Total assets increased from DKK 17,791 million at year-end 2015 to DKK 18,659 million at December 31, 2016.
Return on invested capital (ROICEBIT after tax as a percentage of average invested capital. EBIT is adjusted for net foreign exchange gains/losses.), including goodwill, was 25.1%, down 0.8 percentage points from 25.9% in 2015. The decrease was mainly a result of a higher capital base, due to higher NWC, investment in land for the new innovation campus and the acquisition of Organobalance GmbH.
Invested capital increased from DKK 11,891 million in 2015 to DKK 12,584 million in 2016 driven by higher net working capital, investment in land and the acquisition of Organobalance GmbH.
Net working capital
Novozymes’ net working capital increased to DKK 2,088 million, up from DKK 1,708 million in 2015, mainly due to increase in Inventories and release of deferred income.
Net interest-bearing debt
Novozymes had net interest-bearing debtThe market value of interest-bearing liabilities (financial liabilities) less the market value of cash at bank and in hand and other easily convertible interest-bearing current assets. of DKK 990 million at year-end 2016, compared with DKK 437 million at December 31, 2015. This was a result of cash flowsThe difference between the available cash at the beginning and the end of an accounting period. from dividend payments of DKK 1,061 million, stock buybacks of DKK 2,000 million and net investments of DKK 1,188 million, which more than offset cash flows from operating activities.
Net interest-bearing debt-to-EBITDA
Net interest-bearing debt-to-EBITDA was 0.2 at year-end 2016, compared with 0.1 at December 31, 2015.