Edgewell Personal Care Co (EPC) 2005年年度报告「NYSE」.pdf

1、Energizer Holdings,Inc.2005 Annual ReportStructuredfor SuccessOur Culture.Our Brands.Our Operations.YEAR ENDED SEPTEMBER 30,200520042003Net Earnings(in millions)Net Earnings,excluding certain unusual items$286.4$267.4$228.2SWS inventory write-up,net of tax(a)(58.3)Net Earnings$286.4$267.4$169.9Dilut

2、ed Earnings Per ShareNet Earnings,excluding certain unusual items$3.90$3.21$2.59SWS inventory write-up,net of tax(a)(0.66)Net Earnings$3.90$3.21$1.93Diluted Weighted-Average Shares Outstanding73.583.488.2Free Cash Flow(in millions)(b)Operating cash flow$316.8$485.7$442.1Additions to property,plant a

3、nd equipment(103.0)(121.4)(73.0)Disposals of property,plant and equipment5.44.39.0Free Cash Flow$219.2$368.6$378.1Non-GAAP Financial PresentationIn addition to its earnings presented in accordance with generally accepted accounting principles(GAAP),Energizer has presented certain non-GAAP measures i

4、n the table above which it believes are useful to readers in addition to traditionalGAAP measures.These measures should not be considered as an alternative to comparable GAAP measures.(a)In 2003,earnings are presented with and without the impact of a write-up recorded on inventory acquired through t

5、he purchase of Schick-Wilkinson Sword(SWS)from Pfizer.GAAP requires inventory to be valued as if Energizer was a dis-tributor purchasing the inventory at fair market value,as opposed to its historical manufacturing cost.As a result,there was a one-time allocation of purchase price to the acquired in

6、ventory which was$89.7 million,pre-tax,or$58.3 million,after tax,higher than historical manufacturing cost.Because inventory value and cost of product sold for all product manufactured after the acquisition date are based upon actual production costs,as dictated by GAAP,Energizer believespresenting