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Notes to the Cash Flow Statement

The Freudenberg Group
Report of the Board of Partners
Foreword of the Management Board
Management Report of the Freudenberg Group
Review of the Operations of the Business Groups and Divisions
People and Responsibility
Innovation
Consolidated Financial Statements
Consolidated Balance Sheet as at December 31, 2003
Consolidated Income Statement
Cash Flow Statement
Development of Partners' Equity
Statement of Changes in Fixed Assets
Notes to the Consolidated Financial Statements
Notes to the Income Statement
Notes to the Cash Flow Statement
Further notes
Independent Auditor's Report
Major Group Companies and Shareholdings
Lists of figures and abbreviations
Imprint

The cash flow from operating activities takes into account payments for taxes amounting to 88.8 million Euro (2002: 100.4 million Euro) plus interest expenditure of 37.5 million Euro (2002: 33.8 million Euro) and interest income of 6.0 million Euro (2002: 8.0 million Euro).

Payments to partners and minority shareholders include withdrawals by partners in Freudenberg & Co. and dividends paid to minority shareholders in Group companies. Payments made in connection with partners’ taxes are also included.