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1
[1]
3Q04 Earnings Results
10/27/2004
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São Paulo, Brazil, October 27, 2004 ­ Natura Cosméticos S.A. (Bovespa:
NATU3) announces today its results for the third quarter 2004. Financial and
operational information included in this report is presented on a consolidated basis,
according to the dispositions of the Brazilian Corporate Law, except when otherwise
indicated. Comparisons refer to the third quarter 2003 (3Q03), unless otherwise
indicated.
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This report is presented on a consolidated basis, except when otherwise indicated.
The number of units sold rose from 35.9 million in 3Q03 to 47.4
million in 3Q04 (growth of 32.2%);
Consolidated net revenue grew 35.1% in the same comparison of
quarters;
The gross margin increased from 67.1% in 3Q03 to 68.4% in
3Q04;
EBITDA rose 38.0% over the same period, and the EBITDA margin
grew from 22.8% in 3Q03 to 23.3% in 3Q04;
Net income amounted to R$77.4 million for 3Q04, and totaled
R$200.9 million for the first nine months of the year;
The number of consultants available in Brazil
1
increased from
340,200 in 3Q03 to 392,100 in 3Q04, growing 15.3%;
The number of consultants available
1
in Latin America
2
increased
from 18,300 in 3Q03 to 24,100 in 3Q04, growing 31.6%;
For the second consecutive year, Natura was elected the Best
Company for Women to Work For (according to Exame-Você S/A
magazines);
The magazine Carta Capital released the InterScience research,
which granted to Natura the award for the Most-Admired Company
in Brazil;
Other awards in the quarter: for the second consecutive year, the
Company was voted as having the Best Annual Report for closely-
held companies (Abrasca) and the 2003 Best Social Balance sheet
(Aberj, Apimec, Ethos, Fides and Ibase). It was also voted as
having the best financial statements for closely-held companies ­
2004 Transparency Trophey (Anefac, Fipecafi and Serasa).
(1) By the end of sales cycle 13.
(2) Argentina, Chile and Peru.
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2
[2]
3Q04 Earnings Results
10/27/2004
2-
1.
Financial Summary (consolidated)














(1) Position at the end of the 13
th
sales cycle
(2) Argentina, Chile and Peru
2.
DATA ON THE SECTOR IN BRAZIL (1H04)

Cosmetics, fragrance and toiletries companies in Brazil had net revenue of R$5,939.6
million in 1H04, compared to R$4,997.9 million in 1H03 (growth of 18.8% in the
period), according to data from sector associations SIPATESP / ABIHPEC. Natura's net
revenue in Brazil, considering only cosmetics, fragrance and toiletries business, went
from R$523.2 million in 1H03 to R$710.6 million in 1H04, with growth of 35.8%.
Thus, according to the data presented, our market share grew from 10.5% in 1H03 to
12.0% in 1H04.


Considering only Natura's core categories (excluding diapers, oral hygiene, hair dyes,
nail polish, sanitary napkins, etc.), the sector's net revenue in Brazil went from
R$3,278.3 million in 1H03 to R$3,859.1 million in 1H04, growing 17.7%. Natura's
share of this target market grew from 15.9% to 18.4% in the same comparison.
Considering the cosmetics and fragrances category, our market share was 31.3% in
1H04 (28.7% in 1H03). In toiletries, our market share grew to 9.5% in 1H04 (7.8%
in 1H03).





R$ million
3Q04
3Q03
% Change
9M04
9M03
% Change
Units Sold (million)
47.4
35.9
32.2
131.7
101.4
29.8
Gross Revenues
645.7
481.8
34.0
1,738.4
1,289.4
34.8
Net Revenues
448.2
331.7
35.1
1,205.9
893.8
34.9
Gross Profit
306.3
222.5
37.7
809.7
576.1
40.6
Gross Margin (%)
68.4
67.1
---
67.1
64.5
---
EBITDA
104.5
75.7
38.0
289.0
186.0
55.4
EBITDA Margin
23.3
22.8
---
24.0
20.8
---
Net Income
77.4
18.4
319.8
200.9
35.4
467.8
Net Debt/(Investments)
(32.0)
54.2
n/a
(32.0)
54.2
n/a
Available consultants
(1)
in Brazil
(thousand)
392.1
340.2
15.3
392.1
340.2
15.3
Available consultants
(1 )
in Latin
America (thousand)
(2)
24.0
18.3
31.6
24.0
18.3
31.6
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3
[3]
3Q04 Earnings Results
10/27/2004
3-
Target Market in Brazil ­ Net Revenues (R$ million)















Source: Sipatesp, ABIHPEC
(*) Comprising only the market in which Natura operates, excluding diapers, oral hygiene, hair dyes, nail polishes, sanitary pads, etc.
3.
Overview of Sales

Consolidated Gross Revenue

Natura's consolidated gross revenue totaled R$645.7 million in 3Q04, representing
growth of 34.0% over the same period in 2003 (R$481.8 million). In 9M04,
consolidated gross revenue was R$1,738.4 million, with growth of 34.8% compared
to the same period in 2003 (R$1,289.4 million). The graphs below present the
breakdown of gross revenue by category and region.
Consolidated Gross Revenue ­ Breakdown by category








(1) - Fragrances, makeup, creams and lotions, and sunscreen.
(2) ­ Hair care products, soaps, deodorants, shaving products and oral hygiene products.
(3) ­ Mainly resale support material, samples, demonstrators, accessories (cosmetics bags, hand bags, etc.), sales by Flora
Medicinal, among others.
Net Revenue in R$ millions
3,278
3,859
521
708
1H03
1H04
15.9%
18.4%
+17.7%
+35.8%
Target Market*
2,287
216
1,272
365
28.7%
2,006
156
7.8%
1,572
492
31.3%
9.5%
Target Market* - by Category
CFT Market
Natura
Market share
Cosmetics and
Frangrances
1H04
1H03
1H04
1H03
Toiletries
Breakdown by Category - 9M04
68.4%
27.5%
4.1%
C osmetics (1)
Toiletry items (2)
Others (3)
Breakdown by Category - 9M03
68.7%
26.8%
4.5%
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4
[4]
3Q04 Earnings Results
10/27/2004
4-
Consolidated Gross Revenue ­ Breakdown by region









By category, the growth in sales of toiletries in 9M04 was slightly higher than in
cosmetics and fragrances.

By region, sales in other Latin American countries accounted for 2.8% in 9M04,
compared to 2.5% in 9M03.

The table below shows the evolution in sales in physical units.
Evolution in sales volume by category (in millions of units)







Note: excludes units sold regarding other products such as: support material, samples,
demonstrators, accessories (cosmetics bags, hand bags, etc.), sales by Flora Medicinal, among
others.
____________________________________________________________________

Gross Revenues in Brazil

In the domestic market, gross revenue was R$628.6 million in 3Q04, accounting for
97.4% of total revenue, with growth of 34.1% in relation to the same period in 2003
(R$468.8 million).

Domestic sales volume in 3Q04 was 46.4 million units (35.3 million in 3Q03), with
growth of 31.4% between the two periods. Prices had been adjusted by an average
6.2% at the end of March 2004.

A highlight in the period was the growth in the number of consultants. The number of
consultants available in Brazil, at the end of the 13
th
sales cycle, was 392,100 in
3Q04 (340,200 in 3Q03), with growth of 15.3%.



Breakdown by Region - 9M04
97.2%
2.8%
Brazil
Latin
America
Breakdown by Region - 9M03
97.5%
2.5%
Categories
9M04
9M03
Change %
Cosmetics and Fragrances (A)
61.4
42.1
45.8
Toiletry Items (B)
63.9
45.8
39.5
(A)+(B)
125.3
87.9
42.6
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5
[5]
3Q04 Earnings Results
10/27/2004
5-
The average number of active consultants went from 257,300 in 3Q03 to 305,400 in
3Q04 (18.7% increase), and the average productivity of active consultants (average
sales in R$, in terms of final consumer prices, per active consultant for the period)
increased 12.2% between the two quarters.

consultants (sales in Reais at consumer prices per average active consultant in the
period) increased 12.2% when comparing both quarters.
Evolution of consultants number vs. productivity (Brazil)










(1) Active Consultants ­ corresponds to the number of consultants who have made at least one order per month. The number
represents the average active consultants in 3Q03 and 3Q04.
(2) Productivity ­ average sales in R$, in terms of final consumer prices, per active consultant for the period.

In summary, the growth of domestic sales, at the same pace as in prior quarters,
reflects the success of the Company's strategy over the year, fundamentally based on
continued investment in research & development, in the marketing program and the
increase in the sales channel. It should be observed that, even with the increase in
the sales channel, our consultants' average productivity grew 12.2% in the
comparison of quarters.

4.
Cost of Sales

Cost of sales, in relation to net revenue, fell from 32.9% in 3Q03 to 31.6% in 3Q04.
The factors that contributed to this reduction were essentially (i) the change in tax
legislation, which allowed the Company to take credits on PIS and COFINS (taxes on
revenue) embedded in our suppliers' prices, and (ii) the dilution of fixed costs, in the
items labor, depreciation and other costs, as shown in the table below:







+18.7%

305.4

257.3
3Q03
3Q04
+12.2%
2,837
2,529
3Q03
3Q04
Average Active Consultants
(1)
In Brazil (thousand)
Productivity
(2)
in Brazil
(R$)
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6
[6]
3Q04 Earnings Results
10/27/2004
6-
Composition of Cost of Sales (% of net revenue)









The share of the item raw materials in total net revenue remained stable, in the
comparison between the periods, despite the aforementioned change in tax legislation
on PIS and COFINS, due to the fact that in 3Q03, part of the losses due to the
discontinuation of products, already recorded over the course of 1H2003, were
recovered through promotional actions.

Oscillations in these losses did not affect the comparative analysis of cost of sales in
9M03 and 9M04. These losses maintained the same share of net revenue, of
approximately 0.7%.
5.
Gross Profit

The gross profit verified in 3Q04 was R$306.3 million, 37.7% above the R$222.5
million registered in 3Q03. Consequently, the gross margin increased from 67.1% in
3Q03 to 68.4% in 3Q04. In the nine-month period ended on September 30, 2004,
gross profit was R$809.7 million, 40.6% above the R$576.1 million obtained in the
first nine months of 2003.

6.
Expenses

Selling Expenses

Selling expenses increased in relation to revenue, going from 31.1% in 3Q03 to
31.5% in 3Q04. This increase is due to greater investment in the marketing program
in 3Q04.


Administrative Expenses

Administrative expenses in relation to net revenue was reduced from 15.6% in 3Q03
to 14.8% in 3Q04.





Item
3T04
3T03
Raw Material
24.8%
24.9%
Labor Cost
2.5%
2.6%
Depreciation
1.2%
1.6%
Others
3.2%
3.9%
Total
31.6%
32.9%
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7
[7]
3Q04 Earnings Results
10/27/2004
7-
It is important to point out that in the comparison between the periods there was a
change in the corporate structure. In this change, in February 2004, Natura Inovação,
responsible for the research & development process for new products, became a
wholly-owned subsidiary of Natura Cosméticos S.A. In 3Q03, the R&D expenses
recorded in Natura Cosméticos S.A. included the profit margin of Natura Inovação. If
we eliminated this effect, administrative expenses, as a percentage of net revenue,
would go from 13.3% in 3Q03 to 14.8% in 3Q04, a 1.5% increase, on a more
comparable basis.
This increase, which occurred despite the dilution of fixed costs, is mainly due to (i)
expenses referring to the process of going public (not including commissions to
banks), in the amount of R$3.5 million (these expenses already total R$6.8 million for
9M04), and (ii) the increase in accrued profit-sharing, as a result of the growth in
income at a higher rate than sales.

7.
EBITDA

EBITDA in 3Q04 was R$104.5 million, growing 38.0% in relation to 3Q03 (R$75.7
million). EBITDA margin was 23.3% in 3Q04, against 22.8% in 3Q03.

In 9M04, EBITDA totaled R$289.0 million (R$186.0 million in 9M03), representing
growth of 55.4%. EBITDA margin went from 20.8% in 9M03 to 24.0% in 9M04, due
to efficient cost and expense management, and the dilution of fixed costs.
8.
Net Income

Net income generated in 3Q04 was R$77.4 million (R$18.4 million in 3Q03). In
addition to the evolution of revenue and margins explained above, the increase in net
income between the periods was also due to:(i) the end of subordinated debenture
participation in income (redeemed on March 2, 2004), and (ii) the reduction in
average net debt between the two periods. Net margin increased from 5.6% in 3Q03
to 17.3% in 3Q04.

In 9M04, net income totaled R$200.9 million, compared to R$35.4 million in the same
period in 2003. The reasons for this increase are the same as those presented in the
paragraph above.
9.
Investments

Investments in 3Q04 totaled R$21.5 million, of which the highlight was construction
work for the new vertical warehouse (R$7.5 million) and the renewal of the vehicle
fleet of approximately one third of the sales promoters (R$5.8 million). For 9M04,
investments totaled R$44.2 million, concentrated mainly in the increase in storage
capacity.


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8
[8]
3Q04 Earnings Results
10/27/2004
8-
10.
Operations in Latin America (Argentina, Chile and Peru)
Financial Highlights (US$ million)










Our operations in the rest of Latin America had significant results in 3Q04 compared
to 3Q03. Net revenue in US dollars of these operations grew 60.9% and operating
loss decreased 21.5%. As a result of the dilution of fixed costs, operating loss, as a
percentage of net revenue, decreased from (25.6%) in 3Q03 to (12.5%) in 3Q04.

The number of available consultants grew 31.6%, from 18,300 in 3Q03 to 24,000 in
3Q04.

11.
Conference Calls

English:
Friday, October 29, 2004
11:00
a.m.
US
EST
Phone: +1 (973) 582-2757 (Code: Natura or 5119020)

Portuguese:
Friday, October 29, 2004
9:00 a.m. US EST
Phone:
+55
(11)
2101-1490
(Code:
Natura)


Live webcast of conference calls at:
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.
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.

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

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




3Q04
3Q03
Change %
9M04
9M03
Units Sold (thousand)
980.2
572.8
71.1%
2,494.2
1,504.8
65.8%
Net Revenues
5.1
3.2
60.9%
12.7
8.1
57.6%
Loss from Operations
-0.6
-0.8
-21.5%
-2.1
-2.2
-5.5%
Operating Margin
-12.5%
-25.6%
-
-16.3%
-27.3%
-
Change %
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9
[9]
3Q04 Earnings Results
10/27/2004
9-
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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10
[10]
3Q04 Earnings Results
10/27/2004
10
11. ANNEX I ­ Statement of Income

NATURA COSMÉTICOS SA ­ Consolidated figures (R$ thousand)



3Q04
%NR
3Q03
%NR
Change
9M04
%NR
9M03
%NR
Change
GROSS OPERATING REVENUES
645,656
100.0
481,757
100.0
34.0%
1,738,406
100.0
1,289,419
100.0
34.8%
Taxes on sales, returns and rebates
(197,493)
30.6
(150,098)
31.2
31.6%
(532,528)
30.6
(395,635)
30.7
34.6%
NET OPERATING REVENUES
448,163
100.0
331,659
100.0
35.1%
1,205,878
100.0
893,784
100.0
34.9%
Cost of Sales
(141,835)
31.6
(109,127)
32.9
30.0%
(396,144)
32.9
(317,687)
35.5
24.7%
GROSS PROFIT
306,328
68.4
222,532
67.1
37.7%
809,733
67.1
576,097
64.5
40.6%
OPERATING (EXPENSES) INCOME
(209,626)
46.8
(156,559)
47.2
33.9%
(545,729)
45.3
(414,275)
46.4
31.7%
Selling
(140,987)
31.5
(103,270)
31.1
36.5%
(371,507)
30.8
(281,127)
31.2
33.2%
General and Administrative
(66,461)
14.8
(51,822)
15.6
28.2%
(168,046)
13.9
(129,089)
14.7
27.9%
Management Compensation
(2,178)
0.5
(1,467)
0.4
48.5%
(6,176)
0.5
(4,059)
0.5
52.4%
INCOME FROM OPERATIONS BEFORE
FINANCIAL EFFECTS
96,702
21.6
65,973
19.9
46.6%
264,004
21.9
161,822
18.1
63.1%
Financial Expenses
(9,057)
(9,554)
-5.2%
(29,552)
(66,701)
-55.7%
Financial Income
10,781
4,268
152.6%
31,013
40,410
-23.3%
INCOME FROM OPERATIONS
98,426
22.0
60,687
18.3
62.2%
265,465
22.0
135,531
15.2
95.9%
Nonoperating income (expense)
(931)
0.2
1,207
(0.4)
-177.1%
(820)
0.1
80
(0.0)
-1125.0%
INCOME BEFORE DEBENTURE PARTICIPATION
97,495
21.8
61,894
18.7
57.5%
264,645
21.9
135,611
15.2
95.2%
Debenture Participation
-
-
(30,590)
-100.0%
(7,178)
0.6
(73,388)
-90.2%
INCOME BEFORE TAXES ON INCOME
97,495
21.8
31,304
9.4
211.4%
257,467
21.4
62,223
7.0
313.8%
Income and social contribution taxes
(20,108)
4.5
(12,879)
3.9
56.1%
(56,605)
4.7
(26,887)
3.0
110.5%
NET INCOME BEFORE MINORITY INTEREST
77,387
17.3
18,425
5.6
320.0%
200,862
16.7
35,336
4.0
468.4%
Minority Interest
9
-100.0%
-
37
-100.0%
NET INCOME
77,387
17.3
18,434
5.6
319.8%
200,862
16.7
35,373
4.0
467.8%
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11
[11]
3Q04 Earnings Results
10/27/2004
11
12. ANNEX II ­ Balance Sheet
(as of September 30, 2004 and June 30,2004)

NATURA COSMÉTICOS SA ­ Consolidated figures (R$ thousand)






































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12
[12]
3Q04 Earnings Results
10/27/2004
12
13. ANNEX III ­ Consolidated Statement of Cash Flow Statement for the
period ended September 30, 2004 (R$ thousand)

OPERATING ACTIVITIES
Net income
200,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
25,821
Monetary and exchange variations, net
7,819
Loss on swap contracts
2,961
Restatement of reserve for contingencies
26,906
Increase in other reserves
6,949
Subsidiaries' unrealized profits
1,797
Deferred income and social contribution taxes
(11,814)
Net book value of property, plant and equipment written off/sold
752
Proceeds from debentures
5,743
Minority interest
(1)
267,795
(INCREASE) IN ASSETS
Current assets:
Accounts receivable
(9,158)
Inventories
(54,926)
Other receivables
(1,503)
Long-term assets:
Escrow deposits
(8,997)
Other receivables
(11,964)
Subtotal
(86,548)
INCREASE (DECREASE) IN LIABILITIES
Current liabilities:
Suppliers
20,192
Payroll and related charges
21,195
Taxes payable
(25,028)
Other payables
(10,047)
Long-term liabilities:
Other payables
(918)
Subtotal
5,394
NET CASH PROVIDED BY OPERATING ACTIVITIES
186,641
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(44,125)
NET CASH USED FOR INVESTING ACTIVITIES
(44,125)
FINANCING ACTIVITIES
Proceeds from loans and financing
41,849
Payment of loans - principal and interest
(83,498)
Payment of dividends
(129,997)
Payment of interest on capital
(11,402)
NET CASH USED FOR FINANCING ACTIVITIES
(183,048)
Acquisition of Natura Empreendimentos S/A and Natura Participações S/A with net assets
43,879
NET INCREASE (DECREASE) IN CASH AND BANKS
3,347
Cash and banks at beginning of period
136,111
Cash and banks at end of period
139,458
CHANGE IN CASH AND BANKS
3,347
SUPPLEMENTARY CASH FLOW DISCLOSURE:
Income and social contribution taxes paid
46,279
Interest paid on loans and financing
9,296
Swap contracts paid
9,170