80 Cash Flow Statement of the Group 2001 Cash Flow Statement of the Group 2001 The statement of cash flow cannot be derived solely from the published annual accounts. 2001 1999/00 DKK million DKK million (15 months) Operating profit 3,400 2,934 Depreciation 2,224 2,153 Other adjustments -407 -853 Financial income, net -578 -507 Corporation tax paid -839 -753 Cash flow from operations before changes in working capital 3,800 2,974 Change in debtors -770 -953 Change in stocks -176 -254 Change in creditors, excise duties, etc. -639 538 CASH FLOW, OPERATIONS 2,215 2,305 Acquisition of tangible fixed assets,net -3,551 -2,770 21 Acquisition/disposal of companies, net -1,996 -4,309 Acquisition of fixed asset investments -656 - Disposal of other fixed asset investments, net 848 248 Disposal of securities 821 736 Dividend received from associated companies 1,020 38 CASH FLOW, INVESTMENTS -3,514 -6,057 Dividend paid -345 -256 Receivables from sale of companies, etc. 656 - Repayment on debt -1,013 - Minority interests -513 -353 Financial income and expenditure 3,517 4,150 CASH FLOW, FINANCING 2,302 3,541 CASH FLOW FROM OPERATIONS, INVESTMENTS AND FINANCING 1,003 -211 Cash and cash equivalents, beginning of year 1,678 1,793 Currency translation adjustments in cash and cash equivalents -21 96 Acquired/sold cash at bank and in hand 505 - Cash flow for the year 1,003 -211 CASH AND CASH EQUIVALENTS, YEAR-END 3,165 1,678