Energizer Holdings Inc. (ENR) 2006年年度报告「NYSE」.pdf

1、Vision FocusInsightCOMMITTED TO OUR MISSION,STRATEGIES AND PERFORMANCEENERGIZER HOLDINGS,INC.2006 ANNUAL REPORTNon-GAAP Financial PresentationIn addition to its earnings presented in accordance with generally accepted accounting principles(GAAP),Energizer has presented certain non-GAAP measures in t

2、he tableabove which it believes are useful to readers in addition to traditional GAAP 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 the

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

4、ry which was$89.7 million,pre-tax,or$58.3 million,after tax,higher than historical manu-facturing cost.Because inventory value and cost of product sold for all product manufactured after the acquisition date are based upon actual production costs,as dictatedby GAAP,Energizer believes presenting earn

5、ings excluding the inventory write-up is useful to investors as an additional basis for comparison to prior and subsequent periods.(b)Free cash flow is defined as net cash from operations,less capital expenditures.The Company views free cash flow as an important indicator of its ability to repay deb

6、t,fundgrowth and return cash to shareholders.Free cash flow is not a measure of the residual cash flow that is available for discretionary expenditures,since the Company has certainnon-discretionary obligations,such as debt service,that are not deducted from the measure.From April 1,2000 to Septembe