Q Results and 2012 Outlook
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1 Q Results and 2012 Outlook January 24, 2012 Essentials for a Better Life
2 Conference Call Reminders Forward-Looking Information Certain matters in this presentation and conference call, including our 2012 outlook and planning assumptions, constitute forward-looking statements and are based upon management s expectations and beliefs concerning future events impacting the company. There can be no assurance that these future events will occur as anticipated or that the company s results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligations to publicly update them. For a description of certain factors that could cause the company s future results to differ materially from those expressed in any such forward-looking statements, see Item 1A of the company s Annual Report on Form 10-K for the year ended December 31, 2010 entitled Risk Factors. Non-GAAP Financial Measures 2010 results have been adjusted to exclude a loss related to the move to highly inflationary accounting in Venezuela effective January 1, results and 2012 outlook have been adjusted to exclude costs for pulp and tissue restructuring actions, and 2011 results have been adjusted to exclude a non-deductible business tax charge in the first quarter related to a law change in Colombia. Management believes that reporting in this manner enhances investors understanding and analysis of the company s performance. For additional information on why we make these adjustments and reconciliations to comparable measures under generally accepted accounting principles, see today s news release and additional information on our web site ( 2
3 Q Results Mark Buthman Essentials for a Better Life
4 Headlines Organic sales growth of 3 percent Highlighted by 7 percent growth in K-C International Solid improvements in adjusted gross and operating margins Adjusted EPS of $1.28, a 7 percent increase versus prior year 4
5 Consolidated Net Sales Q4 Net Sales ($ Billion) $5.1 $5.2 Q4 Net Sales 2.0% Organic volume 1% Restructuring & divestiture (a) -1% Net price 2% Mix/other 0% Currency 0% Organic (b) 3% Organic sales rose 3 percent Net selling prices rose 2 percent Volumes increased 1 percent (a) Reflects combined impact of lost sales from a divestiture of a non-core business in Latin America and exiting non-strategic products in conjunction with pulp and tissue restructuring actions. (b) Growth before impact of currency, divestiture and pulp and tissue restructuring actions. 5
6 Adjusted Gross and Operating Profit Adjusted gross margin: 32.6 percent Up 20 basis points year-on-year Adjusted operating margin: 14.7 percent Up 90 basis points year-on-year Q4 Adjusted Operating Profit vs. Prior Year +9% ($ Million) Higher selling prices FORCE cost savings: $70 million Cost inflation: $55 million $ % $ % Negative impact of lower production volumes Between-the-lines spending flat Higher other income 6
7 Adjusted Earnings Per Share Improvement despite higher effective tax rate and lower net income from equity companies Full-year adjusted EPS of $4.80 At the low end of previous guidance range of $4.80 to $4.90 Q4 Adjusted EPS vs. Prior Year +7% $1.20 $
8 Cash Flow Cash provided by operations $517 million compared to $948 million in year-ago quarter Significant improvement in working capital last year that did not repeat in 2011 Higher pension contributions Full-year primary working capital cash conversion cycle improved 3 days to record low of 47 days; further progress expected in 2012 Anticipate modest pension contributions this year, should drive substantial increase in cash provided by operations Returned approximately $2.3 billion of cash to shareholders during 2011 (dividends and share repurchases) Consistent with previous guidance, no shares repurchased during fourth quarter Full-year repurchases of 19 million shares at cost of $1.24 billion Will continue to allocate capital in shareholder-friendly ways in 2012 Will invest $1 to $1.1 billion of capital to grow business Expect 40 th consecutive annual increase in dividend, mid-single digit increase Expect share repurchases of $900 million to $1.1 billion 8
9 Personal Care Q4 Net Sales ($2.2B) 1.9% Volume 2% Net price 1% Mix/other 0% Currency -1% Organic 3% Operating Margin 19.4% 16.6% 15.4% Q Q Q Organic growth 11 percent in K-C International Strong performance in Latin America, China, South Korea and Vietnam North America organic sales -5 percent, mostly volume Continue to generate solid volume growth in adult care Lower volumes in infant and child care: category declines, competitive promotional activity and consumer trade-down in child care Operating margin 15.4 percent Remains below prior year driven by input cost inflation, higher between-thelines spending and increased promotion spending in North American diapers 9
10 Consumer Tissue Q4 Net Sales ($1.7B) -0.2% Organic volume -3% Restructuring & divestiture -1% Net price 3% Mix/other 1% Currency 0% Organic 1% Operating Margin 14.3% 12.0% 10.0% Q Q Q Net selling prices +3 percent Mix +1 percent Organic sales volumes -3 percent Operating margin 14.3 percent Best performance in over 2 years Improvement driven by selling price increases, cost savings, input cost deflation and lower between-the-lines spending 10
11 K-C Professional (KCP) & Other Q4 Net Sales ($0.8B) 2.4% Volume 1% Net price 1% Operating Margin 15.5% 14.7% 14.0% Mix/other 0% Currency 0% Organic 3% Q Q Q Sales volumes +1 percent Volumes up low-single digits in each region Operating margin 15.5 percent, up 150 bps versus last year Driven by benefits from sales growth and cost savings 11
12 Health Care Q4 Net Sales ($0.4B) 9.9% Operating Margin Volume 7% Net price 2% Mix/other 0% Currency 1% 6.8% 13.8% 14.3% Organic 9% Q Q Q Sales volumes +7 percent Medical supply volumes rose double-digits, led by growth in exam gloves and surgical products Medical device volumes in North America increased mid-single digits Operating margin 14.3 percent, up considerably from prior year Driven by significant litigation-related expenses a year-ago related to I-Flow acquisition, along with sales growth and cost savings 12
13 Update on Pulp and Tissue Restructuring Actions Essentials for a Better Life
14 Pulp and Tissue Restructuring Actions Made significant progress in 2011; on track or ahead of all major elements of the plan Actions underway or complete at all but one of the facilities impacted by 2011 announcement Closed pulp mill in Australia (Q4) Sold two K-C Professional facilities in Spain (Q4) Announced closure of pulp mill in Everett, Washington (Q4) Streamlined a consumer tissue facility in Australia earlier in the year Decision made to streamline an additional consumer tissue facility in North America, located in Chester, Pennsylvania Including all restructuring actions, now expect total restructuring charges of $385 to $420 million after tax Still within range previously communicated Most of the charges are now behind us ($289 million after tax in 2011) Operating profit should improve by at least $75 million in 2013 and at least $100 million in 2014 (versus 2010 baseline) Delivered $10 million of savings during Q4, $20 million for full-year
15 Summary Achieved solid organic sales growth, led by K-C International Delivered improved margins and earnings per share Continue to allocate capital in shareholder-friendly ways 15
16 2011 Performance and 2012 Outlook Tom Falk Essentials for a Better Life
17 2011 Performance Recap Adjusted EPS rose 3 percent in 2011, below original objective Absorbed $580 million of cost inflation, more than double original expectation Experienced soft demand in portions of the developed markets, particularly in infant and child care categories in the U.S. (impact of multi-year decline in birth rate) 17
18 2011 Performance: Innovations Launched Launched a number of innovations, including: Huggies Little Movers Slip-On Diapers Poise Hourglass Shape Pads Kleenex Cool Touch Facial Tissue U by Kotex Tweens Improved Cottonelle Bath Tissue Each of these are performing well in the market place Improved our brands market positions In the U.S., improved or maintained market share in 6 of our 8 consumer businesses Increased market share in a number of K-C International markets, including China and Latin America 18
19 2011 Performance: Targeted Growth Initiatives Executed Particularly strong performance in K-C International 8 percent organic sales growth and double-digit increase in operating profit Personal care organic sales growth: 20 percent in China, more than 15 percent in Latin America K-C International represented 36 percent of consolidated net sales in 2011, up 3 points from 2010 Achieved mid-to-high single digit volume growth in North American Adult Care, Feminine Care, Baby Wipes and Health Care Medical Devices 19
20 2011 Performance: Cost Savings & Financial Discipline Took aggressive steps in response to cost environment Achieved higher net selling prices of 2 percent Delivered $265 million of FORCE cost savings Tightly controlled overhead spending As costs moderated sequentially and initiatives gained momentum, adjusted gross margin improved 100 basis points second half versus first half of 2011 Excellent progress made with restructuring actions and continued shareholder-friendly capital allocation 20
21 2012 Outlook: Expect economic conditions to remain challenging in the near-term, particularly in developed markets, with no big increase in market demand Infant and child care categories to remain soft in U.S. Closely monitoring Europe and Venezuela Anticipate another strong year in K-C International Assuming a relatively benign commodity cost environment Range of $50 million deflation to $50 million inflation Costs down slightly in developed markets but up somewhat in emerging markets With recent strengthening of U.S. dollar, foreign currency will likely be a headwind 21
22 2012 Outlook: Excellent pipeline of innovation launching this year including near-term activities: North America: improved Huggies diaper, new and improved Huggies baby wipes line up, and exciting innovations in adult and feminine care Several launches in K-C International, particularly in infant and feminine care Strategic marketing to support innovations and targeted growth initiatives, spending will rise much faster than sales growth Research & development and selling expenses to increase as well Will continue to be financially disciplined Expect to deliver healthy cost savings and return significant amounts of cash to shareholders 22
23 2012 Outlook: Organic sales growth of 3 to 4 percent Adjusted earnings per share growth of 4 to 7 percent Compares favorably to 2011 growth of 3 percent Similar to 2011, given timing of initiatives, we expect that adjusted earnings per share will be stronger in second half of
24 Summary Continuing to execute strategies for the long-term benefit of Kimberly- Clark Expect to make significant investments behind brands and deliver improved bottom-line growth Convinced that execution of Global Business Plan will continue to improve shareholder value 24
25 Q&A Session Essentials for a Better Life
26 Appendix: 2012 Planning Assumptions Essentials for a Better Life
27 Planning Assumptions Sales increase: 0 to 1 percent Organic growth: 3 to 4 percent Volume growth: 1 to 2 percent Combination of net selling prices and product mix +2 percent 1 point negative sales impact from pulp and tissue restructuring actions Currency headwind: 2 percent Adjusted operating profit growth: 3 to 6 percent Adjusted gross profit expected to grow at a faster rate Strategic marketing, research and development, and selling expenses increase faster than sales growth FORCE cost savings: $150 to $200 million 27
28 Planning Assumptions Input costs: $50 million deflation to $50 million inflation Benchmark northern softwood pulp: $940 to $960 per metric ton Oil: $95 to $105 per barrel Material consumption factors Virgin fiber: about 2.6 million metric tons Secondary fiber: about 1.4 million metric tons Polymer resin: about 800 million pounds 28
29 Planning Assumptions Interest expense expected to increase somewhat Tax Rate Adjusted rate: 30 to 32 percent (29.9 percent in 2011) On average, higher tax rate equivalent to an approximate 2 point reduction in earnings per share growth Equity income up somewhat Net income attributable to noncontrolling interests should decline Driven by the redemption of $0.5 billion of preferred securities in December 2011 Adjusted EPS $5.00 to $5.15 Up 4 to 7 percent compared to 2011 adjusted EPS of $
30 Planning Assumptions Capital spending: $1.0 to $1.1 billion In line with long-term target of 4½ to 5½ percent of sales Cash contributions to defined benefit pension plans $50 to $100 million Average primary working capital cash conversion cycle improvement of at least 2 days Share repurchases: $900 million to $1.1 billion Mid-single digit increase in dividend Anticipated effective April 2012, subject to approval by the Board of Directors 30
31 Planning Assumptions The company is executing pulp and tissue restructuring actions in order to exit its remaining integrated pulp manufacturing operations and improve the underlying profitability and return on invested capital of its consumer tissue and K-C Professional businesses At this point in time, the company expects that $96 - $131 million of the after-tax charges ($135 - $185 million pre-tax) will occur in 2012, while operating profit benefits compared to 2011 are expected to be $30 million The company will report adjusted results in 2012, which will exclude the costs of the restructuring actions 2012 guidance for adjusted gross and operating profit growth, adjusted effective tax rate and adjusted earnings per share excludes the impact of these costs 31
32 Q Results and 2012 Outlook January 24, 2012 Essentials for a Better Life
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