Construction of 2005 Budget
Conservative budget
- Tight SG&A controls
- Raw material price risks
- Economic slow down potential (Conservative top line assumption)
- Higher interest rates
- Reaction to price increase
- FX Euro at $1.15, British Pound at $1.70
Use of potential upside
- We are managing the business to deliver sustained 10-12% earnings growth while continuing to invest in future growth opportunities
- A portion of earnings in excess of the 10-12% growth range, if realized, will be re-invested in brand building and innovation activities