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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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Year ended |
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September 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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$ |
230 |
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$ |
407 |
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Income from discontinued
operations (net of income taxes) |
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(29) |
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(224) |
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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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133 |
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111 |
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Deferred income taxes |
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22 |
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(1) |
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Equity income from
affiliates |
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(15) |
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(11) |
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Distributions from equity affiliates |
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10 |
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5 |
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Loss on the MAP Transaction |
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3 |
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5 |
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Change
in operating assets and liabilities (a) |
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(156) |
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(141) |
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Other items |
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- |
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(3) |
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198 |
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148 |
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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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19 |
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18 |
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Excess tax benefits
related to share-based payments |
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9 |
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6 |
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Repayment of long-term
debt |
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(12) |
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(13) |
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Repurchase of common
stock |
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(288) |
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(405) |
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Cash dividends paid |
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(744) |
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(78) |
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(1,016) |
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(472) |
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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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(154) |
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(175) |
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Purchase of operations
- net of cash acquired |
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(75) |
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(183) |
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Proceeds from sale of
operations |
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- |
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- |
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Purchases of
available-for-sale securities |
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(484) |
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(824) |
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Proceeds from sales and
maturities of available-for-sale securities |
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680 |
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876 |
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Other - net |
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23 |
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20 |
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(10) |
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(286) |
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| CASH USED BY CONTINUING
OPERATIONS |
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(828) |
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(610) |
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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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(3) |
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197 |
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Investing cash flows |
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(92) |
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1,248 |
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| (DECREASE) INCREASE
IN CASH AND CASH EQUIVALENTS |
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$ |
(923) |
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$ |
835 |
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| DEPRECIATION
AND AMORTIZATION |
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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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22 |
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21 |
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Valvoline |
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31 |
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28 |
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Water Technologies |
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27 |
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17 |
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Unallocated and other |
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17 |
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14 |
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$ |
133 |
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$ |
111 |
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| ADDITIONS
TO PROPERTY, PLANT AND EQUIPMENT |
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Performance Materials |
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$ |
56 |
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$ |
58 |
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Distribution |
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29 |
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36 |
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Valvoline |
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28 |
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38 |
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Water Technologies |
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24 |
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23 |
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Unallocated and other |
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17 |
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20 |
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$ |
154 |
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$ |
175 |
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| (a) |
Excludes changes
resulting from operations acquired or sold. |
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