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COMPANY REGISTRATION NUMBER:
2078560
Energizer Trading Limited |
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Energizer Trading Limited |
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Year ended 30 September 2024
Independent auditors' report to the members of
Energizer Trading Limited |
12 |
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Statement of comprehensive income |
16 |
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Statement of financial position |
17 |
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Statement of changes in equity |
18 |
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Notes to the financial statements |
19 |
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Energizer Trading Limited |
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Year ended 30 September 2024
Business review
The company acts in two capacities - as a Warehouse and Distribution services provider for its subsidiary Energizer Group Limited (EGL) and EGL's affiliates. In this role the company sources batteries, lights and autocare products and then sells them to intercompany affiliates and third-party customers. - as a manufacturer of private label and branded micropower batteries on behalf of EGL and EGL's affiliates.
The company has an agreement with EGL whereby EGL provides it with commercial and administrative advisory services in exchange for an entrepreneurial rate of return. The company paid a management fee of €35m (2023: €35m) to EGL under this agreement. This management fee is included in Administrative expenses. The main KPIs that are used to assess the performance and position of the company are turnover, gross margin percentage (GM%), operating profit percentage (OP%) and days in inventory (DII). The following comparisons are versus the prior year. Turnover has increased by €22.5m (7%) from €308m to €330m. This is mainly attributable to organic growth in the modern trade and in the distributor markets. The GM% has decreased by 0.7 percentage points from 17.0% to 16.3%, comprising of an increase of 0.6 percentage points as a result of lower product costs, offset by a 1.2 percentage points decrease due to unfavourable foreign exchange losses of €0.5m on product purchases in foreign currencies in the current year compared to favourable foreign exchange gains of €3.3m in the prior year. The OP% (excluding foreign exchange gains and losses) has increased by 1.4 percentage points from 2.9% to 4.3%, mainly due to increase in turnover. In the current year unfavourable exchange loss of €0.2m had a negligible impact on the OP%, compared to the prior year where favourable exchange gains of €3.5m increased the OP% by 1.2 percentage points from 2.9% to 4.1%. DII has decreased by 38 days from 158 days to 121 days, mainly as a result of inventory level returning to more normalised levels compared to the previous years. The company has reported an operating profit and profit before taxation in both the current and prior years, and net current assets of €22.5m at the year end (2023: €4.9m).
Future activities
The directors do not anticipate any significant changes to the activities of the company in the near future.
Financial risk management
The credit, liquidity and cash flow risks are deemed low due to the ability to obtain financing from group undertakings. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Treasury and financial risk management are conducted at a corporate level and further details can be found in section 1A of Energizer Holdings Inc.'s 2024 annual report, which does not form part of this report.
Principal risks and uncertainties
The company is exposed to a variety of risks, some of which are inherent in our industry and others of which are more specific to our own businesses. The discussion below addresses the material factors, of which we are currently aware, that could affect, and in certain cases have affected, our businesses, results of operations and financial condition.
Other factors not discussed below or elsewhere in this Annual Report could also adversely affect our businesses, results of operations and financial condition. Therefore, the risk factors below should not be considered a complete list of potential risks that we may face.
Global economic and financial market conditions beyond our control might materially and negatively impact us.
General economic factors beyond our control could adversely affect our business and results of operations. These factors include, but are not limited to, recent supply chain disruptions, labour shortages, wage pressures, rising inflation and potential economic slowdown or growing recession risk, as well as input costs including fuel and energy costs, foreign currency exchange rate fluctuations, and other matters that influence consumer spending and preferences.
In addition, geopolitical instability, including the conflicts in Ukraine and the Middle East, as well as other global events have significantly increased global macroeconomic uncertainty and volatility. In response to unfavourable economic conditions, there has been and, in the future, could be a reduction in discretionary spending, which may lead to reduced net sales or cause a shift in our product mix from higher-margin to lower-margin product offerings or a shift of purchasing patterns to lower cost options such as "private label" brands sold by retail chains or price brands. This shift could drive the market towards lower margin products or force us to reduce prices for our products in order to compete. Similarly, our retailer customers could reduce their inventories, shift to different products or require us to lower our prices to retain the shelf placement of our products. Conversely, rapid increases in demand due to improving economic conditions could lead to supply chain challenges.
Global markets continued to face threats and uncertainty during fiscal year 2024. Uncertain economic and financial market conditions, including relating to the results of elections, may also adversely affect the financial condition of our customers, suppliers and other business partners. Any significant decrease in customers' purchases of our products or our inability to collect accounts receivable resulting from an adverse impact of the global markets on customers' financial condition could have a a material adverse effect on our business, financial condition and results of operations. Additionally, disruptions in financial markets could reduce our access to debt and equity capital markets, negatively affecting our ability to implement our business strategy.
Competition in our product categories might hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers.
Most of our products compete with other widely advertised, promoted and merchandised brands within each product category. The categories in which we operate are mature and highly competitive, with a limited number of large manufacturers competing for consumer acceptance, limited retail shelf space and e-commerce opportunities. Because of the highly competitive environment in which we operate, our customers, including online retailers, frequently seek to obtain pricing concessions or better trade terms, resulting in either a reduction of our margins or the loss of distribution to lower-cost competitors.
Competition in our product categories is based upon brand perceptions, innovation, product performance, customer service and price. Our ability to compete effectively is, and in the future could be, affected by a number of factors, including:
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Certain of our competitors have substantially greater financial, marketing, research and development, and other resources and greater market share in certain segments than we do, which could provide them with greater scale and negotiating leverage with retailers and suppliers. These competitors may be able to spend more aggressively on advertising and promotional activities, introduce competing products more quickly and respond more effectively to changing business and economic conditions than we can.
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Our competitors may have lower production, sales and distribution costs, and higher profit margins.
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Our competitors have obtained, and may in the future be able to obtain, exclusivity or sole source at particular retailers or favourable in-store placement.
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We may lose market share to private label brands that are typically sold at lower prices and compete with our products in certain categories.
Changes in the retail environment and consumer preferences could adversely affect our business
Our sales have historically been largely concentrated in the traditional retail grocery, mass retail outlet. Alternative retail channels, including hard discounters, e-commerce retailers and subscription services, have become more prevalent, and retailers are increasingly selling consumer products through such channels. In addition, alternative sales channels and business models, such as private label and store brands, direct-to-consumer brands and channels and discounter channels continue to evolve. In particular, the growing presence of, and increasing sales through, e-commerce retailers have affected, and may continue to affect, consumer preferences (as consumers increasingly shop online) and market dynamics, including any pricing pressures for consumer goods as retailers face added costs to build their e-commerce capacity. Although we are engaged in e-commerce with respect to many of our products, if we are not successful in responding to these competitive factors, changing consumer preferences and market dynamics or expanding sales through evolving sales channels, especially e-commerce retailers, hard discounters and other alternative retail channels, our business, financial condition and results of operations may be negatively impacted.
We must successfully manage the demand, supply, and operational challenges brought about by any disease outbreak, including epidemics, pandemics, or similar widespread public health concerns.
Our operations are impacted by consumer spending levels, impulse purchases, the availability of our products to retail and our ability to manufacture, store and distribute products to our customers and consumers in an effective and efficient manner. The fear of exposure to or actual effects of a disease outbreak or similar widespread public health concern could continue to negatively impact our overall business, financial position and financial results. These impacts may include, but are not limited to:
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Significant reductions, shifts or fluctuations in demand for one or more of our products;
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Inability to meet our customers' needs due to disruptions in our manufacturing and supply chain arrangements caused by the loss or disruption of essential manufacturing and supply chain elements. In addition, we may incur higher costs for transportation, workforce and distribution capability in order to maintain the surety of supplying product to our customers;
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Failure of third parties upon which we rely, including our suppliers, contract manufacturers, distributors, contractors and commercial banks, to meet their obligations to us in a timely manner; and
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Significant changes in the political and regulatory landscape in the markets in which we sell or distribute our products, which may include, but are not limited to, restrictions on international trade, governmental or regulatory actions, closures or other restrictions that limit or suspend our or our third-party partners' or customers' operating and/or manufacturing capabilities, including operations necessary for the production, distribution, sale, and support of our products, which could adversely impact our results.
Loss of reputation of our leading brands or failure of our marketing plans could have an adverse effect on our business.
We depend on the continuing reputation and success of our brands. Maintaining a strong reputation with consumers, customers and trade and other third-party partners is critical to the success of our business. Negative publicity about us or our brands, including product safety, quality, efficacy, environmental impacts (including packaging, energy and water use, matters related to climate and waste management) and other sustainability or similar issues, whether real or perceived, could occur and could be be widely and rapidly disseminated, including through the use of social media or network sites. Our operating results could be adversely affected if any of our brands suffers damage to its reputation due to real or perceived quality issues. Any damage to our brands could impair our ability to charge premium prices for our products, resulting in the reduction of our margins or losses of distribution to lower price competitors, and adversely affect our business.
The success of our brands can suffer if our marketing plans or new product offerings do not improve, or have a negative impact on, our brands' image or ability to attract and retain consumers. Additionally, if claims made in our marketing campaigns subject us to claims and litigation alleging false advertising, which is common in our industry, such claims and litigation could damage our brand or cause us to alter our marketing plans in ways that may materially and adversely affect sales, or result in the imposition of significant damages against us. In addition, our products could face quality or safety issues, which could result in our withdrawing or recalling the product from the marketplace and may lead to decreased demand for, and sales of, such products and harm the reputation of the related brands. We also license certain of our brands to third parties, and such licenses and partnerships may create additional exposure for those brands to product safety, quality, sustainability and other concerns.
Loss of any of our principal customers could significantly decrease our sales and profitability.
A large percentage of our sales are attributable to a relatively small number of retail customers, and we may continue to derive a significant portion of our future revenues from a small number of customers. Additionally, with the growing trend towards retailer consolidation, the rapid growth of e-commerce and the integration of traditional and digital operations at key retailers, we are increasingly dependent on certain retailers. As a result, changes in the strategies of our largest customers, including a reduction in the number of brands they carry, a shift of shelf space to private label or competitors' products or a decision to lower pricing of consumer products, including branded products, may harm our net sales or margins, and reduce our ability to offer new, innovative products to consumers. Furthermore, these large, consolidated companies could also exert additional competitive pressure on our other customers, which could in turn lead to similar demands on us. If we cease doing business with a significant customer or if we experience a significant reduction in net sales to a key customer, it could have a material adverse effect on our business, financial condition and results of operations.
Customers could reduce their purchasing levels or cease buying products from us at any time and for any reason. If we do not effectively respond to the demands of our customers, they could decrease their purchases from us, causing our net sales and net earnings to decline.
A failure of a key information technology system could adversely impact our ability to conduct business.
We rely extensively on information technology systems, including some that are managed by third-party service providers, in order to conduct business. These systems include, but are not limited to, programs and processes relating to internal and external communications, ordering and managing materials from suppliers, converting materials to finished products, shipping products to customers, processing transactions, summarising and reporting results of operations, and complying with regulatory, legal or or tax requirements. These information technology systems could be damaged or cease to function properly due to the poor performance or failure of third-party service providers, catastrophic events, power outages, security breaches, network outages, failed upgrades or other similar events. If our business continuity plans do not effectively resolve such issues on a timely basis, we may suffer interruptions in conducting our business, which may adversely impact our operating results.
We rely significantly on information technology and any inadequacy, interruption, theft or loss of data, malicious attack, integration failure, failure to maintain the security, confidentiality or privacy of sensitive data residing on our systems or other security failure of that technology could harm our ability to effectively operate our business and damage the reputation of our brands.
Our systems and networks, as well as those of our retailer customers, suppliers, service providers, and banks, have and may in the future become the target of cyberattacks or information security breaches, which in turn could result in the unauthorised release and misuse of confidential or proprietary information about our company, employees, customers or consumers, as well as disrupt their and our operations or damage their and our facilities or those of third parties. We have seen an increase in the number of such attacks since a large number of our employees began working remotely. Furthermore, such attacks may originate from nation states or attempts by outside parties, hackers, criminal organisations, or other threat actors. Any significant breaches or breakdowns of such databases or systems could result in significant costs, including costs to investigate or remediate. While we have taken steps to maintain and enhance cyber security and address these risks and uncertainties by implementing security technologies, internal controls, network and data centre resiliency, redundancy and recovery processes, upgrading our remote work environment and by obtaining insurance coverage, these measures may be inadequate. In addition, such incidents could result in unauthorised disclosure and misuse of material confidential information. Cyber threats are becoming more sophisticated, are constantly evolving and are being made by groups and individuals with a wide range of expertise and motives, and this increases the difficulty of detecting and successfully defending against them. Data breaches or theft of personal information we and our third-party service providers collect, as well as company information and assets, have occurred in the past and may occur in the future and the failure to remediate such intrusions may adversely affect our reputation and financial condition.
Energizer's business is subject to regulation.
The manufacture, packaging, labelling, storage, distribution, advertising and sale of our products are subject to extensive regulation. New or more restrictive regulations or more restrictive interpretations of existing regulations could have an adverse impact on our business. Legislative and regulatory changes by taxing authorities have an impact on our effective tax rate, and we may be subject to additional costs arising from new or changed regulations, including those relating to health care and energy. Additionally, a finding that we are in violation of, or not in compliance with, applicable laws or regulations could subject us to material civil remedies, including fines, damages, injunctions or product recalls, or criminal sanctions. Even if a claim is unsuccessful, is not merited or is not fully pursued, the negative publicity surrounding such assertions could jeopardise our reputation and brand image and have a material adverse effect on our businesses, as well as require resources to to rebuild our reputation.
We must comply with various environmental laws and regulations including those relating to the handling and disposal of solid and hazardous wastes, recycling of batteries, and the remediation of contamination associated with the use and disposal of hazardous substances. A release of such substances due to accident or an intentional act could result in substantial liability to governmental authorities or to third parties. We have incurred, and will continue to incur, capital and operating expenses and other costs in complying with environmental laws and regulations, including remediation costs relating to our current and former properties and third-party waste disposal sites. We could become subject to additional environmental liabilities in the future that could cause a material adverse effect on our results of operations or financial condition.
Changes in production costs, including raw material prices, have adversely affected, and in the future could erode, our profit margins and negatively impact operating results.
Pricing and availability of raw materials, energy, shipping and other services needed for our business can be volatile due to general economic conditions, labour costs, production levels, import duties and tariffs and other factors beyond our control, including inflation. There is no certainty that we will be able to offset future cost increases. This volatility can significantly affect our production cost and may, therefore, have a material adverse effect on our business, results of operations and financial condition.
Volatility, availability and increases in the cost of raw materials and transportation have negatively impacted, and are likely to continue to negatively impact, the Company's results of operations. We believe commodity price and other cost increases and volatility could continue in the future. If such increases occur or exceed our estimates and we are not able to increase the prices of our products or achieve cost savings to offset such cost increases, our results of operation would be harmed. In In addition, even if we increase the prices of our products in response to increases in the cost of commodities or other cost increases, we may not be able to sustain our price increases. Sustained price increases may lead to declines in volume as competitors may not adjust their prices or customers may decide not to pay the higher prices, which could lead to sales declines and loss of market share. Our projections may not accurately predict the volume impact of price increases, which could adversely affect our business, financial condition and results of operations..
Energizer's manufacturing facilities or supply channels may be subject to disruption from events beyond our control.
Operations of the ultimate parent company's manufacturing and packaging facilities worldwide may be subject to disruption for a variety of reasons, including work stoppages, cyber-attacks and other disruptions in information technology systems, demonstrations, disease outbreaks or pandemics acts of war or conflicts (including the ongoing conflict in Ukraine), terrorism, fire, earthquakes, flooding or other natural disasters, disruptions in in logistics, loss or impairment of key manufacturing sites, supplier capacity constraints, raw material and product quality or safety issues, industrial accidents or other occupational health and safety issues, availability of raw materials, and other regulatory issues, trade disputes between countries in which we have operations, such as the U.S. and China. There is also a possibility that third-party manufacturers, which produce a significant portion of certain of our products, could discontinue production with little or no advance notice, or experience financial problems or problems with product quality or timeliness of product delivery, resulting in manufacturing delays or disruptions, regulatory sanctions, product liability claims or consumer complaints. If a major disruption were to occur, it could result in delays in shipments of products to customers or suspension of operations. We maintain business interruption insurance to potentially mitigate the impact of business interruption, but such coverage may not be sufficient to offset the financial or reputational impact of an interruption.
We may not be able to attract, retain and develop key personnel.
Our future performance depends in significant part upon the continued service of our executive officers and other key personnel. The loss of the services of one or more of our executive officers or other key employees could have a material adverse effect on our business, prospects, financial condition and results of operations. Our success also depends on our continuing ability to attract, retain and develop highly qualified personnel. Competition for such personnel is intense, and there can be no no assurance that we can retain and motivate our key employees or attract and retain other highly qualified personnel in the future.
S172 statement
Sustainability at Energizer
Energizer Trading Limited
is part of the global Energizer Household and Autocare products Group and is a 100% owned subsidiary of Energizer Holdings Inc. (EHI), the ultimate parent company. The strategies of the company are aligned with the strategies of EHI.
During 2021 EHI introduced a new purpose statement, 'We responsibly create products to make lives easier and more enjoyable', and also created a formal sustainability program covering environmental, social and governance (ESG) issues; appointed a global head of sustainability; created a cross-functional sustainability team; and developed a long-term sustainability strategy that runs through 2030 and beyond.
The sustainability team conducted an extensive materiality assessment to better understand the sustainability impacts, risks and opportunities for Energizer Holdings Inc. across the organisation. Based on the results of this assessment three key focus areas were identified: Sustainable Packaging, Product Sustainability & Safety, Climate & Energy. The team developed multistep plans with goals and timelines to ensure meaningful progress is made toward these goals.
Product sustainability and Environmental responsibility are two of the five pillars of our ESG commitment alongside the remaining three pillars of Social responsibility, Community impact and Corporate governance.
A full sustainability report can be found on Energizer Holdings Inc.'s website.
Identifying our stakeholders
Engaging with a wide range of stakeholders is essential to understanding, anticipating and taking action on risks and opportunities related to sustainability. Our stakeholders include our customers, consumers, colleagues, investors, governments and regulators, trade associations, non-governmental organisations (NGOs) and communities.
For our customers, our ambition is to be a valued supplier across the markets we operate in. We work with them to help them meet consumer needs and support them in achieving their own sustainability goals.
Energizer reaches consumers through many channels, including through our products, in-store, e-commerce and through our brand marketing communications. We are committed to providing products that can help consumers lead more sustainable lives, with the transparency they expect. We regularly engage with consumers through market research to understand their priorities.
Our colleagues are a core stakeholder group for Energizer. Without them, we wouldn't have a business. We aim to retain and attract top talent in the industry, support them through learning and development opportunities, and provide a work environment where everyone is treated with respect, receives fair compensation and benefits, has work-life flexibility and has a manager who helps them to grow and thrive. Our two-way feedback process allows us to keep an open dialogue with our team members and ensure they have a positive, safe and fulfilling experience of working at Energizer.
We regularly engage with existing and potential shareholders and investors to gauge their sustainability priorities. This helps build mutual understanding and provides a foundation for progress, so that we are focusing on the issues that they care about.
Governments and regulators are a core stakeholder group for Energizer as they set the compliance framework for our business. Our company guidelines on engaging with governments are included in our Code of Conduct.
We work with our suppliers and strive to ensure that the components and materials that go into our products are sourced responsibly. Our requirements from our suppliers are clearly stated in our Supplier Code of Conduct and we actively seek relationships with suppliers that share these values and that promote high standards within their own supply chains.
Our business contributes to the economic livelihoods of many people and communities across our value chain. We create direct and indirect employment opportunities, and we make direct contributions through regional and community activities.
We are members of many industry, business and trade associations whose activities are related to Energizer's brands and operations. These associations provide a forum to have a voice within the broader industry, while providing a platform for joint research, issue monitoring and sharing of best practices. For a list of trade associations where Energizer has made contributions see the Corporate Governance pillar section in our ESG commitment summary.
We engage with NGOs and not-for-profits to help us better understand key issues, stay on top of best practices and achieve certification in some of the sustainability areas that are key priorities for us.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
Registered office: |
Sword House |
Totteridge Road |
High Wycombe |
England |
HP13 6DG |
|
Energizer Trading Limited |
|
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended
30 September 2024
.
Directors
The directors who served the company during the year and up to the date of signing the financial statements were as follows:
Mrs K Dugan |
|
Mrs K Gabrielson |
|
Mrs S Hampton |
|
|
|
Dividends paid and payable
The directors do not recommend the payment of a dividend.
Streamlined energy and carbon reporting
|
Unit |
2024 |
2023 |
Emissions resulting from activities for which the company is responsible |
tCO2e |
94 |
78 |
Emissions resulting from the purchase of electricity by the company for its own use |
tCO2e |
768 |
814 |
|
|
---- |
---- |
Total emissions |
tCO2e |
862 |
892 |
Total energy consumption |
kWh |
4,461,476 |
4,378,206 |
Intensity metric - tCO2e / employee |
|
3.24 |
3.93 |
|
|
------------ |
------------ |
|
|
|
|
Methodologies for energy and emissions calculations
The company's ultimate parent uses a global ESG data management software to assist in traceability, record keeping and analysis of data. This software uses the Greenhouse Gas Protocol Methodology by the World Resources Institute.
Principal measures taken to increase energy efficiency
No specific actions have been taken by the company during the year to reduce emissions.
Employment of disabled persons
The company provides equal opportunity for all colleagues, where work and advancement are based on merit. This means that hiring, assignments, promotions, discipline or other personnel actions are administered without regard to physical or mental disability or any other trait protected by law. The company's policy is to make reasonable accommodation for the known physical or mental limitations of an otherwise qualified applicant or colleague with a disability unless doing so would result in undue hardship on the business.
Employee involvement
From town halls and leadership forums to annual engagement surveys conducted through a third-party partner, the company consistently seeks colleague feedback to improve our culture and experience. We have taken strides to improve our awareness of what drives engagement and the role each colleague plays in improving engagement. The company is committed to keeping its colleagues informed of the financial and economic development within the business. This is achieved through many different channels, including town halls, information council meetings, colleague bulletins and departmental and team briefings. Pay for performance is the company's fundamental reward philosophy. The company delivers a market-competitive rewards package that recognises individual and team results relative to our business goals and commitment to shareholders, and behaviour that align with the Company's culture statement. The company works to ensure a safe, health and sanitary work environment at all our facilities and offices around the globe. Colleagues and contractors are required to adhere to occupational and safety and environmental laws and regulations and the company's safety, health and environmental policy. They are re-trained on this on a routine basis.
Qualifying third party indemnity provisions
During the year qualifying third party indemnity provisions for the directors were provided by Energizer Holdings Inc., the ultimate parent company. Such qualifying third party indemnity provisions remain in force as at the date of approval of the financial statements.
Disclosure of information in the strategic report
Disclosure of the future activities of the company, the directors' assessment of the company's principal risks and uncertainties and financial risk management as well as the S172 Statement are set out in the Strategic Report.
Directors' responsibilities statement
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law). Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; - make judgements and accounting estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.
Directors' confirmations In the case of each director in office at the date the Directors' Report is approved: - so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and - they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent auditors
The auditors
PricewaterhouseCoopers LLP
have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the next board meeting.
This report was approved by the board of directors on
26 June 2025
and signed on behalf of the board by:
Registered office: |
Sword House |
Totteridge Road |
High Wycombe |
England |
HP13 6DG |
|
Energizer Trading Limited |
|
Independent Auditors' Report to the Members of
Energizer Trading Limited |
|
Year ended 30 September 2024
Report on the audit of the financial statements
Opinion In our opinion, Energizer Trading Limited's financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law); and - have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report, which comprise: the Statement of Financial Position as at 30 September 2024; the Statement of Comprehensive Income and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Strategic report and Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Strategic report and directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors' Report for the year ended 30 September 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' Report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with the Companies Act 2006 and tax legislation as applicable in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included: - Testing of journal entries for appropriateness, testing of the accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; and - Inquiry and discussions with management and the company's legal team, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; and - Challenging assumptions made by management in its critical accounting estimates and judgements. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of this report
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: - we have not obtained all the information and explanations we require for our audit; or - adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or - certain disclosures of directors' remuneration specified by law are not made; or - the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.
Udaya Suddapalli |
(Senior Statutory Auditor) |
|
For and on behalf of |
PricewaterhouseCoopers LLP |
Chartered Accountants & Statutory Auditors |
Watford |
|
26 June 2025
Energizer Trading Limited |
|
Statement of Comprehensive Income |
|
Year ended 30 September 2024
|
2024 |
2023 |
Note |
€000 |
€000 |
Turnover |
5 |
330,424 |
307,910 |
|
|
|
|
Cost of sales |
(
275,981) |
(
255,201) |
Intercompany Royalties |
(
442) |
(
329)
|
|
--------- |
--------- |
Gross profit |
54,001 |
52,380 |
|
|
|
Distribution costs |
(
6,189) |
(
6,290) |
Administrative expenses |
(
36,950) |
(
37,013) |
Other operating income |
6 |
3,253 |
3,437 |
|
|
-------- |
-------- |
Operating profit |
7 |
14,115 |
12,514 |
|
|
|
|
Income from shares in group undertakings |
11 |
9,150 |
6,662 |
Interest receivable and similar income |
12 |
3,296 |
701 |
Interest payable and similar expenses |
13 |
(
6,160) |
(
4,543) |
|
-------- |
-------- |
Profit before taxation |
20,401 |
15,334 |
|
|
|
|
Tax on profit |
14 |
(
3,159) |
41 |
|
-------- |
-------- |
Profit for the financial year |
17,242 |
15,375 |
|
-------- |
-------- |
|
|
|
|
Unrealised gains / (losses) on derivative financial instruments |
(
2,420)
|
– |
Tax relating to components of other comprehensive income |
605 |
– |
|
------- |
---- |
Other comprehensive income for the year |
(
1,815) |
– |
|
-------- |
-------- |
Total comprehensive income for the year |
15,427 |
15,375 |
|
-------- |
-------- |
|
|
|
All the activities of the company are from continuing operations.
Energizer Trading Limited |
|
Statement of Financial Position |
|
30 September 2024
|
2024 |
2023 |
Note |
€000 |
€000 |
€000 |
|
|
|
|
Fixed assets
Intangible assets |
15 |
|
11,920 |
13,139 |
Tangible assets |
16 |
|
22,827 |
24,453 |
Investments |
17 |
|
137,717 |
137,717 |
|
|
--------- |
--------- |
|
|
172,464 |
175,309 |
|
|
|
|
|
Current assets
Inventories |
18 |
83,811 |
|
101,790 |
Debtors |
19 |
80,256 |
|
53,375 |
Cash at bank and in hand |
16,749 |
|
11,440 |
|
--------- |
|
--------- |
|
180,816 |
|
166,605 |
|
|
|
|
|
Creditors: amounts falling due within one year |
20 |
(
158,348) |
|
(
161,659) |
|
--------- |
|
--------- |
Net current assets |
|
22,468 |
4,946 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
194,932 |
180,255 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
21 |
|
(
1,287) |
(
1,253) |
|
|
|
|
|
Provisions for liabilities
Taxation including deferred tax |
23 |
(
869) |
|
(
1,615) |
Other provisions |
23 |
(
233) |
|
(
271) |
|
------- |
|
------- |
|
|
(1,102) |
(1,886) |
|
|
--------- |
--------- |
Net assets |
|
192,543 |
177,116 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Share premium account |
28 |
|
197,809 |
197,809 |
Profit and loss account |
|
(
5,266) |
(
20,693) |
|
|
--------- |
--------- |
Total shareholders' funds |
|
192,543 |
177,116 |
|
|
--------- |
--------- |
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
26 June 2025
, and are signed on behalf of the board by:
Company registration number:
2078560
Energizer Trading Limited |
|
Statement of Changes in Equity |
|
Year ended 30 September 2024
|
Share premium account |
Profit and loss account |
Total |
|
€000 |
€000 |
€000 |
At 1 October 2022 |
197,809 |
(
36,068) |
161,741 |
|
|
|
|
Profit for the year |
|
15,375 |
15,375 |
|
--------- |
-------- |
--------- |
Total comprehensive income for the year |
– |
15,375 |
15,375 |
|
|
|
|
At 30 September 2023 |
197,809 |
(
20,693) |
177,116 |
|
|
|
|
Profit for the year |
|
17,242 |
17,242 |
Other comprehensive income for the year: |
|
|
|
|
Unrealised gains / (losses) on derivative financial instruments |
– |
(
2,420)
|
(
2,420) |
|
Tax relating to components of other comprehensive income |
14 |
– |
605 |
605 |
|
--------- |
-------- |
--------- |
Total comprehensive income for the year |
– |
15,427 |
15,427 |
|
|
|
|
|
--------- |
-------- |
--------- |
At 30 September 2024 |
197,809 |
(
5,266) |
192,543 |
|
--------- |
-------- |
--------- |
|
|
|
|
|
|
Energizer Trading Limited |
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, incorporated and registered in England and Wales. The address of the registered office is Sword House, Totteridge Road, High Wycombe, Bucks, HP13 6DG, England.
2.
Statement of compliance
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006.
3.
Accounting policies
The following accounting policies have been applied consistently throughout the period in dealing with items which are considered material in relation to the company's financial statements.
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in euro, which is the functional currency of the entity. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in this note under the heading judgements and key sources of estimation uncertainty.
Going concern The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company is expected to be able to continue to meet its day to day working capital requirements from cash generated through its operations. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Energizer Holdings Inc.,
which can be obtained from Investor relations, Energizer Holdings Inc., 8235 Forsyth Blvd, Suite 100 Clayton, MO 63105, USA. As such, advantage has been taken of the following disclosure exemptions: - from the requirement to prepare a statement of cash flows as required by paragraph 3.17(d) of FRS 102; - from the requirement to disclose the key management personnel compensation in total as required by paragraph 33.7 of FRS 102; - from the requirement to present a reconciliation of the number of shares outstanding at the beginning and end of the period as required by paragraph 4.12(a)(iv) of FRS 102;and - from the requirement to present certain financial instrument disclosures, as required by sections 11 and 12 of FRS 102. Consolidation The company is a wholly owned subsidiary of Energizer UK Limited and of its ultimate parent, Energizer Holdings Inc., a company incorporated in the USA. It is included in the consolidated financial statements of Energizer Holdings Inc. which are publicly available and can be obtained from Investor Relations, Energizer Holdings Inc., 8235 Forsyth Blvd, Suite 100 Clayton, MO 63105, USA. Therefore the company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements.
Related party transactions The company has made use of the exemption contained in paragraph 33.1A of FRS 102, not to disclose related party transactions with other group companies, as it is a wholly owned subsidiary of a company, Energizer Holdings Inc., which prepares consolidated financial statements incorporating those transactions. Turnover Turnover represents invoiced amounts (stated net of value added tax) presented net of trade discounts and rebates, and is recognised when the goods are delivered to the customer which is when title to the product passes to the customer. The company offers rebate programs, primarily to its retail customers, designed to promote the sales of its products. Such programs require periodic payments and allowances based on estimated results and are recorded as a reduction to revenue.
Other operating income Other operating income represents the income from recharges of regional costs to Energizer Group Limited, the European Principal, during the year. Other operating Income is recognised in the accounting period in which the services are rendered. Taxation The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.Deferred tax is recognised in respect of all timing differences that have originated, but not reversed by the balance sheet date and which would give rise to an obligation to pay more or less taxation in the future. Deferred tax assets are recognised to the extent they are regarded as recoverable. They are regarded as recoverable to the extent that, on the basis of all available evidence, it is regarded more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date.
Tangible assets
Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land, Buildings and Leasehold improvements |
- |
15 years straight line
|
|
Plant and Machinery |
- |
3 to 15 years straight line |
|
Fixtures and Fittings |
- |
5 to 10 years straight line
|
|
|
|
|
Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Impairment of non-financial assets
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset (or asset's cash generating unit). The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.
Inventory - finished goods
Inventories are stated at the lower of cost and estimated selling prices less any further costs expected to be incurred to completion and sale. Inventories are recognised as an expense in the period in which the related revenue is recognised. Where necessary, provision is made for obsolete, slow moving and defective inventory.
Inventory - work in progress
Work in progress represents battery cells that are waiting to be packaged for resale and is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised where there is a present obligation that can be reliably estimated as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.
Financial instruments and hedging
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost. Where investments in nonconvertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
The Company uses financial instruments, from time to time, in the management of foreign currency, interest rate risk and commodity price risks that are inherent to its business operations. Such instruments are not held or issued for trading purposes. Every derivative instrument (including certain derivative instruments embedded in other contracts) is required to be recorded on the balance sheet at fair value as either an asset or liability. Changes in fair value of recorded derivatives are required to be recognised in profit and loss unless specific hedge accounting criteria are met.
Foreign exchange instruments, including currency forwards, are used primarily to reduce cash transaction exposures and to manage other translation exposures. Foreign exchange instruments used are selected based on their risk reduction attributes, costs and the related market conditions. The Company has designated certain foreign currency contracts as cash flow hedges for accounting purposes. See note 26.
Defined contribution plans
Contributions payable in the period in respect of services rendered are recognised as an expense. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
Share capital
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
4.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Rebates
The company offers a variety of programs, primarily to retail customers, designed to promote sales of our products. Such programs require periodic payments and allowances based on estimated results of specific programs and are recorded as a reduction to net sales. The company accrues, at the time of sale, the estimated total payments and allowances associated with each transaction. At the balance sheet date, the company reviews the level of actual activity for each promotion and updates the accrual as as required.
Recoverable amount of investments
The company makes estimates of the recoverable amounts of its investments in subsidiary undertakings based on the net assets of the subsidiaries or the discounted net present value of their future operating cash flows. The latter involves significant estimates and assumptions related to revenue growth rates and discount rates.
Intangible assets
The company considers whether its intangible assets are impaired. Where an indication of impairment is identified the company estimates the recoverable value of the assets. This requires estimation of the future cash flows that will be generated by these assets and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
Useful economic lives of intangible assets
The annual depreciation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
5.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
€000 |
€000 |
Sale of goods - 3rd party customers |
114,021 |
105,299 |
Sale of goods - intercompany |
216,403
|
202,611
|
|
--------- |
--------- |
|
330,424 |
307,910 |
|
--------- |
--------- |
|
|
|
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
2024 |
2023 |
|
€000 |
€000 |
United Kingdom |
64,892 |
66,557 |
Overseas - Modern Trade |
190,676 |
175,186 |
Overseas - Distributors |
69,204 |
58,712 |
Overseas - Developing Markets |
5,652 |
7,455 |
|
--------- |
--------- |
|
330,424 |
307,910 |
|
--------- |
--------- |
|
|
|
6.
Other operating income
|
2024 |
2023 |
|
€000 |
€000 |
Other operating income |
3,253 |
3,437 |
|
------- |
------- |
|
|
|
Other operating income represents the income from recharges of regional costs to Energizer Group Limited, the European Principal, during the year.
7.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
2024 |
2023 |
|
€000 |
€000 |
Amortisation of intangible assets |
1,259 |
1,679 |
Depreciation of tangible assets |
4,064 |
3,891 |
(Gains)/loss on disposal of tangible assets |
(
293) |
140 |
Impairment of trade debtors |
170 |
(13) |
Foreign exchange differences (included within administrative expenses) |
(
327) |
(
204) |
Impairment of inventory (included within cost of sales) |
3,409 |
4,689 |
Foreign exchange differences (included within cost of sales) |
533 |
(
3,325)
|
|
------- |
------- |
|
|
|
8.
Auditors' remuneration
The auditors remuneration in the current and prior years was borne by Energizer Group Limited. The remuneration in respect of the audit of the company was €297,000 (2023: €262,000), however no recharge was made to the company
9.
Staff costs
The monthly average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
Production staff |
266 |
227 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
€000 |
€000 |
Wages and salaries |
11,892 |
10,104 |
Social security costs |
1,324 |
1,077 |
Other pension costs |
454 |
421 |
|
-------- |
-------- |
|
13,670 |
11,602 |
|
-------- |
-------- |
|
|
|
Energizer Group Limited, a fellow subsidiary undertaking, employs management, sales and administration staff who provide a service to the company, for which there is a recharge.
10.
Directors' remuneration
The directors are all based in the US and are paid by the ultimate parent Energizer Holdings Inc.(EHI). EHI does not charge any UK entity for the services of these directors as they are paid predominantly for their services to EHI and not for their services as directors of the UK subsidiaries.
11.
Income from shares in group undertakings
|
2024 |
2023 |
|
€000 |
€000 |
Dividends from group undertakings |
9,150 |
6,662 |
|
------- |
------- |
|
|
|
On 30 September 2024 the company received a €9,150,000 (£7,700,000) dividend from its subsidiary EEL.
12.
Interest receivable and similar income
|
2024 |
2023 |
|
€000 |
€000 |
Interest from group undertakings |
3,296 |
689 |
Other interest receivable and similar income |
– |
12 |
|
------- |
---- |
|
3,296 |
701 |
|
------- |
---- |
|
|
|
13.
Interest payable and similar expenses
|
2024 |
2023 |
|
€000 |
€000 |
Interest due to group undertakings |
5,987 |
4,436 |
Other interest payable and similar charges |
173 |
107 |
|
------- |
------- |
|
6,160 |
4,543 |
|
------- |
------- |
|
|
|
14.
Tax on profit
Major components of tax expense/(income)
Current tax:
UK current tax expense |
3,300 |
– |
Adjustments in respect of prior periods |
– |
(
476) |
|
------- |
---- |
Total current tax |
3,300 |
(
476) |
|
------- |
---- |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
141) |
435 |
|
------- |
---- |
Tax on profit |
3,159 |
(
41) |
|
------- |
---- |
|
|
|
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was €(604,956)
(2023: €Nil).
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the
standard rate of corporation tax in the UK
of
25
% (2023:
22
%).
|
2024 |
2023 |
|
€000 |
€000 |
Profit on ordinary activities before taxation |
20,401 |
15,334 |
|
-------- |
-------- |
Profit on ordinary activities by rate of tax |
5,100 |
3,373 |
Adjustment to tax charge in respect of prior periods |
– |
(
476) |
Effect of expenses not deductible for tax purposes |
(
1,977) |
(
1,193) |
Effect of capital allowances and depreciation |
36 |
(
119) |
Other timing differences |
– |
72 |
Group relief claimed not paid for |
– |
(
1,698)
|
|
-------- |
-------- |
Tax on profit |
3,159 |
(
41) |
|
-------- |
-------- |
|
|
|
Factors that may affect future tax expense
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 30 September 2024. For the financial year ended 30 September 2024 the weighted average tax rate is 25% (2023: weighted average tax rate was 22%).
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
15.
Intangible assets
|
Goodwill |
Software |
Total |
|
€000 |
€000 |
€000 |
Cost |
|
|
|
At 1 October 2023 |
20,798 |
276 |
21,074 |
Additions |
– |
– |
– |
Transfers |
– |
40 |
40 |
|
-------- |
---- |
-------- |
At 30 September 2024 |
20,798 |
316 |
21,114 |
|
-------- |
---- |
-------- |
Amortisation |
|
|
|
At 1 October 2023 |
7,778 |
157 |
7,935 |
Charge for the year |
1,233 |
26 |
1,259 |
|
-------- |
---- |
-------- |
At 30 September 2024 |
9,011 |
183 |
9,194 |
|
-------- |
---- |
-------- |
Carrying amount |
|
|
|
At 30 September 2024 |
11,787 |
133 |
11,920 |
|
-------- |
---- |
-------- |
At 30 September 2023 |
13,020 |
119 |
13,139 |
|
-------- |
---- |
-------- |
|
|
|
|
16.
Tangible assets
|
Land, buildings and leasehold improvements |
Plant and machinery |
Fixtures and fittings |
Assets Under Construction |
Total |
|
€000 |
€000 |
€000 |
€000 |
€000 |
Cost |
|
|
|
|
|
At 1 October 2023 |
2,197 |
32,900 |
24 |
1,428 |
36,549 |
Additions |
– |
1,864 |
– |
4,294 |
6,158 |
Disposals |
– |
(
4,775) |
– |
– |
(
4,775) |
Transfers |
129 |
2,702 |
– |
(
2,871)
|
(
40)
|
|
------- |
-------- |
---- |
------- |
-------- |
At 30 September 2024 |
2,326 |
32,691 |
24 |
2,851 |
37,892 |
|
------- |
-------- |
---- |
------- |
-------- |
Depreciation |
|
|
|
|
|
At 1 October 2023 |
595 |
11,491 |
10 |
– |
12,096 |
Charge for the year |
159 |
3,900 |
5 |
– |
4,064 |
Disposals |
– |
(
1,095) |
– |
– |
(
1,095) |
|
------- |
-------- |
---- |
------- |
-------- |
At 30 September 2024 |
754 |
14,296 |
15 |
– |
15,065 |
|
------- |
-------- |
---- |
------- |
-------- |
Carrying amount |
|
|
|
|
|
At 30 September 2024 |
1,572 |
18,395 |
9 |
2,851 |
22,827 |
|
------- |
-------- |
---- |
------- |
-------- |
At 30 September 2023 |
1,602 |
21,409 |
14 |
1,428 |
24,453 |
|
------- |
-------- |
---- |
------- |
-------- |
|
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Short leasehold property |
|
€000 |
At 30 September 2024 |
1,365 |
|
------- |
At 30 September 2023 |
1,470 |
|
------- |
|
|
17.
Investments
|
Shares in group undertakings |
|
€000 |
Cost |
|
At 1 October 2023 and 30 September 2024 |
265,025 |
|
--------- |
Impairment |
|
At 1 October 2023 and 30 September 2024 |
127,308 |
|
--------- |
|
|
Carrying amount |
|
At 30 September 2024 |
137,717 |
|
--------- |
At 30 September 2023 |
137,717 |
|
--------- |
|
|
Subsidiaries, associates and other investments
|
Registered office |
Class of share |
Percentage of shares held |
Subsidiary undertakings |
|
|
|
Energizer Group Limited* |
Sword House, |
Ordinary |
100 |
|
Totteridge Road, |
|
|
|
High Wycombe, |
|
|
|
Bucks, HP13 6DG. |
|
|
Energizer Europe Limited* |
Unit 2a, |
Ordinary |
100 |
|
Stephenson Industrial Estate, |
|
|
|
Washington, |
|
|
|
Tyne & Wear, NE37 3HW. |
|
|
Energizer Group Sweden AB* |
Drottningholmsvägen 22, |
Ordinary |
100 |
|
112 42, Stockholm. |
|
|
Energizer Auto UK Limited* |
Sword House, |
Ordinary |
100 |
|
Totteridge Road, |
|
|
|
High Wycombe, |
|
|
|
Bucks, HP13 6DG. |
|
|
Energizer Auto UK Parent Limited** |
Sword House, |
Ordinary |
100 |
|
Totteridge Road, |
|
|
|
High Wycombe, |
|
|
|
Bucks, HP13 6DG. |
|
|
Energizer Brands II LLC** |
1209 Orange Street, |
Ordinary |
100 |
|
Wilmington, New Castle , |
|
|
|
Delaware 19801 |
|
|
Energizer Brands UK Limited** |
Sword House, |
Ordinary |
100 |
|
Totteridge Road, |
|
|
|
High Wycombe, |
|
|
|
Bucks, HP13 6DG. |
|
|
|
|
|
|
*Direct investment
**Indirect investment
Energizer Auto UK Parent Limited is an investment holding company.
Energizer Europe Limited, Energizer Brands UK Limited and Energizer Brands II LLC are non trading entities.
18.
Inventories
|
2024 |
2023 |
|
€000 |
€000 |
Raw materials |
6,228 |
4,687 |
Work in progress |
27,351 |
36,412 |
Finished goods |
48,847 |
59,349 |
Maintenance, Repairs & Operating supplies |
1,385 |
1,342 |
|
-------- |
--------- |
|
83,811 |
101,790 |
|
-------- |
--------- |
|
|
|
Inventory is stated net of a provision of €5,106,000 (2023: €4,360,000) for obsolete and slow moving products. The replacement cost of the inventory at 30 September 2024 does not materially differ from the balance sheet value.
19.
Debtors
|
2024 |
2023 |
|
€000 |
€000 |
Trade debtors |
27,084 |
27,298 |
Amounts owed by group undertakings |
46,369 |
19,324 |
Prepayments and accrued income |
3,222 |
4,948 |
Derivative financial assets |
373 |
– |
VAT recoverable |
3,099 |
1,610 |
Other debtors |
109 |
195 |
|
-------- |
-------- |
|
80,256 |
53,375 |
|
-------- |
-------- |
|
|
|
All amounts owed by group undertakings are unsecured and are repayable on demand, except for the revolving loan disclosed below. Included within this amount are: Trading accounts with a number of affiliates, totalling €8,078,000 (2023: €5,109,000) that are settled on normal trading terms and are therefore interest free. €36,057,000 ($40,150,000) (2023: €14,187,000) owed by Energizer Holdings Inc (EHI). This was a revolving facility arrangement that allowed EHI to borrow up to $75,000,000. It carried interest at 7.41% per annum and at the balance sheet date accrued interest of € 270,773 ($301,506) (2023: €28,097) was outstanding. This facility matured in February 2025 after the year end and was replaced by a new facility maturing in February 2026 allowing EHI to borrow up to $100,000,000 at an interest rate of 6.29% per annum. €2,400,000 (2023: €Nil) owed by Energizer International Group BV (EIGBV). This was a revolving facility arrangement that allowed EIGBV to borrow up to €10,000,000. It carried interest at 7% per annum and at the balance sheet date accrued interest of € 17,721 (2023: €Nil) was outstanding. This facility matured in October 2024 after the year end and was replaced by a new facility maturing in October 2025 allowing EIGBV to borrow up to €10,000,000 at an interest rate of 6.2% per annum. €19,365,000 (2023: €Nil) owed by Energizer Europe BV (EEBV). This was a revolving facility arrangement that allowed EEBV to borrow up to €25,000,000. It carried interest at 5.65% per annum and at the balance sheet date accrued interest of €263,389 (2023: €Nil) was outstanding. This facility matured in October 2024 after the year end and was replaced by a new facility maturing in October 2025 allowing EEBV to borrow up to €40,000,000 at an interest rate of 4.32% per annum. At the year end there was a a trading account balance of €16,783,000 (2023: €Nil) payable to EEBV which has been reported within debtors as it nets against the revolving loan.
20.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
€000 |
€000 |
Trade creditors |
27,554 |
22,359 |
Amounts owed to group undertakings |
96,025 |
110,042 |
Accruals and deferred income |
14,095 |
14,453 |
Corporation tax |
– |
519 |
Social security and other taxes |
691 |
600 |
Obligations under finance leases and hire purchase contracts |
179 |
164 |
Derivative financial liability |
2,259 |
– |
Accrued Rebates |
17,545
|
13,522
|
|
--------- |
--------- |
|
158,348 |
161,659 |
|
--------- |
--------- |
|
|
|
All amounts owed to group undertakings are unsecured and are repayable on demand. Included within this amount are: Trading accounts with a number of affiliates that have cash sweep loan arrangements in place incurring interest at commercial rates ranging between 1.50% and 1.73% during the year, totalling €86,362,000 (2023: €82,534,000). Trading accounts with a number of affiliates, totalling €9,663,000 (2023: €27,507,000) that are settled on normal trading terms and are therefore interest free.
21.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
€000 |
€000 |
Obligations under finance leases and hire purchase contracts |
1,126 |
1,253 |
Derivative financial liability |
161 |
– |
|
------- |
------- |
|
1,287 |
1,253 |
|
------- |
------- |
|
|
|
22.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2024 |
2023 |
|
€000 |
€000 |
Not later than 1 year |
179 |
164 |
Later than 1 year and not later than 5 years |
813 |
743 |
Later than 5 years |
313 |
510 |
|
------- |
------- |
|
1,305 |
1,417 |
|
------- |
------- |
|
|
|
23.
Provisions for liabilities
|
Deferred tax (note 24) |
Bad debt provisions |
Total |
|
€000 |
€000 |
€000 |
At 1 October 2023 |
1,615 |
271 |
1,886 |
Charge against provision |
– |
(
37) |
(
37) |
Unused amounts reversed |
– |
(
1) |
(
1) |
Items dealt with in profit or loss |
(
141) |
– |
(
141) |
Items dealt with in other comprehensive income |
(
605) |
– |
(
605) |
|
------- |
---- |
------- |
At 30 September 2024 |
869 |
233 |
1,102 |
|
------- |
---- |
------- |
|
|
|
|
In accordance with its previous commissionaire agreements
Energizer Trading Limited
bore the bad debt risk associated with the sales made to third party customers by its former commissionaire agents. Therefore a provision for bad debts is maintained by the company. This provision has not been offset against trade debtors as it relates to assets that are on the balance sheets of the former commissionaire agents and not the company's own balance sheet.
24.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
€000 |
€000 |
Included in provisions for liabilities (note 23) |
869 |
1,615 |
|
---- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
€000 |
€000 |
Accelerated capital allowances |
2,569 |
2,663 |
Accruals |
(
11)
|
(
11)
|
Provisions |
(
1,063)
|
(
1,021)
|
Pension plan obligations |
(
21)
|
(
16)
|
Derivatives designated as Cash Flow Hedging |
(
605)
|
– |
|
------- |
------- |
|
869 |
1,615 |
|
------- |
------- |
|
|
|
25.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was €
454,000
(2023: €
421,000
).
26.
Financial instruments
The market risk inherent in the Company's operations creates potential earnings volatility arising from changes in currency rates, interest rates and commodity prices. The Company's policy allows derivatives to be used only for identifiable exposures and, therefore, the Company does not enter into hedges for trading or speculative purposes where the sole objective is to generate profits. A significant portion of the company's product cost is more closely tied to the U.S. Dollar than to the currencies in which the company sells products, this creates a foreign currency exposure risk. The Company has entered into a series of forward currency contracts to hedge the cash flow uncertainty of forecasted payment of inventory purchases due to short term currency fluctuations. These forward currency contracts have been designated as cash flow hedging relationships and as such the unrealised gains and losses on fair value movements of these contracts is recognised in Other Comprehensive Income. At the year end the fair value of these open contracts was (€2,420,000) and is included in Creditors: amounts falling due within one year (see note 20) and Creditors: amounts falling due after more than one year (see note 21). In addition the Company has entered into foreign currency derivative contracts which are not designated as cash flow hedges for accounting purposes to hedge existing balance sheet exposures. Any gains or losses on these contracts would be offset by corresponding exchange losses or gains on the underlying exposures; thus are not subject to significant market risk. At the year end the fair value of these open contracts was €373,000 and is included in Debtors (see note 19).
27.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
€ |
No. |
€ |
Ordinary shares of € 0.000022 each |
50,000 |
1 |
50,000 |
1 |
Ordinary Class 2 shares of € 0.000024 each |
2 |
– |
2 |
– |
Ordinary Class 3 shares of € 0.000023 each |
504,998 |
12 |
504,998 |
12 |
|
--------- |
---- |
--------- |
---- |
|
555,000 |
13 |
555,000 |
13 |
|
--------- |
---- |
--------- |
---- |
|
|
|
|
|
The company's allotted share capital is 555,000 ordinary shares of £0.0000199984 each. The shares are denominated in sterling, however as the company adopted euros as its presentational and functional currency on 30 June 2011, the 50,000 shares issued at the time were translated into euros at the rate applicable on that date (1.1052). 2 new shares were issued during 2012 and were translated into euros at the rate applicable on the date of issue (1.2000). 499,998 new shares were issued on 29 September 2021 and were translated into euros at the rate applicable on the date of issue (1.17127). 5,000 new shares were issued on 30 September 2021 and were translated into euros at the rate applicable on the date of issue (1.17127).
28.
Reserves
The Share Premium account represents the premium received in excess of the nominal value of the issued shares
:
|
2024 |
2023 |
|
€000 |
€000 |
|
At 1 October and 30 September |
197,809 |
197,809 |
|
|
|
|
29.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
€000 |
€000 |
Not later than 1 year |
326 |
– |
Later than 1 year and not later than 5 years |
1,359 |
– |
Later than 5 years |
1,273 |
– |
|
------- |
---- |
|
2,958 |
– |
|
------- |
---- |
|
|
|
30.
Controlling party
The company's immediate parent is
Energizer UK Limited
, a company registered in England and Wales. The company's ultimate parent company and controlling party is Energizer Holdings Inc
., a US company incorporated in the state of Missouri. The parent undertaking of the smallest and largest group for which financial statements are drawn up and of which the company is a member is Energizer Holdings Inc
., incorporated in the USA. Copies of Energizer Holdings Inc.'s annual report can be obtained from Investor Relations, Energizer Holdings Inc., 8235 Forsyth Blvd, Suite 100 Clayton, MO 63105, USA.