Translation: Conference Call Transcription - 4Q07


Atualizado em 2008-04-04T11:50:39
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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Local Conference Call
                 NATURA Nac.
        4Q07 and 2007 Earnings Results
              February 29, 2008

          Question & Answer Session

Operator: Excuse me,  ladies  and  gentlemen;
we will now begin  the  question  and  answer
session.  If  you  would  like   to   ask   a
question, please press star (*) one  (1).  To
remove your question from  the  queue,  press
star (*) two (2).

Our first  question  comes  from  Ms.  Andréa
Teixeira, with JP Morgan.

Ms. Andréa Teixeira: Good morning,  everyone.
I  would  like  some  clarification  on   the
timing of this new action plan, in  terms  of
margins. If it stays at 23%, which I  believe
has a lot to do with the  scale  you  mention
in the press release, that would give  you  a
productivity gain  of  200  basis  points  in
order to finance this marketing  increase.  I
would like to understand when this  is  going
to happen, and if this margin would be  flat,
though I imagine it would be a curve.

Another thing I would like to  point  out  is
the  R$400  million  increase  in   marketing
investments.   How   much    did    marketing
represent  in  SG&A,  at  least  in  previous
sales expenses, and how much is it  going  to
represent in the near future, with the  R$400
million? And  I  imagine  the  R$400  million
increase is  going  to  happen  on  a  yearly
basis, so  I  would  like  to  confirm  that.
Thank you very much.

Mr. José  Davi  Uba:  Good  morning,  Andréa,
this is Davi Uba.

Ms. Teixeira: How are you, Davi?

Mr.  Uba:  I'm  fine.  Let  me  explore  your
question a little bit,  and  then  Alessandro
will add to it. Let me try and  organize  the
Atualizado em 2008-04-04T11:50:39
All the dates of this page are presented in official timezone of Brasilia - Brazil.