Energizer 2013 Annual Report Download - page 40

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ENERGIZER HOLDINGS, INC.
(Dollars in millions, except per share data)
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 below. 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, and the successful integration of acquisitions. 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;
• Market trends in the categories in which we operate;
• The success of new products and the ability to continually develop and market new products;
• Our ability to attract, retain and improve distribution with key customers;
• Our ability to continue planned advertising and other promotional spending;
• Our ability to timely execute strategic initiatives, including restructurings, 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, including restructurings, on our relationships with employees, customers and
vendors;
• Our ability to maintain and improve market share in the categories in which we operate despite heightened competitive
pressure;
• Our ability to improve operations and realize cost savings;
• The impact of raw material and other commodity costs;
• The impact of foreign currency exchange rates and currency controls as well as offsetting hedges;
• Our ability to acquire and integrate businesses;
• The impact of advertising and product liability claims and other litigation;
• Compliance with debt covenants as well as the impact of interest and principal repayment of our existing and any
future debt; or
• The impact of legislative or regulatory determinations or changes by federal, state and local, and foreign authorities,
including taxing authorities.
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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