Energizer 2003 Annual Report Download - page 26

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Page 24 ENR 2003 ANNUAL REPORT
YEAR ENDED SEPTEMBER 30, 2003 2002 2001
CASH FLOW FROM OPERATIONS
Net earnings/(loss) $ 169.9 $ 186.4 $ (39.0)
Adjustments to reconcile net earnings to net cash flow from operations:
Depreciation and amortization 83.2 57.4 79.8
Translation and exchange (gain)/loss (0.2) 9.7 6.1
Deferred income taxes (24.7) 6.7 0.3
Other non-cash charges 2.7 3.8 149.1
Other, net 9.3 (4.2) (6.1)
Operating cash flow before change in working capital 240.2 259.8 190.2
Changes in assets and liabilities used in operations:
Increase in accounts receivable, net (70.6) (0.8) (16.5)
Decrease in inventories 148.0 0.5 90.2
(Increase)/decrease in other current assets 50.2 (86.0) 70.3
Increase/(decrease) in accounts payable 38.1 9.7 (27.3)
Increase in other current liabilities 36.2 22.9 11.2
Net cash flow from operations 442.1 206.1 318.1
CASH FLOW FROM INVESTING ACTIVITIES
Property additions (73.0) (40.7) (77.9)
Acquisition of Schick-Wilkinson Sword, net of cash acquired (960.9) ––
Proceeds from sale of assets 9.0 7.3 10.8
Other, net (0.1) –1.8
Net cash used by investing activities (1,025.0) (33.4) (65.3)
CASH FLOW FROM FINANCING ACTIVITIES
Net cash proceeds from issuance of long-term debt 1,341.4 ––
Principal payments on long-term debt (including current maturities) (590.2) (50.0) (145.0)
Net cash proceeds from acquisition bridge loan 550.0 ––
Principal payment of acquisition bridge loan (550.0) ––
Cash proceeds from issuance of notes payable with maturities greater than 90 days 7.0 6.1 19.4
Cash payments on notes payable with maturities greater than 90 days (7.0) (13.3) (19.4)
Net decrease in notes payable with maturities of 90 days or less (34.4) (10.6) (20.1)
Common stock purchased (131.4) (103.3) (79.6)
Proceeds from issuance of common stock 26.4 8.9 0.2
Net cash provided/(used) by financing activities 611.8 (162.2) (244.5)
Effect of exchange rate changes on cash 8.9 0.4 (1.2)
Net increase in cash and cash equivalents 37.8 10.9 7.1
Cash and cash equivalents, beginning of period 33.9 23.0 11.9
Cash and cash equivalents, international month-lag elimination ––4.0
Cash and cash equivalents, end of period $ 71.7 $33.9 $ 23.0
The above financial statement should be read in conjunction with the Notes to Consolidated Financial Statements.
ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)