Energizer 2014 Annual Report Download - page 14

and Latin American countries with respect to battery recycling programs. As such programs develop, it is possible that new
regulations may increase the risk and expense of doing business in such countries.
Certain of Energizer's products are subject to regulation under the Federal Food, Drug and Cosmetic Act and are regulated
by the U.S. Food and Drug Administration (FDA).
Available Information
Energizer regularly files periodic reports with the SEC, including annual reports on Form 10-K and quarterly reports on
Form 10-Q, as well as, from time to time, current reports on Form 8-K, and amendments to those reports. The SEC maintains
an Internet site containing these reports, and proxy and information statements, at www.sec.gov. These filings are also available
free of charge on Energizer's website, at www.energizerholdings.com, as soon as reasonably practicable after their electronic
filing with the SEC. Information on Energizer's website does not constitute part of this Form 10-K.
Other Matters
Additional descriptions of the business of Energizer in response to Item 1, and the summary of selected financial data
appearing under “ENERGIZER HOLDINGS, INC. - MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION” and appearing under “ENERGIZER HOLDINGS, INC. - NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS - Note 21 - Segment Information,” are included in Exhibit 13 attached hereto
and incorporated herein by reference. This information will also appear in the Energizer Holdings, Inc. 2014 Annual Report.
Item 1A. Risk Factors.
The following risks and uncertainties could materially adversely affect our business, results of operations, consolidated
financial condition and cash flows. Energizer may amend or supplement the risk factors described below from time to time in
other reports it files with the SEC.
Energizer faces risks associated with global economic conditions.
Unfavorable global economic conditions, unemployment levels and uncertainty about future economic prospects could
reduce consumer demand for our products as a result of a reduction in discretionary spending or a shift of purchasing patterns
to lower-cost options such as private label or price brands. Similarly, our retailer customers could reduce their inventories, shift
to different products or require us to lower our prices to remain on shelf. Declining financial performance by certain of our
retailer customers could impact their ability to pay us on a timely basis, or at all. Worsening economic conditions could harm
our sales and profitability. Additionally, disruptions in financial markets could reduce our access to debt and equity capital
markets, negatively affecting our ability to implement our business plan and strategy.
Competition in Energizer's industries may hinder our ability to execute our business strategy, achieve profitability, or
maintain relationships with existing customers.
The categories in which Energizer operates are mature and highly competitive, both in the United States and globally, as a
limited number of large manufacturers compete for consumer acceptance, limited retail shelf space and e-commerce
opportunities. Because of the highly competitive environment in which we operate as well as increasing retailer concentration,
our retailer customers, including on-line retailers, frequently seek to obtain pricing concessions or better trade terms, resulting
in either reduction of our margins, or losses of distribution to lower cost competitors. Competition is based upon brand
perceptions, product performance and innovation, customer service and price. Energizer's ability to compete effectively may be
affected by a number of factors, including:
• our primary competitor in batteries, wet shave and feminine care products, The Procter & Gamble Company, and our
other competitors, may have substantially greater financial, marketing, research and development and other resources
and greater market share in certain segments than Energizer does, which could provide them with greater scale and
negotiating leverage with retailers and suppliers;
• our competitors may have lower production, sales and distribution costs, and higher profit margins, which may enable
them to offer aggressive retail discounts and other promotional incentives;
• our competitors may be able to obtain exclusive distribution rights at particular retailers, or favorable in-store
placement; and
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