Proctor and Gamble 2003 Annual Report Download - page 35

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Financial Review 33The Procter & Gamble Company and Subsidiaries
Forward-Looking Statements
The Company has made and will make certain forward-looking state-
ments in the Annual Report and in other contexts relating to volume
and sales growth, increases in market shares, financial goals and reduc-
tion of costs, among others.
These forward-looking statements are based on assumptions and esti-
mates regarding competitive activity, pricing, product introductions,
economic conditions, customer and consumer trends, technological
innovation, currency movements, governmental action and the develop-
ment of certain markets available at the time the statements are made.
Among the key factors necessary to achieve the Company’s goals are:
(1) the ability to achieve business plans, including growing existing
sales and volume profitably and successfully managing and integrating
key acquisitions (including Wella) and completing planned divestitures
(including a potential sale of the Company’s juice business), despite
high levels of competitive activity, especially with respect to the product
categories and geographical markets (including developing markets) on
which the Company has chosen to focus; (2) the ability to manage and
maintain key customer relationships; (3) the ability to maintain key
manufacturing and supply sources (including sole supplier and plant
manufacturing sources); (4) the ability to successfully manage regulato-
ry, tax and legal matters (including product liability matters), and to
resolve pending matters within current estimates; (5) the ability to suc-
cessfully implement, achieve and sustain cost improvement plans in
manufacturing and overhead areas, including successful completion of
the Company’s outsourcing projects; (6) the ability to successfully man-
age currency (including currency issues in volatile countries), interest
rate and certain commodity cost exposures; (7) the ability to manage
the continued global political and/or economic uncertainty, especially in
the Company’s significant geographical markets, as well as any political
and/or economic uncertainty due to terrorist activities; and (8) the abili-
ty to successfully manage increases in the prices of raw materials used
to make the Company’s products. If the Company’s assumptions and
estimates are incorrect or do not come to fruition, or if the Company
does not achieve all of these key factors, then the Company’s actual
performance could vary materially from the forward-looking statements
made herein.