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## Free Cashflow at New Record High 

Due to the strong increase in pre-tax earnings, the gross cashflow increased by 37.4%, climbing from € 280.6 million to € 385.6 million. 

Despite a marked increase in business volume, effective working capital management enabled the release of € 0.5 million in net current assets in comparison with the € 24.8 million requirement in 2003. Taxes, interest and other payments accounted for a total of € 100.3 million (previous year € 90.8 million), which include subsequent tax payments for the previous year to the amount of € 22.4 million. The total cash provided by operations increased by 73.1% to € 285.7 million. 

In all, investments totaled € 29.2 million (net) compared to € 57.6 million in the previous year. Gross capital expenditure amounted to € 43.1 million, of which € 22.2 million is attributable to the strategic expansion of retail operations. The free cashflow increased significantly from € 137.7 million 

(before acquisition costs) to € 256.6 million and from 10.8% to 16.8% of sales, thus exceeding the expectations of Management. 

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