Energizer 2001 Annual Report Download - page 27

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REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of Energizer Holdings, Inc.
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of
earnings and comprehensive income, of cash Öows and of shareholders equity present fairly, in all material
respects, the Ñnancial position of Energizer Holdings, Inc. and its subsidiaries at September 30, 2001 and
2000, and the results of their operations and their cash Öows for each of the three years in the period ended
September 30, 2001, in conformity with accounting principles generally accepted in the United States of
America. These Ñnancial statements are the responsibility of Energizer's management; our responsibility is to
express an opinion on these Ñnancial statements based on our audits. We conducted our audits of these
statements in accordance with auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about whether the Ñnancial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the Ñnancial statements, assessing the accounting principles used
and signiÑcant estimates made by management, and evaluating the overall Ñnancial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
St. Louis, Missouri
October 30, 2001
24