Total assets decreased from DKK 18,659 million at December 31, 2016, to DKK 18,373 million at December 31, 2017. The decrease was mainly caused by changes in currency, the divestment of Albumedix and the write-down of DKK 120 million on a financial asset related to a guarantee from M&G, partly offset by higher net investments.
Return on invested capital (ROIC) Adjusted operating profit (NOPAT) after tax as a percentage of average invested capital. EBIT is adjusted for net foreign exchange gains/ losses and share of result in associates., including goodwill, was 25.6%, up 0.5 percentage points from 25.1% in 2016. The increase was mainly a result of a higher EBIT Earnings before interest and tax. See operating profit. and a lower tax rate, partly offset by higher net investments.
Invested capital increased from DKK 12,584 million in 2016 to DKK 12,880 million in 2017. This was mainly a result of high net investments, partly offset by the impact of changes in currency.
Net working capital
Novozymes’ net working capitalAll current assets less current liabilities used in, or necessary for, the company’s operations. The main components are inventories, trade receivables and trade payables. decreased to DKK 2,023 million, down from DKK 2,088 million in 2016, mainly due to an increase in trade payables and a decrease in trade receivables, which has been partly offset by 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 1,642 million at December 31, 2017, compared with DKK 990 million at December 31, 2016. Net interest-bearing debt was impacted by cash outflows from dividend payments of DKK 1,192 million, stock buybacks of DKK 2,000 million and net investments of DKK 1,668 million, which exceeded cash inflows from operating activities of DKK 4,063 million.
Net interest-bearing debt-to-EBITDA
Net interest-bearing debt-to-EBITDA Net interest-bearing debt divided by EBITDA was 0.3 at December 31, 2017, compared with 0.2 at December 31, 2016.