| Ashland Inc. and Consolidated Subsidiaries |
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Page 3 |
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| STATEMENTS
OF CONSOLIDATED CASH FLOWS |
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millions - preliminary and unaudited) |
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Six months
ended |
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March 31 |
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2006 |
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2005 |
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| CASH FLOWS FROM OPERATIONS |
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Income from continuing
operations |
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$ |
115 |
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$ |
126 |
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Adjustments to reconcile
to cash flows from operations |
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Depreciation,
depletion and amortization |
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103 |
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93 |
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Deferred income taxes |
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39 |
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(11) |
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Equity income from
affiliates |
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(4) |
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(215) |
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Distributions from equity affiliates |
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3 |
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4 |
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Change
in operating assets and liabilities (a) |
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(279) |
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(242) |
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Other items |
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(1) |
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1 |
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(24) |
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(244) |
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| CASH
FLOWS FROM FINANCING |
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Proceeds from issuance of
common stock |
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14 |
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51 |
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Excess tax benefits
related to share-based payments |
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4 |
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6 |
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Repayment of long-term
debt |
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(5) |
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(174) |
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Repurchase of common
stock |
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(138) |
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Increase in short-term debt |
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-
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438 |
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Cash dividends paid |
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(40) |
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(40) |
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(165) |
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281 |
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| CASH
FLOWS FROM INVESTMENT |
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Additions to property,
plant and equipment |
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(126) |
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(127) |
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Purchase of operations
- net of cash acquired |
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(3) |
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(101) |
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Proceeds from sale of
operations |
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12 |
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16 |
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Purchases of
available-for-sale securities |
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(549) |
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-
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Proceeds from sales and
maturities of available-for-sale securities |
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337 |
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-
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Other - net |
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5 |
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6 |
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(324) |
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(206) |
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| CASH USED BY CONTINUING
OPERATIONS |
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(513) |
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(169) |
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Cash provided by
discontinued operations |
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Operating cash flows |
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-
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-
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Operating cash flows |
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4 |
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-
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| DECREASE IN CASH AND CASH
EQUIVALENTS |
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$ |
(509) |
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$ |
(169) |
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| DEPRECIATION,
DEPLETION AND AMORTIZATION |
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APAC |
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$ |
52 |
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$ |
44 |
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Ashland Distribution |
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10 |
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9 |
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Ashland Specialty
Chemical |
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21 |
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22 |
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Valvoline |
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13 |
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13 |
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Unallocated and other |
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7 |
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5 |
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$ |
103 |
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$ |
93 |
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| ADDITIONS
TO PROPERTY, PLANT AND EQUIPMENT |
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APAC |
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$ |
51 |
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$ |
62 |
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Ashland Distribution |
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19 |
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8 |
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Ashland Specialty
Chemical |
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31 |
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31 |
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Valvoline |
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14 |
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14 |
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Unallocated and other |
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11 |
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12 |
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$ |
126 |
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$ |
127 |
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| (a) |
Excludes changes
resulting from operations acquired or sold. |
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