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ENR 2004 Annual Report
24
YEAR ENDED SEPTEMBER 30, 2004 2003 2002
CASH FLOW FROM OPERATIONS
Net earnings $ 267.4 $ 169.9 $ 186.4
Adjustments to reconcile net earnings to net cash flow from operations:
Depreciation and amortization 115.8 83.2 57.4
Translation and exchange (gain)/loss 1.5 (0.2) 9.7
Deferred income taxes (14.4) (24.7) 6.7
Other non-cash charges 14.8 2.7 3.8
Other, net 19.6 9.3 (4.2)
Operating cash flow before changes in working capital 404.7 240.2 259.8
Changes in assets and liabilities used in operations:
Increase in accounts receivable, net (62.8) (70.6) (0.8)
(Increase)/decrease in inventories (21.9) 148.0 0.5
(Increase)/decrease in other current assets 78.1 50.2 (86.0)
Increase in accounts payable 3.8 38.1 9.7
Increase in other current liabilities 83.8 36.2 22.9
Net cash flow from operations 485.7 442.1 206.1
CASH FLOW FROM INVESTI NG ACTIVITIES
Property additions (121.4) (73.0) (40.7)
Acquisition of Schick-Wilkinson Sword, net of cash acquired –(960.9) –
Proceeds from sale of assets 4.3 9.0 7.3
Other, net 5.8 (0.1) –
Net cash used by investing activities (111.3) (1,025.0) (33.4)
CASH FLOW FROM FI NANCING ACTIVITI ES
Net cash proceeds from issuance of long-term debt 205.0 1,341.4 –
Principal payments on long-term debt (including current maturities) (62.9) (590.2) (50.0)
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
Cash payments on notes payable with maturities greater than 90 days –(7.0) (13.3)
Net increase/(decrease) in notes payable with maturities of 90 days or less 44.8 (34.4) (10.6)
Restricted cash as collateral for notes payable (3.6) ––
Common stock purchased (542.9) (131.4) (103.3)
Proceeds from issuance of common stock 20.7 26.4 8.9
Net cash provided/(used) by financing activities (338.9) 611.8 (162.2)
Effect of exchange rate changes on cash 1.9 8.9 0.4
Net increase in cash and cash equivalents 37.4 37.8 10.9
Cash and cash equivalents, beginning of period 71.7 33.9 23.0
Cash and cash equivalents, end of period $ 109.1 $ 71.7 $ 33.9
The above financial statement should be read in conjunction with the Notes to Consolidated Financial Statements.
ENERGI ZER HOLDINGS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)