Consolidated Cashflow Statement Operating activities Profit before tax 370.7 264.1 Adjustment for: Depreciation 8,9,10 19.3 20.1 Non-realized currency gains/losses, net 3.4 -3.5 Interest received 23 -7.0 -2.3 Interest paid 23 1.3 1.4 Income from the sale of fixed assets -4.7 0.2 Additions to pension accruals 15 2.6 0.6 Gross cashflow 28 385.6 280.6 Increase in receivables and other current assets -18.3 -40.7 Increase in inventories -8.4 -17.9 Increase in trade payables and other current liabilities 27.2 33.8 Cash provided by operations 386.1 255.8 Interest paid -1.3 -1.4 Income taxes paid -99.0 -89.3 One time expenses paid 0.0 0.0 Net cash from operating activities 28 285.7 165.0 Cash from investment activities Payment for goodwill (previous year: purchase of participations) 0.0 -30.3 Purchase of property and equipment 8,9,10 -43.1 -27.0 Proceeds from sale of property and equipment 8.2 1.2 Increase/decrease in other long-term assets -1.3 -3.7 Interest received 7.0 2.2 Net cash used in investing activities 28 -29.2 -57.6 Cash from financing activities Payments made regarding long-term liabilities, net 0.3 0.0 Payments received regarding short-term bank borrowing, net 13 -3.7 -3.0 Payments made regarding convertible bonds, net 20 0.0 0.0 Dividend payments 19 -11.2 -8.7 Capital increase 20 23.2 9.5 Purchase of treasury stock 19 -79.2 -20.9 Other changes -0.1 -0.2 Net cash used in financing activities 28 -70.8 -23.4 Effect of exchange rates on cash -7.0 -7.0 Increase in cash and cash equivalents 178.8 77.0 Cash and cash equivalents at beginning of financial year 190.6 113.6 Cash and cash equivalents at year-end 3,28 369.3 190.6 2004 2003 Notes € million € million Foreword | Mission | Management Report | Share | Marketing |  Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 62