Energizer 2001 Annual Report Download - page 23

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expenses associated with these activities. In addition, expected improvements in operating eÇciency may not
materialize, and the cost reductions actually realized as a result of restructuring activity may be less signiÑcant
than anticipated. Unforeseen Öuctuations in levels of the Company's operating cash Öows, or inability to
maintain compliance with its debt covenants, could limit the Company's ability to meet future operating
expenses and liquidity requirements, fund capital expenditures or service its debt as it becomes due. The
current political and economic crisis could result in higher levels of inÖation than anticipated, and the
Company may not be able to realize cost reductions, productivity improvements or price increases which are
substantial enough to counter the inÖationary impact. Unknown environmental liabilities and greater than
anticipated remediation expenses or environmental control expenditures could have a material impact on the
Company's Ñnancial position. Economic turmoil and currency Öuctuations could increase the Company's risk
from unfavorable impacts on variable-rate debt, currency derivatives and other Ñnancial instruments, as well
as increase the potential loss in value of its net foreign currency investment in foreign subsidiaries. Additional
risks and uncertainties include those detailed from time to time in the Company's publicly Ñled documents,
including its Registration Statement on Form 10, as amended, and its Current Report on Form 8-K dated
April 25, 2000.
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