Energizer 2002 Annual Report Download - page 25

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YEAR ENDED SEPTEMBER 30, 2002 2001 2000
Cash Flow from Operations
Net earnings/(loss) $ 186.4 $ (39.0) $ 181.4
Adjustments to reconcile net earnings to net cash flow from operations:
Depreciation and amortization 57.4 79.8 82.0
Translation and exchange loss 9.7 6.1 1.9
Deferred income taxes 6.7 0.3 5.9
Other non-cash charges 3.8 149.1 25.5
Net earnings from discontinued operations –– (1.2)
Sale of accounts receivable (86.2) (13.8) 100.0
Changes in assets and liabilities used in operations:
(Increase)/decrease in accounts receivable, net 85.4 (2.7) (25.3)
(Increase)/decrease in inventories 0.5 90.2 (90.8)
(Increase)/decrease in other current assets (86.0) 70.3 18.7
Increase/(decrease) in accounts payable 9.7 (27.3) 24.2
Increase/(decrease) in other current liabilities 22.9 11.2 (16.8)
Other, net (4.2) (6.1) (15.9)
Cash flow from continuing operations 206.1 318.1 289.6
Cash flow from discontinued operations –– 54.7
Net cash flow from operations 206.1 318.1 344.3
Cash Flow from Investing Activities
Property additions (40.7) (77.9) (72.8)
Proceeds from sale of OEM business –– 20.0
Proceeds from sale of assets 7.3 10.8 3.2
Other, net –1.8 (8.7)
Cash used by investing activities from continuing operations (33.4) (65.3) (58.3)
Cash used by investing activities from discontinued operations –– (0.7)
Net cash used by investing activities (33.4) (65.3) (59.0)
Cash Flow from Financing Activities
Net cash proceeds from issuance of long-term debt –– 407.0
Principal payments on long-term debt (including current maturities) (50.0) (145.0) (449.5)
Cash proceeds from issuance of notes payable with maturities greater than 90 days 6.1 19.4 6.1
Cash payments on notes payable with maturities greater than 90 days (13.3) (19.4) (3.7)
Net increase/(decrease) in notes payable with maturities of 90 days or less (10.6) (20.1) (50.2)
Purchase of treasury stock (103.3) (79.6) –
Other, net 8.9 0.2 –
Net transactions with Ralston prior to spin-off – – (210.7)
Net cash used by financing activities (162.2) (244.5) (301.0)
Effect of exchange rate changes on cash 0.4 (1.2) (0.2)
Net increase/(decrease) in cash and cash equivalents 10.9 7.1 (15.9)
Cash and cash equivalents, beginning of period 23.0 11.9 27.8
Cash and cash equivalents, international month-lag elimination (Note 2) –4.0 –
Cash and cash equivalents, end of period $ 33.9 $ 23.0 $ 11.9
Non-cash transactions:
Debt assigned by Ralston $– $ – $ 478.0
The above financial statement should be read in conjunction with the Notes to Consolidated Financial Statements.
Energizer Holdings, Inc.
Consolidated Statement of Cash Flow
(Dollars in millions)
ENR 2002 Annual Report Page 23