Cashflow Earnings before taxes on income 370.7 264.1 40.4% Non cash effected expenses and income 14.9 16.5 -10.0% Gross cashflow 385.6 280.6 37.4% Change in current assets, net 0.5 -24.8 -102.1% Taxes and other interest payments -100.3 -90.8 - Net cash from operating activities 285.7 165.0 73.1% Net cash used in investing activities -29.2 -57.6 -49.4% Free cashflow 256.6 107.4 138.9% Free cashflow before acquisition cost 256.6 137.7 86.3% - in % of sales 16.8% 10.8% - Net cash used in financing activities -70.8 -23.4 202.9% Effect on exchange rates on cash -7.0 -7.0 -0.1% Change in cash and cash equivalents 178.8 77.0 132.2% Cash and cash equivalents at beginning of financial year 190.6 113.6 67.8% Cash and cash equivalents at year-end 369.3 190.6 93.8% Cashflow 2004 2003 +/- % € million € million Foreword | Mission |  Management Report  | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 26