the end of the year DKK 17,158 DKK 18,461 DKK 15,850