Natura &Co Holding (NTCOY) 5 Mar 212020 Q4 Earnings call transcript

Good morning, ladies and gentlemen, thank you for waiting. At this time, we would like to welcome everyone to Natura & Co Fourth Quarter 2020 Results. This event is recorded and all participants will be in listen-only mode during the company’s presentation. After Natura’s remarks are completed, there will be a question-and-answer session. At that time further instructions will be given. Instructions]. [Operator contain may statements. forward-looking presentation This not Such reflect historical and of beliefs statements and management. are the Co's expectations fact & statements of Natura

been are have This update company reference them only date light by of audited. does speak the of or in not includes undertake made, future purposes adjusted information they prepared developments. not to statements and company also and only, for obligation Forward-looking any yet information new which the presentation as of the information

turn Behar, will to Viviane is I over Now the Natura Miss Behar, conference of Officer & yours. Investor the Relations Co. Ms. floor

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consultants care. as soon safety determined As and provide representatives, priority. of made pandemic the We time associates, and and a our We our network networks we there support utmost of was our and financial the associates workplace hit, our to of health to partners.

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and in XXXX in which headway are our successfully buying into Watch Me expansions welcome in of geographic into we progress integration. launching campaign into our its making Shop's the Now. plan U.S. called a are making And past have Synergies the the year ahead toward great of back iconic China. in Body year, brands. the we and family we launched steps Avon new at-home Japan, further also decisive the operation was future took also entry We in

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once quarter key the like And major actually. sustainability practice on Slide On and B-Corp. ESG a this BX, achievements. focus group group four Co as world's specifically ISC standing in more as we was to & gaining X, Natura in such Dow becoming Jones QX. in highlight index, long Our included certification, biggest B-Corp the again on result And fact, I'd

strong Co growth very up Natura sales XX% performance, net of income First XXX%. & with and posted a

digital sales with up All group revenue supported XX% growth, total selling of our brands contributed social in in digital QX. to by e-commerce,

remain Our strong. EBITDA margin consolidated

support While by significant challenging our our in markets CFT reflecting technology very excellent performance global faced percentage R&D sustainable the This points growth. X key a of and gains share market translated in market outperformance into investments continued in quarter. context, and to branding, in very

progress we initiatives reached $XX.X administrative turnaround in further and ahead through Avon’s full-year $XX.X Second, of million integration. guidance in and and manufacturing. million QX, made procurement on and Synergies the

impact We and campaign also color of on. which COVID-XX equality that Avon Filippo initiated will Avon's in like key reconnecting by pleased brand with Fragrances, and share are rejuvenation categories see Makeup Despite key gained launch market we around causes, in brand Europe world, driven markets, in social later comment to promoting the domestic of International the violence, as the with fighting impactful gender the higher anti-racism. such

our agenda our advance parity made to life you XXXX our sustainability will more in Third, ESG to continues We hearing progress line on vision. further agenda. And gender be with commitment by our us are net emission from week next the ahead to UN zero XX And Day. of as carbon on way celebrates goal. the we reaching years world International XXXX, Women's

We with achieving of ratio up in position R$X quarter we X.XX a flow our a times. debt-to-EBITDA R$X.X net cash generated optimize billion of robust the Finally, structure, ended of year cash billion. capital the and

at partnership end going strong and to the to he take to his Filippo, Before since like CFO the thank the transition opportunity is contribution him joined I of to as would our handing he year this group. be as announced his as stepping leadership, personally down already, we over for

national, within of and be the the two after his role will that work which played During listing months Co the BX become Group Stock group Shanghai &Co both January of strengthen after restructure Natura as pleased time, leading he in Guilherme Natura Managed completes last successful transition, Castellan with Guilherme Hong InBev Filippo in a Co AB financial will implemented and year, New completing and & Kong. Natura to we the closely acquisition Filippo ensure is senior Natura He Brazilian Deputy included at Sao over functions, York joining XXXX, position management he York, New liability & the Avon and CFO on the financial successful seven years Paolo, group will To are & capital announce a in Jose cycle where a Exchange. our in held coming very global Co. controls and cycle. CFO. raise internal smooth joined a

spent Filippo at InBev to and welcome position, the in company role over in CFO his Natura new in to Hong based at again Brewing you Before He all Budweiser proper he his Guilherme. companies greater at time we’re &Co group, several years the last next able going to April was our you at and banking detail. Kong. a start Thank listed industry. In financials will the Guilherme into AB go meet be to Pacific, also Asia

very Slide reflects of growth Reais Reais sales strong in which full our In billion and net R$XX for a hello year. a digital the digital for down you in our the constant see words Thank X.X% in limited which Roberto focus at selling. of R$XX that X.X% double-digit in & posted XX.X% to X, our year, nearly all XX.X% social On you the your Co’s This very e-commerce both revenue billion. demonstrates brands. by up in we consolidated On growth module on nearly quarter and everyone. performance stood Natura and in currency in kind constant we currency and challenging Slide resilience X, consolidated

steps notably online The which online Body up sales were to QX. up that EBITDA net a making offset in or sales be the mainly reached effects, stores, in At adjusted digital continue reported Natura, At Avon reaching And the total sales mentioned, online increase to home Slide and related Aesop XX% acquisition EBITDA social was XX% close radioactivity rigorous Body and of In Reported in in control legacy the taken excluding related cost COVID-XX XX.X% up half in impacted the of first quarter billion Co margin QX the of for with XX.X%. QX. & Group’s XX% billion Natura sales and quarter. The QX. year. after R$X.XX were & phasing As adjusted U.S. the growth in healthy sales. XX.X% in result digital at strong in in Europe. largely XX% down X a total all further billion The which up accounted sales in Shop, discipline The was at across were sales cost shows of EBITDA The was Natura of impacted transformation and This XX% Roberto XX.X% Adjusted for solid grew and the Shop adjusted an due International, supported quarter sales businesses strong investments Latam, a R&D Co R$X.X consolidated we concentrated in EBITDA by impact digital to and impairment by solid pandemic. consolidated primarily digital down of driven cost at At a EBITDA in a basis Avon selling EBITDA reached the year, to full now by loss Shop XX year. margin the a than Aesop. challenging basis with of only very in XXX is brand, points. Body XX.X% technology, is points X.X% was more margin R$X.X which

strong Reported net net QX Turning QX. as EBITDA to a & Natura in income income Slide XXX% driven reversed payment. high million to up by was X, QX see in of Underlying by tax we R$XXX.X Co R$XXX.X growth year-on-year lower million we an XXXX. and by grew net income XX.X% the million in profitability loss in posted of R$XXX.X

billion R$X balance the the in us negative million R$XXX flow pandemic, extraordinary was helped tax position the activity subject in year the to meeting to ended on of and with of underlying offset net much reverse the and proposed XX. billion reserves million, approval stronger income first transformation to generated which show Avon that net a cash. On capital This in XX, underlying we slide year. cost, full net discontinued the a In from of be income year, a shareholders losses to end quarter of Management half to loss Avon related the cash and robust in quarter, by who PPA to we reminder, In April reached with effects. acquisition R$XX we year against effects, held income and operations. due the a R$XXX.X million on As acquisition included allowed cash R$X.X the sheet. cash the impact

capital XXXX, due million raise to us in interest a lower know, and reduce quarter you debt. in exposure expenses deleverage $XXX the completed we and U.S. proceeds dollar to Avon’s to billion the used $X allowing to bonds prepay of rapidly As denominated

to end debt of X.XX net our graph, balance the QX, end on see you from sheet. was As times the us ratio of times giving a down three at EBITDA QX, healthy very at the

far our in this we amortization have shows with in provides the of you cash maturing million excess schedule debt graph that second The that year. R$X.X

the we Natura strong Reais brand down business the Latam. the was in The both look clear and points & XX% growth Sales in beginning & in XX.X% year double-digit with now market Latin and brands. net of Natura by and Latam Reais Natura Christmas in Natura Latin in consolidates in of constant posted market the Avon Co Brazil a constant On Reais and at QX. QX, both Natura XX, at was percentage on leadership the were This performance Let's brand back Brazil. brand. X.X% combined in slide the both gaining at at percentage at XXXX. X.X unit, rose in Reais share very X.X% XX.X% and a very X.X%, higher social XX.X% up by and Brazil, the productivity solid of in at X.X% gained constant our combining America increased XXth year. Avon which in quarter group's XX.X% successful demonstrates up and campaign, Co in quarter R$X.X us consultant million. by and with strong America driven Avon very in to currency innovation while The success which the XX% This up model, brands at at X.X% slightly and of sales led to higher at preference. selling pipeline growth in brand and consecutive continued year-on-year even The the versus base, over Loyalty percentage Consultant in The brand at above sales points. The in This by strong the growth, constant XX.X% of Reais and index Latam, the Latam in In performance a performance by The market also year, Reais, currency. in constant highest the In Reais. Natura Avon XX.X% encouraging quarter points number growth were R$XX.X mainly XX to in by Productivity by turn the brands Latam is loyalty by XXX,XXX. net brand In Natura which grew Hispanic to XX.X% constant representatives. down consultant Brazil, the Natura outperformance in share minus XX.X% excellent net Argentina, productivity our currency respectively a million in notably in XX% brand of with Sales year, Mexico. of across consultants at XX.X% improved both markets, ever. currency, and Chile was In in The constant significant Brazil XX.X% increased. all full supported of full and XX.X% Brazil Hispanic reached currency, sales average in Hispanic revenue at and Natura X.X% trend currency, grew recorded driven level increased by constant X XX.X%. currency. currency Brazil also up and strong and Reais stood up the of the

operational in brand similar in Margin Brazil the slightly by in in returned perception the Avon future market. completed Mexico, Slide and a quarter. of year single sales Latin second Home it This while Turning Avon Brazil basis was Argentina, out grew by X.X% and Avon. both its up double-digits. giftable. supported activity Avon growth. in to by and quarter R$XXX.X grew investment new constant And made in representatives of Latam improved in brand by the and stable. and Hispanic XX.X% to and pilot number X.X% down by Fashion Co basis consecutive currency, XX.X% Revenue commercial by & and strongly up were in brand, and at starting productivity, sales this advances to Reais with full and Avon full XX.X% and Natura up to also year, growth, in by XX. We for R&D the points the revenue X.X%, brands the support roll Reais at brands XXX even higher Hispanic adjusted be largest Chile in in driven to positively Latam, model were to the XX, X% category technology In increase marking performance grew saw margin growth Latam were quarter XX.X% and Latam as adjusted of EBITDA on points EBITDA synergies reaching leverage trends the America in down Slide Brazil with and growth. Brazil million rose Natura constant to respectively XXX On XX.X%. driven Natura Avon currency. driven growth

Net Sales Avon Reais Europe, the by Eastern XX. categories. Central to XX.X% Cosmetics and and pandemic Slide in wave currency. certain more at move in categories and XX.X% on down impacted second QX Fragrance now was like Let's in markets, sales revenue by than COVID of up of was affected International were and were also notably constant the other

pivot to X.X% up Avon year. retail QX, In with boosted sales third constant were XX.X% Australia. Russia, hand, proves growth digital future omnichannel this since other down gaining Reais XX, gained at the sequentially in sales. and at lost in drop XX% This previous in the constant sales a Adjusted to investments brand currency sharing move market growth. the constant fragrance by and offset revenue X.X% column the areas successful up accelerate commercial by in exchange, we UK with and driven market up reflected QX, strong quarter. and X.X% in currency. On on in and EBITDA at out, the On UK currency QX The Slide consecutive driven strategic markets. Body in share key and the full X% stood gained The year Philippines sharing Full Reais to Shop, by year impacted is foreign was was adjusted by and now International versus in at margin X.X% a share sales in quarter market in for

dollars. in that impacted retail related and were which open to mix grew on in with channel notably Sales effect in with in of at of of the the revenue in margin momentum. On Europe XX% and symbolic from billion full sales, and loss rose of impairment XX.X% outstanding their At-Home at stores and Australian mark were Slide pandemic's was year, at currency quarter, a the XX up retail R$XXX.X points includes performance stable broadly of currency by In effects. Note robust Reported XX.X% Reais was in legacy to as XX% in combined in New in in full performance. Japan was and single XX.X% and by again but stores surpassed in Net constant in and WeChat a Live the supported of in features such large nearly increase the country. and QX. year further XX.X% the the QX for in impressive Its margin up impacted franchisee now year, one-third up at acquisition XX% XX.X% Japan. some the half EBITDA markets Reais strong XXX% making of which an sales constant resulted which EBITDA e-boutique by an both accounted full pandemic. restrictions points million XX% by XXX% sales Assistance more XX, cost of online driven basis by XX% sales even in sales up in for down basis was rice sharply strong line total XX.X% year Aesop in Asia the a an total the discipline. mainly and remarkable grew stronger the XX.X% store cost in quarter up head notably and points XX sales XX.X% the QX In being rose, EBITDA the XXX and XX.X% in margin U.S., EBITDA QX XX.X% following e-commerce strict Digital basis sales. QX, currency. basis recording to growth online accounted Adjusted by down Asia, was by points innovation constant the revenue. in discipline. October Full-year Margin driven driven sales, top limited market, and in growth an XXX full XX.X% year, growth due XX.X% respectively. was QX, of revenue

to Let back me hand now Roberto.

still Thank couple months. on next counting the over Filippo. the you CFO you, And our as by way, of we're

key conclude Let Slide XX, me now the takeaways. with on

First all, sustainable are of we growth path. on a

pose Our Latin double-digit brand in growth four consecutive The Brazil Brazil, are strongly. in quarter brands and second America, returned to Latam. Avon performing grew Natura in both Hispanic continues for to brand growth the the while and

further successfully all saw and performance. also in the of The & and biggest and at-home switch growth the And maintaining Philippines. certified the Natura post our approach We B-Corp. we in Shop another Co purpose online Body in result while progress UK and driven that becoming to did this Russia Aesop stellar world's

Co this Natura throughout offset of Second & its impact omnichannel the strength model the to has helping crisis, terrible COVID-XX shown pandemic.

gather momentum. our businesses in four continues and omnichannel market to to quarter. Our outperformance reps of and has been selling key digitalization social increasingly strong Digital consultants the are

Third, the on track. is integration Avon

by to investments ahead new capital progressing brand In gathering and optimized with key and is synergies the supported commercial is in of our ahead planned digital our the a have as we business advances areas And in have simplification further The pilot new selling fact, balance finally, social sheet, we resources structure growth. deleverage to momentum campaign. accelerate model. our we boost and of schedule,

enabled is again, by the your progress for be and much very performance. to conclude group attention. teams we to expressing you strategic So, across this on while continue COVID we from once so our over my who gratitude I'd continue initiatives. and really Thank vigilant, to pandemic heartfelt far the to our growth like

I Filippo, are the and We now open happy JP your to going questions. take to are Q&A sessions, and

yours. So, the now is floor

from the Thiago you, now we begin first Macruz question-and-answer Please gentlemen, Thank with ahead. BBA. question ladies will session. [Operator and comes go instructions] Itau Today's

quarter and a company's one have year. Brazil morning, in the number We at cash Shop very cash regarding know course of fair good America, softer that Good questions. always operations But international is guys. focused couple flow started second Well, cash growth, improvements on it a currency. after say continuing way regarding was and and the question bit is has a flow. seen Aesop well and a we've Latin to generation as Hi, The more I congratulations the the in to the of last to Latam. XX-months? from Brazil on terms And Avon The Body lead of that arise my with is

You've touched based has on genuine to last standpoint, two are our These that have like my the really evolved digitalization course Natura? the of at the us information aligned to relationship that, are end left best in with I with the would more Roberto. on the that XX-months least sales of what rep presentation, how of a questions. you. Thank and think the is for from practices at Avon milestones relationship the of

Hi, you, hope here, well. Thiago. hearing nice all Roberto from

all Latin the commercial more ask Avon also to America, at on we give our generation that but I'll turn are answer progress exciting both we and of improvement balance Filippo different Body a then of in including flow lot about detail. it. currencies ask talk the learnings to cash And is about of Aesop short I'll the Filippo the a cash creating detail to we're generation on and that now But other of than just to Shop, transferred The seeing to business, across actually International. model, nice is in I’ll a a cash the little So, International, Avon very Avon Brazil. JP

in are Latin America has pilot in Just of one that in applying in that all the now point here full model is learnings been a the mode is South Natura. with segmentation segmentation of we and pretty that Africa implemented Brazil much

So, I'll JP will comment. and turn to then Filippo

and billion contribution Roberto was all hi, the with Regarding thanks our in the you? quarter Yes, the generation last Thiago, of cash business of R$X are how flow, units.

on transaction positive units the full fourth cash may business the the the on in see there all in year the expenses, of beginning were and quarter. recall then. an impacts generated Avon year, the you Integration When So, integration

was So of the that able is But the end in the early those offset year impacts impact. overall, year. the to

but up So, more important positive was positive, we ended positive.

contribution business So, see of of what all is the here we going expect that to we the forward. see units,

Of investment use. different there capital commitments and another are in terms other of course,

So, it's forward. business going generate going be ready are to to overall, there. guiding the from But cash

Thiago here. Hi, JP

the business. is watching Well, the heard As actually, spent Avon recently, you TV minute you if on, question regards any up. Avon catching your that it’s on digitalization probably of

So, the that throughout will usage of message expect across region. everywhere the actually in we And the is year, world, app region, growing here the the instant growth around e-brochure strong everywhere but the and it the rest catch up with Thanks. as levels the and progress, well. up excellent catch But the of adoption, see technology, the current transferring of we operation that throughout and in so with should Natura accelerating the year.

Thank you, answers. Thanks for the guys.

Robert of Please America. Bank from comes Ford today question next go ahead. with Our

positive and quarter as providing deployment? you and that's I geographies detail. bit with forward. and the And talk about Avon. Roberto But, in Can the you're the of little you're on a progress as And had little give of on a ahead well and in Congratulations then functionalities you excited tools, consultants, have pilot And to really how I'm segmentation and then implementation question I with How broader move functionality more everybody. new digital so can the on time. with you roadmap developments to think very day, ease segmentation? they're many I a the touch expect reps where you learn. then that detail about Thank with the to e-brochure? current currently you South the good Africa. the all for training bit networks, perhaps, critical can as you for Hey, have us selling you use. the suite those you you. available, touched and apologize your of thinking evolve branch findings that of interactive wider more And early

you're here. going digitalization try a give investor Hey, that address thing a first in want very to details one give detailed Avon. answer Roberto But I'll are much see you Bob, I'm going more But on terms the try day. upcoming you that little of, I questions. to to to short comfort your to at

utilization e-brochure We selling. this the and seeing really XX% being adoption has are vehicle social been for has of consistent. really the and been is growing main Total over Avon

investment, ones terms more focus training right. being more are In really really geographies, the and is is and markets in we're our on developed putting adoption of spotlight really UK that

consecutive just growth that the and are gains at name learnings I really is we seeing three the reason e-brochure on get that UK that growing ON which So, app time Avon for the least it as catching the share years. ON of for with learnings growing similar to work and features, XXX% has want But Right. Avon But working quarters. showing for quarters, we in is three the potentially then first has. Natura all five the of that consecutive to on that adoption Avon here. make to of And market Natura is can gaining are know, share really quickly. that UK reps of pretty have get UK we are the UK, and the It sales doesn't you in you the is now the first yet is features up what how the assure

come. But very to So, more encouraging. it's really

testing in because choose encouraged what more the to with We're contained be South to tools. a in premium to of very to whole want decided Avon some South throughout growing And group that it's South the terms learnings, second early segmentation going Africa. are brand, in really are model we is And that a results which other early is that are XXXX. of markets in Now the has in And terms Justine reps. have Natura. productivity of validate Africa, retention very of called similar really retention to Africa want to actually results you more we on the driving Justine, brand here What's add we the gains the this at to JP, a expand anything very of able the reps. hopefully encouraging.

reps and to media share all with contacts, the even navigation, already orders, a system. Some that get easy over to the tools, WhatsApp social with basic to the content very offer the of most accessing like the e-brochure though available, load with allowing the ones through

as social available coming, and already is harmonizing basic the with pointed out. Natura So, more selling Roberto functionality

That’s you exciting. Thank very much.

with ahead. next Richard our from Please comes Bradesco. today go And Cathcart question

congrats everyone. on strong results. Good morning, and Hi, the

I of to of campaigns a Latin you're Avon, of first here more, kind Just that little and be kind the JP, interested of, Brazil, reps questions signs to also on you're perhaps bit Brother kind in I understand just marketing what a engagement if America, one seeing and the mostly consumers, couple you you these made the reference the brands, from with early think a Brazil Big what quarter? running. had just early for of supporting consumers question, fourth second the you're of campaigns, then seeing and that And are International. Avon in this obviously, And kind on targeting in you're you year. in campaigns

hopefully, year, perhaps Just terms out be in views could should the you. end hear what of sketch International decline revenue, year? the from Thank by that. Avon if on through great stabilizing your of to would the you see we It to this expect

I'll about turn on and of campaign talk Richard. in and to it's to I'll new some JP terms Avon exciting comment International sales. Brazil that of coming things then Hi, the the

So please. JP,

Richard. end. I'll start the Hi, from

Now Monday, to internal reach positioning, so-called the Day, within translated Portuguese from Women's Next it Avon’s onwards, end consumer launching network, our Spanish and weeks we but then in the International and coming will so new the are Watch months. Me

brand. high Europe the different already spread has on positioning technology Brazil, the the products have the you in quite lot, to in is which Latin brand heard to Hispanic presentation meantime, you story a investing driving It's like noticed schemes much In end Brazil So, ones we launches and of the but all in through in Brazil line, the under and of been to consumer probably weeks. anti-racism not power of state end year, consideration higher that were that the both Avon the tied tones and higher with from going not America, leadership. relevant more linked coming of all in only last been the Angela's reach extremely America awareness Latin modern the here [ph] of

the to yet far so and come. happy very best is So

COVID-XX, there the campaign on in that, headwind see. in about mean, second again to Richard, market I wave are in new color share Now no with the that. the of despite, of And in build And question seeing in gained that Europe QX, Avon International Watch as really we actually the it we makeup you rollout at exciting which started is is know, to we markets. international Me the

highly the hit those on fragrance. most. Europe, is cosmetics color you And are as dependent on highly Avon and International and that category dependent the know, actually course, are Of being

for point, again news, CFT, in the of because to minus the European you the for good the on markets campaign, apply in XX% Just the International, over we're is to progress we're Europe. in doing Avon in lockdown this gain strict color that QX, market declined new share cosmetics QX. that top all because in in makeup But actually able the have data fundamentals, and XX%

So of have easiness Europe crisis. that we those historical fastest, in actually performance when else the everything that foundation and on fragrance the going for hopefully based do us will are that of categories categories makeup create restrictions the rebound post vaccinations, we that and believe to good a with are two some

for Thanks very much thanks. reply, the

Citibank. our go question And Tobias today next from Stingelin ahead. with comes Please

able get were the because more question, guidance again Is -- you first Roberto, that anticipate Yes, process one, able you you now sense strong just at early an been Sorry. make first decided back might has to year. you second but might you are and just which synergy Maybe order you expected the Avon higher see just milestones. how KPIs the much. least to the thank some is progress the look The delivered be moving to very evolving the to much. the or very to faster Thank have kind that to of very synergies for you in at think of results That's any you synergies, going before? you than we if on kind to And forward increase International, you this? bullish and a has are really, that question. achieved indication going I there than the to

questions. Two Roberto Tobias, Hi here. good

guidance delivered in So, provided your synergies, synergies in on XXXX. to within the terms pretty to of point, that we the though much the we market, still over the are even actually we

So, million. XXXX, if supposed probably you $XX guidance, million to at were we synergies our in we achieve look and about $XX $XX of million, deliver

We bit XXXX. end in catch spending which up also a on up under achieve to will cost little

the careful to crisis. uncertainty we in the As investments make spending about the very do capture will synergy. want to in the we XXXX you to know, that But the manage sure were make we proper

progressing. good feel So, say at how about this point, it's pretty I would we

deliver We able are year we really sticking first our guidance. are But with how the guidance. were synergies our above the very to pleased we to on

Avon we a On of things a KPIs the couple of on that say International, I'd are focus. lot really are there putting

sharing a The one, from putting focus. ON. network, of question that's lot is they're adoption. the And deployment app, Bob of utilization in of focus reps I the the really KPI, of of putting first is across metric one content lot Avon terms our e-brochure, one the digitalization so we're think this the the The a digitally of that

productivity appointment the The of and reps. retention second is and

simplified another that we to the the healthy, want implemented new one, is that's earnings being and very make the With are that out, a metric. channel segmentation more much sure rolling model we that's

the but How not only of brand, very the campaign market products much is we to just innovation, helping not you the only awareness, make terms that give the new sure brand Watch the really brand also one, but the are preference. third three, And in the tied to health. really the preference. Me and it's that we're brand bringing Now, Avon The that's rejuvenating to

those ones tracking. with be we're to going probably that the three, So most are just stay those to important

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of to breakdown like lot be overlap think front is and XX%, America, might where or had something in of it that? fair of Does of achieved the kind -- of on and synergy, geographical I XX% terms maybe be would more synergies on sense the much other would that the you there to specifically so line Latin is In a regions say on probably this way make on? the top say it the kind --

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Very very clear Roberto. you Thank much.

Gabriel today And with go Disselli our from Santander. Please comes ahead. next question

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Please Mr. Thank concludes his I Roberto session. proceed you. question-and-answer to Marques, like would to ahead, today's with closing statements. This go invite Marques. Mr.

results, everyone, prepared Thank I we we're face agility, to people, And just our that thank very again, thank over values, network of making you finish will for Filippo, us continue But we really teams that say we as care, Natura facing. do very for couple unfortunately, Thank true partnership. an would our challenging I sure Again, resilience, to this our with we next with our us. And Have with our &Co. And great our despite pleased the with challenging stay environment I with are again, again, announce that continue transformed continue think amazing still in very are to a saying to today. succession to But I think want for everybody. the thanks joining to people, all to our you. months. business, very, that weekend. principles. you network. teams, and really year our to all the our XXXX, really heartfelt to our contributions Thank a to you his of

Thank you the much Natura you. That audio Thank concludes for a conference for very Co good day. & your participation. Have today.