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Consumer Staples
Conference
September 6, 2017
Q&A
2
Reminders
Forward-Looking Information
Certain matters in this presentation, including our 2017 outlook, expectations and planning
assumptions, and any estimates, projections, and statements relating to our business plans or
objectives, constitute forward-looking statements and are based upon managements
expectations and beliefs concerning future events impacting the company. These statements
are subject to risks and uncertainties, including currency rates and exchange risks, cost savings
and reductions, raw material, energy, and other input costs, competition, market demand and
economic and political conditions, the anticipated cost savings from the companys FORCE
program and contingencies. There can be no assurance that these future events will occur as
anticipated or that the companys results will be as estimated. Furthermore, unless otherwise
specifically indicated, forward-looking statements contained in this presentation are based on
our second quarter 2017 earnings communication which occurred on July 25, 2017. Forward-
looking statements and guidance speak only as of the date they were made, and we
undertake no obligation to publicly update them and nothing in this presentation should be
considered as confirming or disaffirming guidance. For a description of certain factors that
could cause the companys future results to differ materially from those expressed in any such
forward-looking statements, see Item 1A of the companys Annual Report on Form 10-K for the
year ended December 31, 2016 entitled Risk Factors.
Non-GAAP Financial Measures
This presentation contains some financial measures that have been adjusted to exclude
certain items and differ from reported results using Generally Accepted Accounting Principles
(GAAP). Management believes that reporting in this manner enhances investors
understanding and analysis of the companys performance. For additional information on why
we make these adjustments and reconciliations to comparable measures under GAAP, see
the supplemental information for this presentation posted to the Investors section of our
website (www.kimberly-clark.com/investors). This presentation also includes information on
organic net sales, which describes the impact of changes in volume, net selling prices and
product mix on net sales. Changes in foreign currency exchange rates also impact the year-
over-year change in net sales.
3
Headlines
Executing Global Business Plan for long-term
success in a challenging near-term environment
4
GBP Strategies
Disciplined capital
Deliver management to
sustainable improve ROIC and
cost reduction return cash to
shareholders
5
GBP Objectives and Results
Annual
Improvement 2004 2016
Objective CAGR
Mid- to high-
EPS* 6 percent
single digits
20 to 40
ROIC* 80 basis points
basis points
Low end of
EPS* Even
+3 to 5 percent range
1H 2017 HIGHLIGHTS
* Adjusted.
8
Disciplined Between-the-Lines Spending
BTL SPENDING*
Long track record of (% Sales)
efficient SG&A spending 19.0% 18.8%
18.2% 18.3% 18.3%
Tightly managing 18.1%
overhead spending in
13.2% 13.2%
current environment 12.6% 12.7% 12.6% 12.7%
18.4% 18.1%
17.3%
16.1%
15.4%
14.4%
* Adjusted.
9
Working Capital
program
introduction
* Adjusted.
11
Free Cash Flow Productivity
Enables shareholder-friendly
capital allocation
* Free cash flow productivity defined as free cash flow (cash provided by operations less capital spending) divided by adjusted earnings.
Excludes $410 million pension contribution in conjunction with 2015 U.S. pension plan annuity transactions.
12
Dividends
Increased dividend 45 consecutive years
$13.5+ billion in cash dividends over past 13 years
Current yield 3.2 percent
Top-tier dividend in CPG industry
$3.88 ~63%
41%
$1.36
2003
2003 2017
2017 2003
2003 2017*
2017
502
Cumulative share
repurchases of $15.4 billion
2004-2016
353
Targeting $800 million to
$1 billion in 2017
Year-end June 30,
2003 2017
14
Total Shareholder Returns
Since Launch of GBP (July 2003)
298% 295%
238%
S&P Consumer
KMB S&P 500
Staples Index
17
Business Unit Strategies
CONSUMER TISSUE
Deliver targeted growth and improve
margins in Consumer Tissue
18
Win Globally in Personal Care
Fast-growing categories
Powerful brands
Winning products
PERSONAL CARE SALES
Long-track record of success % OF TOTAL COMPANY
Organic sales CAGR +5
percent since launch of GBP
50%
Near-term
39%
Category softness
Competitive activity
2003 2016
1H 2017 organic sales even
year-on-year
19
Win Globally in Personal Care
Premium solutions
Feminine
Care Point of brand adoption
Penetration globally
Adult Marketing to drive awareness
Care
Innovation
20
Deliver Targeted Growth and Improve
Margins in Consumer Tissue
Strong share positions in
focused markets
Iconic brands
Advantaged technologies
Value-added innovation
21
Deliver Targeted Growth and Improve
Margins in Consumer Tissue
Operating profit up 25
percent over last four years
Near-term environment
Elevated competitive OPERATING MARGIN
activity
Pulp costs picking up in 19%
2017 18% 18%
16%
15%
14%
22
Personal Care & Consumer Tissue
North America
Strong market positions
Healthy profit margins
Current environment
Category softness, particularly
in infant / child care
Competitive activity elevated
last 12 months
23
Grow in Higher Margin Segments in KCP
Premium brands
ORGANIC SALES
Good market positions
2012 2016 CAGR +3%
24
Drive Rapid Growth in D&E Markets
Excellent performance over
last several years ORGANIC SALES
1H 2017 +3%
1H 2017 volumes +5 percent
and on track with plan
D&E SALES
Optimistic about long-term % OF TOTAL COMPANY
potential
Attractive market dynamics 29%
Increase penetration and
frequency of usage 14%
Targeted geographic expansion
and growth plans
2003 2016
25
D&E Focus Area:
China, Eastern Europe, Latin America Personal Care
Approximately 50 percent
ORGANIC SALES AND
of D&E business VOLUME GROWTH
Current environment
+14% +5% +3%
Some category slowdown in
Latin America
Pricing down somewhat --
improving currencies,
competition 8%
7%
Encouraged by volume 4%
performance in 2017
Continue to execute
2013-2015
long-term growth plans CAGR
2016 1H 2017
Significant category
tailwinds
Winning innovations
Five improvements /
launches in first half of 2017
VOLUME GROWTH
Targeted geographic
expansion
31%
26%
Strong presence and
13%
capabilities in e-commerce
2013-2015
2016 1H 2017
CAGR
28
D&E Focus Area: Eastern Europe Diapers
Geographic expansion
opportunities VOLUME GROWTH
2013-2015
2016 1H 2017
CAGR
Near-term category
volatility, somewhat more
stable recently
Launching several
innovations in 2017
Diapers, feminine care,
adult care
VOLUME GROWTH
Improving execution /
value proposition 4% 4%
opportunities 2013-2015
2016 1H 2017
CAGR
30
Summary
Challenging near-term environment
Driving growth initiatives, cost savings, ROIC
improvement
Allocating capital in shareholder-friendly ways
Confident GBP will deliver long-term
shareholder value
31
Q&A Session
Barclays Global
Consumer Staples
Conference
September 6, 2017