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Novo Annual Review 2016
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cash
flows statement 1 january to 31 december 2016 2015 dkk million dkk million net profit 7,121 14,848 adjustment for non-cash items -339 -11,322 contribution from the novo
nordisk foundation to the joint investment portfolio 2,900 11,215 repayments to the novo nordisk foundation from the joint investment portfolio -1,070 -1,000 sale of shares
relating to life science investments 1,182 4,930 purchase of shares relating to life science investments -8,723 -3,238 sale of shares relating to financial investments 18,935 12,190 purchase of shares relating to financial investments -17,786 -22,223 paid tax -1 -1 cash flow before change in working capital 2,219 5,399 change in working capital changes in accounts with affiliated companies 2 -2 changes in other receivables 42 -1 changes in other liabilities 34 -10 cash flow from operating activities 2,297 5,386 investment activities proceeds from sale of shares in novo group companies 240 536 purchase of shares in novo group companies - -797 loans to subsidiaries - -66 repayment of loans from subsidiaries 87 1,205 cash flow from investment activities 327 878 financing activities bank loan (bridge financing) - -1,071 dividends paid -3,008 -4,715 cash flow from financing activities -3,008 -5,786 net cash flow -384 478 cash and cash equivalents at the beginning of the year 1,079 601 cash and cash equivalents at the end of the year 695 1,079 68 novo a/s 2016
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