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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
kr in Millions, $ in Millions
6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Cash flows from operating activities    
Net profit before tax $ 667 $ 556
Financial income (253) (284)
Financial expenses 134 80
Adjustments for non-cash transactions    
Share-based compensation expense 58 51
Depreciation 25 23
Amortization 7 4
Impairment charges 1 9
Change in operating assets and liabilities:    
Receivables (77) (151)
Inventories (4) 3
Other payables 51 109
Cash flows from operating activities before financial items 609 400
Interest received 58 87
Interest elements of lease payments (3) (2)
Corporate taxes paid (315) (47)
Net cash provided by operating activities 349 438
Cash flows from investing activities    
Acquisition of business, net of cash acquired 0 (1,783)
Investment in intangible assets (18) 0
Investment in tangible assets (22) (8)
Marketable securities bought (569) (761)
Marketable securities sold 595 1,077
Other investments bought (3) (5)
Net cash (used in) investing activities (17) (1,480)
Cash flows from financing activities    
Warrants exercised 7 11
Principal elements of lease payments (6) (6)
Purchase of treasury shares (406) (517)
Payment of withholding taxes on behalf of employees on net settled RSUs (14) (13)
Net cash (used in) financing activities (419) (525)
Change in cash and cash equivalents (87) (1,567)
Cash and cash equivalents at the beginning of the period 1,380 2,204
Exchange rate adjustments 3 (15)
Cash and cash equivalents at the end of the period 1,296 622
Cash and cash equivalents include:    
Bank deposits 1,174 620
Short-term marketable securities $ 122 $ 2