Energizer 2011 Annual Report Download - page 13

Forward-Looking Statements
This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical
facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without
limitation, statements regarding future earnings, investment or spending initiatives, cost savings related to our restructuring
project, the impact of certain price increases, anticipated advertising and promotional spending, the estimated impact of foreign
currency movements, raw material and commodity costs, category value and future volume, sales and growth in some of our
businesses. These statements generally can be identified by the use of forward-looking words or phrases such as “believe,”
“expect,” “anticipate,” “may,” “could,” “intend,” “belief,” “estimate,” “plan,” “likely,” “will,” “should” or other similar words
or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks,
uncertainties and assumptions that are difficult to predict and could cause our actual results, performance or achievements to
differ materially from those expressed in or indicated by those statements. We cannot assure you that any of our expectations,
estimates or projections will be achieved.
The forward-looking statements included in this document are only made as of the date of this document and we disclaim any
obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors
could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements,
including, without limitation:
• Energizer's ability to improve operations and realize cost savings including cost savings anticipated from restructuring
activities;
• Energizer's ability to timely implement strategic initiatives in a manner that will positively impact our financial condition
and results of operation;
• The impact of strategic initiatives on Energizer's relationships with its employees, its major customers and vendors;
• The impact of raw material and other commodity costs;
• The impact of foreign currency exchange rates and offsetting hedges on Energizer's profitability for the year with any
degree of certainty;
• The success of new products and the ability to continually develop new products;
• Energizer's ability to predict consumption trends with respect to the overall battery category and Energizer's other
businesses;
• Energizer's ability to continue planned advertising and other promotional spending may be impacted by lower than
anticipated cash flows, or by alternative investment opportunities;
• Energizer's effective tax rate for the year could be impacted by legislative or regulatory changes by federal, state and local,
and foreign taxing authorities, as well as by the profitability or losses of Energizer's various subsidiary operations in both
high-tax and low-tax countries; and
• Prolonged recessionary conditions in key global markets where Energizer competes could result in significantly greater
local currency movements and correspondingly greater negative impact on Energizer than what can be anticipated from the
current spot rates.
In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of
any such forward-looking statements. The list of factors above is illustrative, but by no means exhaustive. The risk factors set
forth in our Annual Report on Form 10-K, in the section entitled “Risk Factors,” could affect future results, causing our results
to differ materially from those expressed in our forward-looking statements.
All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Additional risks and
uncertainties include those detailed from time to time in Energizer's publicly filed documents.
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