EX-99.18 19 ex99-18.htm ASHLAND INC. OPERATING SEGMENT TRADE WORKING CAPITAL ex99-18.htm
Exhibit 99.18
(Text of graph posted to Ashland Inc.'s website concerning
Ashland Inc. operating segment trade working capital)
 
 
% of Annualized Sales#
                  
 Monthly Actual %                    
 
2007
  
2008
   2009   2010   2011   
January
 
  
17.0
  * 16.9   14.0   13.8  ** 
February
 
  
16.7
  *  16.9   13.7   14.1   
March
 
  
15.6
  *   16.3   12.3      
April
 
  
15.5
  *   15.9   12.2      
May
 
  
15.1
  *   16.0   11.9      
June
 
  
15.2
  *   14.9   12.6      
July
 
  
14.6
  *   14.4   12.5      
August
 
  
14.5
  *   13.9   12.4      
September
 
  
13.7
  *   12.7   11.9  **    
October
16.3
  *
13.3
  *   13.2   12.3  **    
November
16.6
  * 14.1   13.6   12.3  **    
December
17.1
  * 16.2   14.1   14.0  **    
 
NOTE:  Ashland's fiscal 2011 operating segment trade working capital target is a 13 month average of 13.4%.
 
* Data has been adjusted to include the historical Hercules businesses, preceding its purchase in November 2008.
 
**Data has been adjusted to reflect certain revisions within the calculation.
 
 
#  Selected Working Capital Components - February 28, 2011
            
                             
Unaudited Data
                            
($ in millions)
      Operating        
Other
            
       segments   (a)    
components
   (b)  
Total
    
Accounts receivable (c)
     970           77  
 
     1,047    
Inventories (d)
     598           (54 )       544    
(Less) Trade and other payables
      (748 )         (370 )
 
     (1,118 )  
Net
      820           (347 )       473    
                                 
(a) Represents amounts considered in internal performance metrics applicable to most employees and includes Ashland Distribution.
(b) Amount relates primarily to items within Corporate reporting segments and assets/liabilities held for sale, including Ashland Distribution.
(c) Accounts receivable is shown net of allowances for doubtful accounts.
(d) Operating segment amount excludes LIFO reserve, which is presented under other components.