Three more people arrested in R300m West Coast shareholder fraud case
Hawks spokesperson Warrant Officer Zinzi Hani said the unit's Serious Commercial Crime Investigation team in Bellville arrested Benjamin Burger Lubbe, 85, Nicolaas Jacobus Latsky, 77, and Petrus Van Eeden Marais, 64, for fraud, contravention of the Financial Markets Act and contravention of the Companies Act.
They appeared in the Vredenburg Magistrate's Court on Tuesday and were released on R10 000 bail each.
They will join their seven co-accused, who were arrested in May.
The seven are Jacobus Francois Pienaar, 69, Andries Johannes Frederick Eigelaar, 75, Carel Johannes Hendrik Mienie, 56, Carel Johannes Daniel Eigelaar, 70, Meiring Tarrant, 55, Minette Louw, 44, and Albert Johannes Marais, 68. Among them are three lawyers, two auditors, directors and senior officials of associated accused companies.
The seven are out on bail of R10 000 each.
The case dates back to 2006, when the accused - majority shareholders - allegedly defrauded minority shareholders by manipulating share prices, causing a loss of an estimated R300 million, Hani said.
All ten accused will appear in court again on 21 November.
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Its outlook for Net Sales, Organic Sales Growth and Adjusted Operating Profit growth now reflect the results of the remaining two segments, North America and IPC, as well as its overhead structure excluding the IFP business. Its outlook for Adjusted Earnings per Share Attributable to Kimberly-Clark and Adjusted Free Cash Flow will continue to include the IFP business until the close of the joint venture transaction with Suzano, anticipated to occur mid-year 2026. Consistent with the Company's long term growth algorithm, 2025 Organic Sales Growth is expected to outpace the weighted average growth in the categories and countries it competes, which are currently growing at approximately two percent. Reported Net Sales are forecast to reflect a negative impact of approximately 100 basis points from currency translation, as well as a negative 290 basis point impact from a combination of the PPE divestiture and the exit of the company's private label diaper business in the US. The company expects its 2025 Adjusted Operating Profit to grow at a low-to-mid single digit rate on a constant-currency basis versus the prior year. This outlook includes a negative 380 basis point impact from a combination of its PPE divestiture and the exit of the company's private label diaper business in the US. Operating Profit growth is also expected to be negatively impacted by approximately 100 basis points from currency translation. Adjusted Earnings per Share Attributable to Kimberly-Clark are expected to grow at a low-to-mid single digit rate on a constant-currency basis including a negative 320 basis point impact from a combination of its PPE divestiture and the exit of the company's private label diaper business in the US, as well as a negative 100 basis point impact from items below operating profit including higher net interest expense, a higher effective adjusted tax rate, partially offset by lower shares outstanding. This outlook also includes a favorable impact of approximately 200 basis points, or $0.16 per diluted share, from the cessation of depreciation and amortization expense for assets held for sale, reflected in earnings from discontinued operations. Earnings Per Share are expected to be negatively impacted by approximately 150 basis points from currency translation, including the impact on income from equity interests. Adjusted Free Cash Flow is expected to be approximately $2 billion in 2025. This outlook reflects assumptions subject to change given the macro environment. Supplemental Materials and Live Webcast Supplemental materials will be available at approximately 6:35 a.m. Eastern Daylight Time in the Investor Relations section of the Kimberly-Clark website. The company will host a live Q&A session with investors and analysts on August 1, 2025, at 8:00 a.m. Eastern Daylight Time. The supplemental materials and Kimberly-Clark's Q&A session can be accessed at the Kimberly-Clark website. A replay of the webcast will be available following the event through the same website. About Kimberly-Clark Kimberly-Clark (NASDAQ: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries and territories. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, Goodnites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 70 countries. Our company's purpose is to deliver Better Care for a Better World. We are committed to using sustainable practices designed to support a healthy planet, build strong communities, and enable our business to thrive for decades to come. To keep up with the latest news and learn more about the company's more than 150-year history of innovation, visit the Kimberly-Clark website. Copies of Kimberly-Clark's Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company's website on the same day they are filed with the SEC. To view these filings, visit the Investors section of the company's website. Forward Looking Statements Certain matters contained in this press release concerning the business outlook, including raw material, energy and other input costs, our plans and expectations regarding the pending IFP joint venture transaction with Suzano ("IFP Transaction"), the anticipated charges and savings from the 2024 Transformation Initiative, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina and Türkiye, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them. The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including risks and uncertainties around the pending IFP Transaction (including risks related to delays or failure to complete the proposed transaction, the incurrence of significant transaction and separation costs, adverse market reactions, regulatory or legal challenges, and operational disruptions), risks that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), government trade or similar regulatory actions (including current and potential trade and tariff actions affecting the countries where we operate and the resulting negative impacts on our supply chain, commodity costs, and consumer spending), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities and hostilities (including the war in Israel), potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates. The factors described under Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, or in our other SEC filings, among others, could cause our future results to differ from those expressed in any forward-looking statements made by us or on our behalf. Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results. 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Shares Outstanding June 3020252024 Average diluted shares for six months ended 333.3338.2 KIMBERLY-CLARK CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Millions) (Unaudited) June 30, 2025December 31, 2024 ASSETS Current Assets Cash and cash equivalents$ 634$ 1,010 Accounts receivable, net2,0071,728 Inventories1,5581,452 Other current assets572694 Current assets of discontinued operations786696 Total Current Assets5,5575,580 Property, Plant and Equipment, Net6,3176,284 Investments in Equity Companies359314 Goodwill1,8361,796 Other Intangible Assets, Net8180 Other Assets1,001984 Non-current Assets of Discontinued Operations1,6201,508 TOTAL ASSETS$ 16,771$ 16,546 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Debt payable within one year$ 771$ 564 Trade accounts payable3,2533,264 Accrued expenses and other current liabilities2,0192,091 Dividends payable415402 Current liabilities of discontinued operations713683 Total Current Liabilities7,1717,004 Long-Term Debt6,4706,854 Non-current Employee Benefits619628 Deferred Income Taxes243300 Other Liabilities680609 Non-current Liabilities of Discontinued Operations148139 Redeemable Preferred Securities of Subsidiaries3737 Stockholders' Equity Kimberly-Clark Corporation1,271840 Noncontrolling Interests132135 Total Stockholders' Equity1,403975 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$ 16,771$ 16,546 KIMBERLY-CLARK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) (Unaudited) Six Months Ended June 30 20252024 Operating Activities Net income$ 1,085$ 1,211 Depreciation and amortization440373 Asset impairments—5 Stock-based compensation7371 Deferred income taxes(30)(79) Net (gains) losses on asset and business dispositions3683 Equity companies' earnings (in excess of) less than dividends paid(50)(82) Operating working capital(471)(135) Postretirement benefits93 Other59 Cash Provided by Operations1,0971,459 Investing Activities Capital spending(401)(352) Proceeds from asset and business dispositions1214 Investments in time deposits(227)(242) Maturities of time deposits282235 Other22(31) Cash Used for Investing(312)(376) Financing Activities Cash dividends paid(824)(809) Change in short-term debt517 Debt repayments(250)— Proceeds from exercise of stock options3641 Repurchases of common stock(120)(156) Cash dividends paid to noncontrolling interests(18)(19) Other(58)(62) Cash Used for Financing(1,183)(998) Effect of Exchange Rate Changes on Cash and Cash Equivalents34(15) Change in Cash and Cash Equivalents(364)70 Cash and cash equivalents from continuing operations - beginning of period1,0101,075 Cash and cash equivalents from discontinued operations - beginning of period (a)1118 Cash and Cash Equivalents - Beginning of Period1,0211,093 Cash and cash equivalents from continuing operations - end of period6341,149 Cash and cash equivalents from discontinued operations - end of period(a)2314 Cash and Cash Equivalents - End of Period$ 657$ 1,163 (a) Included in Current 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As shown above, we have included a reconciliation to Total Net Sales and Total Operating Profit, as determined in accordance with GAAP. (b) Corporate & Other includes income and expense not associated with the ongoing operations of the segments, including certain operations of the former IFP segment that were divested prior to the IFP Transaction and costs previously allocated to the former IFP segment that aren't reported as discontinued operations. N.M. - Not Meaningful SUMMARY OF NON-GAAP FINANCIAL MEASURESThe following provides the reconciliation of the non-GAAP financial measures provided in this press release to the most closely related GAAP measure. These measures include: Organic Sales Growth, Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Earnings per Share from Continuing Operations, Adjusted Earnings per Share Attributable to Kimberly-Clark, and Adjusted Effective Tax Rate. Unless specifically stated, all discussions regarding non-GAAP financial measures reflect results from our continuing operations for all periods presented. Organic Sales Growth is defined as the change in Net Sales, as determined in accordance with U.S. GAAP, excluding the impacts of currency translation and divestitures and business exits. Adjusted Gross and Operating Profit, Adjusted Earnings per Share from Continuing Operations, Adjusted Earnings per Share Attributable to Kimberly-Clark and Adjusted Effective Tax Rate are defined as Gross Profit, Operating Profit, Diluted Earnings per Share from Continuing Operations, Diluted Earnings per Share Attributable to Kimberly-Clark and Effective Tax Rate, respectively, as determined in accordance with U.S. GAAP, excluding the impacts of certain items that management believes do not reflect our underlying operations, and which are discussed in further detail below. The income tax effect of these non-GAAP items on the Company's Adjusted Earnings per Share from Continuing Operations is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the Company's effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income from Continuing Operations Before Income Taxes and Equity Interests and Provision for income taxes. We use these non-GAAP financial measures to assist in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items that we do not believe reflect our underlying and ongoing operations. We believe that presenting these non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating our results. We believe that the presentation of these non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliation to those measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained absent these disclosures. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with our Unaudited Interim Condensed Consolidated Financial Statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. We compensate for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures. Certain non-GAAP financial measures referenced in this press release are presented on a forward-looking basis. Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. Please note that these items could be material to Kimberly-Clark's results calculated in accordance with GAAP. The non-GAAP financial measures exclude the following items for the relevant time periods: 2024 Transformation Initiative - We initiated this transformation to create a more agile and focused operating structure that will accelerate our proprietary pipeline of innovation in right-to-win spaces and improve our growth trajectory, profitability, and returns on investment. IFP Repatriated Earnings – In connection with the IFP Transaction, we recognized a deferred tax liability for certain permanently reinvested earnings from the IFP Business that are expected to be repatriated prior to the close of the transaction. IFP Separation Costs - Costs incurred in connection with the IFP Transaction related to external advisory, legal, accounting, contractor and other incremental costs. IFP Tax Basis Adjustment - In connection with the IFP Transaction, we recognized a deferred tax liability on the difference between our book and tax basis for certain of our investments in subsidiaries reported as discontinued operations. The following tables provide a reconciliation of Organic Sales Growth from continuing operations: Three Months Ended June 30, 2025 Percent change vs. the prior year period NAIPCTotal Net Sales Growth(1.9)0.4(1.6) Currency Translation0.22.61.0 Divestitures and Business Exits5.70.34.4 Organic Sales Growth(a)4.33.33.9 Six Months Ended June 30, 2025 Percent change vs. the prior year period NAIPCTotal Net Sales Growth(2.9)(4.5)(4.0) Currency Translation0.34.31.7 Divestitures and Business Exits4.30.33.4 Organic Sales Growth(a)1.80.11.2 (a) Table may not foot due to rounding. The following table provides a reconciliation of Adjusted Gross Profit from continuing operations: Three Months Ended June 30Six Months Ended June 30 2025202420252024 Gross Profit$ 1,456$ 1,594$ 2,965$ 3,280 2024 Transformation Initiative824513545 Adjusted Gross Profit$ 1,538$ 1,639$ 3,100$ 3,325 The following table provides a reconciliation of Adjusted Operating Profit from continuing operations: Three Months Ended June 30Six Months Ended June 30 2025202420252024 Operating Profit$ 592$ 539$ 1,223$ 1,254 2024 Transformation Initiative121190196235 Adjusted Operating Profit$ 713$ 729$ 1,419$ 1,489 The following table provides a reconciliation of Adjusted Earnings per Share from continuing operations: Three Months Ended June 30Six Months Ended June 30 2025202420252024 Diluted Earnings per Share from Continuing Operations$ 1.33$ 1.35$ 2.72$ 2.96 2024 Transformation Initiative0.270.350.500.45 IFP Repatriated Earnings0.03—0.03— Adjusted Earnings per Share from Continuing Operations(a)$ 1.63$ 1.70$ 3.25$ 3.41 (a) The non-GAAP adjustments included above are presented net of tax. The income tax effect of these non-GAAP items is calculatedbased upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. Refer to the Adjusted Effective Tax Rate reconciliation below for the tax effect of these adjustments on the Company's reported Provision for income taxes. The following table provides a reconciliation of Adjusted Earnings per Share Attributable to Kimberly-Clark: Three Months Ended June 30Six Months Ended June 30 2025202420252024 Diluted Earnings per Share Attributable to Kimberly-Clark$ 1.53$ 1.61$ 3.23$ 3.52 2024 Transformation Initiative0.270.350.500.45 IFP Separation Costs0.07—0.07— IFP Repatriated Earnings0.03—0.03— IFP Tax Basis Adjustment0.02—0.02— Adjusted Earnings per Share Attributable to Kimberly-Clark$ 1.92$ 1.96$ 3.85$ 3.97 The following tables provide a reconciliation of the continuing operations Adjusted Effective Tax Rate: Three Months Ended June 30 20252024 Income from Continuing OperationsBefore IncomeTaxes and EquityInterestsProvision for Income TaxesIncome from Continuing Operations Before IncomeTaxes and Equity InterestsProvision for Income Taxes As Reported$ 513$ (116)$ 461$ (60) 2024 Transformation Initiative122(27)190(73) IFP Repatriated Earnings—10—— As Adjusted$ 635$ (133)$ 651$ (133) Effective Tax Rate As Reported22.6 %13.0 % As Adjusted20.9 %20.4 % Six Months Ended June 30 20252024 Income fromContinuing Operations Before IncomeTaxes andEquity InterestsProvision forIncome TaxesIncome fromContinuing Operations Before IncomeTaxes and EquityInterestsProvision forIncome Taxes As Reported$ 1,070$ (247)$ 1,104$ (208) 2024 Transformation Initiative199(27)235(84) IFP Repatriated Earnings—10—— As Adjusted$ 1,269$ (264)$ 1,339$ (292) Effective Tax Rate As Reported23.1 %18.8 % As Adjusted20.8 %21.8 % [KMB-F] Logo - View original content: SOURCE Kimberly-Clark Corporation 登入存取你的投資組合
