Consolidated statement of cash flows

          2013 2012
      Note   DKK million DKK million
             
     Net profit     2,201  2,016 
             
     Reversal of non-cash items  6.8   1,565  1,337 
     Income tax paid     (599) (393)
     Interest received     15 
     Interest paid     (63) (77)
     Cash flow before change in working capital     3,107  2,898 
             
     Change in working capital        
     Increase in receivables     (277) (265)
     Increase in inventories     (82) (85)
     Increase/(decrease) in trade payables and other payables     (134) 211 
     Currency translation adjustments     (15) (1)
     Cash flow from operating activities     2,599  2,758 
             
     Investments        
     Purchase of intangible assets  4.1   (24) (54)
     Sale of property, plant and equipment    
     Purchase of property, plant and equipment  4.2   (762) (1,122)
     Capitalized interest costs re purchase of property, plant and equipment  4.2     - (6)
     Business acquisitions and purchase of financial assets  6.8   (640) (732)
     Cash flow from investing activities     (1,423) (1,909)
             
     Free cash flow     1,176  849 
             
     Financing        
     Borrowings     263  797 
     Repayments of borrowings     (270) (683)
     Purchase of treasury stock       - (832)
     Sale of treasury stock     167  156 
     Dividend paid     (692) (603)
     Cash flow from financing activities     (532) (1,165)
             
     Net cash flow     644  (316)
             
     Unrealized gain/(loss) on currencies and financial assets included in cash and cash equivalents     (32) 22 
     Net change in cash and cash equivalents     612  (294)
             
     Cash and cash equivalents at January 1     330  624 
     Cash and cash equivalents at December 31  6.8   942  330 
             
    Undrawn committed credit facilities were DKK 4,119 million at December 31, 2013 (2012: DKK 3,000 million). DKK 3,000 million expires in 2017 and the rest in 2014.