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SPECTRUM BRANDS HOLDINGS 2010 Annual Report

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SPECTRUM BRANDS HOLDINGS 2010 Annual Report SPECTRUM BRANDS HOLDINGS 2010 Annual Report Providing Quality and Value to Consumers Worldwide ™ SPECTRUM BRANDS HOLDINGS is a global, diversifi ed and market-driven consumer products company with fi scal 2010 revenues from continuing operations of $3.1 billion. Our Company is a leading worldwide supplier of batteries; shaving, grooming and personal care products; small household appliances; specialty pet supplies; lawn and garden and home pest control products; personal insect repellents; and portable lighting. Spectrum Brands’ products are widely trusted, sold by the world’s top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Our brands – including Remington®, Tetra®, Rayovac®, George Foreman®, Black & Decker® kitchen appliances, Cutter®, Repel® and Spectracide® – are non-discretionary, replacement consumer packaged goods used by all consumers on a daily basis. Headquartered in Madison, Wisconsin, our Company employs some 6,200 people in 43 countries. GLOBAL BATTERIES PERSONAL CARE GLOBAL PET SUPPLIES Our battery products span the globe, from Our Remington® brand is a leading name Spectrum’s United Pet Group is one of North America to Europe and Latin America in electric shaving and grooming and the world’s largest specialty pet suppliers. where we are among the top one, two or personal care products, including men’s In the aquatics category, Tetra® is the top three players in each region. In Central Eu- and women’s shavers, beard and global premium brand name. Tetra® rope, the premium-positioned VARTA® is the mustache trimmers, body trimmers, nose products include fi sh food and water second-largest alkaline battery brand. and ear trimmers, hair dryers, straightening treatments, aquariums, fi lters, heaters, In North America, Rayovac® is the number- irons, styling irons, and hairsetters. pumps and other aquatic supplies. three brand with a well-defi ned value Innovative new products ensure strong Our companion pet products include proposition, and in Latin America, the market positions. In North America, treats, clean-up and training aid Rayovac® brand dominates the battery Remington® is the market leader in products, health and grooming aids, market. Our portfolio features a wide grooming products and women’s shavers and bedding. These are marketed variety of consumer batteries, including and holds the number-two position in under brands such as 8-in-1®, Dingo® alkaline, zinc carbon, hearing aid, men’s shavers. In the Asia-Pacifi c region and Nature’s Miracle®. United Pet’s rechargeable batteries and chargers. and the U.K., Remington® is the market well-known products have broad Rayovac® and VARTA® also market portable leader in grooming products and one of distribution throughout North America, lighting products. the top two hair care brands. Europe and Japan. HOME & GARDEN SMALL APPLIANCES Cutter®, Repel®, Hot Shot® and Spectracide® are among the highly In June 2010, Spectrum Brands acquired Russell Hobbs and its recognized names in our United Industries’ Home & Garden portfolio market-leading positions in six key kitchen appliance categories, of branded consumer products. They include home, lawn and garden including indoor grills, irons, toaster ovens, toasters, citrus juicers insect and weed control products, personal and area mosquito and breadmakers. Its well-known brands include George Foreman®, repellents, and specialty plant care products which are attractive Black & Decker®, Breadman®, Farberware® and, in Europe, Russell markets in North America with high barriers to entry. Retail distribution Hobbs®. With strong relationships among major retailers, Russell Hobbs includes home improvement centers, mass merchandisers, hardware offers a convenient line of products that appeal to growing consumer stores, grocery stores and drug chains. Within these retail locations, our trends for more healthy eating and stay-at-home cooking. Russell Hobbs products are typically positioned as the superior value brand and occupy products enjoy a leading presence in North America and Europe, a strong, number-two position in each category in which they compete. primarily the U.K., with a growing position in Latin America. VISION Be Th e Leader in Retailer Metrics with Superior Value Consumer Products for Everyday Use GOAL Create an Additional $1 Billion of Enterprise Value in Th ree Years Th rough a Combination of EBITDA Growth and Debt Reduction David R. Lumley Chief Executive Offi cer and President – Global Batteries and Personal Care and Home and Garden TO OUR SHAREHOLDERS With a pivotal and successful fi scal 2010 behind us and an outlook for even better performance in fi scal 2011, Spectrum Brands Holdings is moving into a promising new era, building a strong foundation for continuing growth and greater value creation. My message is one of confi dence and opti- A clear roadmap and multi-year strategy guide mism about the future of Spectrum Brands our efforts to drive additional shareholder value Holdings. Since becoming your new Chief creation. Our vision is straightforward: To be Executive Offi cer in April 2010, we have worked the leader in retailer metrics with superior value diligently to develop a focused and realistic consumer products for everyday use. We are on vision and plan to build a stronger Spectrum track or ahead of schedule to meet the fi nancial Brands. Our leadership team is tested and objectives we have developed, most importantly brings the deep experience required to steer to create an additional $1 billion of enterprise our Company’s expansion. value by the end of fi scal 2013 through a combination of adjusted EBITDA growth and Spectrum Brands completed a solid fi scal aggressive debt reduction, which is already in 2010, delivering net sales growth of 3.4 motion. As a start, two voluntary prepayments of percent from continuing operations and a 10.5 $50 million and $20 million in recent months have percent increase in adjusted EBITDA, while reduced our $750 million senior secured Term ending the year with a strong liquidity position. Loan to $680 million. We saw signifi cant market share gains in key product categories, and all segments reported We believe fi scal 2011 should be another year of increased adjusted EBITDA. Spectrum Brands growth and progress. We expect net sales from is now a $3.1 billion, global consumer continuing operations to increase 3 to 4 percent, products company with a broad offering of adjusted EBITDA to grow to $455-$465 million, widely trusted, extendable and like brands for and free cash fl ow to reach $155-$165 million. like retailers that provide quality, performance Importantly, we anticipate cumulative debt and value to consumers worldwide. We enjoy reduction on our senior secured Term Loan in a true global footprint with a solid presence on fi scal 2011 of at least $200 million. six continents in more than 120 countries. A signifi cant fi scal 2010 achievement was our We enter fi scal 2011 with momentum and an acquisition of the Russell Hobbs small appliances unwavering focus on our strategic, operational business, with its widely respected brands and and fi nancial goals, and with compelling oppor- leading market positions. Upon completion of tunities for market share and EBITDA growth. this acquisition, our Company became We have the capacity to generate strong and Spectrum Brands Holdings from Spectrum continuous free cash fl ow built upon a diversifi ed Brands, Inc. As part of the Russell Hobbs merger, revenue stream, attractive margins, and the we completed a major debt refi nancing. This top one, two or three global market position signifi cantly improved our Company’s fi nancial with powerful and enduring brand names in profi le by strengthening our capital structure, categories with limited signifi cant competitors. reducing fi nancial risk, improving our leverage ratio and extending debt maturities, while Our Spectrum Value Model is at the heart of enhancing liquidity and increasing capital our operating approach. As the accompanying available for growth. chart shows, this model emphasizes providing value to the consumer with products that work The Russell Hobbs integration is on track, as well as or better than our competition for and we remain confi dent of achieving, and a lower cost. We do this while also delivering possibly exceeding, the $25-$30 million of cost higher retailer margins. We concentrate our synergies we have projected over the next efforts to win at point of sale and on creating and few years. There are additional opportunities to maintaining a low-cost, effi cient operating struc- capture revenue and new product development ture that allows our top-line growth to contribute synergies as we begin leveraging each directly to our profi tability. This operating model company’s regional strengths in complementary permeates our businesses. We live it every day. categories. Beyond Russell Hobbs, important integrations are occurring within our Global Pet We believe our superior value brand strategy and Home & Garden businesses, even as we is working well. We are maintaining or growing have completed the relocation of our corporate share in most of our key product categories. headquarters from Atlanta back to Madison, We continue to target driving our cost structure Wisconsin. In short, Spectrum Brands now has down and intend to move rapidly to strengthen a streamlined organization aligned along global our balance sheet with further and regular debt business units, and connected through a shared reduction payments. services platform. The result is a more accountable, agile and In addition to organic growth in our business competitive Spectrum Brands – a business segments, and a focus on driving more volume much better positioned to generate steady and through our plants to improve capacity utiliza- profi table margins. Although market conditions tion rates, we look to grow our Global Pet and change constantly, our brand fundamentals – Home & Garden segments through small, bolt- from manufacturing and distribution to product on acquisitions.
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