Energizer 2015 Annual Report Download - page 28

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24
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is a summary of the key factors management considers necessary in reviewing
Energizer’s 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 (“MD&A”) that are not
historical may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995.
You should read the following MD&A in conjunction with the audited Consolidated Financial Statements and
corresponding notes included elsewhere in this Annual Report. This MD&A contains forward-looking statements. The
matters discussed in these forward-looking statements are subject to risk, uncertainties, and other factors that could cause
actual results to differ materially from those projected or implied in the forward-looking statements. Please see above “Risk
Factors” and “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with
these statements.
All amounts discussed are in millions of U.S. dollars, unless otherwise indicated.
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, the future sales, gross margins, earnings and performance of Energizer. These statements
generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "expectation,"
"anticipate," "may," "could," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "will," "should," "forecast,"
"outlook," 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 to
differ materially from those 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:
• market and economic conditions;
• market trends in the categories in which we compete;
• 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, and international go-to-market
changes 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 foreign currency exchange rates and currency controls, as well as offsetting hedges;
• the impact of raw materials and other commodity costs;
• costs and reputational damage associated with cyber-attacks or information security breaches;
• our ability to acquire and integrate businesses, and to realize the projected results of acquisitions;
• the impact of advertising and product liability claims and other litigation;
• compliance with debt covenants and maintenance of credit ratings as well as the impact of interest and principal
repayment of our existing and any future debt; and
• 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. All