A new approach is proposed for study structure and properties of the total squared mean curvature $W$ of surfaces in ${bf R}^3$. It is based on the generalized Weierstrass formulae for inducing surfaces. The quantity $W$ (Willmore functional) is shown to be invariant under the modified Novikov--Veselov hierarchy of integrable flows. The $1+1$--dimensional case and, in particular, Willmore tori of revolution, are studied in details. The Willmore conjecture is proved for the mKDV--invariant Willmore tori.