Energizer 2010 Annual Report Download - page 83

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Exhibit 13
ENERGIZER HOLDINGS, INC.
(Dollars in millions, except per share and percentage data)
73
ENERGIZER HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
2010 2009 2008
Cash Flow from Operations
Net earnings 403.0$ 297.8$ 329.3$
Adjustments to reconcile net earnings to net cash flow from operations:
Depreciation and amortization 139.2 130.4 141.3
Deferred income taxes (1.3) (8.2) 27.0
Other non-cash charges 71.9 68.1 39.2
Other, net 12.8 (9.7) (25.0)
Operating cash flow before changes in working capital 625.6 478.4 511.8
Changes in assets and liabilities used in operations, net of effects of
business acquisitions:
(Increase)/decrease in accounts receivable, net (26.4) 106.7 (39.4)
(Increase)/decrease in inventories (2.3) 21.8 29.5
Decrease/(increase) in other current assets 1.4 (8.2) (2.8)
Increase/(decrease) in accounts payable 41.3 (28.1) (9.8)
Increase/(decrease) in other current liabilities 12.8 (81.4) (22.8)
Net cash flow from operations 652.4 489.2 466.5
Cash Flow from Investing Activities
Capital expenditures (108.7) (139.7) (160.0)
Proceeds from sale of assets 0.8 2.5 1.2
Acquisitions, net of cash acquired - (275.0) (1,882.1)
Proceeds from share options - - 46.0
Other, net (5.4) - 0.4
Net cash used by investing activities (113.3) (412.2) (1,994.5)
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 (101.0) (306.0) (269.5)
Net (decrease)/increase in debt with original maturities of 90 days or less (151.9) (102.0) 97.4
Proceeds from issuance of common stock 12.6 515.8 12.9
Excess tax benefits from share-based payments 5.8 3.2 16.5
Net cash (used by)/from financing activities (234.5) 111.0 1,340.1
Effect of exchange rate changes on cash (34.2) 0.1 (4.1)
Net increase/(decrease) in cash and cash equivalents 270.4 188.1 (192.0)
Cash and cash equivalents, beginning of period 359.3 171.2 363.2
Cash and cash equivalents, end of period 629.7$ 359.3$ 171.2$
The above financial statements should be read in conjunction with the Notes To Consolidated Financial Statements.
YEARS ENDED SEPTEMBER 30,