Energizer 2012 Annual Report Download - page 40

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ENERGIZER HOLDINGS, INC.
(Dollars in millions, except per share and percentage data)
Exhibit 13
Management’s Discussion and Analysis of Results of Operations and Financial Condition
The following discussion is a summary of the key factors management considers necessary in reviewing Energizer Holdings,
Inc.'s (the Company or Energizer) historical basis results of operations, operating segment results, and liquidity and capital
resources. Statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations that are
not historical may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. See “Forward-Looking Statements” presented later in this section. The Company reports results in two segments:
Personal Care, which includes Wet Shave, Skin Care, Feminine Care and Infant Care products and Household Products, which
includes batteries and portable lighting products. This discussion should be read in conjunction with the Consolidated Financial
Statements and related notes.
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 company-wide or segment sales, earnings and earnings per share, investments,
initiatives, capital expenditures, product launches, consumer trends, cost savings related to restructuring projects and the timing
of such savings, improvements to working capital levels and the timing and savings associated with such improvements, the
impact of price increases, advertising and promotional spending, the impact of foreign currency movements, category value and
future growth in 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,” "predict," “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:
• General market and economic conditions;
• The success of new products and the ability to continually develop new products;
• Energizer's ability to predict category and product consumption trends;
• Energizer's ability to continue planned advertising and other promotional spending;
• Energizer's ability to timely execute its strategic initiatives in a manner that will positively impact our financial condition
and results of operations and does not disrupt our business operations;
• The impact of strategic initiatives on Energizer's relationships with its employees, its major customers and vendors;
• Energizer's ability to improve operations and realize cost savings including savings expected from our restructuring plan
announced in November 2012;
• 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 impact of interest and principal repayment of our existing and any future debt;
• The impact of legislative or regulatory determinations or changes by federal, state, local and foreign authorities, including
taxing authorities;
• The impact of currency movements.
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