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| Ashland
Inc. and Consolidated Subsidiaries |
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Page 3 |
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| STATEMENTS
OF CONSOLIDATED CASH FLOWS |
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| (In
millions - preliminary and unaudited) |
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Nine months
ended |
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June 30 |
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2007 |
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2006 |
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| CASH
FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS |
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Net income |
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$ |
198 |
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$ |
207 |
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Income from discontinued
operations (net of income taxes) |
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(29) |
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(81) |
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Adjustments
to reconcile income from continuing operations to |
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cash flows from operating activities |
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Depreciation and
amortization |
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83 |
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80 |
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Deferred income taxes |
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15 |
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(5) |
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Equity income from
affiliates |
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(12) |
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(8) |
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Distributions from equity affiliates |
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8 |
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5 |
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Loss on the MAP Transaction |
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3 |
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2 |
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Change
in operating assets and liabilities (a) |
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(258) |
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(213) |
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8 |
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(13) |
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| CASH
FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS |
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Proceeds from issuance of
common stock |
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17 |
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17 |
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Excess tax benefits
related to share-based payments |
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8 |
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6 |
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Repayment of long-term
debt |
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(12) |
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(7) |
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Repurchase of common
stock |
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(288) |
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(138) |
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Cash dividends paid |
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(726) |
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(59) |
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(1,001) |
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(181) |
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| CASH
FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS |
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Additions to property,
plant and equipment |
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(102) |
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(114) |
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Purchase of operations
- net of cash acquired |
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(73) |
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(177) |
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Proceeds from sale of
operations |
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1 |
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-
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Purchases of
available-for-sale securities |
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(357) |
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(645) |
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Proceeds from sales and
maturities of available-for-sale securities |
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566 |
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437 |
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Other - net |
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20 |
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7 |
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55 |
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(492) |
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| CASH USED BY CONTINUING
OPERATIONS |
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(938) |
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(686) |
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Cash (used) 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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(5) |
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123 |
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Investing cash flows |
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(29) |
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(59) |
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| DECREASE IN CASH AND CASH
EQUIVALENTS |
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$ |
(972) |
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$ |
(622) |
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| DEPRECIATION
AND AMORTIZATION |
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Performance Materials |
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$ |
25 |
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$ |
22 |
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Distribution |
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15 |
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16 |
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Valvoline |
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23 |
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21 |
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Water Technologies |
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8 |
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10 |
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Unallocated and other |
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12 |
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11 |
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$ |
83 |
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$ |
80 |
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| ADDITIONS
TO PROPERTY, PLANT AND EQUIPMENT |
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Performance Materials |
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$ |
36 |
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$ |
31 |
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Distribution |
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19 |
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26 |
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Valvoline |
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16 |
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27 |
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Water Technologies |
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16 |
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16 |
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Unallocated and other |
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15 |
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14 |
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$ |
102 |
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$ |
114 |
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| (a) |
Excludes changes
resulting from operations acquired or sold. |
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