1. In 2004 Puma's gross cash flow increased by 37.4 per cent compared to the previous financial year. Explain why.
2. Net cash flow from operating activities was EUR 285.7 million in 2004 while the increase in cash and cash equivalents was only EUR 178.8 million. Explain what happened to cause the increase in cash and cash equivalents to reduce to EUR 178.8 million.
3. The Management Report highlights free cash flow. Why does Puma's management consider free cash flow to be important?
4. Puma has increased cash and cash equivalents from EUR 113.6 million on 1 January 2003 to EUR 369.3 million on 31 December 2004. How do you interpret Puma's management of cash?