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26 ENERGIZER HOLDINGS, INC. 2008 Annual Report
Consolidated Statements of Cash Flows
(Dollars in millions)
YEARS ENDED SEPTEMBER 30, 2008 2007 2006
Cash Flow from Operations
Net earnings $ 329.3 $ 321.4 $ 260.9
Adjustments to reconcile net earnings to net cash flow from operations:
Depreciation and amortization 141.3 115.0 117.5
Deferred income taxes 27.0 (28.6) (23.3)
Other non-cash charges 39.2 41.8 25.4
Other, net (25.0) 7.7 11.0
Operating cash flow before changes in working capital 511.8 457.3 391.5
Changes in assets and liabilities used in operations, net of effects of business acquisitions:
Increase in accounts receivable, net (39.4) (41.6) (15.0)
Decrease/(increase) in inventories 29.5 (7.1) (54.2)
(Increase)/decrease in other current assets (2.8) 5.9 5.8
(Decrease)/increase in accounts payable (9.8) 4.2 11.5
(Decrease)/increase in other current liabilities (22.8) 26.6 33.4
Net cash flow from operations 466.5 445.3 373.0
Cash Flow from Investing Activities
Capital expenditures (160.0) (88.6) (94.9)
Proceeds from sale of assets 1.2 3.6 6.6
Acquisitions, net of cash acquired (1,882.1) – –
Proceeds from/(Investment) in share options 46.0 – (19.6)
Other, net 0.4 2.7 (7.7)
Net cash used by investing activities (1,994.5) (82.3) (115.6)
Cash Flow from Financing Activities
Cash proceeds from issuance of debt with original maturities greater than 90 days 1,482.8 – 497.8
Cash payments on debt with original maturities greater than 90 days (269.5) (10.0) (15.0)
Net increase/(decrease) in debt with original maturities of 90 days or less 97.4 (146.3) (123.2)
Common stock purchased – (53.0) (600.7)
Proceeds from issuance of common stock 12.9 35.7 21.4
Excess tax benefits from share-based payments 16.5 36.2 8.2
Net cash from/(used) by financing activities 1,340.1 (137.4) (211.5)
Effect of exchange rate changes on cash (4.1) 3.3 3.9
Net (decrease)/increase in cash and cash equivalents (192.0) 228.9 49.8
Cash and cash equivalents, beginning of period 363.2 134.3 84.5
Cash and cash equivalents, end of period $ 171.2 $ 363.2 $ 134.3
The above financial statements should be read in conjunction with the Notes To Consolidated Financial Statements.