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The Clorox Company
    Supplemental Balance Sheet and Cash Flow Information – Preliminary* (unaudited)
                       For the quarter ended September 30, 2004



Working Capital (WC) Update


                              Q1 ’05      Q1 ’04        Change      Days          Days
                            ($ million) ($ million)   ($ million)    ’05           ’04         Change
Receivables, net                385         379           +6          35            36          -1 day
Inventories                     305         273           +32         45            41         +4 days
Accounts payable                287         282           +5          44            45          -1 day
Accrued liabilities             617         490          +127
Total WC(1) (2)                 -167        -70           -97
Avg WC% Net sales(3)           -3.8%       -2.0%        -1.8 pts

        •   Inventory was higher primarily due to normalization of charcoal inventory levels and
            increased bags and wraps inventory behind the launch of Glad ForceFlex.
        •   Accrued liabilities increased as a result of higher tax-related accruals.

Capital expenditures were $27 million

Depreciation and amortization was $47 million

Cash provided by operations

        •   Cash provided by continuing operations was $216 million, 20 percent of sales and 54
            percent above the year ago quarter. The variance to year ago was driven by higher
            pretax earnings before restructuring and asset impairment charges in the current
            period, and a $37 million pension contribution made in the year ago period.




     *Preliminary estimates. Final numbers will be published in our Form 10-Q.
     (1)
         Working capital is defined as current assets minus current liabilities excluding cash,
       assets held for exchange and short term debt, except as noted in footnote (2) below.
     (2)
         Q1 ‘05 balance includes $12 million in net working capital included in the assets held for
       exchange line, as reflected on the 9/30/04 Condensed Consolidated Balance Sheet
       (Unaudited). Assets held for exchange include assets exchanged under the terms of the
       definitive share exchange agreement reached with Henkel KGaA.
     (3)
         Based on a two points average working capital divided by annualized net sales (current
      quarter net sales x 4).

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CLOrox fy05_q1_blncsheet

  • 1. The Clorox Company Supplemental Balance Sheet and Cash Flow Information – Preliminary* (unaudited) For the quarter ended September 30, 2004 Working Capital (WC) Update Q1 ’05 Q1 ’04 Change Days Days ($ million) ($ million) ($ million) ’05 ’04 Change Receivables, net 385 379 +6 35 36 -1 day Inventories 305 273 +32 45 41 +4 days Accounts payable 287 282 +5 44 45 -1 day Accrued liabilities 617 490 +127 Total WC(1) (2) -167 -70 -97 Avg WC% Net sales(3) -3.8% -2.0% -1.8 pts • Inventory was higher primarily due to normalization of charcoal inventory levels and increased bags and wraps inventory behind the launch of Glad ForceFlex. • Accrued liabilities increased as a result of higher tax-related accruals. Capital expenditures were $27 million Depreciation and amortization was $47 million Cash provided by operations • Cash provided by continuing operations was $216 million, 20 percent of sales and 54 percent above the year ago quarter. The variance to year ago was driven by higher pretax earnings before restructuring and asset impairment charges in the current period, and a $37 million pension contribution made in the year ago period. *Preliminary estimates. Final numbers will be published in our Form 10-Q. (1) Working capital is defined as current assets minus current liabilities excluding cash, assets held for exchange and short term debt, except as noted in footnote (2) below. (2) Q1 ‘05 balance includes $12 million in net working capital included in the assets held for exchange line, as reflected on the 9/30/04 Condensed Consolidated Balance Sheet (Unaudited). Assets held for exchange include assets exchanged under the terms of the definitive share exchange agreement reached with Henkel KGaA. (3) Based on a two points average working capital divided by annualized net sales (current quarter net sales x 4).