Energizer 2009 Annual Report Download - page 29

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ENERGIZER HOLDINGS INC. 2009 ANNUAL REPORT PAGE 27
CONSOLIDAT E D S TATEMENTS OF CASH FLOWS
(Dollars in millions)
Years Ended September 30, 2009 2008 2007
Cash Flow from Operations
Net earnings $ 297.8 $ 329.3 $ 321.4
Adjustments to reconcile net earnings to net cash flow from operations:
Depreciation and amortization 130.4 141.3 115.0
Deferred income taxes (8.2) 27.0 (28.6)
Other non-cash charges 68.1 39.2 41.8
Other, net (9.7) (25.0) 7.7
Operating cash flow before changes in working capital 478.4 511.8 457.3
Changes in assets and liabilities used in operations, net of effects of business acquisitions:
Decrease/(increase) in accounts receivable, net 106.7 (39.4) (41.6)
Decrease/(increase) in inventories 21.8 29.5 (7.1)
(Increase)/decrease in other current assets (8.2) (2.8) 5.9
(Decrease)/increase in accounts payable (28.1) (9.8) 4.2
(Decrease)/increase in other current liabilities (81.4) (22.8) 26.6
Net cash flow from operations 489.2 466.5 445.3
Cash Flow from Investing Activities
Capital expenditures (139.7) (160.0) (88.6)
Proceeds from sale of assets 2.5 1.2 3.6
Acquisitions, net of cash acquired (275.0) (1,882.1) –
Proceeds from share options – 46.0 –
Other, net – 0.4 2.7
Net cash used by investing activities (412.2) (1,994.5) (82.3)
Cash Flow from Financing Activities
Cash proceeds from issuance of debt with original maturities greater than 90 days – 1,482.8 –
Cash payments on debt with original maturities greater than 90 days (306.0) (269.5) (10.0)
Net (decrease)/increase in debt with original maturities of 90 days or less (102.0) 97.4 (146.3)
Common stock purchased – – (53.0)
Proceeds from issuance of common stock 515.8 12.9 35.7
Excess tax benefits from share-based payments 3.2 16.5 36.2
Net cash from/(used by) financing activities 111.0 1,340.1 (137.4)
Effect of exchange rate changes on cash 0.1 (4.1) 3.3
Net increase/(decrease) in cash and cash equivalents 188.1 (192.0) 228.9
Cash and cash equivalents, beginning of period 171.2 363.2 134.3
Cash and cash equivalents, end of period $ 359.3 $ 171.2 $ 363.2
The above financial statements should be read in conjunction with the Notes To Consolidated Financial Statements.