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Energizer Holdings, Inc. 2014 Annual Report Energizer Holdings, Inc Energizer Holdings, Inc. 2014 Annual Report Energizer Holdings, Inc. is a consumer goods company operating globally in the broad categories of personal care and household products. The Personal Care Division offers a diversified range of consumer products in the wet shave, skin care, feminine care and infant care categories with well-established brand names such as Schick® and Wilkinson Sword® men’s and women’s shaving systems and disposable razors; Edge® and Skintimate® shave preparations; Playtex®, Stayfree®, Carefree® and o.b.® feminine care products; Playtex® infant feeding, gloves and Diaper Genie®; Banana Boat® and Hawaiian Tropic® sun care products; and Wet Ones® moist wipes. The Household Products Division offers consumers a broad range of household and specialty batteries and portable lighting products, anchored by the universally recognized Energizer® and Eveready® brands. The company markets its products throughout most of the world. Energizer Holdings, Inc. is traded on the NYSE under the ticker symbol ENR. On April 30, 2014, Energizer announced plans to separate the Personal Care and Household Products divisions into two independent, publicly traded companies. This transaction is expected to be completed on July 1, 2015. SEGMENT BREAKDOWN GEOGRAPHICAL NET SALES MIX Fiscal 2014 Fiscal 2014 8% 15% •US & Canada 41% 43% •Personal Care •EMEA 59% 57% •Household Products 57% •Asia 20% •Latin America NET SALES SEGMENT PROFIT Financial Highlights YEAR ENDED SEPTEMBER 30, 2014 2013 2012 2011 2010 ($ in millions, except per share data) $ 5.69 $ 6.47 $ 6.22 $ 3.72 $ 5.72 Diluted EPS – GAAP Adjustments, expense (income) 1.12 1.55 (0.02) 0.89 – Restructuring Spin-off costs 0.45 – – – – Net pension/post-retirement curtailment gains (0.01) (1.07) – – – Other realignment/integration/acquisition inventory valuation 0.19 0.04 0.08 0.21 0.10 Venezuela devaluation/other – 0.10 – 0.03 0.20 Adjustments to valuation allowance and prior year tax accruals (0.12) (0.13) (0.10) 0.14 (0.42) (a) – – 0.02 0.21 – Other adjustments $ 7.32 $ 6.96 $ 6.20 $ 5.20 $ 5.60 Diluted EPS – adjusted (Non-GAAP) FREE CASH FLOW(b) $ 572.0 $ 750.0 $ 631.6 $ 412.5 $ 652.4 Operating Cash Flow (85.3) (90.6) (111.0) (98.0) (108.7) Capital Expenditures $ 486.7 $ 659.4 $ 520.6 $ 314.5 $ 543.7 Free cash flow 137% 162% 127% 120% 135% Cash Flow Efficiency In addition to its earnings presented in accordance with generally accepted accounting principles (GAAP) Energizer® has presented certain non-GAAP measures in the table above, which it believes are useful to readers in addition to traditional GAAP measures. These measures should be considered as an alternative to, but not superior to or as a substitute for, the comparable GAAP measures. (a) Other adjustments include: Early termination of interest rate swap and early debt retirement/duplicate interest for the years ended 2012 and 2011, respectively. (b) Free cash flow is defined as net cash provided by operating activities net of capital expenditures, i.e., additions to property, plant and equipment. The Company views free cash flow as an important indicator of its ability to repay debt, fund growth and return cash to shareholders. Free cash flow is not a measure of the residual cash flow that is available for discretionary expenditures, since the Company has certain non-discretionary obligations, such as debt service, that are not deducted from the measure. Cash Flow Efficiency is defined as free cash flow divided by net earnings. ENERGIZER HOLDINGS, INC. 2014 ANNUAL REPORT PAGE 1 To Our Shareholders, Fiscal 2014 was a successful and transformative year for WORKING CAPITAL INITIATIVE Energizer Holdings. We met a number of challenges head-on and Maximizing free cash flow is critical to any business, providing achieved a third consecutive year of record adjusted earnings per financial flexibility and enabling us to return cash to shareholders, share – delivering a three year compounded annual growth rate reduce debt levels and invest in the business. In fiscal 2014, of 12 percent. We also set into motion comprehensive action free cash flow was $487 million. We also reduced working capital plans to create additional shareholder value by separating into as a percentage of net sales by 790 basis points since the two strong and successful stand-alone companies. baseline of fiscal 2011, which further contributed to an approximately $350 million reduction in average managed I am proud of Energizer and our colleagues for what was working capital. accomplished this past year. I am even more excited for our customers and shareholders for the opportunities ahead. Through innovation, we simplify and enhance the lives of FISCAL 2014 SEGMENT RESULTS customers and consumers. Every day our family of brands Personal Care Organic sales declined 1.4 percent for the year, connects with households around the world. primarily attributable to the ongoing sluggish economic environment. Category performance improved in the fourth quarter As we approached fiscal 2014, we knew our businesses would versus recent trends, but even so, still trailed prior-year levels. be tested by several headwinds. We continued to operate in a Segment profit for fiscal 2014 was up nearly 12 percent to $531 hypercompetitive environment while contending with a consumer- million including approximately $25 million of unfavorable currency spending environment that has yet to fully recover. In addition, fluctuations. This increase was driven by the incremental we realized the majority of the impact of the shelf space lost at impact of the acquisition of the Stayfree, Carefree and o.b. two major Household Products customers in the previous year. brands and improved margins primarily resulting from our And finally, economies around the world remained weak and 2013 restructuring program. currency fluctuations adversely affected the bottom line. Household Products Segment profit decreased 9.6 percent to Yet, in this environment, we realized record adjusted earnings $398 million, as organic sales declined more than 7 percent, per share of $7.32, an increase over the year before of more than mainly reflecting the loss of two major customer accounts. 5 percent. In addition, gross margin improved by 90 basis points. The impact of the loss of the two accounts was annualized in the We delivered these results while increasing Advertising & fourth quarter. The impact from lower net sales and approximately Promotion support for our brands, up $53 million or 130 basis $25 million of unfavorable currency fluctuations were partially points as a percent of net sales. At the same time, we kept a tight offset by improved margins primarily resulting from our 2013 rein on SG&A expense, which decreased 50 basis points* as a restructuring project. percent of net sales. We continued to execute our restructuring program to identify cost savings in both the Household Products and Personal Care businesses and made great progress on our SEPARATION working capital reduction initiative. At the same time, we The Energizer Board of Directors and management team strengthened our Personal Care portfolio with the strategic have continually explored opportunities to improve performance acquisition of Johnson & Johnson’s Stayfree, Carefree and o.b. and increase long-term shareholder value. We have taken feminine care business, which added $0.45 to our adjusted meaningful steps to enhance shareholder value over the last earnings per share in fiscal 2014, exceeding our expectations. three years including the restructuring program, working capital initiative, initiation of a dividend and opportunistic share repurchases. These efforts also include investments RESTRUCTURING PROGRAM that have built two successful businesses in Household Our restructuring program continues to deliver meaningful savings, Products and Personal Care. Our initiatives were designed with approximately $255 million in savings realized since the to position each company to compete, grow and create value inception of the project in 2012. We are on track to deliver for all stakeholders. $300 million in savings by July 1, 2015, the expected date for separating into two stand-alone companies. Our original target Having successfully grown the Personal Care business to was $200 million, but we are now estimating total project savings more than $2.6 billion in sales, we knew the time was right of $330 million, a portion of which will be achieved following to launch two strong consumer goods companies. This separation July 1, 2015. Looking ahead, this focus on cost savings has been underscores our long-term commitment to driving shareholder ingrained in our culture and will serve Household Products and value. We believe there are several benefits to creating two Personal Care well after they split into two companies. public companies, as each business should be able to: *excludes acquisitions, integration, spin-off transaction and restructuring related charges. ENERGIZER HOLDINGS, INC. 2014 ANNUAL REPORT PAGE 2 • Intensify its focus on its distinct commercial priorities; business with the same passion he has shown since he joined • Allocate its own resources to meet the needs of its the Energizer team in 1988. David has assembled a remarkable business; leadership team that we believe will help guide the business and accelerate growth across all categories. • Pursue distinct capital structures and capital allocation strategies; and • Provide a clear investment thesis and visibility to attract FOCUSED ON THE FUTURE a long-term investor base suited to each business. As I noted, fiscal 2014 has been a transformative year for Energizer Holdings. Our job now, for both the management team and our This separation is a complicated undertaking, but we believe that colleagues around the world, is to focus on the business at hand we have strong, passionate and experienced management teams while positioning both new companies for bright, successful futures. and well-planned business strategies for the future Household Since 2000 we have been good stewards.
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