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Natura &Co: Consistent adjusted EBITDA margin improvement alongside strengthened balance sheet in Q3
Wave 2 of integration between Natura and Avon launched in Brazil with encouraging early results; Natura &Co returns to a positive net cash position thanks to proceeds from Aesop sale
SÃO PAULO, Nov. 14, 2023 /PRNewswire/ — Natura &Co (NYSE – NTCO; B3 – NTCO3) continued to improve its profit margins in the third quarter, while deleveraging its balance sheet thanks to the proceeds of the sale of Aesop, which closed on August 30th.
Natura &Co’s Q3 consolidated net revenue stood at R$ 7.5 billion, broadly stable at constant currency (-0.7% at CC and -10.5% in BRL), with the Natura brand posting strong growth in Brazil and Latin America. Gross margin grew by 310 bps vs Q3 of last year to 65.3%, and adjusted EBITDA margin was 10%, up 190 bps vs the same period last year, reflecting improving margins in all three business units, Natura &Co Latam, Avon International and The Body Shop, as well as cost discipline. Reported net income surged to 7 billion Reais from a loss of R$ (560) million in the same period, boosted by the capital gain from the sale of Aesop. Underlying Net Income excluding this exceptional gain, as well as transformation and restructuring costs and PPA effects, was R$ 745 million, also improving from R$ (198) million in Q3-22. The Group ended the quarter with a solid cash position of R$ 6.8 billion and a debt-to-EBITDA ratio of -0.37x (vs 4.17x at the end of Q2-23 and 2.85x in Q3-22) after prepaying more than half of its debt and accrued interest, or approximately US$1.6 billion, in the quarter.
Fabio Barbosa, Group CEO of Natura &Co, declared: “Natura &Co Q3’s performance continued the trend of the first two quarters of the year, showing a strong expansion of both Gross margin and EBITDA margin versus the prior year, despite a small deceleration in revenue, mainly caused by the implementation of Wave 2 in Latam and the continuing declining trend in sales at The Body Shop.
The main highlight of the quarter was the launch of Wave 2 in Brazil, which showed positive initial results, delivering combined YoY revenue growth in the CFT category. Productivity gains and cross-selling more than offset the expected channel reduction. Peru and Colombia have continued the roll-out of the integration, started in the first half of the year, showing further improvements in productivity. Although there have been temporary challenges in the channel, we have seen the actions implemented by the team yielding early signs of recovery ahead of the holiday season. We are also encouraged by the margin expansion of those countries in the most recent cycles, which is the main objective of Project Elo. Avon International posted broadly stable top line and further margin improvements, reaching high-single-digit adjusted EBITDA margin.
The proceeds from the sale of Aesop, closed in late August, enabled us to quickly advance in our liability management plan, with more than half of our debt already prepaid by the end of the quarter. This is an important step to unlock sustainable value for our investors and deliver on our financial priorities of maintaining a strong capital structure, strict financial discipline on costs and expenses and boosting cash conversion. On the latter, we reached a neutral cash generation this quarter despite the normal seasonal cash consumption to build up inventories for the holiday season.
Furthermore, marking the third year of our sustainability vision, after having made substantial progress towards our goals set in 2020, our approach has evolved. We have realigned our metrics, and targets to address the pressing concerns of our time. We have been a partner of the Union for Ethical Biotrade (UEBT) for over fifteen years and together we will work towards Natura &Co’s adoption of regenerative practices to deliver even more positive impact.
Finally, we recently announced updates related to The Body Shop sale process and we will keep the market informed of any relevant news. This is another important step to continue to streamline our business, a journey started in the second half of 2022. We are confident that our enhanced capital structure, combined with a laser-focus on our key priorities, will allow us to unlock significant value for our shareholders in the future through both top line growth and margin expansion.”
Performance by business unit:
Natura &Co Latam‘s net sales were up by 2.5% in constant currency (“CC”) and down 9.4% in BRL. CC growth was driven by double-digit growth at the Natura brand (+18.6% at CC and +5.3% in BRL). The Natura brand continued to show strong momentum, with growth of 10.5% in Brazil, as the combined Natura and Avon commercial cycles more than offset some temporary operational setbacks during preparations for the Wave 2 roll-out. In Hispanic Latam, net revenue was up 37.1% at constant currency (-2.6% in BRL). Excluding Argentina, revenue in Hispanic markets was up in low-single digits in CC, still impacted by a softer, yet positive, performance in Mexico. The Avon brand posted a sales decrease of 11.6% in CC in the Beauty segment. In Brazil, revenue in the Beauty segment was down 24.8% at CC, mainly due to preparations for the Wave 2 roll-out while in Hispanic markets, they decreased by 1.5% at CC. Home & Style was down 41.6% in Brazil and down 37.6% in Hispanic Latam at CC, in line with our radical reduction of the portfolio. Both in Brazil and Peru and Colombia, operating KPIs such as cross-sell and productivity are showing improvement following the roll-out of Wave 2. Adjusted EBITDA margin was up by a solid 100 basis points to 12.3%. Margin benefited from strong gross margin improvement, up 320 bps to 63.7%, benefitting from the continued effects of price increases, richer mix and marketing efforts.
Avon International‘s revenue was down 2.3% at CC (-11.6% in BRL.) The Beauty category posted growth of 1.8%, notably driven by fragrance. Digitalization is progressing and the use of digital tools reached 31.6%, with digital sales representing 7% of the total, up by 1.1 percentage point year-on-year. Adjusted EBITDA margin was 8%, up 440 bps, driven by gross margin expansion of 490 bps thanks to price increases and product mix.
The Body Shop‘s Q3 net revenue declined by 13.2% at constant currency (-15% in BRL.) Combined sales of core distribution channels (stores, e-commerce and franchise) showed a high-single digit decline in CC. Adjusted EBITDA margin improved again this quarter, growing by 140 basis points to 7.7%, thanks to another quarter of gross margin growth, up 30 bps to 76.6%, combined with strict cost control. The Body Shop continues to work on returning to sustainable growth.
The Q3 numbers have been restated to exclude Aesop’s operating performance and the comparable 2022 numbers have been restated accordingly, but net income in both periods also includes discontinued activities.
About Natura &Co
Natura &Co is a global purpose-driven, group uniting Natura, Avon, and The Body Shop. We connect more than 200 million clients worldwide, engaging them through 7 million dedicated Consultants and Representatives, 2,000 stores and franchises, and 30,000 employees.
We believe in promoting real positive economic, social, and environmental impact. We believe that the world does not need another big company. The world needs symbols of change capable of blazing new trails and inspiring others to follow. We believe in the power of cooperation, co-creation, and collaboration for a better way of living and doing business.
We are Natura &Co.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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