Free Cashflow at New Record High  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. 2000 2001 2002 2003 2004 Free Cashflow (million €) 0 100 200 300 free cashflow before acquisition free cashflow 2000 2001 2002 2003 2004 Gross Cashflow (million €) 0 100 200 300 400 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. Foreword | Mission |  Management Report  | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 27