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Consolidated Statements of Cash Flows - DKK (kr)
kr in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net result before tax kr 1,846 kr 4,682
Reversal of financial items, net (527) (114)
Adjustments for non-cash transactions 227 182
Changes in operating assets and liabilities (105) (2,570)
Cash flow from operating activities before financial items 1,441 2,180
Interest received 107 77
Interest elements of lease payments (6) (3)
Interest paid   (4)
Corporate taxes paid (2) (97)
Cash flow from operating activities 1,540 2,153
Cash flows from investing activities:    
Investment in tangible assets (107) (203)
Marketable securities bought (7,410) (3,006)
Marketable securities sold 8,137 4,137
Other investments bought (92)  
Other investments sold 438  
Cash flow from investing activities 966 928
Cash flows from financing activities:    
Warrants exercised 46 54
Principal elements of lease payments (29) (17)
Purchase of treasury shares (437)  
Payment of withholding taxes on behalf of employees on net settled RSUs (40) (18)
Cash flow from financing activities (460) 19
Change in cash and cash equivalents 2,046 3,100
Cash and cash equivalents at the beginning of the period 7,260 3,552
Exchange rate adjustments 171 (47)
Cash and cash equivalents at the end of the period 9,477 6,605
Cash and cash equivalents include:    
Bank deposits 6,908 3,602
Short-term marketable securities kr 2,569 kr 3,003