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02/24/2005
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S
São Paulo, February 24, 2005 ­ Natura Cosméticos S.A. (São Paulo Stock Exchange:
NATU3) announces today the results for the fourth quarter 2004 (4Q04) and full year
2004. The financial and operating information below, except when otherwise indicated,
are presented on a consolidated basis, according to the Brazilian Corporate Law.

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)
The number of products resold
1
units increased from 40.7
million in 4Q03 to 54.5 million in 4Q04 (growth of 33.8%);
Net revenues were R$563.8 million in 4Q04, 29.6% higher than
in 4Q03 (R$435.0 million);
Gross margin grew from 67.7% in 4Q03 to 68.2% in 4Q04;
EBITDA in 4Q04 was R$142.5 million, up 30.0% Q-o-Q
(R$109.6 million in 4Q03). The EBITDA margin was 25.3% in
4Q04 and 25.2% in 4Q03;
Net income reached R$99.3 million in 4Q04.
H
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The number of products resold
1
units in 2004 was 176.7
million, 36.7% higher than in 2003 (129.3 million);
Net revenues grew 33.2% in 2004, from R$1,328.9 million in
2003 to R$1,769.7 million in 2004;
Gross margin grew from 65.5% in 2003 to 67.5% in 2004;
EBITDA for 2004 was R$431.7 million, a 46.0% growth
compared to 2003 (R$295.7 million), and the EBITDA margin
was 24.4%, against 22.2% in 2003;
Net income totaled R$300.3 million in 2004;
The total number of consultants
2
increased from 374,6
thousands in 2003 to 433,0 thousands in 2004, growth of
15.6%.
(1) Total consolidated number of CFT products resold by consultants. Therefore, excludes samples,
gifts, resale support material, Crer para Ver product line among others.
(2) Position at the end of the 17th sales cycle; includes Argentina, Chile and Peru.
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R$ 75.50
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3%
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02/24/2005
2-
1
1
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.
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In R$ million
4Q04
4Q03
% change
2004
2003
% change
Units sold - Total items (in
millions)
1
61.5
43.3
42.2
193.3
144.8
33.5
Units sold - Items for resale (in
millions)
2
54.5
40.7
33.8
176.7
129.3
36.7
Gross revenues
801.3
620.6
29.1
2,539.7
1,910.1
33.0
Net revenues
563.8
435.0
29.6
1,769.7
1,328.9
33.2
Gross profit
384.6
294.3
30.7
1,194.4
870.5
37.2
Gross margin (%)
68.2
67.7
-
67.5
65.5
-
EBITDA 142.5
109.6
30.0
431.7
295.7
46.0
EBITDA margin (%)
25.3
25.2
-
24.4
22.2
-
Net income
99.3
28.4
249.1
300.3
63.9
370.1
Net debt (investment)
(91.1)
(19.0)
n/a
(91.1)
(19.0)
n/a
Total consultants
3
in Brazil
(in thousands)
406.7
354.7
14.7
406.7
354.7
14.7
Total consultants
3
in Latin
America
4
(in thousands)
26.3
20.0
31.6
26.3
20.0
31.6
(1)
Total number of units sold, including samples, gifts, resale support material, Crer para Ver product line among others.
(2)
Total consolidated number of CFT products resold by consultants. Therefore, excludes samples, gifts, resale support material,
Crer para Ver product line among others.
(3)
Position at the end of the 17th sales cycle.
(4)
Argentina, Chile and Peru.
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Considering Natura's target market
1
, the industry's net revenue in Brazil grew from
R$7,216.6 million in 2003 to R$8,652.1 million in 2004, with a 19.9% growth.

Natura's share of this target market grew from 17.1% to 18.9% Y-o-Y. In 2004,
considering the category of Cosmetics and Fragrances, our share was 30.9% (29.0% over
2003). Our share of the Personal Hygiene market, meanwhile, rose to 9.9% (8.4% over
2003).

We may attribute the industry's good performance in the period to the following factors:
-
GDP recovery, particularly the growth in household consumption;
-
The industry's capacity to innovate, attracting an increasingly higher number of
consumers; and
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02/24/2005
3-
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Demographic effects that continue to have a positive influence on demand, such as
the aging of the population and the increasing participation of women in the labor
market.
Target Market
1
Brazil ­ Net Revenues in R$ million
Note: net revenue at industry prices
Source: Sipatesp, ABIHPEC.
Target Market
Target Market - by Category
Market
Natura
Market Share
Cosmetics and
fragrances
Personal
hygiene
3,039
3,698
4,954
883
1,142
490
29.0%
30.9%
9.9%
4,178
352
8.4%
2004
2003
2004
2003
7,217
8,652
1,235
1,632
17.1%
18.9%
2004
2003
+19.9%
+32.2%
(1)
Target Market: Cosmetics, Fragrances and Personal Hygiene (skin care, sunscreen, makeup, fragrances, hair care, shaving
products and deodorants) ­ excludes diapers , nail polishes, sanitary pads, hair dyes and oral hygiene.

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3.1- Gross revenues
Natura's gross revenues in 4Q04 amounted to R$801.3 million, growing 29.1% compared
to the same period of 2003 (R$620.6 million). In 2004, gross revenues totaled R$2,539.7
million, up 33.0% compared to R$1,910.1 million gross revenues posted in 2003.
Concentrated demand in certain lines of products caused production bottlenecks, with a
small portion of demand not being met. Consequently, the percentage growth in gross
revenues for 4Q04 (29.1%) was slightly lower than the growth rate we had been posting
over the course of the year.
We illustrate below historical growth for gross revenues, the breakdown by category and
region, as well the number of consultants.
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02/24/2005
4-

Gross Revenues and Total number of Consultants Historical Growth ­
Consolidated Figures
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%



Gross Revenues ­ Breakdown by Category
Breakdown by category - 2004
68,6%
27,4%
3,9%
Cosmetics and
Fragrances (1)
Personal
hygiene (2)
Other (3)
Breakdown by category - 2003
69,2%
26,4%
4,4%
''
(1) Fragrances, make-up, creams, lotions and sunscreen.
(2) Hair care products, soaps, deodorants, shaving products and oral hygiene products.
(3) Mainly sale support material, samples, demonstrators, accessories (cosmetic bags, hand bags, etc), Crer para Ver
program and sales by Flora Medicinal.
By category, the growth in sales of personal hygiene products in 2004 continued to be
slightly above the cosmetics and fragrances posted growth.



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02/24/2005
5-
Gross Revenues ­ Breakdown by region
Breakdown by region - 2004
97,4%
2,6%
Brazil
Latin
America
Breakdown by region - 2003
97,5%
2,5%
By region, sales in Latin America accounted for 2.6% of total sales in 2004, compared to
2.5% in 2003.


3.2- Evolution of Sales in Physical Units in Brazil

For a better understanding of the evolution of physical sales, we disclose below, the
concept of CFT products resold units. These units refer to items resold by Natura
consultants, therefore excluding samples, gifts, resale support material, Crer para Ver
program, among others.
CFT Products resold units in Brazil ­ million of units
2004
2003
Var %
1Q
34.8
24.7
41.0%
2Q
41.6
30.3
37.5%
3Q
43.6
32.4
34.6%
4Q
53.4
39.9
34.0%
Total
173.4
127.3
36.4%

3.3- Evolution of Gross Revenue, Consultants and Productivity - Brazil

In the domestic market, gross revenues amounted to R$2,472.0 million in 2004,
accounting for 97.3% of total revenues, up 32.9% compared to 2003 (R$1,860.3
million).

This growth can be decomposed into: (1) a 20.7% increase in the average number of
active consultants, reaching 298,4 thousands in 2004, and (2) a 10.2% increase in
average productivity per active consultant Y-o-Y.
The graphs below show the continuous growth in the average number of active
consultants and the evolution of productivity:
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6
[6]
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02/24/2005
6-

Evolution of Consultants number and Productivity (Brazil)

Average active consultants
1
- thousands
189
211
247
298
2001
2002
2003
2004
8,481
9,024
10,464
11,526
2001
2002
2003
2004
Productivity
2
Brazil - R$
CAGR (01-04) = 10.8%
CAGR (01-04) = 16.4%
(1) Average active consultants: corresponds to the number of consultants who placed at least one order per month.
This figure represents the average number of active consultants in 2003 and 2004.
(2) Productivity: sales in R$ in terms of final consumer prices per average active consultant for the period.
+11.6%
+17.1%
+20.6%
+6.4%
+16.0%
+10.2%

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The cost of sales in relation to net revenues rose from 32.3% in 4Q03 to 32.0% in 4Q04.
In the annual comparison, the cost of sales in relation to net revenues rose from 34.5%
in 2003 to 32.6% in 2004.
Composition of Cost of Sales (% of net revenues)

Item
4Q04
4Q03
2004
2003
RM/PM *
26.2
26.7
26.0
27.5
Labor 2.2
2.2
2.4
2.6
Depreciation
1.0
1.1
1.2
1.5
Other 2.6
2.4
2.9
2.9
Total
32.0
32.3
32.5
34.5
* Raw material / packaging material


In 4Q04, the cost as percentage of net revenues posted an slightly drop compared to
4Q03. In 2004, the factors that contributed to the reduction in the cost of sales on net
revenues were primarily (i) efficiency and scale gains, (ii) better management of margins,
(iii) appreciation of the Brazilian real compared to the dollar, and (iv) a small reduction in
the tax burden, particularly in cost of sales, with the positive effect of PIS and Cofins
credit included in suppliers' prices.
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02/24/2005
7-
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Gross profit in 4Q04 was R$384.6 million, growing 30.7% compared to the R$294.3
million registered in 4Q03. Gross margin increased from 67.7% in 4Q03 to 68.2% in
4Q04.

In 2004 gross profit was R$1,194.4 million, 37.2% higher than the R$870.5 million
earned in 2003. Gross margin increased from 65.5% in 2003 to 67.5% in 2004, according
to the reasons listed in the previous item.

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Selling expenses increased in relation to net revenues over the quarter, rising from
28.0% in 4Q03 to 29.2% in 4Q04. This rise was primarily due to increased marketing
investments.

Both in 2003 and 2004, selling expenses remained stable at 30.3% in relation to net
revenues. The gains obtained from the 10.2% increase in our consultants' productivity
were used to expand marketing program.


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Administrative expenses decreased in relation to net revenues, from 14.7% in 4Q03
to 13.6% in 4Q04. Y-o-Y, administrative expenses decreased from 13.6% to 12.3%.

Comparing the results of 2003 and 2004, two effects should be considered:

(1)
In 2003, the results of Natura Inovação were not consolidated into Natura
Cosméticos. For a better comparison, the profit margin of Natura Inovação,
which was recorded in the administrative expenses of Natura Cosméticos in
2003, should be eliminated.

(2)
In 2004, expenses related to the Initial Public Offering (IPO) process are
recorded in the amount of R$9.3 million. In 4Q04 these expenses totaled R$2.5
million.

With the elimination of these two effects, the share of administrative expenses in
relation to net revenues would be reduced by 0.5%, falling from 12.3% in 2003 to
11.8% in 2004. On quarterly basis, the share of administrative expenses as
percentage of net revenues, would have increased from 13.0% in 4Q03 to 13.2% in
4Q04.



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On a more comparable basis, including the bonus paid by Natura Inovação in 2003, profit
sharing rose from R$24.1 million in 2003 to R$35.4 million in 2004, growing 46.9%, in
line with the EBITDA growth.

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In 4Q04, EBITDA totaled R$142.5 million (R$109.6 million in 4Q03), growing 30.0%. The
EBITDA margin rose from 25.2% in 4Q03 to 25.3% in 4Q04, remaining constant.

In 2004, EBITDA was R$431.7 million, showing a considerable growth of 46.0% compared
to 2003 (R$295.7 million). The EBITDA margin was 24.4% in 2004, against 22.2% in
2003.


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In 4Q04, net income was R$99.3 million (R$28.4 million in 4Q03). In 2004, net income
was R$300.3 million (R$63.9 million in 2003).

In addition to the evolution of revenues and margins explained above, the increase in
income over the periods was due to: (i) the end of the share of subordinated debentures
participation in income (redeemed on March 2, 2004), and (ii) the reduction in the
average net indebtedness between the periods. Net margin, for its part, rose from 4.8%
in 2003 to 16.8% in 2004. Consolidated net income per share (excluding treasury shares)
was R$3.54 in 2004.


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2004 - Investments in 2004 totaled R$83.1 million. The highlights were the construction
of the new vertical warehouse, whose inauguration is expected for the end of this year's
first quarter.

2005 ­ For this year investment program, structured throughout 2004, will total R$120
million. These investments aim to make the logistics process more flexible, enabling us to
meet demand peaks without delays. The main investments scheduled for 2005 are (i) the
completion of the new vertical warehouse, in the first quarter (ii) a new automatic
product picking line, which will be ready at the end of the first half of this year, (iii)
increase in manufacturing capacity and production process automation, and (iv)
information technology (IT) applied to the Company's various areas.

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Operations in Latin America (Argentina, Chile and Peru)

Financial Highlights­ US$ million
4Q04
4Q03
Var %
2004
2003
Var %
Product resold units (thousand)
1,063.8
759.0
40.2%
3,349.1
2,137.9
56.7%
Net revenues
5.8
4.1
41.2%
18.5
12.2
52.0%
Income (loss) from operations
-1.2
-1.0
24.2%
-3.3
-3.2
3.6%
Operating margin
-20.7%
-23.5%
-
-17.7%
-26.0%
-
Note: Product resold units: total consolidated number of CFT products resold by consultants. Therefore, excludes samples, gifts, resale
support material, Crer para Ver product line among others
In 2004, our operations in Latin America grew by 48.1% in local currency (weighted by
the share in dollars of each operation in 2004). The growth in dollars of net revenues was
of 52.0%, and is slightly higher than the growth in local currency as a consequence of the
depreciation of the dollar in relation to the currencies of these countries.
As an effect of the dilution of fixed costs, loss from operations, as a percentage of net
revenues, fell from (26.0%) in 2003 to (17.7%) in 2004.

The number of consultants grew 31.6%, from 20,0 thousands in 2003 to 26,3 thousands
in 2004.

International Operations: Gross Revenues and Consultants
Gross Revenues (International Operations)
US$ thousand
9,312
15,765
24,070
2002
2003
2004
CA
GR
in
US
D =
60
.8%
CA
GR
in
lo
cal
cu
rre
ncy
*
= 5
6.6
%
(*) Growth in local currency weighted by share in dollar of each operation in
2004.
14.4
20.0
26.3
2002
2003
2004
CAG
R =
35
.1%
Consultants (International Operations)
thousands
Note: number of beauty consultants at the end of the 17th sales cycle.

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In 2004, gross cash
1
generation was R$ 385.6 million, 60.6% higher than in the
previous year. Of this total, R$99.4 million were allocated to working capital and to
long-term assets and liabilities, and R$83.1 million were invested in the purchase of
property, plant and equipment.
The volume used in working capital was primarily due to an increase in trade accounts
receivable and inventories accounts, as a direct consequence of the increase in sales.

We ended 2004 with free cash flow
2
generation of R$203.1 million.
Note 1: (Net Income)+(Adjustments to reconcile net income to net cash provided by operating activities)
Note 2: (Net cash provided by operating activities)-(net cash used in investing activities)


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In a meeting held on February 23, 2005, the Board of Directors deliberated the
payment of dividends and interest on capital in the total gross amount of R$
216,352.1 thousands (R$ 211,935.8 thousands net), representing a payout of 72.0%
of net income and 106.5% of free cash flow
1
generation in 2004.

Of the gross total of R$ 216,352.1 thousands , R$ 86,765.7 thousands was paid in
August 2004, referring to the result for the first half of 2004.

For the second half of 2004, the Board of Directors has approved the total gross
amount of R$ 129,586.4 thousands, corresponding to R$ 1.528312942 per share, as
follows: (i) R$113,577.0 thousands as dividends, corresponding to R$1.339559989
per share, tax free, and (ii) R$ 16,009.5 thousands as interest on capital,
corresponding to R$0.1887529535 per share, or R$0.160440011 per share, after
income tax, except for shareholders who are immune or exempt.
Note 1: (Net cash provided by operating activities)-(net cash used in investing activities)

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English:
Monday, February 28, 2005
10:00
a.m.
US
EST
Phone: +1 (973) 582-2757 (Code: Natura or 5563998)

Portuguese:
Monday, February 28, 2005
8:00 a.m. US EST
Phone:
+55
(11)
2101-1490
(Code:
Natura)

Live webcast of conference calls at:
w
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02/24/2005
11

Investors Relations:

Phone: +55 (11) 4446-2180
Helmut Bossert,
helmutbossert@natura.net
Manager

Ricardo Capella,
ricardocapella@natura.net
Sandra Matsumoto,
sandramatsumoto@natura.net
Coordinators

This press release contains forward-looking statements. Such statements are not statements of historical fact, and
reflect the beliefs and expectations of the Natura's management. The words "anticipates", "wishes", "expects",
"estimates", "intends", "forecasts", "plans", "predicts", "projects", "targets" and similar words are intended to identify
these statements, which necessarily involve known and unknown risks and uncertainties. Known risks and
uncertainties include, but are not limited to, the impact of competitive products and pricing, market acceptance of
products, product transitions by the Company and its competitors, regulatory approval, currency fluctuations,
production and supply difficulties, changes in product sales mix, and other risks. This press release also includes pro-
forma information prepared by the Company for information and reference purposes only, which has not been
audited. Forward-looking statements speak only as of the date they are made, and the Company does not undertake
any obligation to update them in light of new information or future developments.





























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4Q04
% net
revenues
4Q03
% net
revenues
Variation
2004
% net
revenues
2003
% net
revenues
Variation
GROSS OPERATING REVENUES
801.3
100.0
620.6
100.0
29.1%
2,539.7
100.0
1,910.1
100.0
33.0%
Taxes on sales, returns and rebates
(237.5)
(29.6)
(185.6)
(29.9)
34.6%
(770.0)
(30.3)
(581.2)
(30.4)
32.5%
NET OPERATING REVENUES
563.8
100.0
435.0
100.0
29.6%
1,769.7
100.0
1,328.9
100.0
33.2%
Cost of sales
(179.2)
(31.8)
(140.7)
(32.3)
24.7%
(575.3)
(32.5)
(458.4)
(34.5)
25.5%
GROSS PROFIT
384.6
68.2
294.3
67.7
30.7%
1,194.4
67.5
870.5
65.5
37.2%
OPERATING (EXPENSES) INCOME
(250.5)
(44.4)
(195.7)
(45.0)
28.0%
(796.2)
(45.0)
(610.0)
(45.9)
30.5%
Selling
(164.4)
(29.2)
(121.9)
(28.0)
33.2%
(535.9)
(30.3)
(403.0)
(30.3)
33.0%
General and administrative
(76.8)
(13.6)
(63.8)
(14.7)
27.9%
(216.9)
(12.3)
(180.5)
(13.6)
20.1%
Profit sharing
(7.1)
(1.3)
(8.1)
(1.9)
125.3%
(35.0)
(2.0)
(20.5)
(1.5)
71.0%
Management compensation
(2.2)
(0.4)
(1.8)
(0.4)
52.4%
(8.4)
(0.5)
(5.9)
(0.4)
41.9%
INCOME FROM OPERATIONS BEFORE
FINANCIAL EFFECTS
134.0
23.8
98.6
22.7
35.9%
398.2
22.5
260.5
19.6
52.8%
Financial expenses
(8.6)
(1.5)
2.3
0.5
-55.7%
(38.2)
(2.2)
(64.4)
(4.8)
-40.8%
Financial income
4.4
0.8
(6.1)
(1.4)
-23.3%
35.4
2.0
34.3
2.6
3.1%
INCOME FROM OPERATIONS
129.8
23.0
94.8
21.8
36.9%
395.4
22.3
230.4
17.3
71.6%
Nonoperating income (expenses)
(0.1)
(0.0)
1.4
0.3
-1125.0%
(0.9)
(0.0)
1.5
0.1
-159.7%
INCOME BEFORE DEBENTURES PARTICIPATION
129.8
23.0
96.2
22.1
34.9%
394.6
22.3
231.9
17.5
70.2%
Debentures participation
-
-
(54.3)
(12.5)
-90.2%
(7.2)
(0.4)
(127.7)
(9.6)
-94.4%
INCOME BEFORE TAXES ON INCOME
129.8
23.0
41.9
9.6
209.8%
387.4
21.9
104.2
7.8
271.8%
Income and social contribution taxes
(30.5)
(5.4)
(13.5)
(3.1)
110.5%
(87.1)
(4.9)
(40.4)
(3.0)
115.8%
NET INCOME BEFORE MINORITY INTEREST
99.3
17.6
28.4
6.5
249.3%
300.3
17.0
63.8
4.8
370.5%
Minority interest
-
0.1
0.0
-100.0%
0.0
0.0
0.1
0.0
-98.3%
NET INCOME
99.3
17.6
28.5
6.5
248.5%
300.3
17.0
63.9
4.8
370.1%
Depreciation 8.5
1.5
9.6
2.2
-11.5%
34.3
1.9
33.7
2.5
2.0%
EBITDA
142.5
25.3
109.6
25.2
30.0%
431.7
24.4
295.7
22.2
46.0%
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ASSETS
2004
2003
LIABILITIES AND SHAREHOLDERS' EQUITY
2004
2003
CURRENT ASSETS
CURRENT LIABILITIES
Cash and banks
29,592
34,072
Loans and financing
62,407
75,102
Temporary cash investments
202,020
102,039
Domestic suppliers
76,971
55,384
Trade accounts receivable
250,066
180,118
Foreign suppliers
4,172
2,139
Inventories
121,961
79,254
Suppliers - related parties
-
5,304
Recoverable taxes
18,158
8,525
Payroll and related charges
65,265
41,563
Advances to employees
6,949
4,938
Taxes payable
62,382
64,297
Related parties
-
1,275
Debentures
-
102,170
Deferred income and social contribution taxes
21,630
22,096
Related parties
-
964
Other receivables
6,063
5,214
Dividends
113,644
20,000
Total current assets
656,439
437,531
Interest on capital
13,623
8,541
Other payables
42,331
24,243
Reserve for losses on swap contracts
6,138
9,012
Total current liabilities
446,933
408,719
LONG-TERM ASSETS
LONG-TERM LIABILITIES
Related parties
-
3,382
Loans and financing
71,982
32,986
Advance for future capital increase
-
-
Debentures
-
130,656
Receivables from shareholder
172
-
Reserve for contingencies
59,559
28,381
Tax incentives
1,162
641
Provision for losses on subsidiaries
-
-
Deferred income and social contribution taxes
21,301
9,447
Other payables
1,885
1,809
Recoverable taxes
3,848
-
Total long-term liabilities
133,426
193,832
Escrow deposits
24,256
14,595
Other receivables
1,716
1,715
Total long-term assets
52,455
29,780
PERMANENT ASSETS
MINORITY INTEREST
7
(30)
Investments
8,707
2,809
Property, plant and equipment
298,822
253,739
SHAREHOLDERS' EQUITY
Total permanent assets
307,529
256,548
Capital
230,762
56,387
Capital reserves
112,016
9,998
Profit reserves
93,279
54,953
Total shareholders' equity
436,057
121,338
TOTAL ASSETS
1,016,423
723,859
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
1,016,423
723,859




















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CASH FLOWS FROM OPERATING ACTIVITIES
2004
2003
Net income
300,294
63,884
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
34,340
33,673
Monetary and exchange variations, net
7,353
(14,076)
Reserve for losses on swap contracts
4,243
36,581
Reserve for contingencies
33,052
16,551
Reserve for obsolete inventories
7,007
588
Other reserves
1,420
2,762
Deferred income and social contribution taxes
(9,634)
(3,528)
Disposal of permanent assets
1,828
1,596
Debentures participation, net of taxes
5,743
102,170
Minority interest
(1)
(60)
385,645
240,141
(INCREASE) DECREASE IN ASSETS
Current assets:
Accounts receivable
(68,455)
(23,042)
Inventories
(49,715)
(5,406)
Other receivables
532
1,304
Long-term assets:
Escrow deposits
(9,073)
(11,296)
Other receivables
115
3,934
Subtotal
(126,596)
(34,506)
INCREASE (DECREASE) IN LIABILITIES
Current liabilities:
Suppliers
19,099
4,417
Payroll and related charges
21,691
8,498
Taxes payable
(20,705)
6,183
Other payables
8,517
(21,769)
Long-term liabilities:
Other payables
(1,448)
(1,432)
Subtotal
27,154
(4,103)
NET CASH PROVIDED BY OPERATING ACTIVITIES
286,203
201,532
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(76,886)
(23,891)
Investments
(6,179)
-
NET CASH USED IN INVESTING ACTIVITIES
(83,065)
(23,891)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in current and long-term loans
(9,130)
(82,458)
Payment of dividends
(130,003)
(9,103)
Payment of interest on capital
(11,403)
(3,292)
Payment of debentures
-
(4,080)
Sale of treasury shares
630
-
NET CASH USED IN FINANCING ACTIVITIES
(149,906)
(98,933)
Merger of Natura Empreendimentos S.A.and Natura Participações S.A.
net assets
42,269
-
NET INCREASE IN CASH AND BANKS
95,501
78,708
Cash and banks at beginning of year
136,111
57,403
Cash and banks at end of year
231,612
136,111
CHANGE IN CASH AND BANKS
95,501
78,708
SUPPLEMENTARY CASH FLOW DISCLOSURE:
Income and social contribution taxes paid
84,378
13,468
Interest paid on loans and financing
12,061
9,657
Swap contracts paid
9,170
8,134