Attached files
file | filename |
---|---|
8-K - 8-K - ENERGIZER HOLDINGS, INC. | form_8-kxbtsxpresentation.htm |
Energizer
Barclays Back-To-School Presentation
September 8, 2016
Brian Hamm, Chief Financial Officer
Mark LaVigne, Chief Operating Officer
Exhibit 99.1
Safe Harbor Statement
2
Unless the context otherwise requires, references in this presentation to “Energizer,” “we,” “our,” and “the Company” refer to Energizer Holdings,
Inc., and its subsidiaries. The following presentation contains “forward looking statements.” Forward-looking statements are not based on
historical facts but instead reflect our expectations concerning future results or events, including our expectations for strategic initiatives and our
outlook for future financial, operational or other potential or expected results. Numerous factors could cause our actual results or performance to
differ materially from those expressed or implied by such statements, including:
• market and economic conditions, including the impact of the United Kingdom's referendum vote and announced intention to exit the European
Union at some future date;
• the ability to integrate the HandStands business successfully and to achieve the anticipated cost savings and other synergies;
• the possibility that other anticipated benefits of the HandStands acquisition will not be realized, including without limitation, anticipated
revenues, expenses, margins, cash flows, earnings and other financial results, and growth and expansion of our operations;
• 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 or other events;
• 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.
• Additional risks and uncertainties include those detailed in our most recent Annual Report on Form 10-K and other SEC filings. The forward-
looking statements included in this presentation 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.
Non-GAAP financial measures
3
Market, Industry and Financial Data
Unless indicated otherwise, our financial data contained in this presentation is based on our internal data, and the information
concerning our industry is based on our general knowledge of and expectations concerning the industry. Our market position, market
share and industry market size relate to markets where we compete and are based on estimates using our internal data and estimates,
based on data from various industry analyses, our internal research and adjustments and assumptions that we believe to be
reasonable. We have not independently verified data from industry analyses and cannot guarantee their accuracy or completeness. In
addition, we believe that data regarding the industry, market size and our market position and market share within such industry provide
general guidance but are inherently imprecise. Further, our estimates and assumptions involve risks and uncertainties and are subject
to change based on various factors. These and other factors could cause results to differ materially from those expressed in the
estimates and assumptions.
Non-GAAP financial measures
While the Company reports financial results in accordance with accounting principles generally accepted in the U.S. (“GAAP”), this
presentation includes non-GAAP measures, such as organic revenue, which excludes the impact of changes in foreign currency rates
on a period over period basis versus the U.S. dollar, the impact of our go-to market initiatives, and the change in our Venezuela results
from the deconsolidation of those operations, and free cash flow, as well as ratios derived therefrom. We believe these non-GAAP
measures provide a meaningful comparison to the corresponding historical or future period, assist investors in performing their analysis
and provide investors with visibility into the underlying financial performance of the Company’s business. The Company believes that
these non-GAAP measures are presented in such a way as to allow investors to more clearly understand the nature and amount of the
adjustments to arrive at the non-GAAP measure. Investors should consider non-GAAP measures in addition to, not as a substitute for,
or superior to, the comparable GAAP measures. Additionally, we are unable to provide a reconciliation of forward-looking non-GAAP
measures due to uncertainty regarding future acquisition and integration costs, restructuring related charges, the impact of fluctuations
in foreign currency movements and the cost of raw materials. Further, these non-GAAP measures may differ from similarly titled
measures presented by other companies. A reconciliation of these non-GAAP measures to the nearest comparable GAAP measure is
available at the end of this presentation.
Energizer Holdings, Inc.
Strategic Priorities
Delivering Long-Term Value
Agenda
First Year
4
Financial highlights
Three consecutive quarters
of organic sales growth in
Fiscal 20161
• Quarter 1 +9.5%
• Quarter 2 +0.5%
• Quarter 3 +1.2%
• YTD thru June 30 +4.4%
Focused on key drivers to
maximize Free Cash Flow
• Profitable share gains
• Working capital improved 230
basis points through June 30,
2016 versus Fiscal 2015
• Efficiency Gains
̶ Zero based budgeting yielded savings that
offset separation dis-synergies
̶ Continued to right-size organization
structure
• Driving projected FY ‘16 Free
Cash Flow of > $150 million
in the base business
5
(1) Organic net sales excludes the impact of currencies, international go-to-market changes,
and changes in Venezuela results. See appendix for a reconciliation of GAAP to non-
GAAP items.
Balanced capital allocation
HandStands acquisition
• $340 million purchase price,
subject to certain adjustments
• Adjusted EPS accretion $0.15
to $0.20 per share1
• Free Cash Flow +$20 million1
Returning value to Shareholders
since spin
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
Dividend Share
Repurchase
Total Capital
Returned to
Shareholders
M
ill
io
n
$62M
$22M $84M
Total Shareholder Return2
+52%*
6
(2) Post-Spin Total Shareholder Return is calculated from July 1, 2015 to August 15, 2016, inclusive of dividends paid
during that period.
*See appendix for a reconciliation of GAAP to non-GAAP items.
(1) Excludes acquisition and integration costs associated with the transaction.
Agenda
Energizer Holdings, Inc.
Strategic Priorities
Delivering Long-Term Value
First Year
7
We are an innovative, global, brand-driven
household products company
(1) Nielsen Total U.S. xAOC 52 Weeks Ending August 13, 2016.
(2) U.S. Auto Fragrance category includes proprietary market analysis of combined NPD & IRI MULO.
(3) Value share rank data from Nielsen Global Track, 52-weeks ending June 2016 including all Energizer and Eveready branded batteries and
excluding private label.
See appendix for non-GAAP reconciliations.
TTM 6/30/16
Revenue
$1.7
inclusive of pro forma
HandStands revenues
Bil
lio
n
Free Cash Flow
>$170
Million
5,200
customers served,
reaching
BILLIONS of
consumers globally
~
Through
June 2016
Working Capital
As % of sales
11% ~
Energizer
and
Eveready
batteries
are ranked3
globally
#1or#2
(in 32 of 34 measured
markets)
U.S. Value Share
24%
in auto fragrance
category2
33%
in battery category1
8
No. of
manufacturing
facilities today,
strategically
located in North
America, Africa
& Asia
iconic,
globally
recognized
brands 2
140
global markets
We sell in
1
inclusive of pro forma
HandStands
inclusive of HandStands
of the largest
battery
manufacturers
in the world
8
Projected FY 16
Top tier generator of free cash flow
• Healthy gross margins
• Relentless focus on
driving productivity gains
• Successful reductions in
working capital
• Low capital expenditure
requirements
• HandStands has similar
cash flow characteristics
which are expected to
enhance our overall free
cash flow generation
6.7
7.2
7.5
8.4
8.9
10.5
11.7
11.7
12.9
14.6
Peer 9
Peer 8
Peer 7
Peer 6
Peer 5
Peer 4
Peer 3
Peer 2
ENR*
Peer 1
Source: Free cash flow utilizing most recent ENR and peer SEC filings as calculated by Bloomberg.
Note: Peers comprised of the following household products companies (in alpha order): CHD, CLX, HELE, KMB, NWL, SMG, SPB, TUP, WD40.
HOUSEHOLD PRODUCTS FREE CASH FLOW
(as percent of sales, prior fiscal three-year average)
*ENR excludes 2015 cash paid for one-time spin costs and debt breakage costs, net of tax.
9
• Billions of consumers around
the world prefer the Energizer
and EVEREADY brands and
purchase them to meet their
power and lighting needs
• After 27 years, the Energizer
Bunny keeps going and
going, generating millions of
impressions each year
• HandStands acquisition adds
leading brands in the auto
fragrance category
Global leading brands
10
73%
76%
Consumers and retailers prefer leading
brands
(1) U.S.: Nielsen US xAOC HOUSEHOLD BATTERIES 52 Weeks ending 8-13-16 and 52 Weeks ending 12-31-11;
Total Batteries, 52 Weeks ending 8-13-16; Global, Nielsen Global Track, Total Batteries, 52 Weeks ending June
2016.
*Company estimate.
U.S. HOUSEHOLD BATTERY CATEGORY1
(share in US $)
2011 Today
27%
24%
Premium Brands (incl. Performance) Price/Value
$3B
$6B
account for about
Batteries
in US retail sales
annually, with
premium brands
driving the vast
majority of those
sales
in global retail sales
account for about*
Batteries
11
Energizer has leading positions across its
battery and lighting portfolio
#1Brand
in Portable Lights
World’s
Made with
recycled
batteries
#1
in Lithium
#1
in Rechargeable
Now With Recycled Content
#2
in Premium
#1 in
Specialty
batteries
1
st
12 Nielsen Global Track 52-weeks ending June 2016 and Lights: Nielsen Total US xAOC, Portable Lights Category, 52-
weeks ending 8-6-16
EVEREADY provides a portfolio of quality
products at an affordable price
Nielsen Global Track, 52-weeks ending June 2016.
#2
in Value
Alkaline
BRAND #1
in Carbon Zinc
Powerful
second brand
in portfolio that
appeals to
consumers in
the value
segment across
many markets
13
Value share data from Nielsen Global Track, 52-weeks ending June 2016; including all Energizer and Eveready branded
batteries. Brand rank excludes Private Label.
Energizer and EVEREADY brands are #1 or #2 globally
Dual brand portfolio strengthens our market position
23%
GB
VALUE SHARE IN SELECTED COUNTRIES
25%
FRA
29%
ITA
85%
EGP
43%
CAN
33%
USA
34%
MEX
51%
ARG
39%
COL
78%
SING
47%
KOR
40%
HK
76%
MAL
68%
AUS
78%
NZ
42%
SAF
37%
SWE
43%
SAU
Our
products
are sold in
more than
140
markets
around the
world
14
50% 50%
U.S.
vs.
INTERNATIONAL
(percent of net sales TTM June 30, 2016)
77%
23%
Global battery revenues are balanced
across many markets
DEVELOPED
vs.
DEVELOPING
(percent of net sales TTM June 30, 2016)
76%
24%
TOP 10
vs.
ALL MARKETS
(percent of net sales TTM June 30, 2016)
U.S. International Developed Developing Top 10 All Other
15
Strong battery business fundamentals
• Global and U.S. category trends are stable, consistent with our long-term outlook for the
category (flat to slightly down)
• Promotional frequency and depth have declined in the U.S. in the latest 52 weeks
-2.4%
-0.6%
+0.1%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
2009-2014
Average
Trend
2015 2016
Global Category Value Change1
-2.4%
-0.8%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
% Volume on
Promotion
% Discount on
Promotion
US Promotion - 52 Week % Chg vs.
Year Ago2
(1) Nielsen Global Track through June 2016, World Monthly Markets.
(2) Nielsen Total U.S. xAOC through August 13, 2016
16
P
re
m
iu
m
P
e
rf
o
rm
a
n
c
e
V
a
lu
e
L
ig
h
ts
Our brand & product portfolio competes
across all consumer segments
BROAD PRODUCT PORTFOLIO
S
p
e
cialt
y
ENR GLOBAL SALES BY PRODUCT SEGMENT
(% of LTM net sales thru June 2016)
• Premium Alkaline
• Lithium
• Performance Alkaline
• Rechargeable
• Value Alkaline
• Carbon Zinc
• Specialty Batteries
• Lighting Products
Premium Performance Price/Value Specialty & Lights
50%
16%
17%
17%
17
4.8%
-2.8%
0.0%
0.9%
46%
14%
28%
12% Premium
Performance
Price/Value
Specialty
Segment
Value Trend
Versus Prior Period
EHI Share of
Segment
41%
36%
9%
42%
Energizer is well positioned in the
battery category
Nielsen Global Track, World Monthly Markets, 52 Weeks Ending June 2016
Global Category
Share by Segment
18
25%
75%
We have a large and diversified channel
and customer base
BROAD, DIVERSE DISTRIBUTION ENR GLOBAL BATTERY
AND LIGHTS SALES BY
CUSTOMER
(percent of LTM net sales through
June 2016) • Top 5
customers
are ~25% of
sales
• No
customers in
the top 10
are exclusive
Top 5 All Other
Sporting
Goods
Online
DIY
Hobby/
Craft
Con-
venience
Office
Auto
Home
Center
Dollar
Club
Food/
Drug/
Mass
Traditional
Trade
Military
Energizer
19
Multiple in-store consumer purchase points
Our battery
products are
sold in multiple
locations
throughout the
store
20
Introduction to HandStands
Leading designer and marketer of innovative automotive fragrance products
Brand Portfolio
Automotive Fragrance
(~80% of net sales)
Automotive Appearance and other
(~20% of net sales)
(Eagle One)
(1) Excluding transaction and integration costs.
Transaction
• Transaction closed July 1, 2016
• $340 million aggregate cash
purchase price, subject to certain
adjustments
• Anticipate Adjusted EPS accretion
of $0.15 to $0.20 in first full fiscal
year1
• Estimated >$20 million in
incremental free cash flow in first
full fiscal year1
• Estimated cost synergies of
approximately $5 million
Geographic Breakdown
U.S.
83%
International
17%
21
(percent TTM net sales through June 2016)
Introduction to HandStands
Broad portfolio in auto fragrance and appearance
22
Strong category fundamentals
Strong category growth rates
A market leader in the growing auto fragrance category
Total # and age of vehicles on the road increasing
Track record of leading with consumer-focused innovation
Highly attractive financial and free cash flow profile
Note: Dollar values in millions.
(1) NPD retail sales for the latest 52 week period ending January 2, 2016; CAGR calculated for the time period January 4,
2014–January 2, 2016; (2) Excludes Motor Oil, Greases and Lubes, Batteries, and Tire and Wheel Accessories (3) U.S. Auto
Fragrance category includes proprietary market analysis of combined NPD, IRI MULO, and Euromonitor data.
Selected Aftermarket Category Growth Rates (2013–2015)1,2
Others Washer
Fluids
Performance
Chemicals
Fluid
Management
Towing &
Hitch
Appearance
Chemicals
Wipers Refrigerants Lighting Air
Fragrance
2.1%
2.8% 3.0%
3.3% 3.4%
3.6%
4.5%
6.2%
7.1%
7.5% HandStands Category
Category: 3.3%2
LEADING POSITION WITH
24%
VALUE SHARE
IN AUTO FRAGRANCE3
23
Other
11%
We have an opportunity to expand HandStands
distribution into multiple channels and geographies
OPPORTUNITY TO EXPAND
CHANNEL DISTRIBUTION
HANDSTANDS U.S. SALES
BY CHANNEL
(percent of LTM net sales through June 2016)
HANDSTANDS SALES
BY GEOGRAPHY
(percent of LTM net sales through June 2016)
• 83% of sales
in the U.S.
• 75% of U.S.
sales overlap
with existing
ENR
customers
•Opportunity to
expand
distribution
with existing
customers
and into new
channels and
geographies
Sporting
Goods
Online
DIY
Hobby/
Craft
C & G
Office
Auto
Home
Center
Dollar
Club
Food/
Drug/
Mass
Traditional
Trade
Military
HandStands
Food/Drug/Mass 37%
Auto 28%
Dollar 24%
U.S.
83%
International
17%
24
Agenda
Energizer Holdings, Inc.
Strategic Priorities
Delivering Long-Term Value
First Year
25
Energizer Strategic Priorities
A foundation for delivering long-term value to our shareholders, customers
and consumers
FOCUS
ON
MAXIMIZING
CASH
FLOWS
26
Leading with innovation is key to our
success in the battery and lights category
Improved Brightness
The World’s First AA
Battery Made With 4%
Recycled Batteries is
Now EVEN Longer
Lasting
The World’s First
Rechargeable AA &
AAA Batteries Made
With 4% Recycled
Batteries
World’s Longest Lasting
and Highest Energy AA
Battery
Our Longest
Lasting Energizer
MAX Ever
Our Longest Lasting
Hearing Aid Batteries
Patented
Digital Focus Technology
Improved Brightness
Patented
Touch Technology
Expansion of the
Emergency & Safety
Product Line
27
Leading with innovation is key to our
success in the auto fragrance category
Refresh Your Car®
Antibacterial
HandStands brings to market the
world’s first anti-bacterial cleaner
specially formulated to condition
and protect a car’s interior surfaces.
Refresh Your Car®
Mini Diffuser
Pairing our proven diffuser
technology with a 2-pack smaller
device results in incredible value for
the consumer.
Refresh Your Car®
Refillable Fragrance System
Building on the electric fragrance
segment HandStands pioneered,
the new Refillable System features
a refill capsule that can be used
alone, or on a 12-V and Visor
mounted device.
Refresh Your Car®
Active Odor Elimination
The first line of automotive air
fresheners to both attack odor
molecules and remove odors at
their source. Available in four
platforms.
28
We operate with excellence by executing
effective category fundamentals
EXECUTION
VISIBILITY
CUSTOMER
ENGAGEMENT
SHOPPER BASED
SOLUTIONS
CATEGORY
FUNDAMENTALS
Best-in-class category execution
Value Share of Battery Category Change vs.
Year Ago 13 and 52 Week Rolling1
(1) Nielsen Global Track, World Monthly Markets 52 weeks and 13 weeks ending June 2016. Nielsen Total U.S.
xAOC 52 Weeks and 13 Weeks ending 8-13-16
0.0%
0.5%
1.0%
1.5%
2.0%
13 week 52 week
1.0%
0.1%
2.1%
0.5%
Global ENR Value Share
U.S. ENR Value Share
29
WORKING CAPITAL
(from FY’11 – Q3 FY’16, by driver)
Track record of driving productivity gains
Led to 440 basis points of
gross margin improvement
through FY’15
Led to 12 percentage point
reduction in working capital
as a percent of sales
Offset dis-synergies from
the spin
SG&A
pre-spin
Dis-
synergies
ZBB
Savings
SG&A
post-spin
0
20
40
60
80
100
120
DSO DII DPO
48
103
42
24
96
66
FY '11 Q3 FY '16
2013 RESTRUCTURING
(through 9/30/15, by category)
$218M of cost savings > $200M cash flow
improvement
~
ZERO BASED BUDGETING
(FY’16)
66%
18%
16%
COGS SG&A Other
30
Trade Investment
Working Capital Management
SG&A Optimization
Procurement
Integrated Supply Chain
1
2
3
4
5
Global areas of focus to drive
productivity gains
Global Areas
of Focus
31
Global Areas
of Focus
Global areas of focus to drive
productivity gains
Trade Investment 1
Accomplishments
• Established center-led Revenue Management
team
• Announced price increases in Canada,
Russia and several Latin American, Middle
East Africa and Asian markets
• Frequency and depth of promotion decreased
Objectives
• Disciplined and ROI based approach to
pricing and promotion management
• Focused on profitable share through strategic
joint business planning with our retail partners
32
Global Areas
of Focus
Global areas of focus to drive
productivity gains
Working Capital Management 2
Accomplishments
• Working Capital % of Sales reduced from
23% to 11%
• Driver of leading Free Cash Flow
performance
Objectives
• Improve Days in Inventory through SKU
optimization and simplification
• Maintain leading Days Sales Outstanding
and Days Payable Outstanding positions
33
Global Areas
of Focus
Global areas of focus to drive
productivity gains
SG&A Optimization 3
Accomplishments
• Offset separation dis-synergies
• Implemented Zero Based Budgeting
• Established cultural mindset of relentless
focus on eliminating non-critical/non-strategic
costs
Objectives
• Annual cost optimization
• Continue Zero Based Budgeting
• Continuous challenge through internal and
peer benchmarking
34
Global Areas
of Focus
Global areas of focus to drive
productivity gains
Procurement 4
Accomplishments
• >$60 million of savings as part of the 2013
Restructuring
• Improved Days Payable Outstanding by 24
days
Objectives
• Annual cost optimization
• Optimize and standardize vendor payment
terms
35
Global Areas
of Focus
Global areas of focus to drive
productivity gains
Integrated Supply Chain 5
Accomplishments
• $86 million of savings as part of the 2013
Restructuring
• Reduced the number of battery manufacturing
facilities from 14 to 7
Objectives
• Annual cost optimization
• Partner with our commercial teams to meet retail
partner expectations
• Support innovation efforts
• Leverage global supply chain in acquisition
integration
36
Agenda
Energizer Holdings, Inc.
Strategic Priorities
Delivering Long-Term Value
First Year
37
Balanced approach to capital allocation
Maximize Free Cash Flow
Reinvest
in
our
Business
Return of
Capital
Selective,
Disciplined
M&A
Deliver Value
Our foundation
Pillars
to our
success
Relentless focus on
delivering value to
shareholders, customers
and consumers
38
Balanced capital allocation
• Reinvested in the business to drive innovation and
productivity gains
• Returned $84 million cash to shareholders since spin
̶ $1 per share dividend to be increased to $1.10 per share starting FY ‘17
̶ $22 million or 600,000 shares repurchased
• Executed highly accretive M&A transaction with the
acquisition of HandStands
̶ Adjusted EPS accretion $0.15 to $0.20 per share1
̶ >$20 million of free cash flow1
(1) Excluding transaction and integration costs.
39
Reinvest in business
• Innovation to drive profitable share gains
̶ Introduced innovation across most of our portfolio
• Drive productivity gains
̶ Right-sized our staffing levels in certain manufacturing locations
• Information systems
̶ Updated critical IT systems to drive reporting simplification and better
trade spend analysis
40
0
1
2
3
4
5
6
7
8
Share
Authorization
on July 1, 2015
Shares
Repurchased
in FY 16
Remaining on
Authorization
Dividend and share repurchase are an important
part of delivering long-term shareholder value
0%
10%
20%
30%
40%
50%
60%
70%
80%
U.S.Cash
Flow
Adjusted
Net Income
~70%
~40%
FY 16 FY 17
$1.00
$1.10 7.5 0.6
6.9
pro forma TTM
as of June 30, 2016*
Dividend Payments as a % Per Share Dividend1 Share Repurchases
*Normalized Cash Flow, including pro forma HandStands cash flow and net income.
1Future dividends declarations are subject to approval by the Board of Directors.
41
Selective and disciplined approach to M & A
Right Business
Branded Household Products
Defensible business models
Leverage Energizer’s core
competencies
Similar financial profile
Right Time
Maintaining core business
performance is a priority
Balance with other integration
efforts, initiatives and
investments
Right Place
Customer, channel and
geographic overlap
Leverage existing global
battery platform and integrated
supply chain
Right Price
Maximizing long-term
shareholder value drives our
decision process
Maintain healthy balance
sheet
42
Our strong balance sheet and free cash flow supports
our balanced approach to capital allocation
Summary Capitalization
($M Pro-Forma)
Cash $300
Total Debt $1,050
Projected Free Cash
Flow1
>$170
• Substantially all cash is
offshore
• Credit metrics:
– ~3x debt to EBITDA
– 75% at fixed rates
– ~7.5 year average maturity
– ~5% average interest rate
– $300 million revolver
availability
43 (1) inclusive of pro-forma HandStands
Long-term financial outlook
(inclusive of HandStands)
Growth rate at or above the category Organic Revenue
Consistent low single-digit growth Adjusted EBITDA
Corporate rate in the range of 30% to 31%
Tax Rate
(ex unusuals)
In the range of $30 million to $35 million
Low to mid single-digit growth
Free Cash Flow
(ex unusuals)
Meaningful and competitive dividend, subject to
Board approval
Dividends
METRIC LONG-TERM OUTLOOK
Capital
Expenditures
44
Key take-aways
• Strong start to first full year as a stand-alone
company
• Solid business fundamentals
• Executing on our three strategic initiatives
• Maximizing free cash flow
• Balanced approach to capital allocation to
drive long-term shareholder value
45
Q&A
BRIAN HAMM – CHIEF FINANCIAL OFFICER
MARK LAVIGNE – CHIEF OPERATING OFFICER
4
6
Appendix
4
7
Net Sales Organic Reconciliation
48
Total Net Sales
Net sales - prior year $ 501.3 $ 356.9 $ 374.3 $ 1232.5
Organic 9.5 % 0.5 % 1.2 % 4.4 %
Int'l Go-to-Market (1.1) (1.1) (1.4) (1.2)
Change in Venezuela results (0.6) % (1.5) % — % (0.7) %
Impact of currency (6.7) % (4.3) % (3.4) % (5.0) %
Net sales - current year $ 506.8 1.1 $ 334.0 (6.4) $ 361.0 (3.6) $ 1201.8 (2.5)
Q1'16 % chg Q2'16 % chg Q3'16 YTD Q3'16 % chg% chg
47.4 1.9 4.5 53.8
(5.6) (3.9) (5.2) (14.7)
(3.1) (5.4) — (8.5)
(33.2) (15.5) (12.6) (61.3)
Revenue- Q3 2016 TTM Reconciliation
Net Sales
(in billions)
Energizer Q3 2016 YTD 1.2$
Energizer Q4 2015 QTD 0.4$
Energizer Q3 2016 TTM 1.6$
HandStands 0.1$
1.7$