Cash flow from operating activities
Cash flowThe difference between the available cash at the beginning and the end of an accounting period. from operating activities was DKK 3,840 million, up from DKK 3,339 million in 2015, primarily due to higher net profit.
Net investments
Net investments excluding acquisitions were DKK 1,188 million, up from DKK 1,015 million in 2015. Net investments in property, plant and equipment amounted to DKK 1,048 million, compared with DKK 952 million in 2015. The increase is related to the purchase of land for the new innovation campus in Denmark.
Free cash flow before acquisitions
Free cash flowCash flow from operating activities minus cash flow from investing activities and changes in net working capital. before acquisitions was DKK 2,652 million, compared with DKK 2,324 million in 2015. The increase is primarily due to higher net profit. Free cash flow was DKK 2,491 million in 2016, compared with DKK 2,082 million in 2015. The acquisition of Organobalance GmbH impacted free cash flow by DKK 146 million in 2016.
Financing activities
Cash flow from financing activities was negative at DKK 2,484 million, compared with a negative cash flow of DKK 3,681 million in 2015. The negative cash flow from financing activities was mainly due to completion of the stock buyback program and dividend payments.
Cash position
Cash and cash equivalents at December 31, 2016, amounted to DKK 805 million, up from DKK 796 million at year-end 2015. Undrawn committed credit facilities were DKK 3,500 million at December 31, 2016.