Avon 2013 Annual Report Download - page 10

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as Brazil, Russia, Venezuela and Argentina, and any changes thereto, as well as reviews and investigations by government regulators that
have occurred or may occur from time to time, including, for example, local regulatory scrutiny in China;
• the impact of changes in tax rates on the value of our deferred tax assets, and declining earnings, including the amount of any domestic
source loss and the type, jurisdiction and timing of any foreign source income, on our ability to realize foreign tax credits in the U.S.;
• competitive uncertainties in our markets, including competition from companies in the cosmetics, fragrances, skincare and toiletries
industry, some of which are larger than we are and have greater resources;
• the impact of the adverse effect of rising energy, commodity and raw material prices, changes in market trends, purchasing habits of our
consumers and changes in consumer preferences, particularly given the global nature of our business and the conduct of our business in
primarily one channel;
• our ability to attract and retain key personnel;
• other sudden disruption in business operations beyond our control as a result of events such as acts of terrorism or war, natural disasters,
pandemic situations, large-scale power outages and similar events;
• key information technology systems, process or site outages and disruptions;
• the risk of product or ingredient shortages resulting from our concentration of sourcing in fewer suppliers;
• the impact of any significant restructuring charges or significant legal or regulatory settlements on our ability to comply with certain
covenants in our debt instruments;
• any changes to our credit ratings and the impact of such changes on our financing costs, rates, terms, debt service obligations, access to
lending sources and working capital needs;
• the impact of our indebtedness, our access to cash and financing, and our ability to secure financing or financing at attractive rates;
• the impact of possible pension funding obligations, increased pension expense and any changes in pension regulations or interpretations
thereof on our cash flow and results of operations;
• our ability to successfully identify new business opportunities, strategic alliances and strategic alternatives and identify and analyze alliance
and acquisition candidates, secure financing on favorable terms and negotiate and consummate alliances and acquisitions, as well as to
successfully integrate or manage any acquired business;
• disruption in our supply chain or manufacturing and distribution operations;
• the quality, safety and efficacy of our products;
• the success of our research and development activities;
• our ability to protect our intellectual property rights; and
• the risk of an adverse outcome in any material pending and future litigations or with respect to the legal status of Representatives.
Additional information identifying such factors is contained in Item 1A of our 2013 Form 10-K for the year ended December 31, 2013. We
undertake no obligation to update any such forward-looking statements.