Total assets increased from DKK 18,373 million at December 31, 2017, to DKK 19,697 million at December 31, 2018. The increase was mainly driven by changes in currency, an increase in 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. and higher net investments.
Return on invested capital (ROICAdjusted 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 24.2%, down 1.4 percentage points from 25.6% in 2017. The decrease was mainly a result of higher net invested capital.
Invested capitalTotal assets excluding interest-bearing assets and minority investments less interest-bearing liabilities. See “Invested capital” section. increased from DKK 12,880 million in 2017 to DKK 13,953 million in 2018. This was a result of higher net working capital and high net investments.
Net working capital
Novozymes’ net working capital increased to DKK 2,768 million, up from DKK 2,023 million in 2017, due to higher trade receivables and increasing inventories, as well as lower deferred income and contract liabilities.
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 2,535 million at December 31, 2018, compared with DKK 1,642 million at December 31, 2017. Net interest-bearing debt was impacted by cash outflows from dividend payments of DKK 1,317 million, stock buybacks of DKK 2,000 million and net investments of DKK 1,388 million, which exceeded cash inflows from operating activities of DKK 3,679 million.
Net interest-bearing debt-to-EBITDA
Net interest-bearing debt-to-EBITDANet interest-bearing debt divided by EBITDA. was 0.5x at December 31, 2018, compared with 0.3x at December 31, 2017.