Energizer 2013 Annual Report Download - page 45

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ENERGIZER HOLDINGS, INC.
(Dollars in millions, except per share data)
Financial Results
For the year ended September 30, 2013, net earnings were $407.0, or $6.47 per diluted share, compared to net earnings of
$408.9 or $6.22 per diluted share, in fiscal 2012 and $261.2, or $3.72 per diluted share, in fiscal 2011. Total average diluted
shares outstanding were 62.9 million, 65.7 million and 70.3 million for fiscal 2013, 2012 and 2011, respectively. The decline in
average diluted shares outstanding over the time periods presented was the result of share repurchases.
Diluted earnings per share (EPS) for each fiscal year were impacted by certain items related to restructuring and realignment
activities, the impact of the gains resulting from pension and post-retirement benefit changes, costs associated with the
acquisition and integration of acquired businesses, refinancing activities, and certain other items as shown in the table below.
The impacts of these items on both reported net earnings and reported net earnings per diluted share are provided below as a
reconciliation of net earnings and net earnings per diluted share to adjusted net earnings and adjusted net earnings per diluted
share, which are non-GAAP measures.
For The Years Ended September 30,
Net Earnings Diluted EPS
2013 2012 2011 2013 2012 2011
Diluted Net Earnings/EPS - GAAP $ 407.0 $ 408.9 $ 261.2 $ 6.47 $ 6.22 $ 3.72
Impacts, net of tax: expense (income)
2013 restructuring and related costs (1) 97.9 4.6 — 1.55 0.07 —
Net pension / post retirement benefit gains (67.5)——
(1.07)——
2011 Household Products restructuring —(5.7) 63.3 —(0.09) 0.89
Early debt retirement / duplicate interest —— 14.4 —— 0.21
Other realignment/integration 2.6 5.6 10.5 0.04 0.08 0.15
Acquisition inventory valuation —— 4.4 —— 0.06
Venezuela devaluation/other impacts 6.3 — 1.8 0.10 — 0.03
Early termination of interest rate swap —1.1 — —0.02 —
Tax adjustments, including valuation allowance (8.3)(7.0) 9.7 (0.13)(0.10) 0.14
Diluted Net Earnings/EPS - adjusted (Non-GAAP) $ 438.0 $ 407.5 $ 365.3 $ 6.96 $ 6.20 $ 5.20
Weighted average shares - diluted 62.9 65.7 70.3
(1) Includes after-tax costs of $3.4, for the twelve months ended September 30, 2013, associated with certain information technology and related activities,
which are included in Selling, general and administrative expense (SG&A) on the Consolidated Statements of Earnings and Comprehensive Income.
Additionally, includes after-tax costs of $3.8, for the twelve months ended September 30, 2013, associated with obsolescence charges related to the exit of
certain non-core product lines as part of our restructuring, which are included in cost of products sold on the Consolidated Statements of Earnings and
Comprehensive Income.
Operating Results
Net Sales
Net Sales - Total Company
For the Years Ended September 30,
2013 % Chg 2012 % Chg 2011
Net sales - prior year $ 4,567.2 $ 4,645.7 $ 4,248.3
Organic (50.5) (1.1)% (55.6) (1.2)% 39.3
Impact of currency (50.7) (1.1)% (69.1) (1.5)% 95.8
Incremental impact of acquisitions ——% 46.2 1.0 % 262.3
Net sales - current year $ 4,466.0 (2.2)% $ 4,567.2 (1.7)% $ 4,645.7
Net sales for fiscal 2013 were $4,466.0, down $101.2 or 2.2%, as compared to fiscal 2012, including the unfavorable impact of
currencies of approximately $51. Excluding the unfavorable impact of currencies, organic sales decreased 1.1%, as organic
sales in Personal Care were essentially flat while organic sales in Household Products declined by 2.6% in fiscal 2013 driven
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