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Cash flow statement - DKK (kr)
kr in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of cash flows [abstract]      
Net profit for the year kr 38,951 kr 38,628 kr 38,130
Adjustment of non-cash items:      
Income taxes in the income statement 9,602 8,987 10,550
Depreciation, amortisation and impairment losses 5,661 3,925 3,182
Other non-cash items 7,032 6,098 2,027
Change in working capital (3,388) (3,370) (3,634)
Interest received 64 51 101
Interest paid (204) (89) (87)
Income taxes paid (10,936) (9,614) (9,101)
Net cash generated from operating activities 46,782 44,616 41,168
Purchase of intangible assets (2,299) (2,774) (1,022)
Proceeds from sale of property, plant and equipment 4 13 9
Purchase of property, plant and equipment (8,932) (9,636) (7,626)
Proceeds from other financial assets 148 178 73
Purchase of other financial assets (350) (248) (40)
Sale of marketable securities 0 0 2,009
Investment in associated companies (97) 0 0
Proceeds from the divestment of Group and associated companies (3) 368 0
Dividend received from associated companies 20 19 26
Net cash used in investing activities (11,509) (12,080) (6,571)
Purchase of treasury shares (15,334) (15,567) (16,845)
Dividends paid (19,409) (19,048) (18,844)
Repayment of borrowings, net (741) 94 0
Net cash used in financing activities (35,484) (34,521) (35,689)
Net cash generated from activities (211) (1,985) (1,092)
Cash and cash equivalents at the beginning of the year 15,629 17,158 18,461
Reclassification of bank overdraft to financing activities 0 412 0
Exchange gains/(losses) on cash and cash equivalents (7) 44 (211)
Cash and cash equivalents at the end of the year kr 15,411 kr 15,629 kr 17,158