ANNUAL REPORT 2021

LUNDBECK ANNUAL REPORT 2021 = CONTENTS CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS At 31 December 55/111 Notes 2021 DKKm 2020 2021 2020 Profit from operations (EBIT) Adjustment for non-cash items: Amortization, depreciation and impairment losses Incentive programs 2,010 DKKm 1,990 Notes DKKm DKKM Proceeds from loans and issue of bonds 17 400 3,701 Repayment of bank loans and borrowings 17 (3,123) (5,169) 1,710 37 2,793 Repayment of lease liabilities 8 (82) (83) 30 Buyback of treasury shares 12 (34) (29) Change in provisions (447) (307) Capital increase through exercise of warrants 1 Other adjustments (152) (39) Dividends paid in the financial year, net (497) (815) Change in working capital: Cash flows from financing activities (3,336) (2,394) Change in inventories (572) (265) Net cash flows for the year (1,674) 976 Change in receivables 540 (428) Change in short-term debt (273) 675 Cash and bank balances at 1 January 3,924 3,008 Cash flows from operations before financial receipts and payments 2,853 4,449 Financial receipts 68 11 Unrealized exchange gains/losses on cash and bank balances Net cash flows for the year 29 (60) (1,674) 976 Financial payments (200) (298) Cash and bank balances at 31 December 2,279 3,924 Cash flows from ordinary activities 2,721 4,162 Interest-bearing debt, cash and bank balances, net, is composed as follows: Income taxes paid (449) (325) Cash and bank balances 11 2,279 3,924 Cash flows from operating activities Purchase of intangible assets Purchase of property, plant and equipment Sale of property, plant and equipment Purchase of other financial assets Sale of other financial assets 2,272 3,837 Interest bearing debt (5,468) (8,030) 19 (202) (114) (410) (364) Interest-bearing debt, cash and bank balances, net, at 31 December - net cash/(net debt) (3,189) (4,106) 2 1 (17) 27 Cash flows from investing activities (610) (467) Cash flows from operating and investing activities (free cash flow) 1,662 3,370

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