Energizer 2013 Annual Report Download - page 10

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AVERAGE MANAGED WORKING CAPITAL AS A PERCENT OF NET SALES
0% 5% 10% 15% 20% 25%
2013
2012
2011
Maximizing Free Cash Flow
We have increased our free cash ow 27% in scal
2013 as we exceeded our working capital initiative
goals nearly one year ahead of schedule. As a result,
our average managed working capital investment has
decreased by 480 basis points (as a percentage of net
sales) or more than $250 million since the inception
of the program at the end of scal 2011.
PAGE 8
ENERGIZER HOLDINGS, INC. 2013 ANNUAL REPORT
22.9%
21.4%
18.1%