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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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Six months
ended |
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March 31 |
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2008 |
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2007 |
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| CASH
FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS |
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Net income |
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$ |
105 |
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$ |
98 |
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|
Loss (income) from
discontinued operations (net of income taxes) |
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|
5 |
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(14) |
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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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71 |
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57 |
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Deferred income taxes |
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13 |
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(1) |
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Equity income from
affiliates |
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(11) |
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(6) |
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Distributions from equity affiliates |
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5 |
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3 |
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(Gain) loss on the MAP Transaction |
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(22) |
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4 |
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Change
in operating assets and liabilities (a) |
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60 |
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(223) |
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Other items |
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- |
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(1) |
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226 |
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(83) |
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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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2 |
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17 |
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Excess tax benefits
related to share-based payments |
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1 |
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8 |
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Repayment of long-term
debt |
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(3) |
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(5) |
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Repurchase of common
stock |
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-
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(288) |
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Cash dividends paid |
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(35) |
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(709) |
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(35) |
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(977) |
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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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(85) |
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(66) |
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Purchase of operations
- net of cash acquired |
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(4) |
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(73) |
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Proceeds from sale of
operations |
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26 |
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1 |
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Purchases of
available-for-sale securities |
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(435) |
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(306) |
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Proceeds from sales and
maturities of available-for-sale securities |
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255 |
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286 |
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Other items |
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7 |
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12 |
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(236) |
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(146) |
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| CASH USED BY CONTINUING
OPERATIONS |
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(45) |
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(1,206) |
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Cash used 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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(2) |
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Investing cash flows |
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-
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(28) |
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| DECREASE IN CASH AND CASH
EQUIVALENTS |
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$ |
(50) |
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$ |
(1,236) |
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| DEPRECIATION
AND AMORTIZATION |
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Performance Materials |
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$ |
19 |
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$ |
16 |
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Distribution |
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12 |
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10 |
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Valvoline |
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16 |
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15 |
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Water Technologies |
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13 |
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9 |
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Unallocated and other |
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11 |
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7 |
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$ |
71 |
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$ |
57 |
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| ADDITIONS
TO PROPERTY, PLANT AND EQUIPMENT |
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Performance Materials |
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$ |
30 |
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$ |
19 |
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Distribution |
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15 |
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13 |
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Valvoline |
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12 |
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14 |
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Water Technologies |
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9 |
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12 |
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Unallocated and other |
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19 |
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8 |
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$ |
85 |
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$ |
66 |
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| (a) |
Excludes changes
resulting from operations acquired or sold. |
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