6-K
BETTERWARE DE MEXICO, S.A.P.I. DE C.V (BWMX)
6-K
2025-02-27
For: 2025-02-27
View Original
Added on
April 04, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20546
FORM 6-K
REPORT OF FOREIGN PRIVATEISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGEACT OF 1934
February 2025
Commission File Number: 001-39251
BETTERWARE DE MÉXICO, S.A.P.I. DE C.V.
(Name of Registrant)
Luis Enrique Williams 549
Colonia Belenes Norte
Zapopan, Jalisco, 45145, México
+52 (33) 3836-0500
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BETTERWARE DE MÉXICO, S.A.P.I. DE C.V. | |
|---|---|
| By: | /s/ Luis Campos |
| Name: | Luis Campos |
| Title: | Board Chairman |
Date: February 27, 2025
1
Exhibit Index
| Exhibit No. | Description |
|---|---|
| 99.1 | BeFra Fourth Quarter 2024 Earnings Release |
2
Exhibit 99.1
1
Messagefrom the Chairman
I am pleased to share a comprehensive perspective on our many achievements in 2024 and outline our vision that will guide BeFra in the years to come.
2024was a year filled with achievements. We maintained our growth momentum with double-digit revenue growth of 11.1% in the last quarter compared to the previous year. Jafra Mexico was a key driver of this success, achieving remarkable 22.2% growth in the same period. Also, noteworthy was the performance of Betterware Mexico, which, despite persistent market challenges, including a slowdown in durable-goods consumption trends in Mexico, delivered revenue results 1.5% above the same quarter last year. Thanks to a strong Q4, BeFra concluded 2024 with a 8.4% revenue growth compared to 2023, with both companies contributing growth; Jafra Mexico grew 13.0% while Betterware Mexico grew 4.6%. We faced temporary challenges in profitability, but despite those we generated $2,775M in EBITDA, which was 2.0% above 2023. This was primarily driven by Jafra Mexico with a 15.5% increase in EBITDA, partially offset by Betterware Mexico, where EBITDA declined 9.6%, due to temporary challenges in the international supply chain during the second half of the year. However, we see this as a temporary situation; and expect Betterware Mexico’s EBITDA to return to historical levels during 2025.
2025will be a year of significant milestones for BeFra.
| – | Betterware Mexico’s 30^th^ anniversary – this is a significant milestone<br> that reflects a long history of constant growth. We achieved a remarkable 17.9% CAGR in revenue<br> and of 19.4% CAGR for EBITDA for the last 23 years (2001 -2024, and 2000 the year when I<br> acquired the company), with a notable 14.2% CAGR in revenue and of 8.8% CAGR in EBITDA for<br> the years that followed the Covid-19 pandemic (2019-2024). We also substantially expanded<br> our Associate base from 5K in 2001, to 675K in 2024, reaching an estimate of 8M Mexican households<br> today. This success underscores our steadfast commitment to delight our customers and empower<br> our entrepreneurs. And Betterware Mexico still has ample room to grow, with only a 4.0% estimated<br> share of the household product market, meaning we are ready for the next years of growth. |
|---|---|
| – | 5 years since our U.S. IPO – A period that has seen continued and even accelerated<br> growth. Since our U.S. IPO, we multiplied BeFra’s revenue 4.6x, representing 35.5%<br> CAGR (going from ~$3,000M in 2019 to ~$14,000M pesos in 2024). During that time, we multiplied<br> our EBITDA by 3.3x, representing a 26.7% CAGR, despite significant disruptions in Betterware<br> Mexico’s value chain. In addition, the value of BeFra’s assets has increased<br> 2.4x, and we’ve consistently paid dividends totaling ~$4,800M. Much of this growth<br> and value creation was driven primarily by Betterware Mexico’s organic growth, although<br> complemented by the strategic acquisition of Jafra, which has not only strengthened our growth<br> trajectory, but also diversified our portfolio and risk. At the same time, we have been able<br> to leverage our expertise and business model to substantially grow Jafra. |
| --- | --- |
| – | 3 years since the acquisition of Jafra – a move that brought a valuable brand and<br> increased our category diversification. After 15 years of 0% growth, Jafra has thrived under<br> our leadership. From 2021 to 2024, we multiplied Jafra’s sales by 1.4x and profitability<br> by 1.6x, achieving 12.1% and 14.9% CAGRs respectively, while expanding its EBITDA margins<br> from 13.0% to 20.7% for Jafra Mexico. |
| --- | --- |
These milestones underscore the breadth and depth of our successful journey, reflecting our commitment to delivering long-term value creation and sustained growth across our brands.
Looking ahead, we continue our transformational path for BeFra. For Betterware Mexico, we will continue calibrating and optimizing our proven business model to enhance operational efficiency and scalability. For Jafra Mexico, we aim to continue employing this model, while we discover new learnings and avenues of growth in the large and vibrant beauty market in Mexico. For both, we will continue to explore Operational and Commercial Synergies that can drive our growth and profitability further. At the group level, we will continue focusing on executing successful international expansions, accelerating both brands in the United States and Latin America region, while exploring adjacent brands and categories that complement our portfolio, just as we did with Jafra. To sustain our momentum, we continue focusing on: innovation, business intelligence, and technology, anchored by a strong sense of purpose. These elements enable us to adapt and thrive in a constantly evolving world while remaining true to our core values.
As we report our Q4 and FY 2024 results, we are proud to highlight the progress we have made across different metrics, from revenue growth, to profitability, to shareholder returns, and the very positive impact on millions of entrepreneurs who trust our model and benefit from it. This year will not only be a celebration of our achievements, but also another important step in our sustained growth and strategic transformation.
LuisG. Campos
Chairmanof the Board
2
Importantnotes on the financial statements:
| 1. | In<br> February 2025, BeFra’s management in conjunction with the external auditor (PwC) determined<br> a restatement with no effect on net revenues, EBITDA or net income related<br> to a financial statement misclassification. The underlying issue originated from Jafra Mexico,<br> where certain production-related labor and indirect manufacturing costs were incorrectly<br> classified as administrative and distribution expenses instead of cost of goods sold, affecting<br> the fiscal year 2022 (starting from Q2 2022) and subsequent periods. While this misclassification<br> impacted gross margin, it had no effect on net revenues, EBITDA or net income. The<br> financial information presented herein and going forward reflects the corrected classification<br> and previously issued financial statements and the related audit opinion from fiscal year-end<br> 2022 and 2023 should not be relied upon. This misclassification is considered material, due<br> to the amount that has been reclassified ($433.7M pesos in 2024), necessitating a restatement of previously issued financial statements, which we lay out in the final section by the end of this document. |
|---|
The restated financial statements for the year ended December 31, 2023 will be issued in connection with the issuance of the 2024 financial statements.
| 2. | As<br> a result of the necessary restatement described above, an additional adjustment is being made to the financial statements for fiscal year 2023 and first three quarters of 2024.<br> This adjustment is being carried out as a best practice, given that the amount is not material. Specifically, the net adjustment of $10.1M pesos involves additional expense in interest expense and depreciation associated to the lease accounting, offseted by the relating deferred income tax of Jafra Mexico’s offices in 2023. This amount was<br> originally adjusted in 2024; however, since the 2023 financial records have been reopened,<br> we are making this adjustment now to ensure the integrity and accuracy of the financial statements<br> for both years. |
|---|---|
| 3. | It’s<br> important to note that this quarter, we are reporting adjusted EBITDA, Net Income, and EPS to exclude the one-time impact that the sale of Jafra Mexico's real estate properties<br> had on BeFra's 2024 consolidated financial results, additionally, we are adjusting for the<br> impairment of the unsold property as of the end of fiscal year 2024, for which we received<br> a purchase offer in December along with an updated valuation estimate. The impact resulted in a non-cash accounting loss of $696.0M pesos. The transaction prices reflected the<br> current market value of the assets. Essentially, this accounting loss had no impact on BeFra's<br> operational performance, further underscoring the relevance of Adjusted EBITDA, Net Income<br> and EPS as key performance indicators. |
| --- | --- |
3
Q42024 Select Consolidated Financial Information
| Q4 | FY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Results<br> in ‘000 MXN | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net<br> Revenue | $ | 3,778,468 | $ | 3,401,692 | +11.1% | $ | 14,100,758 | $ | 13,009,507 | +8.4% | ||||||
| Gross<br> Margin | 67.3 | % | 66.2 | % | +116 | bps | 67.9 | % | 67.2 | % | +70 | bps | ||||
| EBITDA | $ | 510,323 | $ | 819,484 | -37.7 | % | $ | 2,078,394 | $ | 2,720,900 | -23.6 | % | ||||
| EBITDA Margin | 13.5 | % | 24.1 | % | -1,058 | bps | 14.7 | % | 20.9 | % | -618 | bps | ||||
| Adj.<br> EBITDA | $ | 771,596 | $ | 819,484 | -5.8 | % | $ | 2,774,697 | $ | 2,720,900 | +2.0% | |||||
| Adj.<br> EBITDA Margin | 20.4 | % | 24.1 | % | -367 | bps | 19.7 | % | 20.9 | % | -124 | bps | ||||
| Net Income | $ | 225,305 | $ | 395,191 | -43.0 | % | $ | 711,728 | $ | 1,039,287 | -31.5 | % | ||||
| Adj.<br> Net Income | $ | 436,664 | $ | 395,191 | +10.5 | % | $ | 1,219,280 | $ | 1,039,287 | +17.3 | % | ||||
| EPS | $ | 6.04 | $ | 10.59 | -43.0 | % | $ | 19.07 | $ | 27.85 | -31.5 | % | ||||
| Adj.<br> EPS | $ | 11.70 | $ | 10.59 | +10.5 | % | $ | 32.66 | $ | 27.85 | +17.3 | % | ||||
| Free Cash Flow | $ | 533,555 | $ | 657,121 | -18.8 | % | $ | 1,769,026 | $ | 2,256,395 | -21.6 | % | ||||
| Net Debt<br> / Adj. EBITDA | 1.76 | 1.83 | 1.76 | 1.83 | ||||||||||||
| Interest Coverage | 3.46 | 2.83 | 3.46 | 2.83 | ||||||||||||
| Associates | ||||||||||||||||
| Avg. Base | 1,196,417 | 1,249,230 | -4.2 | % | 1,179,058 | 1,225,595 | -3.8 | % | ||||||||
| EOP Base | 1,180,458 | 1,240,023 | -4.8 | % | 1,180,458 | 1,240,023 | -4.8 | % | ||||||||
| Distributors | ||||||||||||||||
| Avg. Base | 64,260 | 62,727 | +2.4 | % | 64,654 | 61,833 | +4.6 | % | ||||||||
| EOP Base | 63,339 | 62,338 | +1.6 | % | 63,339 | 62,338 | +1.6 | % | ||||||||
| ● | Net revenue grew 11.1% in Q4 2024, led by Jafra Mexico with a 22.2% increase in sales, driven<br> by innovation, improved incentives, and a revamped catalog. Betterware Mexico revenue grew<br> 1.5%, maintaining growth momentum, but impacted slightly by various external headwinds discussed<br> on the business unit section. Full-year revenue rose 8.4%, with Jafra Mexico up 13.0%,<br> Betterware Mexico up 4.6%, and Jafra US stable, all reflecting the strength of BeFra’s<br> commercial model. BeFra’s full-year revenue was in the middle range of our previously<br> communicated guidance range. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | Gross Margin: Q4 gross margin improved by 116 bps, with Betterware Mexico expanding by 675<br> bps derived from better promotional performance, despite external cost increases. Jafra Mexico’s<br> margin decreased 469 bps due to prior years synergies and cost reductions that positively<br> impacted Q4 2023. Full-year gross margin increased 70 bps to 67.9%, driven by Jafra Mexico’s<br> 129 bps gain stemming from a more favorable product mix, improved pricing strategy, and continued<br> efficiency benefits from scale, while Betterware Mexico remained stable despite market pressures. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | EBITDA: Q4 adjusted EBITDA declined 5.8%, mainly from a 17.3% drop in Jafra Mexico’s EBITDA<br> derived from prior years synergies and costs optimization benefits that were reflected in<br> Q4 2023, creating an unfavorable year-over-year comparison. Betterware Mexico’s EBITDA<br> grew 31.8%, derived from better performance of promotional initiatives and expense control<br> in Q4 2024, that created a favorable year-over-year comparison, partially offsetting this<br> decline. Full-year EBITDA rose 2.0% but was slightly below guidance, given unexpected external<br> cost pressures, and distribution expenses faced by Betterware Mexico, which will be reduced<br> during 2025. EBITDA from Betterware’s international expansion impacted directly our<br> growth compared to 2023, without these losses, consolidated EBITDA for 2024 would have<br> increased by 5.6%. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | Free Cash Flow: Free cash flow was ~69% of EBITDA, down 18.8% in Q4 and 21.6% for the year,<br> due to a one-time supplier payment adjustment in 2023, where we moved supplier terms from<br> ~30 days to ~120 days, which benefited substantially FCF that year. It is important to point<br> out that in 2024, international expansion experienced a negative cash flow of $122.5M. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | Adjusted EPS: Adjusted EPS grew by 10.5% in Q4 and 17.3% for the full year, driven by increased<br> revenue and gross margin, lower interest expense, and a gain on derivative instruments. | |||||||||||||||
| --- | --- |
For more details, please refer to the results of each business unit in the accompanying pages.
4
ContinuedFinancial Strength and Performance
Strongbalance sheet at the end of Q4 2024.
BeFra’s balance sheet continues strong in Q4 2024, providing financial flexibility to further reduce debt leverage, continue investing in growth and efficiency initiatives, and pay additional dividends.
Although some metrics were temporarily affected in Q4 24 vs Q4 23, because of lower EBITDA margin and slightly higher inventory, we believe our balance sheet remains strong and is poised to continue strengthening in the months ahead.
Our key financial metrics reflect our strength:
Cash Flow & Liquidity ratios
As shown below, BeFra’s cash flow generation remains strong, with almost 69% FCF to EBITDA, and lower cash conversion days in our cycle.
| Q4 2024 | Q4 2023 | ∆ | ||||||
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.04 | +4.5% | |||||
| FCF / Adj. EBITDA | 69.1 | % | 80.2 | % | -1,104 bps | |||
| CCC (days) | 41 | 47 | -6 days |
| * | CCC: Cash Conversion Cycle |
|---|
Asset Light Business
BeFra’s asset light business model provides flexibility to adapt to challenging conditions. While SG&A increased temporarily (comments in each company’s sections), we have taken all measures to get back in line with our historical figures.
| Q4 2024 | Q4 2023 | ∆ bps | ||||||
|---|---|---|---|---|---|---|---|---|
| Fixed Assets / Total Assets | 17.2 | % | 26.2 | % | -900 | |||
| Variable Cost Structure | 76.1 | % | 76.1 | % | -6 | |||
| Fixed Cost Structure | 23.9 | % | 23.9 | % | +6 | |||
| SG&A / Net Revenues | 49.5 | % | 40.7 | % | +860 |
Return on Investment
Over the years, BeFra has consistently achieved exceptional returns. Despite a short-term EBITDA margin shortfall vs 2023, management is confident in being able to recover profitability, and increase it going forward.
| Q4 2024 | Q4 2023 | ∆ | ||||||
|---|---|---|---|---|---|---|---|---|
| Equity Turnover | 12.13 | 8.89 | +36.4% | |||||
| ROE | 61.2 | % | 71.0 | % | -983 bps | |||
| ROTA | 12.4 | % | 15.8 | % | -343 bps | |||
| Dividend Yield | 12.09 | % | 8.53 | % | +356 bps |
Leverage
BeFra’s current debt is primarily related to the acquisition of Jafra, and to the construction of the Betterware Campus. Management is committed to reducing it faster than initially planned.
| Q4<br> 2024 | Q4<br> 2023 | ∆% | |||||
|---|---|---|---|---|---|---|---|
| Debt to EBITDA | 1.86 | 2.03 | -8.2 | % | |||
| Net Debt to EBITDA | 1.76 | 1.83 | -3.9 | % | |||
| Interest Coverage | 3.46 | 2.83 | +22.6 | % | |||
| * | Equity Turnover = Net Revenues TTM / Equity | ||||||
| --- | --- | ||||||
| * | ROTA = Net Income TTM / (Cash + Accounts Receivable + Inventories<br>+ Fixed Assets) | ||||||
| --- | --- | ||||||
| * | Calculation of Dividend Yield Using the Closing Price on<br>December 31, 2024, which was $11.18. | ||||||
| --- | --- |
5
CapitalAllocation
StrategicFocus on Balance Sheet: BeFra’s balance sheet remains a priority. As of December 31, 2024, Net Debt-to-EBITDA was 1.76x, a slight decrease from 1.83x at the end of Q4 2023.
QuarterlyDividends and Shareholder Value: In light of BeFra’s results to date, management remains committed to enhancing shareholder value through quarterly dividends. The board of directors has proposed a $250M Pesos dividend for Q4 2024 pending approval at the Ordinary General Shareholders’ Meeting on March 7, 2025. This would mark the twentieth consecutive quarterly dividend payment since the Company went public in March 2020. During this time, a total of more than $5,000M Pesos in dividends has been paid. Future dividends are expected to meet the amount proposed for Q4, and will be contingent on BeFra’s financial performance and its ongoing debt repayment plan.
2025Guidance and Long-Term Growth Prospects
Looking ahead, BeFra is well-positioned for a strong year in net revenue and EBITDA. Management expects to achieve mid-to-high single-digit growth in both net revenue and EBITDA in 2025.
| 2025 | 2024 | Var % | ||||
|---|---|---|---|---|---|---|
| Net Revenue | $14,900 - $ 15,300 | $ | 14,101 | ≈6.0% - 9.0% | ||
| EBITDA | $2,900 - $ 3,000 | $ | 2,775 | ≈6.0% - 9.0% | ||
| * | Figuresin millions Pesos. | |||||
| --- | --- |
6
Q42024 Financial Results by Business
BetterwareMexico
KeyFinancial and Operating Metrics
| Q4 | FY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Results in ‘000 MXN | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net<br> Revenue | $ | 1,494,855 | $ | 1,472,480 | +1.5 | % | $ | 5,991,834 | $ | 5,726,608 | +4.6 | % | ||||
| Gross<br> Margin | 57.2 | % | 50.4 | % | +675 | bps | 57.1 | % | 57.3 | % | -21 | bps | ||||
| EBITDA | $ | 330,075 | $ | 250,342 | +31.8 | % | $ | 1,296,538 | $ | 1,434,501 | -9.6 | % | ||||
| EBITDA<br> Margin | 22.1 | % | 17.0 | % | +508 | bps | 21.6 | % | 25.0 | % | -341 | bps | ||||
| Associates | ||||||||||||||||
| Avg.<br> Base | 693,666 | 756,250 | -8.3 | % | 704,433 | 757,653 | -7.0 | % | ||||||||
| EOP<br> Base | 674,654 | 741,170 | -9.0 | % | 674,654 | 741,170 | -9.0 | % | ||||||||
| Monthly<br> Activity Rate | 64.8 | % | 66.0 | % | -116 | bps | 66.3 | % | 66.5 | % | -20 | bps | ||||
| Avg.<br> Monthly Order | $ | 2,158 | $ | 1,959 | +10.2 | % | $ | 2,068 | $ | 1,857 | +11.4 | % | ||||
| Distributors | ||||||||||||||||
| Avg.<br> Base | 43,585 | 42,369 | 2.9 | % | 44,016 | 41,193 | 6.9 | % | ||||||||
| EOP<br> Base | 42,608 | 41,825 | 1.9 | % | 42,608 | 41,825 | 1.9 | % | ||||||||
| Monthly<br> Activity Rate | 96.7 | % | 98.1 | % | -138 | bps | 97.8 | % | 98.2 | % | -35 | bps | ||||
| Avg.<br> Monthly Order | $ | 22,945 | $ | 23,518 | -2.4 | % | $ | 22,432 | $ | 23,116 | -3.0 | % | ||||
| ● | Returning to Growth in 2024. Betterware Mexico returned to growth with a 4.6% sales increase following<br> two years of decline. H1 saw 7.0% revenue growth, but 2H slowed to 2.3% due to external pressures<br> (peso depreciation, rising product import duties, surging freight costs), and Q2 stockouts<br> of key products that temporarily demotivated the salesforce. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | Salesforce Productivity Improvement: Associate average order size increased 11.4% YoY, but this<br> recovery has not yet translated into expansion of the Associate base. However, the base remained<br> more stable compared to previous years, indicating forthcoming progress. Moving forward,<br> leveraging distributor growth (+6.9% YoY) and enhancing recruitment strategies will be crucial<br> for driving sustained volume and productivity gains in 2025. This, together with new commercial<br> strategies for 2025, should yield more stable growth in 2025. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | Gross margin improvement. Gross margin expanded by 675 basis points in Q4, due to better performance<br> of promotional initiatives and expense control in Q4 2024 that created a favorable YoY comparison.<br> For the full year the gross margin was maintained close to 2023 levels, with only a 21 bps<br> decline, and despite pressures related to the sharp depreciation of the Mexican Peso (-22.7%),<br> freight costs that surged from $1,550 per container in February to almost $6,000 in August,<br> (a full-year average of $3,100); and changes in product import duties, which increased from<br> 17.0% to 33.0% for approximately 144 SKUs, or 16.5% of total sales. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | EBITDA growth in the fourth quarter. Q4 EBITDA grew 31.8% YoY, due to aforementioned explanation<br> of the growth in gross margin. | |||||||||||||||
| --- | --- | |||||||||||||||
| ● | EBITDA margin contracted from 25.0% in 2023 to 21.6% in 2024, mainly due to a temporary increases<br> in corporate and logistics expenses related to the additional inventory during the second<br> half of the year. These additional expenses are to be eliminated during 2025 and are ready<br> to recover our EBITDA margins throughout the year. It is also important to state that during<br> 2024, we experienced a negative EBITDA of ~$101M in our international expansion operations,<br> without which, Betterware Mexico’s EBITDA for the year would have been ~$1,400M, a<br> year-over-year decrease of 2.5% instead of 9.6% | |||||||||||||||
| --- | --- |
7
2025Priorities
ConsumerVertical:
| ● | Portfolio Reconfiguration: Price increases in 2024, driven by external cost pressures, hindered<br> revenue growth and reduced market competitiveness. Although freight prices have been decreasing,<br> exchange rates and product import duties are expected to remain high for the foreseeable<br> future. Accordingly, the company intends to: (1) rebalance Betterware Mexico’s portfolio<br> to improve price accessibility, and (2) revise product cost structures with suppliers to<br> decrease costs where possible for each product. |
|---|---|
| ● | Continued innovation impact: A strong innovation pipeline has been configured for 2025, strengthening<br> Betterware Mexico’s core portfolio, and increasing new category expansion. |
| --- | --- |
| ● | Improve communication: Betterware Mexico continues strengthening its social network management<br> to augment and complement its catalog’s reach, including the potential launch of new<br> digital tools such as live shopping. |
| --- | --- |
SalesForce Vertical:
| ● | Enhance our incentives program: Although Associate productivity has strengthened, incentive programs<br> are being enhanced to promote growth in the Associate base. |
|---|---|
| ● | Technology enhancement: New features in Betterware Mexico’s proprietary B+ app, which are<br> designed to enhance the experience of Associates and Distributors. |
| --- | --- |
| ● | New Training App (LMS): A new Learning Management System (LMS), will be launched. It is intended<br> to improve online training of Associates and Distributors. |
| --- | --- |
InternationalExpansion
| ● | Betterware US. Since its April 2024 launch, the company has been working toward pinpointing the<br> optimal path to sales force and revenue growth. The focus of 2025 will be on strengthening<br> recruitment programs to accelerate growth. |
|---|---|
| ● | Betterware Latin America. Initially planned for Peru, expansion will now begin in Ecuador to capitalize<br> the availability of growth opportunity assessments we carried out during 2024. The team is<br> ready to start operations in June 2025, which will be our first move to the Andean region<br> (Peru, Ecuador, Colombia). |
| --- | --- |
8
JafraMexico
KeyFinancial and Operating Metrics
| Q4 | FY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Results<br> in ‘000 MXN | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net<br> Revenue | $ | 2,038,993 | $ | 1,668,956 | +22.2 | % | $ | 7,183,823 | $ | 6,354,952 | +13.0 | % | ||||
| Gross<br> Margin | 74.1 | % | 78.8 | % | -469 | bps | 76.2 | % | 74.9 | % | +131 | bps | ||||
| EBITDA | $ | 179,357 | $ | 532,780 | -66.3 | % | $ | 790,073 | $ | 1,288,381 | -38.7 | % | ||||
| EBITDA<br> Margin | 8.8 | % | 31.9 | % | -2,313 | bps | 11.0 | % | 20.3 | % | -928 | bps | ||||
| EBITDA<br> Adj | $ | 440,630 | $ | 532,780 | -17.3 | % | $ | 1,486,377 | $ | 1,288,381 | +15.4% | |||||
| EBITDA<br> Margin Adj | 21.6 | % | 31.9 | % | -1,031 | bps | 20.7 | % | 20.3 | % | +42 | bps | ||||
| Associates | ||||||||||||||||
| Avg.<br> Base | 476,211 | 461,712 | +3.1 | % | 445,323 | 438,238 | +1.6 | % | ||||||||
| EOP<br> Base | 480,532 | 467,736 | +2.7 | % | 480,532 | 467,736 | +2.7 | % | ||||||||
| Monthly<br> Activity Rate | 49.9 | % | 52.9 | % | -300 | bps | 51.5 | % | 52.0 | % | -55 | bps | ||||
| Avg.<br> Monthly Order | $ | 2,439 | $ | 2,181 | +11.8 | % | $ | 2,327 | $ | 2,106 | +10.5 | % | ||||
| Distributors | ||||||||||||||||
| Avg.<br> Base | 18,889 | 18,576 | +1.7 | % | 18,885 | 18,753 | +0.7 | % | ||||||||
| EOP<br> Base | 19,093 | 18,720 | +2.0 | % | 19,093 | 18,720 | +2.0 | % | ||||||||
| Monthly<br> Activity Rate | 94.6 | % | 95.3 | % | -73 | bps | 94.3 | % | 94.4 | % | -17 | bps | ||||
| Avg.<br> Monthly Order | $ | 2,758 | $ | 2,624 | +5.1 | % | $ | 2,635 | $ | 2,396 | +10.0 | % |
Highlights
| ● | Q4 2024 delivered a 22.2% year-over-year revenue increase—the strongest quarterly growth of the year— as a result of top brand innovations, sales force incentives, an effective<br> pricing strategy, as well as an improved consultant journey that boosted both associate productivity<br> (+11.8% YoY) and the number of active associates (+3.0% YoY). |
|---|---|
| ● | Sustained strong double-digit growth for the third consecutive year. Net revenues increased by<br> 13.0% in 2024, reaching a historically high milestone of $7,000M pesos in revenue, driven<br> by strong product innovation; a differentiated pricing strategy; an extensive re-design of<br> Jafra Mexico’s catalog that was re-launched in October; a revamped incentive program;<br> and enhancement focused on ease of doing business. |
| --- | --- |
| ● | Year-on-year increase in the end-of-period associate base: This base expanded 2.7%, ending the year<br> close to 500K Associates, which is the next targeted milestone. |
| --- | --- |
| ● | Gross margin for Q4 2024 was 74.1%, a decrease of 469 basis points compared to the same period<br> last year. This decrease is primarily attributable to prior years synergies and cost reductions<br> that positively impacted Q4 2023, and are now distributed throughout the whole year in 2024.<br> For the full year, Jafra Mexico’s strong 131 bps increase to 76.3%, surpassed expectations<br> due to a more favorable product mix, differentiated pricing strategy, and continued efficiency<br> benefits from scale. |
| --- | --- |
| ● | Adjusted EBITDA growth of 15.4% for 2024, despite accounting benefits derived from the reversal<br> of provisions, as well as previous years synergies and cost reductions which created an unfavorable<br> YoY comparison in the Q4. Growth was driven by an expansion in gross margin resulting from<br> higher volume, productivity improvements in manufacturing, lower raw material costs, and<br> a more favorable product mix. |
| --- | --- |
9
2025Priorities
ConsumerVertical:
| ● | Brand Refresh: Jafra Mexico’s top brands will receive a modern and vibrant design update,<br> strengthening their market presence and potential revenue impact. |
|---|---|
| ● | Product Innovation: Innovation drove 19.0% of total net revenues in 2024, with strong contributions<br> from the Biolab skincare line (~10.0% of category revenue) as well as the Color Passion and<br> Double Nature collections (both with 40%+ year-over-year revenue growth). For 2025 a strong<br> pipeline of innovation across categories is being developed. |
| --- | --- |
| ● | Pricing and Competitive Strategy: Building on strong 2024 performance, Jafra Mexico continues<br> to refine its pricing strategy to strike the right balance between competitiveness, affordability,<br> and profitability. |
| --- | --- |
| ● | Catalog: Following the October 2024 catalog relaunch, the catalog’s offering will increase<br> (more SKU’s and more content) in Q2 2025. |
| --- | --- |
SalesForce Vertical:
| ● | Digital Marketplaces: Jafra Mexico plans to launch a new Shopify+ powered website, to help its<br> sales force transition to a stronger digital marketplace, unlocking new growth opportunities<br> and expanding consumer reach. |
|---|---|
| ● | Sales Force Tools: A planned launch of a new J+ app, which is based on the same technology<br> as B+, to enhance the experience of Associates and Distributors, and make Jafra more attractive<br> to younger audiences in Mexico. |
| --- | --- |
| ● | Enhance incentive program: Similar to Betterware’s, Jafra Mexico’s incentive program<br> is being refined to make it more attractive to new and existing Associates and Distributors. |
| --- | --- |
10
JafraUS
KeyFinancial and Operating Metrics
| Q4 | FY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Results<br> in ‘000 MXN | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net Revenue | $ | 244,620 | $ | 260,256 | -6.0 | % | $ | 925,101 | $ | 927,947 | -0.3 | % | ||||
| Gross Margin | 73.1 | % | 74.4 | % | -134 | bps | 73.5 | % | 75.7 | % | -222 | bps | ||||
| EBITDA | $ | 891 | $ | 36,361 | -97.5 | % | $ | -8,217 | $ | -638 | -1,188.0 | % | ||||
| EBITDA Margin | 0.4 | % | 14.0 | % | -1,361 | bps | -0.9 | % | -0.1 | % | -82 | bps |
| Q4 | FY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Results in ‘000<br> USD | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net Revenue | $ | 12,190 | $ | 14,802 | -17.6 | % | $ | 50,615 | $ | 52,002 | -2.7 | % | ||||
| Gross Margin | 73.1 | % | 74.4 | % | -134 | bps | 73.5 | % | 75.7 | % | -218 | bps | ||||
| EBITDA | $ | 44 | $ | 2,068 | -97.9 | % | $ | -458 | $ | -36 | -1,181.4 | % | ||||
| EBITDA Margin | 0.4 | % | 14.0 | % | -1,361 | bps | -0.9 | % | -0.1 | % | -84 | bps | ||||
| Associates | ||||||||||||||||
| Avg. Base | 26,540 | 31,268 | -15.1 | % | 29,302 | 29,704 | -1.4 | % | ||||||||
| EOP Base | 25,272 | 31,117 | -18.8 | % | 25,272 | 31,117 | -18.8 | % | ||||||||
| Monthly Activity Rate | 44.5 | % | 43.8 | % | +67 | bps | 43.6 | % | 42.8 | % | +85 | bps | ||||
| Avg. Monthly Order | $ | 248 | $ | 231 | +7.7 | % | $ | 234 | $ | 231 | +1.2% | |||||
| Distributors | ||||||||||||||||
| Avg. Base | 1,786 | 1,782 | +0.2 | % | 1,754 | 1,886 | -7.0 | % | ||||||||
| EOP Base | 1,638 | 1,793 | -8.6 | % | 1,638 | 1,793 | -8.6 | % | ||||||||
| Monthly Activity Rate | 85.5 | % | 90.2 | % | -467 | bps | 87.8 | % | 86.4 | % | +140 | bps | ||||
| Avg. Monthly Order | $ | 219 | $ | 215 | +1.9 | % | $ | 225 | $ | 218 | +3.2% |
Highlights
| ● | Jafra US has successfully stabilized its business after years of decline, marking a turning<br> point driven by the strategic implementation of our business model. Q4 net revenues declined<br> 6.0% year-over-year, or 17.6% in USD to US$12.2M. Full-year revenues were slightly below<br> last year’s level, decreasing 0.3% or 2.7% in USD, to $50.6M. The quarterly and annual<br> decreases were partially mitigated by the Mexican peso’s depreciation (from ~$17 at<br> the beginning of the year to $20 USD/MXN at year-end). |
|---|
Despite these challenges, the first half of the year demonstrated strong growth momentum, laying a solid foundation for the future. The weaker second half was primarily as a result of the transition to Shopify+, a critical upgrade for Jafra long-term digital strategy in the US. Although the implementation took longer than expected, briefly impacting sales, the transition is an investment that will unlock long-term opportunities expected to be significant.
| ● | Associates demonstrated higher productivity, driving a 7.7% rise in the average price of monthly<br> orders in Q4 2024 and a 1.2% increase for the full year. Activity levels also gained momentum,<br> improving by 67 basis points in Q4 and 85 basis points for the year. While these achievements<br> demonstrate the strength of the business model, the transition to Shopify+ affected recruitment<br> as well. This resulted in a 15.1% decline in the average Associate base for the quarter and<br> a 1.4% decrease for the year. |
|---|---|
| ● | Quarterly EBITDA remained positive, reflecting the company’s ability to navigate market changes.<br> Although quarterly EBITDA decreased nearly 100%, remained positive at $891 pesos (~$44K USD).<br> For the full year, EBITDA landed at -$8,217 pesos (-$458K USD), nearing breakeven point even<br> after absorbing approximately $1M USD in one-time expenses, mostly related to legal settlements.<br> Without these extraordinary expenses, full-year 2024 EBITDA would have been a positive ~$500K<br> USD. |
| --- | --- |
When compared to 2023 on a net income level (factoring in similar costs), the year-over-year variance was -$5K USD or -15%. This demonstrates the underlying strength and potential of the business, with a clear path to profitability as we move past these non-recurring costs.
11
| ● | Gross Margin Contraction. Gross margin declined both for the quarter and the full year, falling<br> short of 2023 levels and budget estimates. The primary impact was increased investment in<br> promotions and incentives aimed at boosting average order value within the salesforce. |
|---|---|
| ● | Inventory levels remained elevated at around $3.6M USD. To optimize inventory management, strategic<br> measures have been implemented, including storing excess stock at Jafra’s Queretaro<br> facility and dynamically distributing SKUs as needed to enhance operational efficiency. |
| --- | --- |
2025Priorities
ConsumerVertical:
| ● | In tandem with Jafra Mexico’s product and innovation strategies, renovate the core<br> portfolio lines, and launch a strong innovation portfolio. |
|---|---|
| ● | Pricing Strategy: Adjust prices to become more competitive in the Skin Care and Cosmetics categories.<br> Focus on gaining traction and improving performance in these two segments. |
| --- | --- |
| ● | USA-Mexico trade issues: We are monitoring the possibility of new product import duties that the<br> US Government could impose in Mexican imports, and alert that this could have a negative<br> impact in our sales or profitability, given the fact that +95% of Jafra US products are manufactured<br> in our Queretaro plan in Mexico. While we have options to do third party manufacturing in<br> the USA, we are constantly monitoring the best option available. |
| --- | --- |
SalesForce Vertical:
| ● | Incentive Program: Roll out a new and enhanced incentive program in Q2 2025 to attract new Associates<br> and strengthen the existing base. In the meantime, focus on increasing sponsorship activity<br> and boosting productivity among current Associates. |
|---|---|
| ● | Digital Catalog on Shopify: Launch a new digital catalog through Shopify in Q1 2025 to improve<br> the user experience and align with modern consumer preferences. |
| --- | --- |
| ● | Hispanic Market support: Recent political changes have disrupted the Hispanic market in ways that<br> have impacted motivation levels. Because this market is ~85% of the US revenue base, a difficult<br> start to the year is expected. Accordingly, Jafra US is moving to support Hispanic customer<br> and salespeople so both can regain trust, with the aim of supporting growth during the rest<br> of the year. |
| --- | --- |
12
Appendix
FinancialStatements
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Final Position
As of December 31, 2024 and 2023
(In Thousands of Mexican Pesos)
| Dec 2024 | Dec 2023 | |||
|---|---|---|---|---|
| Assets | ||||
| Cash and cash equivalents | 296,558 | 549,730 | ||
| Trade accounts receivable, net | 1,133,093 | 1,072,455 | ||
| Accounts receivable from related parties | 250 | 104 | ||
| Inventories | 2,505,093 | 2,030,533 | ||
| Prepaid expenses | 87,682 | 77,468 | ||
| Income tax recoverable | 98,265 | 29,462 | ||
| Derivative Financial Instruments | 108,846 | - | ||
| Non Current Assets held for sale | 40,000 | - | ||
| Other assets | 358,951 | 230,688 | ||
| Total current assets | 4,628,738 | 3,990,440 | ||
| Property, plant and equipment, net | 1,801,475 | 2,910,353 | ||
| Right of use assets, net | 314,023 | 361,561 | ||
| Deferred income tax | 525,086 | 527,929 | ||
| Intangible assets, net | 1,570,223 | 1,649,953 | ||
| Goodwill | 1,599,718 | 1,599,718 | ||
| Other assets | 14,504 | 53,757 | ||
| Total non-current assets | 5,825,029 | 7,103,271 | ||
| Total assets | 10,453,767 | 11,093,711 | ||
| Liabilities and Stockholders’ Equity | ||||
| Short term debt and borrowings | 656,084 | 508,731 | ||
| Accounts payable to suppliers | 2,156,715 | 1,790,026 | ||
| Accrued expenses | 380,835 | 306,997 | ||
| Provisions | 748,918 | 804,748 | ||
| Value added tax payable | 71,192 | 117,864 | ||
| Trade accounts payable to related parties | 1,237 | - | ||
| Statutory employee profit sharing | 139,255 | 132,855 | ||
| Lease liability | 110,252 | 132,839 | ||
| Derivative financial instruments | - | 47,920 | ||
| Total current liabilities | 4,264,488 | 3,841,980 | ||
| Employee benefits | 128,312 | 127,150 | ||
| Deferred income tax | 495,117 | 783,169 | ||
| Lease liability | 234,343 | 255,882 | ||
| Long term debt and borrowings | 4,168,859 | 4,622,691 | ||
| Total non-current liabilities | 5,026,631 | 5,788,892 | ||
| Total liabilities | 9,291,119 | 9,630,872 | ||
| Stockholders’ Equity | ||||
| Capital stock | 321,312 | 321,312 | ||
| Share premium account | -25,264 | -16,370 | ||
| Retained earnings | 892,398 | 1,178,724 | ||
| Other comprehensive income | -24,076 | -19,194 | ||
| Non-controlling interest | -1,722 | -1,633 | ||
| Total Stockholders’ Equity | 1,162,648 | 1,462,839 | ||
| Total Liabilities and Stockholders’ Equity | 10,453,767 | 11,093,711 |
13
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the three-months ended December 31, 2024 and 2023
(InThousands of Mexican Pesos)
| Q4 2024 | Q4 2023 | ∆% | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Net revenue | 3,778,468 | 3,401,692 | 11.1 | % | |||||
| Cost of sales | 1,234,902 | 1,151,204 | 7.3 | % | |||||
| Gross profit | 2,543,566 | 2,250,488 | 13.0 | % | |||||
| Administrative expenses | 779,834 | 482,609 | 61.6 | % | |||||
| Selling expenses | 1,090,460 | 908,624 | 20.0 | % | |||||
| Distribution expenses | 174,219 | 144,666 | 20.4 | % | |||||
| Total expenses | 2,044,513 | 1,535,899 | 33.1 | % | |||||
| Other expenses - Sale of fixed assets | 94,692 | 0 | - | ||||||
| Operating income | 404,361 | 714,589 | -43.4 | % | |||||
| Interest expense | -155,811 | -203,642 | -23.5 | % | |||||
| Interest income | 9,264 | 5,718 | 62.0 | % | |||||
| Unrealized loss in valuation of financial derivative instruments | 3,377 | -22,641 | -114.9 | % | |||||
| Foreign exchange gain (loss), net | 43,534 | -7,657 | -668.6 | % | |||||
| Financing cost, net | -99,636 | -228,222 | -56.3 | % | |||||
| Income before income taxes | 304,725 | 486,367 | -37.3 | % | |||||
| Income taxes | 79,674 | 90,869 | -12.3 | % | |||||
| Net income including minority interest | 225,051 | 395,498 | -43.1 | % | |||||
| Non-controlling interest loss | 254 | -307 | -182.7 | % | |||||
| Net income | 225,305 | 395,191 | -43.0 | % | |||||
| EBITDA breakdown (Ps. million) | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Concept | Q4 2024 | Q4 2023 | ∆% | ||||||
| Net income | 225,051 | 395,498 | -43.1 | % | |||||
| (+) Income taxes | 79,674 | 90,869 | -12.3 | % | |||||
| (+) Financing cost, net | 99,636 | 228,222 | -56.3 | % | |||||
| (+) Depreciation and amortization | 105,962 | 104,895 | 1.0 | % | |||||
| EBITDA | 510,323 | 819,484 | -37.7 | % | |||||
| EBITDA Margin | 13.5 | % | 24.1 | % | |||||
| (+) Other expenses - Sale of fixed assets | 94,692 | - | |||||||
| (+) Impairment of fixed assets | 166,581 | - | |||||||
| Adjusted EBITDA | 771,596 | 819,484 | -5.8 | % | |||||
| Adjusted EBITDA Margin | 20.4 | % | 24.1 | % | |||||
| Net adjusted income breakdown | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | ||
| Concept | Q4 2024 | Q4 2023 | ∆% | ||||||
| Net (loss) income including minority interest | 225,051 | 395,191 | -43.1 | % | |||||
| (+) Other expenses - Sale of fixed assets | 94,692 | 0 | 100.0 | % | |||||
| (+) Impairment fixed assets | 166,581 | 0 | 100.0 | % | |||||
| (+) Income taxes for the sale of fixed assets | 21,283 | 0 | 100.0 | % | |||||
| (+) Income taxes – deferred | -70,943 | 0 | -100.0 | % | |||||
| Net adjusted income | 436,664 | 395,191 | 10.5 | % |
14
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the twelve-months ended December 31, 2024 and 2023
(In Thousands of Mexican Pesos)
| FY 2024 | FY 2023 | ∆% | |||||
|---|---|---|---|---|---|---|---|
| Net revenue | 14,100,758 | 13,009,507 | 8.4 | % | |||
| Cost of sales | 4,520,223 | 4,260,842 | 6.1 | % | |||
| Gross profit | 9,580,535 | 8,748,665 | 9.5 | % | |||
| Administrative expenses | 2,702,876 | 2,367,279 | 14.2 | % | |||
| Selling expenses | 3,997,917 | 3,460,367 | 15.5 | % | |||
| Distribution expenses | 663,812 | 582,237 | 14.0 | % | |||
| Total expenses | 7,364,605 | 6,409,883 | 14.9 | % | |||
| Other expenses - Sale of fixed assets | 529,722 | 0 | - | ||||
| Operating income | 1,686,208 | 2,338,782 | -27.9 | % | |||
| Interest expense | -639,705 | -827,812 | -22.7 | % | |||
| Interest income | 22,818 | 45,056 | -49.4 | % | |||
| Unrealized loss in valuation of financial derivative instruments | 156,766 | -32,591 | -581.0 | % | |||
| Foreign exchange gain (loss), net | -45,305 | -106,847 | -57.6 | % | |||
| Financing cost, net | -505,426 | -922,194 | -45.2 | % | |||
| - | - | ||||||
| Income before income taxes | 1,180,782 | 1,416,588 | -16.6 | % | |||
| Income taxes | 469,260 | 380,024 | 23.5 | % | |||
| Net income including minority interest | 711,522 | 1,036,564 | -31.4 | % | |||
| Non-controlling interest loss | 206 | 2,723 | -92.4 | % | |||
| Net income | 711,728 | 1,039,287 | -31.5 | % |
EBITDA breakdown (Ps. million)
| Concept | FY 2024 | FY 2023 | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Net income | 711,522 | 1,036,564 | -31.4 | % | |||||
| (+) Income taxes | 469,260 | 380,024 | 23.5 | % | |||||
| (+) Financing cost, net | 505,426 | 922,194 | -45.2 | % | |||||
| (+) Depreciation and amortization | 392,186 | 382,118 | 2.6 | % | |||||
| EBITDA | 2,078,394 | 2,720,900 | -23.6 | % | |||||
| EBITDA Margin | 14.7 | % | 20.9 | % | |||||
| (+) Other expenses - Sale of fixed assets | 529,722 | - | |||||||
| (+) Impairment of fixed assets | 166,581 | - | |||||||
| Adjusted EBITDA | 2,774,697 | 2,720,900 | 2.0 | % | |||||
| Adjusted EBITDA Margin | 19.7 | % | 20.9 | % |
Net adjusted income breakdown
| Concept | FY 2024 | FY 2023 | ∆% | ||||
|---|---|---|---|---|---|---|---|
| Net (loss) income including minority interest | 711,522 | 1,039,287 | -31.5 | % | |||
| (+) Other expenses - Sale of fixed assets | 529,722 | 0 | 100.0 | % | |||
| (+) Impairment fixed assets | 166,581 | 100.0 | % | ||||
| (+) Income taxes for the sale of fixed assets | 93,266 | 0 | 100.0 | % | |||
| (+) Income taxes – deferred | -281,811 | 0 | -100.0 | % | |||
| Net adjusted income | 1,219,280 | 1,039,287 | 17.3 | % |
15
Betterware de México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the twelve-months ended December 31, 2024 and 2023
(In Thousands of Mexican Pesos)
| FY 2024 | FY 2023 | |||
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Profit for the period | 711,522 | 1,036,564 | ||
| Adjustments for: | ||||
| Income tax expense recognized in profit of the year | 469,260 | 380,024 | ||
| Depreciation and amortization of non-current assets | 392,186 | 382,118 | ||
| Impairment of fix assest | 166,581 | |||
| Interest income recognized in profit or loss | -22,818 | -45,056 | ||
| Interest expense recognized in profit or loss | 639,705 | 827,812 | ||
| Unrealized loss in valuation of financial derivative instruments | -156,766 | 32,591 | ||
| Share-based payment expense | -8,894 | 4,188 | ||
| Gain on disposal of equipment | 767,226 | -1,460 | ||
| Currency effect | -16,711 | -4,349 | ||
| Movements in not- controlling interest | 117 | -93 | ||
| Other gains and losses | - | |||
| Movements in working capital: | ||||
| Trade accounts receivable | -60,638 | -101,393 | ||
| Trade accounts receivable from related parties | -146 | -43 | ||
| Inventory, net | -470,959 | 92,136 | ||
| Prepaid expenses and other assets | -105,319 | -84,826 | ||
| Accounts payable to suppliers and accrued expenses | 420,193 | 423,104 | ||
| Provisions | -55,830 | 3,589 | ||
| Value added tax payable | -47,169 | 28,722 | ||
| Statutory employee profit sharing | 6,400 | -2,443 | ||
| Trade accounts payable to related parties | 1,237 | -96,859 | ||
| Income taxes paid | -819,247 | -474,941 | ||
| Employee benefits | 13,822 | -32,606 | ||
| Net cash generated by operating activities | 1,823,752 | 2,366,779 | ||
| Cash flows from investing activities: | ||||
| Investment in subsidiaries | - | - | ||
| Payments for property, plant and equipment, net | -222,327 | -131,066 | ||
| Proceeds from disposal of property, plant and equipment, net | 167,601 | 20,682 | ||
| Interest received | 22,818 | 45,056 | ||
| Net cash (used) generated in investing activities | -31,908 | -65,328 | ||
| Cash flows from financing activities: | ||||
| Repayment of borrowings | -3,135,500 | -7,633,715 | ||
| Proceeds from borrowings | 2,843,000 | 6,498,994 | ||
| Interest paid | -603,391 | -652,313 | ||
| Bond issuance costs | -8,355 | |||
| Lease payment | -151,071 | -123,241 | ||
| Share repurchases | - | - | ||
| Dividends paid | -998,054 | -648,735 | ||
| Net cash used in financing activities | -2,045,016 | -2,567,365 | ||
| Net decrease in cash and cash equivalents | -253,172 | -265,914 | ||
| Cash and cash equivalents at the beginning of the period | 549,730 | 815,644 | ||
| Cash and cash equivalents at the end of the period | 296,558 | 549,730 |
16
KeyOperating Metrics
BetterwareMexico
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Associates | ||||||||||||||||||
| Avg. Base | 768,042 | 756,250 | 716,645 | 713,144 | 694,277 | 693,666 | ||||||||||||
| EOP Base | 759,310 | 741,170 | 724,707 | 699,033 | 700,893 | 674,654 | ||||||||||||
| Monthly Activity Rate | 65.2 | % | 66.0 | % | 67.7 | % | 66.4 | % | 66.3 | % | 64.8 | % | ||||||
| Avg. Monthly Order | $ | 1,823 | $ | 1,959 | $ | 2,052 | $ | 2,027 | $ | 2,034 | $ | 2,158 | ||||||
| Monthly Growth Rate | 15.7 | % | 14.9 | % | 15.1 | % | 13.8 | % | 15.7 | % | 14.3 | % | ||||||
| Monthly Churn Rate | 15.5 | % | 15.7 | % | 15.8 | % | 15.0 | % | 15.6 | % | 15.6 | % | ||||||
| Distributors | ||||||||||||||||||
| Avg. Base | 42,551 | 42,369 | 42,886 | 44,953 | 44,639 | 43,585 | ||||||||||||
| EOP Base | 41,932 | 41,825 | 44,482 | 45,009 | 43,939 | 42,608 | ||||||||||||
| Monthly Activity Rate | 97.9 | % | 98.1 | % | 98.5 | % | 98.0 | % | 98.0 | % | 96.7 | % | ||||||
| Avg. Monthly Order | $ | 21,944 | $ | 23,518 | $ | 23,582 | $ | 21,669 | $ | 21,531 | $ | 22,945 | ||||||
| Monthly Growth Rate | 10.4 | % | 9.9 | % | 11.8 | % | 11.4 | % | 10.4 | % | 8.7 | % | ||||||
| Monthly Churn Rate | 10.4 | % | 10.0 | % | 9.7 | % | 11.0 | % | 11.2 | % | 10.3 | % |
JafraMexico
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Associates | ||||||||||||||||||
| Avg. Base | 414,968 | 461,712 | 469,290 | 432,450 | 403,340 | 476,211 | ||||||||||||
| EOP Base | 422,956 | 467,736 | 451,692 | 419,931 | 421,073 | 480,532 | ||||||||||||
| Monthly Activity Rate | 52.2 | % | 52.9 | % | 53.7 | % | 50.50 | % | 51.6 | % | 49.9 | % | ||||||
| Avg. Monthly Order | $ | 2,088 | $ | 2,181 | $ | 2,238 | $ | 2,284 | $ | 2,347 | $ | 2,439 | ||||||
| Monthly Growth Rate | 10.5 | % | 11.5 | % | 9.5 | % | 8.4 | % | 12.0 | % | 13.2 | % | ||||||
| Monthly Churn Rate | 10.6 | % | 8.3 | % | 10.6 | % | 10.8 | % | 11.9 | % | 8.6 | % | ||||||
| Distributors | ||||||||||||||||||
| Avg. Base | 18,553 | 18,576 | 18,927 | 19,073 | 18,823 | 18,889 | ||||||||||||
| EOP Base | 18,555 | 18,719 | 19,159 | 19,035 | 18,722 | 19,093 | ||||||||||||
| Monthly Activity Rate | 94.0 | % | 95.3 | % | 96.0 | % | 93.10 | % | 93.2 | % | 94.6 | % | ||||||
| Avg. Monthly Order | $ | 2,236 | $ | 2,624 | $ | 2,396 | $ | 2,693 | $ | 2,694 | $ | 2,758 | ||||||
| Monthly Growth Rate | 1.1 | % | 1.4 | % | 1.6 | % | 0.7 | % | 0.9 | % | 1.8 | % | ||||||
| Monthly Churn Rate | 1.4 | % | 1.1 | % | 0.8 | % | 0.8 | % | 1.5 | % | 1.1 | % |
JafraUS
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Associates | ||||||||||||||||||
| Avg. Base | 29,608 | 31,268 | 29,506 | 30,864 | 30,150 | 26,540 | ||||||||||||
| EOP Base | 30,489 | 31,117 | 29,470 | 31,026 | 29,103 | 25,272 | ||||||||||||
| Monthly Activity Rate | 45.1 | % | 43.8 | % | 42.4 | % | 46.7 | % | 41.6 | % | 44.5 | % | ||||||
| Avg. Monthly Order (USD) | $ | 228 | $ | 231 | $ | 223 | $ | 232 | $ | 233 | $ | 248 | ||||||
| Monthly Growth Rate | 14.5 | % | 12.5 | % | 11.3 | % | 14.4 | % | 11.2 | % | 10.0 | % | ||||||
| Monthly Churn Rate | 13.8 | % | 11.5 | % | 13.1 | % | 12.5 | % | 13.7 | % | 14.7 | % | ||||||
| Distributors | ||||||||||||||||||
| Avg. Base | 1,642 | 1,782 | 1,728 | 1,726 | 1,774 | 1,786 | ||||||||||||
| EOP Base | 1,645 | 1,793 | 1,674 | 1,766 | 1,772 | 1,638 | ||||||||||||
| Monthly Activity Rate | 90.4 | % | 90.2 | % | 88.3 | % | 90.7 | % | 87.5 | % | 85.5 | % | ||||||
| Avg. Monthly Order (USD) | $ | 217 | $ | 215 | $ | 217 | $ | 229 | $ | 233 | $ | 219 | ||||||
| Monthly Growth Rate | 6.3 | % | 7.9 | % | 4.6 | % | 8.5 | % | 5.8 | % | 2.7 | % | ||||||
| Monthly Churn Rate | 8.4 | % | 5.0 | % | 6.9 | % | 6.7 | % | 5.7 | % | 5.0 | % |
17
KeyFinancial Metrics
Consolidated
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenue | $ | 3,123,507 | $ | 3,401,692 | $ | 3,602,503 | $ | 3,389,393 | $ | 3,330,394 | $ | 3,778,468 | ||||||
| Gross Margin | 70.2 | % | 70.0 | % | 73.6 | % | 72.2 | % | 71.2 | % | 67.3 | % | ||||||
| EBITDA | $ | 529,424 | $ | 819,484 | $ | 755,390 | $ | 656,136 | $ | 591,575 | $ | 771,596 | ||||||
| EBITDA Margin | 16.9 | % | 24.1 | % | 21.0 | % | 19.4 | % | 17.8 | % | 20.4 | % | ||||||
| Net Income | $ | 197,307 | $ | 395,498 | $ | 295,263 | $ | 303,745 | $ | 183,608 | $ | 436,664 | ||||||
| Free Cash Flow | $ | 1,599,274 | $ | 2,256,395 | $ | 180,217 | $ | 522,210 | $ | 1,235,471 | $ | 1,769,026 |
BetterwareMexico
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenue | $ | 1,420,739 | $ | 1,472,480 | $ | 1,555,027 | $ | 1,476,375 | $ | 1,465,577 | $ | 1,494,855 | ||||||
| Gross Margin | 56.2 | % | 50.2 | % | 60.00 | % | 56.4 | % | 54.8 | % | 57.2 | % | ||||||
| EBITDA | $ | 328,295 | $ | 250,342 | $ | 382,107 | $ | 304,467 | $ | 279,889 | $ | 330,075 | ||||||
| EBITDA Margin | 23.1 | % | 17.0 | % | 24.60 | % | 20.6 | % | 19.1 | % | 22.1 | % |
JafraMexico
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenue | $ | 1,486,816 | $ | 1,668,956 | $ | 1,849,996 | $ | 1,671,137 | $ | 1,623,697 | $ | 2,038,993 | ||||||
| Gross Margin | 83.0 | % | 86.5 | % | 85.00 | % | 86.0 | % | 85.7 | % | 74.1 | % | ||||||
| EBITDA | $ | 207,985 | $ | 532,780 | $ | 383,120 | $ | 344,478 | $ | 318,148 | $ | 440,630 | ||||||
| EBITDA Margin | 14.0 | % | 31.9 | % | 20.70 | % | 20.6 | % | 19.6 | % | 21.6 | % |
JafraUS
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenue | $ | 215,952 | $ | 260,256 | $ | 197,480 | $ | 241,881 | $ | 241,120 | $ | 244,620 | ||||||
| Gross Margin | 74.1 | % | 74.4 | % | 74.00 | % | 73.6 | % | 73.3 | % | 73.1 | % | ||||||
| EBITDA | $ | (8,138 | ) | $ | 37,033 | $ | (9,838 | ) | $ | 7,192 | $ | (6,462 | ) | $ | 891 | |||
| EBITDA Margin | (3.2 | )% | 14.0 | % | (5.00 | )% | 3.0 | % | -2.7 | % | 0.4 | % |
18
RestatedFinancial Statements
Profit& Loss
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2024 | Q3 2024 | Q3 2024 | Q3 2024 | ||||||
| Net revenue | 3,330,394 | 3,330,394 | - | 0.0 | % | ||||
| Cost of sales | 1,103,468 | 959,135 | 144,333 | 15.0 | % | ||||
| Gross profit | 2,226,926 | 2,371,259 | -144,333 | -6.0 | % | ||||
| Administrative expenses | 649,765 | 792,483 | -142,718 | -18.0 | % | ||||
| Selling expenses | 928,707 | 928,707 | - | 0.0 | % | ||||
| Distribution expenses | 152,281 | 155,992 | -3,711 | -2.0 | % | ||||
| Total expenses | 1,730,753 | 1,877,182 | -146,429 | -8.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | 435,030 | 435,030 | - | 0.0 | % | ||||
| Operating income | 61,143 | 59,047 | 2,096 | 4.0 | % | ||||
| Interest expense | -159,087 | -161,352 | 2,265 | -1.0 | % | ||||
| Interest income | 2,751 | 2,751 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 82,876 | 82,876 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -27,586 | -27,586 | - | 0.0 | % | ||||
| Financing cost, net | -101,046 | -103,311 | 2,265 | -2.0 | % | ||||
| Income before income taxes | -39,903 | -44,264 | 4,361 | -10.0 | % | ||||
| Income taxes | 72,634 | 71,326 | 1,308 | 2.0 | % | ||||
| Net income including minority interest | -112,537 | -115,590 | 3,053 | -3.0 | % | ||||
| Non-controlling interest loss | -24 | -24 | - | 0.0 | % | ||||
| Net income | -112,561 | -115,614 | 3,053 | -3.0 | % | ||||
| Q3 2024 | Q3 2024 | Q3 2024 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 156,545 | 156,545 | - | 0.0 | % | ||||
| EBITDA Adjusted | 591,575 | 591,575 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q2 2024 | Q2 2024 | Q2 2024 | Q2 2024 | ||||||
| Net revenue | 3,389,393 | 3,389,393 | - | 0.0 | % | ||||
| Cost of sales | 1,090,859 | 940,918 | 149,941 | 16.0 | % | ||||
| Gross profit | 2,298,534 | 2,448,475 | -149,941 | -6.0 | % | ||||
| Administrative expenses | 624,356 | 772,840 | -148,484 | -19.0 | % | ||||
| Selling expenses | 950,176 | 950,176 | - | 0.0 | % | ||||
| Distribution expenses | 164,030 | 167,582 | -3,552 | -2.0 | % | ||||
| Total expenses | 1,738,562 | 1,890,598 | -152,036 | -8.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 559,972 | 557,877 | 2,095 | 0.0 | % | ||||
| Interest expense | -161,137 | -163,402 | 2,265 | -1.0 | % | ||||
| Interest income | 4,134 | 4,134 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 95,295 | 95,295 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -40,212 | -40,212 | - | 0.0 | % | ||||
| Financing cost, net | -101,920 | -104,185 | 2,265 | -2.0 | % | ||||
| Income before income taxes | 458,052 | 453,692 | 4,360 | 1.0 | % | ||||
| Income taxes | 154,307 | 152,999 | 1,308 | 1.0 | % | ||||
| Net income including minority interest | 303,745 | 300,693 | 3,052 | 1.0 | % | ||||
| Non-controlling interest loss | 75 | 75 | - | 0.0 | % | ||||
| Net income | 303,820 | 300,768 | 3,052 | 1.0 | % | ||||
| Q2 2024 | Q2 2024 | Q2 2024 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 656,136 | 656,136 | - | 0.0 | % | ||||
| EBITDA Adjusted | 656,136 | 656,136 | - | 0.0 | % |
19
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2024 | Q1 2024 | Q1 2024 | ||||||
| Net revenue | 3,602,503 | 3,602,503 | - | 0.0 | % | ||||
| Cost of sales | 1,090,994 | 951,555 | 139,439 | 15.0 | % | ||||
| Gross profit | 2,511,509 | 2,650,948 | -139,439 | -5.0 | % | ||||
| Administrative expenses | 648,921 | 785,616 | -136,695 | -17.0 | % | ||||
| Selling expenses | 1,028,574 | 1,028,574 | - | 0.0 | % | ||||
| Distribution expenses | 173,282 | 176,725 | -3,443 | -2.0 | % | ||||
| Total expenses | 1,850,777 | 1,990,915 | -140,138 | -7.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 660,732 | 660,033 | 699 | 0.0 | % | ||||
| Interest expense | -163,670 | -164,425 | 755 | 0.0 | % | ||||
| Interest income | 6,669 | 6,669 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | -24,782 | -24,782 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -21,041 | -21,041 | - | 0.0 | % | ||||
| Financing cost, net | -202,824 | -203,579 | 755 | 0.0 | % | ||||
| Income before income taxes | 457,908 | 456,454 | 1,454 | 0.0 | % | ||||
| Income taxes | 162,645 | 162,209 | 436 | 0.0 | % | ||||
| Net income including minority interest | 295,263 | 294,245 | 1,018 | 0.0 | % | ||||
| Non-controlling interest loss | -99 | -99 | - | 0.0 | % | ||||
| Net income | 295,164 | 294,146 | 1,018 | 0.0 | % | ||||
| Q1 2024 | Q1 2024 | Q1 2024 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 755,390 | 755,390 | - | 0.0 | % | ||||
| EBITDA Adjusted | 755,390 | 755,390 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total 2024 | Total 2024 | Total 2024 | Total 2024 | ||||||
| Net revenue | 14,100,758 | 14,100,758 | - | 0.0 | % | ||||
| Cost of sales | 4,520,223 | 4,086,510 | 433,713 | 11.0 | % | ||||
| Gross profit | 9,580,535 | 10,014,248 | -433,713 | -4.0 | % | ||||
| Administrative expenses | 2,702,876 | 3,130,773 | -427,897 | -14.0 | % | ||||
| Selling expenses | 3,997,917 | 3,997,917 | - | 0.0 | % | ||||
| Distribution expenses | 663,812 | 674,518 | -10,706 | -2.0 | % | ||||
| Total expenses | 7,364,605 | 7,803,208 | -438,603 | -6.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | 529,722 | 529,722 | - | ||||||
| Operating income | 1,686,208 | 1,681,318 | 4,890 | 0.0 | % | ||||
| Interest expense | -639,705 | -644,990 | 5,285 | -1.0 | % | ||||
| Interest income | 22,818 | 22,818 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 156,766 | 156,766 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -45,305 | -45,305 | - | 0.0 | % | ||||
| Financing cost, net | -505,426 | -510,711 | 5,285 | -1.0 | % | ||||
| Income before income taxes | 1,180,782 | 1,170,607 | 10,175 | 1.0 | % | ||||
| Income taxes | 469,260 | 466,208 | 3,052 | 1.0 | % | ||||
| Net income including minority interest | 711,522 | 704,399 | 7,123 | 1.0 | % | ||||
| Non-controlling interest loss | 206 | 206 | - | 0.0 | % | ||||
| Net income | 711,728 | 704,605 | 7,123 | 1.0 | % | ||||
| Total 2024 | Total 2024 | Total 2024 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 2,078,394 | 2,078,394 | - | 0.0 | % | ||||
| EBITDA Adjusted | 2,774,697 | 2,774,697 | - | 0.0 | % |
20
****
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2023 | Q4 2023 | Q4 2023 | ||||||
| Net revenue | 3,401,692 | 3,401,692 | - | 0.0 | % | ||||
| Cost of sales | 1,151,204 | 1,021,872 | 129,332 | 13.0 | % | ||||
| Gross profit | 2,250,488 | 2,379,820 | -129,332 | -5.0 | % | ||||
| Administrative expenses | 482,609 | 601,510 | -118,901 | -20.0 | % | ||||
| Selling expenses | 908,624 | 908,624 | - | 0.0 | % | ||||
| Distribution expenses | 144,666 | 147,719 | -3,053 | -2.0 | % | ||||
| Total expenses | 1,535,899 | 1,657,853 | -121,954 | -7.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 714,589 | 721,967 | -7,378 | -1.0 | % | ||||
| Interest expense | -203,642 | -195,432 | -8,210 | 4.0 | % | ||||
| Interest income | 5,718 | 5,718 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | -22,641 | -22,641 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -7,657 | -7,657 | - | 0.0 | % | ||||
| Financing cost, net | -228,222 | -220,012 | -8,210 | 4.0 | % | ||||
| Income before income taxes | 486,367 | 501,955 | -15,588 | -3.0 | % | ||||
| Income taxes | 90,869 | 95,545 | -4,676 | -5.0 | % | ||||
| Net income including minority interest | 395,498 | 406,410 | -10,912 | -3.0 | % | ||||
| Non-controlling interest loss | -307 | -307 | - | 0.0 | % | ||||
| Net income | 395,191 | 406,103 | -10,912 | -3.0 | % | ||||
| Q4 2023 | Q4 2023 | Q4 2023 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 819,484 | 819,484 | - | 0.0 | % | ||||
| EBITDA Adjusted | 819,484 | 819,484 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2023 | Q3 2023 | Q3 2023 | Q3 2023 | ||||||
| Net revenue | 3,123,507 | 3,123,507 | - | 0.0 | % | ||||
| Cost of sales | 1,092,055 | 930,636 | 161,419 | 17.0 | % | ||||
| Gross profit | 2,031,452 | 2,192,871 | -161,419 | -7.0 | % | ||||
| Administrative expenses | 581,097 | 739,928 | -158,831 | -21.0 | % | ||||
| Selling expenses | 867,743 | 867,743 | - | 0.0 | % | ||||
| Distribution expenses | 144,319 | 147,089 | -2,770 | -2.0 | % | ||||
| Total expenses | 1,593,159 | 1,754,760 | -161,601 | -9.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 438,293 | 438,111 | 182 | 0.0 | % | ||||
| Interest expense | -207,286 | -207,722 | 436 | 0.0 | % | ||||
| Interest income | 11,850 | 11,850 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 54,787 | 54,787 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -50,082 | -50,082 | - | 0.0 | % | ||||
| Financing cost, net | -190,731 | -191,167 | 436 | 0.0 | % | ||||
| Income before income taxes | 247,562 | 246,944 | 618 | 0.0 | % | ||||
| Income taxes | 50,255 | 50,070 | 185 | 0.0 | % | ||||
| Net income including minority interest | 197,307 | 196,874 | 433 | 0.0 | % | ||||
| Non-controlling interest loss | 117 | 117 | - | 0.0 | % | ||||
| Net income | 197,424 | 196,991 | 433 | 0.0 | % | ||||
| Q3 2023 | Q3 2023 | Q3 2023 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 529,424 | 529,424 | - | 0.0 | % | ||||
| EBITDA Adjusted | 529,424 | 529,424 | - | 0.0 | % |
21
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q2 2023 | Q2 2023 | Q2 2023 | Q2 2023 | ||||||
| Net revenue | 3,220,097 | 3,220,097 | - | 0.0 | % | ||||
| Cost of sales | 996,989 | 860,763 | 136,226 | 16.0 | % | ||||
| Gross profit | 2,223,108 | 2,359,334 | -136,226 | -6.0 | % | ||||
| Administrative expenses | 609,232 | 742,747 | -133,515 | -18.0 | % | ||||
| Selling expenses | 838,525 | 838,525 | - | 0.0 | % | ||||
| Distribution expenses | 150,266 | 153,189 | -2,923 | -2.0 | % | ||||
| Total expenses | 1,598,023 | 1,734,461 | -136,438 | -8.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 625,085 | 624,873 | 212 | 0.0 | % | ||||
| Interest expense | -205,949 | -206,173 | 224 | 0.0 | % | ||||
| Interest income | 14,994 | 14,994 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | -14,521 | -14,521 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -38,535 | -38,535 | - | 0.0 | % | ||||
| Financing cost, net | -244,011 | -244,235 | 224 | 0.0 | % | ||||
| Income before income taxes | 381,074 | 380,638 | 436 | 0.0 | % | ||||
| Income taxes | 125,543 | 125,412 | 131 | 0.0 | % | ||||
| Net income including minority interest | 255,531 | 255,226 | 305 | 0.0 | % | ||||
| Non-controlling interest loss | 3,145 | 3,145 | - | 0.0 | % | ||||
| Net income | 258,676 | 258,371 | 305 | 0.0 | % | ||||
| Q2 2023 | Q2 2023 | Q2 2023 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 717,433 | 717,433 | - | 0.0 | % | ||||
| EBITDA Adjusted | 717,433 | 717,433 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 2023 | Q1 2023 | Q1 2023 | Q1 2023 | ||||||
| Net revenue | 3,264,211 | 3,264,211 | - | 0.0 | % | ||||
| Cost of sales | 1,020,594 | 887,984 | 132,610 | 15.0 | % | ||||
| Gross profit | 2,243,617 | 2,376,227 | -132,610 | -6.0 | % | ||||
| Administrative expenses | 694,341 | 824,760 | -130,419 | -16.0 | % | ||||
| Selling expenses | 845,475 | 845,475 | - | 0.0 | % | ||||
| Distribution expenses | 142,986 | 145,177 | -2,191 | -2.0 | % | ||||
| Total expenses | 1,682,802 | 1,815,412 | -132,610 | -7.0 | % | ||||
| Divestment of subsidiaries | - | - | |||||||
| Other expenses | - | - | - | ||||||
| Operating income | 560,815 | 560,815 | - | 0.0 | % | ||||
| Interest expense | -210,935 | -210,935 | - | 0.0 | % | ||||
| Interest income | 12,494 | 12,494 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | -50,216 | -50,216 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -10,573 | -10,573 | - | 0.0 | % | ||||
| Financing cost, net | -259,230 | -259,230 | - | 0.0 | % | ||||
| Income before income taxes | 301,585 | 301,585 | - | 0.0 | % | ||||
| Income taxes | 113,357 | 113,357 | - | 0.0 | % | ||||
| Net income including minority interest | 188,228 | 188,228 | - | 0.0 | % | ||||
| Non-controlling interest loss | -232 | -232 | - | 0.0 | % | ||||
| Net income | 187,996 | 187,996 | - | 0.0 | % | ||||
| Q1 2023 | Q1 2023 | Q1 2023 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 654,559 | 654,559 | - | 0.0 | % | ||||
| EBITDA Adjusted | 654,559 | 654,559 | - | 0.0 | % |
22
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total 2023 | Total 2023 | Total 2023 | Total 2023 | ||||||
| Net revenue | 13,009,507 | 13,009,507 | - | 0.0 | % | ||||
| Cost of sales | 4,260,842 | 3,701,255 | 559,587 | 15.0 | % | ||||
| Gross profit | 8,748,665 | 9,308,252 | -559,587 | -6.0 | % | ||||
| Administrative expenses | 2,367,279 | 2,908,945 | -541,666 | -19.0 | % | ||||
| Selling expenses | 3,460,367 | 3,460,367 | - | 0.0 | % | ||||
| Distribution expenses | 582,237 | 593,174 | -10,937 | -2.0 | % | ||||
| Total expenses | 6,409,883 | 6,962,486 | -552,603 | -8.0 | % | ||||
| Divestment of subsidiaries | - | ||||||||
| Other expenses | - | - | - | ||||||
| Operating income | 2,338,782 | 2,345,766 | -6,984 | 0.0 | % | ||||
| Interest expense | -827,812 | -820,262 | -7,550 | 1.0 | % | ||||
| Interest income | 45,056 | 45,056 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | -32,591 | -32,591 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -106,847 | -106,847 | - | 0.0 | % | ||||
| Financing cost, net | -922,194 | -914,644 | -7,550 | 1.0 | % | ||||
| Income before income taxes | 1,416,588 | 1,431,122 | -14,534 | -1.0 | % | ||||
| Income taxes | 380,024 | 384,384 | -4,360 | -1.0 | % | ||||
| Net income including minority interest | 1,036,564 | 1,046,738 | -10,174 | -1.0 | % | ||||
| Non-controlling interest loss | 2,723 | 2,723 | - | 0.0 | % | ||||
| Net income | 1,039,287 | 1,049,461 | -10,174 | -1.0 | % | ||||
| Total 2023 | Total 2023 | Total 2023 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 2,720,900 | 2,720,900 | - | 0.0 | % | ||||
| EBITDA Adjusted | 2,720,900 | 2,720,900 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q4 2022 | Q4 2022 | Q4 2022 | Q4 2022 | ||||||
| Net revenue | 3,232,460 | 3,232,460 | - | 0.0 | % | ||||
| Cost of sales | 1,082,788 | 955,398 | 127,390 | 13.0 | % | ||||
| Gross profit | 2,149,672 | 2,277,062 | -127,390 | -6.0 | % | ||||
| Administrative expenses | 674,098 | 799,416 | -125,318 | -16.0 | % | ||||
| Selling expenses | 910,236 | 910,236 | - | 0.0 | % | ||||
| Distribution expenses | 87,260 | 89,332 | -2,072 | -2.0 | % | ||||
| Total expenses | 1,671,594 | 1,798,984 | -127,390 | -7.0 | % | ||||
| Divestment of subsidiaries | -5,251 | -5,251 | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 472,827 | 472,827 | - | 0.0 | % | ||||
| Interest expense | -197,869 | -197,869 | - | 0.0 | % | ||||
| Interest income | 5,906 | 5,906 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 14,597 | 14,597 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -32,817 | -32,817 | - | 0.0 | % | ||||
| Financing cost, net | -210,183 | -210,183 | - | 0.0 | % | ||||
| Income before income taxes | 262,644 | 262,644 | - | 0.0 | % | ||||
| Income taxes | 13,090 | 13,090 | - | 0.0 | % | ||||
| Net income including minority interest | 249,554 | 249,554 | - | 0.0 | % | ||||
| Non-controlling interest loss | 394 | 394 | - | 0.0 | % | ||||
| Net income | 249,948 | 249,948 | - | 0.0 | % | ||||
| Q4 2022 | Q4 2022 | Q4 2022 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 599,342 | 599,342 | - | 0.0 | % | ||||
| EBITDA Adjusted | 599,342 | 599,342 | - | 0.0 | % |
23
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2022 | Q3 2022 | Q3 2022 | Q3 2022 | ||||||
| Net revenue | 3,171,289 | 3,171,289 | - | 0.0 | % | ||||
| Cost of sales | 1,131,221 | 983,549 | 147,672 | 15.0 | % | ||||
| Gross profit | 2,040,068 | 2,187,740 | -147,672 | -7.0 | % | ||||
| Administrative expenses | 562,904 | 708,542 | -145,638 | -21.0 | % | ||||
| Selling expenses | 859,266 | 859,266 | - | 0.0 | % | ||||
| Distribution expenses | 155,934 | 157,968 | -2,034 | -1.0 | % | ||||
| Total expenses | 1,578,104 | 1,725,776 | -147,672 | -9.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 461,964 | 461,964 | - | 0.0 | % | ||||
| Interest expense | -184,872 | -184,872 | - | 0.0 | % | ||||
| Interest income | 7,070 | 7,070 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 12,978 | 12,978 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -25,503 | -25,503 | - | 0.0 | % | ||||
| Financing cost, net | -190,327 | -190,327 | - | 0.0 | % | ||||
| Income before income taxes | 271,637 | 271,637 | - | 0.0 | % | ||||
| Income taxes | 220,098 | 220,098 | - | 0.0 | % | ||||
| Net income including minority interest | 51,539 | 51,539 | - | 0.0 | % | ||||
| Non-controlling interest loss | 414 | 414 | - | 0.0 | % | ||||
| Net income | 51,953 | 51,953 | - | 0.0 | % | ||||
| Q3 2022 | Q3 2022 | Q3 2022 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 534,930 | 534,930 | - | 0.0 | % | ||||
| EBITDA Adjusted | 534,930 | 534,930 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q2 2022 | Q2 2022 | Q2 2022 | Q2 2022 | ||||||
| Net revenue | 3,243,604 | 3,243,604 | - | 0.0 | % | ||||
| Cost of sales | 1,115,710 | 986,294 | 129,416 | 13.0 | % | ||||
| Gross profit | 2,127,894 | 2,257,310 | -129,416 | -6.0 | % | ||||
| Administrative expenses | 641,678 | 769,034 | -127,356 | -17.0 | % | ||||
| Selling expenses | 781,476 | 781,476 | - | 0.0 | % | ||||
| Distribution expenses | 156,078 | 158,138 | -2,060 | -1.0 | % | ||||
| Total expenses | 1,579,232 | 1,708,648 | -129,416 | -8.0 | % | ||||
| Divestment of subsidiaries | - | - | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 548,662 | 548,662 | - | 0.0 | % | ||||
| Interest expense | -131,163 | -131,163 | - | 0.0 | % | ||||
| Interest income | 10,301 | 10,301 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | 28,315 | 28,315 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -31,888 | -31,888 | - | 0.0 | % | ||||
| Financing cost, net | -124,435 | -124,435 | - | 0.0 | % | ||||
| Income before income taxes | 424,227 | 424,227 | - | 0.0 | % | ||||
| Income taxes | 135,122 | 135,122 | - | 0.0 | % | ||||
| Net income including minority interest | 289,105 | 289,105 | - | 0.0 | % | ||||
| Non-controlling interest loss | 317 | 317 | - | 0.0 | % | ||||
| Net income | 289,422 | 289,422 | - | 0.0 | % | ||||
| Q2 2022 | Q2 2022 | Q2 2022 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 615,266 | 615,266 | - | 0.0 | % | ||||
| EBITDA Adjusted | 615,266 | 615,266 | - | 0.0 | % |
24
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 2022 | Q1 2022 | Q1 2022 | Q1 2022 | ||||||
| Net revenue | 1,860,196 | 1,860,196 | - | 0.0 | % | ||||
| Cost of sales | 653,852 | 653,852 | - | 0.0 | % | ||||
| Gross profit | 1,206,344 | 1,206,344 | - | 0.0 | % | ||||
| Administrative expenses | 319,650 | 319,650 | - | 0.0 | % | ||||
| Selling expenses | 257,052 | 257,052 | - | 0.0 | % | ||||
| Distribution expenses | 68,078 | 68,078 | - | 0.0 | % | ||||
| Total expenses | 644,780 | 644,780 | - | 0.0 | % | ||||
| Divestment of subsidiaries | -16,611 | -16,611 | - | ||||||
| Other expenses | - | - | - | ||||||
| Operating income | 544,953 | 544,953 | - | 0.0 | % | ||||
| Interest expense | -29,417 | -29,417 | - | 0.0 | % | ||||
| Interest income | 5,412 | 5,412 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | -99,412 | -99,412 | - | 0.0 | % | ||||
| Foreign exchange loss, net | 6,840 | 6,840 | - | 0.0 | % | ||||
| Financing cost, net | -116,577 | -116,577 | - | 0.0 | % | ||||
| Income before income taxes | 428,376 | 428,376 | - | 0.0 | % | ||||
| Income taxes | 148,610 | 148,610 | - | 0.0 | % | ||||
| Net income including minority interest | 279,766 | 279,766 | - | 0.0 | % | ||||
| Non-controlling interest loss | 1,468 | 1,468 | - | 0.0 | % | ||||
| Net income | 281,234 | 281,234 | - | 0.0 | % | ||||
| Q1 2022 | Q1 2022 | Q1 2022 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 566,570 | 566,570 | - | 0.0 | % | ||||
| EBITDA Adjusted | 566,570 | 566,570 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total 2022 | Total 2022 | Total 2022 | ∆% | ||||||
| Net revenue | 11,507,549 | 11,507,549 | - | 0.0 | % | ||||
| Cost of sales | 3,983,571 | 3,579,093 | 404,478 | 11.3 | % | ||||
| Gross profit | 7,523,978 | 7,928,456 | -404,478 | -5.1 | % | ||||
| Administrative expenses | 2,198,330 | 2,596,642 | -398,312 | -15.3 | % | ||||
| Selling expenses | 2,808,030 | 2,808,030 | - | 0.0 | % | ||||
| Distribution expenses | 467,350 | 473,516 | -6,166 | -1.3 | % | ||||
| Total expenses | 5,473,710 | 5,878,188 | -404,478 | -6.9 | % | ||||
| Divestment of subsidiaries | -21,862 | -21,862 | - | 0.0 | % | ||||
| Other expenses | - | - | - | 0.0 | % | ||||
| Operating income | 2,028,406 | 2,028,406 | - | 0.0 | % | ||||
| Interest expense | -543,321 | -543,321 | - | 0.0 | % | ||||
| Interest income | 28,689 | 28,689 | - | 0.0 | % | ||||
| Unrealized gain (loss) in valuation of financial derivative instruments | -43,522 | -43,522 | - | 0.0 | % | ||||
| Foreign exchange loss, net | -83,368 | -83,368 | - | 0.0 | % | ||||
| Financing cost, net | -641,522 | -641,522 | - | 0.0 | % | ||||
| Income before income taxes | 1,386,884 | 1,386,884 | - | 0.0 | % | ||||
| Income taxes | 516,920 | 516,920 | - | 0.0 | % | ||||
| Net income including minority interest | 869,964 | 869,964 | - | 0.0 | % | ||||
| Non-controlling interest loss | 2,593 | 2,593 | - | 0.0 | % | ||||
| Net income | 872,557 | 872,557 | - | 0.0 | % | ||||
| Total 2022 | Total 2022 | Total 2022 | ∆% | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBITDA | 2,316,108 | 2,316,108 | - | 0.0 | % | ||||
| EBITDA Adjusted | 2,316,108 | 2,316,108 | - | 0.0 | % |
25
BalanceSheet
BalanceSheet Statement
| As restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Sep 2024 | Sep 2024 | Sep 2024 | Sep 2024 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 316,378 | 316,378 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,200,117 | 1,200,117 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 2,407 | 2,407 | - | 0.0 | % | ||||
| Inventories | 2,504,370 | 2,504,370 | - | 0.0 | % | ||||
| Prepaid expenses | 100,303 | 100,303 | - | 0.0 | % | ||||
| Income tax recoverable | 67,701 | 67,701 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | 0.0 | % | |||||
| Derivative financial instruments | 105,469 | 105,469 | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 421,875 | 421,875 | - | 0.0 | % | ||||
| Total current assets | 4,718,620 | 4,718,620 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 2,121,418 | 2,121,418 | - | 0.0 | % | ||||
| Right of use assets, net | 291,960 | 294,056 | -2,096 | -0.7 | % | ||||
| Deferred income tax | 524,876 | 523,568 | 1,308 | 0.2 | % | ||||
| Investment in subsidiaries | - | - | - | 0.0 | % | ||||
| Intangible assets, net | 1,590,916 | 1,590,916 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 14,387 | 14,387 | - | 0.0 | % | ||||
| Total non-current assets | 6,143,275 | 6,144,063 | -788 | 0.0 | % | ||||
| Total assets | 10,861,895 | 10,862,683 | -788 | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 618,279 | 618,279 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 2,372,500 | 2,372,500 | - | 0.0 | % | ||||
| Accrued expenses | 410,253 | 410,253 | - | 0.0 | % | ||||
| Provisions | 778,992 | 778,992 | - | 0.0 | % | ||||
| Income tax payable | - | - | - | 0.0 | % | ||||
| Value added tax payable | 44,614 | 44,614 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 20 | 20 | - | 0.0 | % | ||||
| Statutory employee profit sharing | 86,885 | 86,885 | - | 0.0 | % | ||||
| Lease liability | 109,873 | 107,609 | 2,264 | 2.1 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Total current liabilities | 4,421,416 | 4,419,152 | 2,264 | 0.0 | % | ||||
| Employee benefits | 139,701 | 139,701 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | 0.0 | % | |||||
| Deferred income tax | 572,301 | 572,301 | - | 0.0 | % | ||||
| Lease liability | 214,098 | 214,098 | - | 0.0 | % | ||||
| Long term debt and borrowings | 4,334,713 | 4,334,713 | - | 0.0 | % | ||||
| Total non-current liabilities | 5,260,813 | 5,260,813 | - | 0.0 | % | ||||
| Total liabilities | 9,682,229 | 9,679,965 | 2,264 | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -25,264 | -25,264 | - | 0.0 | % | ||||
| Retained earnings | 916,606 | 919,658 | -3,052 | -0.3 | % | ||||
| Other comprehensive income | -31,508 | -31,508 | - | 0.0 | % | ||||
| Non-controlling interest | -1,480 | -1,480 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,179,666 | 1,182,718 | -3,052 | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 10,861,895 | 10,862,683 | -788 | 0.0 | % |
26
Balance Sheet Statement
| As restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Jun 2024 | Jun 2024 | Jun 2024 | Jun 2024 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 423,246 | 423,246 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,082,224 | 1,082,224 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 542 | 542 | - | 0.0 | % | ||||
| Inventories | 2,062,733 | 2,062,733 | - | 0.0 | % | ||||
| Prepaid expenses | 137,214 | 137,214 | - | 0.0 | % | ||||
| Income tax recoverable | 137,936 | 137,936 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | 22,593 | 22,593 | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 121,204 | 121,204 | - | 0.0 | % | ||||
| Total current assets | 3,987,692 | 3,987,692 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 2,919,620 | 2,919,620 | - | 0.0 | % | ||||
| Right of use assets, net | 315,701 | 319,892 | -4,191 | -1.3 | % | ||||
| Deferred income tax | 526,184 | 523,568 | 2,616 | 0.5 | % | ||||
| Investment in subsidiaries | - | - | - | 0.0 | % | ||||
| Intangible assets, net | 1,610,915 | 1,610,915 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 56,888 | 56,888 | - | 0.0 | % | ||||
| Total non-current assets | 7,029,026 | 7,030,601 | -1,575 | 0.0 | % | ||||
| Total assets | 11,016,718 | 11,018,293 | -1,575 | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 589,478 | 589,478 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,949,182 | 1,949,182 | - | 0.0 | % | ||||
| Accrued expenses | 358,363 | 358,363 | - | 0.0 | % | ||||
| Provisions | 709,902 | 709,902 | - | 0.0 | % | ||||
| Income tax payable | - | - | 0.0 | % | |||||
| Value added tax payable | 92,532 | 92,532 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 47,412 | 47,412 | - | 0.0 | % | ||||
| Statutory employee profit sharing | - | - | - | 0.0 | % | ||||
| Lease liability | 117,797 | 113,267 | 4,530 | 4.0 | % | ||||
| Derivative financial instruments | - | - | 0.0 | % | |||||
| Total current liabilities | 3,864,666 | 3,860,136 | 4,530 | 0.0 | % | ||||
| Employee benefits | 133,626 | 133,626 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 783,169 | 783,169 | - | 0.0 | % | ||||
| Lease liability | 230,721 | 230,721 | - | 0.0 | % | ||||
| Long term debt and borrowings | 4,455,638 | 4,455,638 | - | 0.0 | % | ||||
| Total non-current liabilities | 5,603,154 | 5,603,154 | - | 0.0 | % | ||||
| Total liabilities | 9,467,820 | 9,463,290 | 4,530 | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -25,264 | -25,264 | - | 0.0 | % | ||||
| Retained earnings | 1,278,680 | 1,284,785 | -6,105 | -0.5 | % | ||||
| Other comprehensive income | -24,275 | -24,275 | - | 0.0 | % | ||||
| Non-controlling interest | -1,555 | -1,555 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,548,898 | 1,555,003 | -6,105 | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 11,016,718 | 11,018,293 | -1,575 | 0.0 | % |
27
BalanceSheet Statement
| As restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mar 2024 | Mar 2024 | Mar 2024 | Mar 2024 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 425,177 | 425,177 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,198,708 | 1,198,708 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 163 | 163 | - | 0.0 | % | ||||
| Inventories | 1,871,274 | 1,871,274 | - | 0.0 | % | ||||
| Prepaid expenses | 133,877 | 133,877 | - | 0.0 | % | ||||
| Income tax recoverable | 127,101 | 127,101 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 164,260 | 164,260 | - | 0.0 | % | ||||
| Total current assets | 3,920,560 | 3,920,560 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 2,889,521 | 2,889,521 | - | 0.0 | % | ||||
| Right of use assets, net | 337,260 | 343,547 | -6,287 | -1.8 | % | ||||
| Deferred income tax | 441,888 | 437,964 | 3,924 | 0.9 | % | ||||
| Investment in subsidiaries | - | - | - | 0.0 | % | ||||
| Intangible assets, net | 1,628,036 | 1,628,036 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 53,388 | 53,388 | - | 0.0 | % | ||||
| Total non-current assets | 6,949,811 | 6,952,174 | -2,363 | 0.0 | % | ||||
| Total assets | 10,870,371 | 10,872,734 | -2,363 | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 539,195 | 539,195 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,670,630 | 1,670,630 | - | 0.0 | % | ||||
| Accrued expenses | 295,535 | 295,535 | - | 0.0 | % | ||||
| Provisions | 763,260 | 763,260 | - | 0.0 | % | ||||
| Income tax payable | - | - | - | 0.0 | % | ||||
| Value added tax payable | 133,055 | 133,055 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 1,152 | 1,152 | - | 0.0 | % | ||||
| Statutory employee profit sharing | 163,278 | 163,278 | - | 0.0 | % | ||||
| Lease liability | 121,605 | 114,811 | 6,794 | 5.9 | % | ||||
| Derivative financial instruments | 72,701 | 72,701 | - | 0.0 | % | ||||
| Total current liabilities | 3,760,411 | 3,753,617 | 6,794 | 0.0 | % | ||||
| Employee benefits | 130,585 | 130,585 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | 0.0 | % | |||||
| Deferred income tax | 697,565 | 697,565 | - | 0.0 | % | ||||
| Lease liability | 241,976 | 241,976 | - | 0.0 | % | ||||
| Long term debt and borrowings | 4,539,134 | 4,539,134 | - | 0.0 | % | ||||
| Total non-current liabilities | 5,609,260 | 5,609,260 | - | 0.0 | % | ||||
| Total liabilities | 9,369,671 | 9,362,877 | 6,794 | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -25,264 | -25,264 | - | 0.0 | % | ||||
| Retained earnings | 1,224,374 | 1,233,531 | -9,157 | -0.7 | % | ||||
| Other comprehensive income | -18,148 | -18,148 | - | 0.0 | % | ||||
| Non-controlling interest | -1,574 | -1,574 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,500,700 | 1,509,857 | -9,157 | -1.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 10,870,371 | 10,872,734 | -2,363 | 0.0 | % |
28
BalanceSheet Statement
| As restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Dec 2023 | Dec 2023 | Dec 2023 | Dec 2023 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 549,730 | 549,730 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,072,455 | 1,072,455 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 104 | 104 | - | 0.0 | % | ||||
| Inventories | 2,030,533 | 2,030,533 | - | 0.0 | % | ||||
| Prepaid expenses | 77,468 | 79,115 | -1,647 | -2.1 | % | ||||
| Income tax recoverable | 29,462 | 29,462 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | 0.0 | % | |||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 230,688 | 230,688 | - | 0.0 | % | ||||
| Total current assets | 3,990,440 | 3,992,087 | -1,647 | 0.0 | % | ||||
| Property, plant and equipment, net | 2,910,353 | 2,910,353 | - | 0.0 | % | ||||
| Right of use assets, net | 361,561 | 358,704 | 2,857 | 0.8 | % | ||||
| Deferred income tax | 527,929 | 523,568 | 4,361 | 0.8 | % | ||||
| Investment in subsidiaries | - | - | - | 0.0 | % | ||||
| Intangible assets, net | 1,649,953 | 1,649,953 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 53,757 | 53,757 | - | 0.0 | % | ||||
| Total non-current assets | 7,103,271 | 7,096,053 | 7,218 | 0.0 | % | ||||
| Total assets | 11,093,711 | 11,088,140 | 5,571 | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 508,731 | 508,731 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,790,026 | 1,790,026 | - | 0.0 | % | ||||
| Accrued expenses | 306,997 | 306,997 | - | 0.0 | % | ||||
| Provisions | 804,748 | 804,748 | - | 0.0 | % | ||||
| Income tax payable | - | - | - | 0.0 | % | ||||
| Value added tax payable | 117,864 | 117,864 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | - | - | - | 0.0 | % | ||||
| Statutory employee profit sharing | 132,855 | 132,855 | - | 0.0 | % | ||||
| Lease liability | 132,839 | 117,094 | 15,745 | 13.4 | % | ||||
| Derivative financial instruments | 47,920 | 47,920 | - | 0.0 | % | ||||
| Total current liabilities | 3,841,980 | 3,826,235 | 15,745 | 0.0 | % | ||||
| Employee benefits | 127,150 | 127,150 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 783,169 | 783,169 | - | 0.0 | % | ||||
| Lease liability | 255,882 | 255,882 | - | 0.0 | % | ||||
| Long term debt and borrowings | 4,622,691 | 4,622,691 | - | 0.0 | % | ||||
| Total non-current liabilities | 5,788,892 | 5,788,892 | - | 0.0 | % | ||||
| Total liabilities | 9,630,872 | 9,615,127 | 15,745 | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -16,370 | -16,370 | - | 0.0 | % | ||||
| Retained earnings | 1,178,724 | 1,188,898 | -10,174 | -0.9 | % | ||||
| Other comprehensive income | -19,194 | -19,194 | - | 0.0 | % | ||||
| Non-controlling interest | -1,633 | -1,633 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,462,839 | 1,473,013 | -10,174 | -1.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 11,093,711 | 11,088,140 | 5,571 | 0.0 | % |
29
BalanceSheet Statement
| As restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Sep 2023 | Sep 2023 | Sep 2023 | Sep 2023 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 496,068 | 496,068 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,275,837 | 1,275,837 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 48 | 48 | - | 0.0 | % | ||||
| Inventories | 2,178,018 | 2,178,018 | - | 0.0 | % | ||||
| Prepaid expenses | 127,491 | 129,138 | -1,647 | -1.3 | % | ||||
| Income tax recoverable | 112,215 | 112,215 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 177,761 | 177,761 | - | 0.0 | % | ||||
| Total current assets | 4,367,438 | 4,369,085 | -1,647 | 0.0 | % | ||||
| Property, plant and equipment, net | 2,877,944 | 2,877,944 | - | 0.0 | % | ||||
| Right of use assets, net | 331,744 | 339,446 | -7,702 | -2.3 | % | ||||
| Deferred income tax | 386,341 | 386,657 | -316 | -0.1 | % | ||||
| Investment in subsidiaries | - | - | - | 0.0 | % | ||||
| Intangible assets, net | 1,671,845 | 1,671,845 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 53,794 | 53,794 | - | 0.0 | % | ||||
| Total non-current assets | 6,921,386 | 6,929,404 | -8,018 | 0.0 | % | ||||
| Total assets | 11,288,824 | 11,298,489 | -9,665 | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 600,123 | 600,123 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,944,445 | 1,944,445 | - | 0.0 | % | ||||
| Accrued expenses | 391,572 | 391,572 | - | 0.0 | % | ||||
| Provisions | 865,213 | 865,213 | - | 0.0 | % | ||||
| Income tax payable | - | - | - | 0.0 | % | ||||
| Value added tax payable | 51,905 | 51,905 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | - | - | 0.0 | % | |||||
| Statutory employee profit sharing | 104,675 | 104,675 | - | 0.0 | % | ||||
| Lease liability | 79,329 | 87,815 | -8,486 | -9.7 | % | ||||
| Derivative financial instruments | 25,279 | 25,279 | - | 0.0 | % | ||||
| Total current liabilities | 4,062,541 | 4,071,027 | -8,486 | 0.0 | % | ||||
| Employee benefits | 161,952 | 161,952 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 783,169 | 783,169 | - | 0.0 | % | ||||
| Lease liability | 264,594 | 264,594 | - | 0.0 | % | ||||
| Long term debt and borrowings | 4,743,980 | 4,743,980 | - | 0.0 | % | ||||
| Total non-current liabilities | 5,953,695 | 5,953,695 | - | 0.0 | % | ||||
| Total liabilities | 10,016,236 | 10,024,722 | -8,486 | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -16,370 | -16,370 | - | 0.0 | % | ||||
| Retained earnings | 972,995 | 974,174 | -1,179 | -0.1 | % | ||||
| Other comprehensive income | -3,412 | -3,412 | - | 0.0 | % | ||||
| Non-controlling interest | -1,937 | -1,937 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,272,588 | 1,273,767 | -1,179 | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 11,288,824 | 11,298,489 | -9,665 | 0.0 | % |
30
Balance Sheet Statement
| As restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Jun 2023 | Jun 2023 | Jun 2023 | Jun 2023 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 728,872 | 728,872 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,166,267 | 1,166,267 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 30 | 30 | - | 0.0 | % | ||||
| Inventories | 2,021,738 | 2,021,738 | - | 0.0 | % | ||||
| Prepaid expenses | 125,212 | 126,859 | -1,647 | -1.3 | % | ||||
| Income tax recoverable | 213,784 | 213,784 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 163,131 | 163,131 | - | 0.0 | % | ||||
| Total current assets | 4,419,034 | 4,420,681 | -1,647 | 0.0 | % | ||||
| Property, plant and equipment, net | 2,902,039 | 2,902,039 | - | 0.0 | % | ||||
| Right of use assets, net | 344,029 | 357,831 | -13,802 | -3.9 | % | ||||
| Deferred income tax | 319,026 | 319,157 | -131 | 0.0 | % | ||||
| Investment in subsidiaries | 1,236 | 1,236 | - | 0.0 | % | ||||
| Intangible assets, net | 1,691,781 | 1,691,781 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 50,934 | 50,934 | - | 0.0 | % | ||||
| Total non-current assets | 6,908,763 | 6,922,696 | -13,933 | 0.0 | % | ||||
| Total assets | 11,327,797 | 11,343,377 | -15,580 | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 754,232 | 754,232 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,721,562 | 1,721,562 | - | 0.0 | % | ||||
| Accrued expenses | 357,052 | 357,052 | - | 0.0 | % | ||||
| Provisions | 788,698 | 788,698 | - | 0.0 | % | ||||
| Income tax payable | - | - | - | 0.0 | % | ||||
| Value added tax payable | 132,688 | 132,688 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 116,932 | 116,932 | - | 0.0 | % | ||||
| Statutory employee profit sharing | 77,489 | 77,489 | - | 0.0 | % | ||||
| Lease liability | 65,341 | 79,309 | -13,968 | -17.6 | % | ||||
| Derivative financial instruments | 80,066 | 80,066 | - | 0.0 | % | ||||
| Total current liabilities | 4,094,060 | 4,108,028 | -13,968 | 0.0 | % | ||||
| Employee benefits | 154,817 | 154,817 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 837,672 | 837,672 | - | 0.0 | % | ||||
| Lease liability | 281,447 | 281,447 | - | 0.0 | % | ||||
| Long term debt and borrowings | 4,685,437 | 4,685,437 | - | 0.0 | % | ||||
| Total non-current liabilities | 5,959,373 | 5,959,373 | - | 0.0 | % | ||||
| Total liabilities | 10,053,433 | 10,067,401 | -13,968 | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -16,370 | -16,370 | - | 0.0 | % | ||||
| Retained earnings | 975,182 | 976,795 | -1,613 | -0.2 | % | ||||
| Other comprehensive income | -3,984 | -3,984 | - | 0.0 | % | ||||
| Non-controlling interest | -1,776 | -1,776 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,274,364 | 1,275,977 | -1,613 | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 11,327,797 | 11,343,377 | -15,580 | 0.0 | % |
31
BalanceSheet Statement
| As restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mar 2023 | Mar 2023 | Mar 2023 | Mar 2023 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 579,788 | 579,788 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,209,278 | 1,209,278 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 12 | 12 | - | 0.0 | % | ||||
| Inventories | 1,845,278 | 1,845,278 | - | 0.0 | % | ||||
| Prepaid expenses | 113,075 | 113,075 | - | 0.0 | % | ||||
| Income tax recoverable | 217,268 | 217,268 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 192,968 | 192,968 | - | 0.0 | % | ||||
| Total current assets | 4,157,667 | 4,157,667 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 2,933,315 | 2,933,315 | - | 0.0 | % | ||||
| Right of use assets, net | 282,343 | 282,343 | - | 0.0 | % | ||||
| Deferred income tax | 319,157 | 319,157 | - | 0.0 | % | ||||
| Investment in subsidiaries | 1,236 | 1,236 | - | 0.0 | % | ||||
| Intangible assets, net | 1,715,686 | 1,715,686 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 44,373 | 44,373 | - | 0.0 | % | ||||
| Total non-current assets | 6,895,828 | 6,895,828 | - | 0.0 | % | ||||
| Total assets | 11,053,495 | 11,053,495 | - | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 761,419 | 761,419 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,382,580 | 1,382,580 | - | 0.0 | % | ||||
| Accrued expenses | 280,890 | 280,890 | - | 0.0 | % | ||||
| Provisions | 791,437 | 791,437 | - | 0.0 | % | ||||
| Income tax payable | - | - | - | 0.0 | % | ||||
| Value added tax payable | 132,192 | 132,192 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 104,917 | 104,917 | - | 0.0 | % | ||||
| Statutory employee profit sharing | 162,844 | 162,844 | - | 0.0 | % | ||||
| Lease liability | 94,890 | 94,890 | - | 0.0 | % | ||||
| Derivative financial instruments | 65,545 | 65,545 | - | 0.0 | % | ||||
| Total current liabilities | 3,776,714 | 3,776,714 | - | 0.0 | % | ||||
| Employee benefits | 150,876 | 150,876 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | 0.0 | % | |||||
| Deferred income tax | 832,239 | 832,239 | - | 0.0 | % | ||||
| Lease liability | 184,731 | 184,731 | - | 0.0 | % | ||||
| Long term debt and borrowings | 4,926,846 | 4,926,846 | - | 0.0 | % | ||||
| Total non-current liabilities | 6,094,692 | 6,094,692 | - | 0.0 | % | ||||
| Total liabilities | 9,871,406 | 9,871,406 | - | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -12,182 | -12,182 | - | 0.0 | % | ||||
| Retained earnings | 868,132 | 868,132 | - | 0.0 | % | ||||
| Other comprehensive income | 3,470 | 3,470 | - | 0.0 | % | ||||
| Non-controlling interest | 1,357 | 1,357 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,182,089 | 1,182,089 | - | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 11,053,495 | 11,053,495 | - | 0.0 | % |
32
BalanceSheet Statement
| Not restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Dec 2022 | Dec 2022 | Dec 2022 | Dec 2022 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 815,644 | 815,644 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 971,063 | 971,063 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 61 | 61 | - | 0.0 | % | ||||
| Inventories | 2,122,670 | 2,122,670 | - | 0.0 | % | ||||
| Prepaid expenses | 52,562 | 52,562 | - | 0.0 | % | ||||
| Income tax recoverable | 204,860 | 204,860 | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 188,266 | 188,266 | - | 0.0 | % | ||||
| Total current assets | 4,355,126 | 4,355,126 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 2,973,374 | 2,973,374 | - | 0.0 | % | ||||
| Right of use assets, net | 293,565 | 293,565 | - | 0.0 | % | ||||
| Deferred income tax | 319,157 | 319,157 | - | 0.0 | % | ||||
| Investment in subsidiaries | 1,236 | 1,236 | - | 0.0 | % | ||||
| Intangible assets, net | 1,743,882 | 1,743,882 | - | 0.0 | % | ||||
| Goodwill | 1,599,718 | 1,599,718 | - | 0.0 | % | ||||
| Other assets | 46,675 | 46,675 | - | 0.0 | % | ||||
| Total non-current assets | 6,977,607 | 6,977,607 | - | 0.0 | % | ||||
| Total assets | 11,332,733 | 11,332,733 | - | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 230,419 | 230,419 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,371,778 | 1,371,778 | - | 0.0 | % | ||||
| Accrued expenses | 305,588 | 305,588 | - | 0.0 | % | ||||
| Provisions | 793,412 | 793,412 | - | 0.0 | % | ||||
| Income tax payable | - | - | - | 0.0 | % | ||||
| Value added tax payable | 89,142 | 89,142 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 96,859 | 96,859 | - | 0.0 | % | ||||
| Statutory employee profit sharing | 135,298 | 135,298 | - | 0.0 | % | ||||
| Lease liability | 85,399 | 85,399 | - | 0.0 | % | ||||
| Derivative financial instruments | 15,329 | 15,329 | - | 0.0 | % | ||||
| Total current liabilities | 3,123,224 | 3,123,224 | - | 0.0 | % | ||||
| Employee benefits | 153,907 | 153,907 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 833,557 | 833,557 | - | 0.0 | % | ||||
| Lease liability | 206,509 | 206,509 | - | 0.0 | % | ||||
| Long term debt and borrowings | 5,918,256 | 5,918,256 | - | 0.0 | % | ||||
| Total non-current liabilities | 7,112,229 | 7,112,229 | - | 0.0 | % | ||||
| Total liabilities | 10,235,453 | 10,235,453 | - | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -12,671 | -12,671 | - | 0.0 | % | ||||
| Retained earnings | 779,941 | 779,941 | - | 0.0 | % | ||||
| Other comprehensive income | 7,515 | 7,515 | - | 0.0 | % | ||||
| Non-controlling interest | 1,183 | 1,183 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,097,280 | 1,097,280 | - | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 11,332,733 | 11,332,733 | - | 0.0 | % |
33
BalanceSheet Statement
| Not restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Sep 2022 | Sep 2022 | Sep 2022 | Sep 2022 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 471,585 | 471,585 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,219,961 | 1,219,961 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 229 | 229 | - | 0.0 | % | ||||
| Inventories | 2,416,485 | 2,416,485 | - | 0.0 | % | ||||
| Prepaid expenses | 119,208 | 119,208 | - | 0.0 | % | ||||
| Income tax recoverable | - | - | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 552,151 | 552,151 | - | 0.0 | % | ||||
| Total current assets | 4,779,619 | 4,779,619 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 1,815,290 | 1,815,290 | - | 0.0 | % | ||||
| Right of use assets, net | 137,187 | 137,187 | - | 0.0 | % | ||||
| Deferred income tax | 302,651 | 302,651 | - | 0.0 | % | ||||
| Investment in subsidiaries | 1,237 | 1,237 | - | 0.0 | % | ||||
| Intangible assets, net | 665,905 | 665,905 | - | 0.0 | % | ||||
| Goodwill | 3,158,464 | 3,158,464 | - | 0.0 | % | ||||
| Other assets | 116,875 | 116,875 | - | 0.0 | % | ||||
| Total non-current assets | 6,197,609 | 6,197,609 | - | 0.0 | % | ||||
| Total assets | 10,977,228 | 10,977,228 | - | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 642,647 | 642,647 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,362,098 | 1,362,098 | - | 0.0 | % | ||||
| Accrued expenses | 393,486 | 393,486 | - | 0.0 | % | ||||
| Provisions | 812,802 | 812,802 | - | 0.0 | % | ||||
| Income tax payable | 168,380 | 168,380 | - | 0.0 | % | ||||
| Value added tax payable | 77,272 | 77,272 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 120,370 | 120,370 | - | 0.0 | % | ||||
| Statutory employee profit sharing | 103,235 | 103,235 | - | 0.0 | % | ||||
| Lease liability | 103,274 | 103,274 | - | 0.0 | % | ||||
| Derivative financial instruments | 29,926 | 29,926 | - | 0.0 | % | ||||
| Total current liabilities | 3,813,490 | 3,813,490 | - | 0.0 | % | ||||
| Employee benefits | 227,923 | 227,923 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 77,744 | 77,744 | - | 0.0 | % | ||||
| Lease liability | 33,190 | 33,190 | - | 0.0 | % | ||||
| Long term debt and borrowings | 5,910,384 | 5,910,384 | - | 0.0 | % | ||||
| Total non-current liabilities | 6,249,241 | 6,249,241 | - | 0.0 | % | ||||
| Total liabilities | 10,062,731 | 10,062,731 | - | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -9,594 | -9,594 | - | 0.0 | % | ||||
| Retained earnings | 579,994 | 579,994 | - | 0.0 | % | ||||
| Other comprehensive income | 22,037 | 22,037 | - | 0.0 | % | ||||
| Non-controlling interest | 748 | 748 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 914,497 | 914,497 | - | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 10,977,228 | 10,977,228 | - | 0.0 | % |
34
Balance Sheet Statement
| Not restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Jun 2022 | Jun 2022 | Jun 2022 | Jun 2022 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 575,727 | 575,727 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 1,170,038 | 1,170,038 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 6,414 | 6,414 | - | 0.0 | % | ||||
| Inventories | 2,527,583 | 2,527,583 | - | 0.0 | % | ||||
| Prepaid expenses | 149,915 | 149,915 | - | 0.0 | % | ||||
| Income tax recoverable | - | - | - | 0.0 | % | ||||
| Value added tax receivable | 3,202 | 3,202 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 502,478 | 502,478 | - | 0.0 | % | ||||
| Total current assets | 4,935,357 | 4,935,357 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 1,848,424 | 1,848,424 | - | 0.0 | % | ||||
| Right of use assets, net | 153,006 | 153,006 | - | 0.0 | % | ||||
| Deferred income tax | 302,651 | 302,651 | - | 0.0 | % | ||||
| Investment in subsidiaries | 1,235 | 1,235 | - | 0.0 | % | ||||
| Intangible assets, net | 670,457 | 670,457 | - | 0.0 | % | ||||
| Goodwill | 3,084,893 | 3,084,893 | - | 0.0 | % | ||||
| Other assets | 121,732 | 121,732 | - | 0.0 | % | ||||
| Total non-current assets | 6,182,398 | 6,182,398 | - | 0.0 | % | ||||
| Total assets | 11,117,755 | 11,117,755 | - | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 679,933 | 679,933 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,531,240 | 1,531,240 | - | 0.0 | % | ||||
| Accrued expenses | 333,421 | 333,421 | - | 0.0 | % | ||||
| Provisions | 780,945 | 780,945 | - | 0.0 | % | ||||
| Income tax payable | 88,148 | 88,148 | - | 0.0 | % | ||||
| Value added tax payable | 67,832 | 67,832 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | 120,001 | 120,001 | - | 0.0 | % | ||||
| Statutory employee profit sharing | 73,442 | 73,442 | - | 0.0 | % | ||||
| Lease liability | 114,075 | 114,075 | - | 0.0 | % | ||||
| Derivative financial instruments | 42,904 | 42,904 | - | 0.0 | % | ||||
| Total current liabilities | 3,831,941 | 3,831,941 | - | 0.0 | % | ||||
| Employee benefits | 224,454 | 224,454 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 68,326 | 68,326 | - | 0.0 | % | ||||
| Lease liability | 36,891 | 36,891 | - | 0.0 | % | ||||
| Long term debt and borrowings | 5,905,688 | 5,905,688 | - | 0.0 | % | ||||
| Total non-current liabilities | 6,235,359 | 6,235,359 | - | 0.0 | % | ||||
| Total liabilities | 10,067,300 | 10,067,300 | - | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -9,594 | -9,594 | - | 0.0 | % | ||||
| Retained earnings | 727,651 | 727,651 | - | 0.0 | % | ||||
| Other comprehensive income | 9,879 | 9,879 | - | 0.0 | % | ||||
| Non-controlling interest | 1,207 | 1,207 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,050,455 | 1,050,455 | - | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 11,117,755 | 11,117,755 | - | 0.0 | % |
35
BalanceSheet Statement
| Not restated | Previously presented | Adjustment | ∆% | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mar 2022 | Mar 2022 | Mar 2022 | Mar 2022 | ||||||
| Assets | |||||||||
| Cash and cash equivalents | 711,625 | 711,625 | - | 0.0 | % | ||||
| Trade accounts receivable, net | 709,945 | 709,945 | - | 0.0 | % | ||||
| Accounts receivable from related parties | 7 | 7 | - | 0.0 | % | ||||
| Inventories | 1,644,619 | 1,644,619 | - | 0.0 | % | ||||
| Prepaid expenses | 70,335 | 70,335 | - | 0.0 | % | ||||
| Income tax recoverable | - | - | - | 0.0 | % | ||||
| Value added tax receivable | - | - | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Non current assets held for sale | - | - | - | 0.0 | % | ||||
| Other assets | 56,083 | 56,083 | - | 0.0 | % | ||||
| Total current assets | 3,192,614 | 3,192,614 | - | 0.0 | % | ||||
| Property, plant and equipment, net | 1,092,165 | 1,092,165 | - | 0.0 | % | ||||
| Right of use assets, net | 18,264 | 18,264 | - | 0.0 | % | ||||
| Deferred income tax | - | - | - | 0.0 | % | ||||
| Investment in subsidiaries | 1,521 | 1,521 | - | 0.0 | % | ||||
| Intangible assets, net | 376,433 | 376,433 | - | 0.0 | % | ||||
| Goodwill | 353,703 | 353,703 | - | 0.0 | % | ||||
| Other assets | 3,229 | 3,229 | - | 0.0 | % | ||||
| Total non-current assets | 1,845,315 | 1,845,315 | - | 0.0 | % | ||||
| Total assets | 5,037,929 | 5,037,929 | - | 0.0 | % | ||||
| Liabilities and Stockholders’ Equity | |||||||||
| Short term debt and borrowings | 107,047 | 107,047 | - | 0.0 | % | ||||
| Accounts payable to suppliers | 1,850,080 | 1,850,080 | - | 0.0 | % | ||||
| Accrued expenses | 217,234 | 217,234 | - | 0.0 | % | ||||
| Provisions | - | - | - | 0.0 | % | ||||
| Income tax payable | 61,290 | 61,290 | - | 0.0 | % | ||||
| Value added tax payable | 12,805 | 12,805 | - | 0.0 | % | ||||
| Trade accounts payable to related parties | - | - | - | 0.0 | % | ||||
| Statutory employee profit sharing | 67,415 | 67,415 | - | 0.0 | % | ||||
| Lease liability | 7,934 | 7,934 | - | 0.0 | % | ||||
| Derivative financial instruments | 71,219 | 71,219 | - | 0.0 | % | ||||
| Total current liabilities | 2,395,024 | 2,395,024 | - | 0.0 | % | ||||
| Employee benefits | 2,343 | 2,343 | - | 0.0 | % | ||||
| Derivative financial instruments | - | - | - | 0.0 | % | ||||
| Deferred income tax | 44,949 | 44,949 | - | 0.0 | % | ||||
| Lease liability | 10,575 | 10,575 | - | 0.0 | % | ||||
| Long term debt and borrowings | 1,483,082 | 1,483,082 | - | 0.0 | % | ||||
| Total non-current liabilities | 1,540,949 | 1,540,949 | - | 0.0 | % | ||||
| Total liabilities | 3,935,973 | 3,935,973 | - | 0.0 | % | ||||
| Stockholders’ Equity | |||||||||
| Capital stock | 321,312 | 321,312 | - | 0.0 | % | ||||
| Share premium account | -9,594 | -9,594 | - | 0.0 | % | ||||
| Retained earnings | 788,228 | 788,228 | - | 0.0 | % | ||||
| Other comprehensive income | 487 | 487 | - | 0.0 | % | ||||
| Non-controlling interest | 1,523 | 1,523 | - | 0.0 | % | ||||
| Total Stockholders’ Equity | 1,101,956 | 1,101,956 | - | 0.0 | % | ||||
| Total Liabilities and Stockholders’ Equity | 5,037,929 | 5,037,929 | - | 0.0 | % |
36
RestatedFinancial Key Metrics Jafra Mexico
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2024 | Q3 2024 | Q3 2024 | Q3 2024 | ||||||
| Net revenue | 1,623,697 | 1,623,697 | - | 0.0 | % | ||||
| Gross profit | 1,247,725 | 1,392,058 | -144,333 | -10.4 | % | ||||
| EBITDA | -116,881 | -116,881 | - | 0.0 | % | ||||
| EBITDA Adjusted | 318,149 | 318,149 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q2 2024 | Q2 2024 | Q22024 | Q2 2024 | ||||||
| Net revenue | 1,671,137 | 1,671,137 | - | 0.0 | % | ||||
| Gross profit | 1,287,123 | 1,437,064 | -149,941 | -10.4 | % | ||||
| EBITDA | 344,477 | 344,477 | - | 0.0 | % | ||||
| EBITDA Adjusted | 344,477 | 344,477 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2024 | Q1 2024 | Q1 2024 | ||||||
| Net revenue | 1,849,996 | 1,849,996 | - | 0.0 | % | ||||
| Gross profit | 1,432,603 | 1,572,042 | -139,439 | -8.9 | % | ||||
| EBITDA | 383,120 | 383,120 | - | 0.0 | % | ||||
| EBITDA Adjusted | 383,120 | 383,120 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total 2024 | Total 2024 | Total 2024 | Total 2024 | ||||||
| Net revenue | 7,183,823 | 7,183,823 | - | 0.0 | % | ||||
| Gross profit | 5,477,827 | 5,911,540 | -433,713 | -7.3 | % | ||||
| EBITDA | 790,074 | 790,074 | - | 0.0 | % | ||||
| EBITDA Adjusted | 1,486,377 | 1,486,377 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2023 | Q4 2023 | Q4 2023 | ||||||
| Net revenue | 1,668,956 | 1,668,956 | - | 0.0 | % | ||||
| Gross profit | 1,314,488 | 1,443,820 | -129,332 | -9.0 | % | ||||
| EBITDA | 532,780 | 532,780 | - | 0.0 | % | ||||
| EBITDA Adjusted | 532,780 | 532,780 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2023 | Q3 2023 | Q3 2023 | Q3 2023 | ||||||
| Net revenue | 1,486,816 | 1,486,816 | - | 0.0 | % | ||||
| Gross profit | 1,072,510 | 1,233,929 | -161,419 | -13.1 | % | ||||
| EBITDA | 209,329 | 209,329 | - | 0.0 | % | ||||
| EBITDA Adjusted | 209,329 | 209,329 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q2 2023 | Q2 2023 | Q2 2023 | Q2 2023 | ||||||
| Net revenue | 1,536,775 | 1,536,775 | - | 0.0 | % | ||||
| Gross profit | 1,144,251 | 1,280,477 | -136,226 | -10.6 | % | ||||
| EBITDA | 268,724 | 268,724 | - | 0.0 | % | ||||
| EBITDA Adjusted | 268,724 | 268,724 | - | 0.0 | % |
37
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 2023 | Q1 2023 | Q1 2023 | Q1 2023 | ||||||
| Net revenue | 1,662,405 | 1,662,405 | - | 0.0 | % | ||||
| Gross profit | 1,231,353 | 1,363,963 | -132,610 | -9.7 | % | ||||
| EBITDA | 277,548 | 277,548 | - | 0.0 | % | ||||
| EBITDA Adjusted | 277,548 | 277,548 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total 2023 | Total 2023 | Total 2023 | Total 2023 | ||||||
| Net revenue | 6,354,952 | 6,354,952 | - | 0.0 | % | ||||
| Gross profit | 4,762,602 | 5,322,189 | -559,587 | -10.5 | % | ||||
| EBITDA | 1,287,037 | 1,287,037 | - | 0.0 | % | ||||
| EBITDA Adjusted | 1,287,037 | 1,287,037 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q4 2022 | Q4 2022 | Q4 2022 | Q4 2022 | ||||||
| Net revenue | 1,522,363 | 1,522,363 | - | 0.0 | % | ||||
| Gross profit | 1,101,330 | 1,228,720 | -127,390 | -10.4 | % | ||||
| EBITDA | 366,790 | 366,790 | - | 0.0 | % | ||||
| EBITDA Adjusted | 366,790 | 366,790 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2022 | Q3 2022 | Q3 2022 | Q3 2022 | ||||||
| Net revenue | 1,333,036 | 1,333,036 | - | 0.0 | % | ||||
| Gross profit | 960,833 | 1,108,505 | -147,672 | -13.3 | % | ||||
| EBITDA | 272,435 | 272,435 | - | 0.0 | % | ||||
| EBITDA Adjusted | 272,435 | 272,435 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q2 2022 | Q2 2022 | Q2 2022 | Q2 2022 | ||||||
| Net revenue | 1,342,721 | 1,342,721 | - | 0.0 | % | ||||
| Gross profit | 970,863 | 1,100,279 | -129,416 | -11.8 | % | ||||
| EBITDA | 215,025 | 215,025 | - | 0.0 | % | ||||
| EBITDA Adjusted | 215,025 | 215,025 | - | 0.0 | % |
| Profit & Loss Statement | As restated | Previously presented | Adjustment | ∆% | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total 2022 | Total 2022 | Total 2022 | ∆% | ||||||
| Net revenue | 4,198,120 | 4,198,120 | - | 0.0 | % | ||||
| Gross profit | 3,033,026 | 3,437,504 | -404,478 | -11.8 | % | ||||
| EBITDA | 854,250 | 854,250 | - | 0.0 | % | ||||
| EBITDA Adjusted | 854,250 | 854,250 | - | 0.0 | % |
38
Useof Non-IFRS Financial Measures
This announcement includes certain references to EBITDA, EBITDA Margin, Net Debt:
**EBITDA:**defined as profit for the year adding back the depreciation of property, plant, and equipment and right of use assets, amortization of intangible assets, financing cost, net and total income taxes.
EBITDAMargin: is calculated by dividing EBITDA by net revenue.
EBITDA and EBITDA Margin are not measures recognized under IFRS and should not be considered as an alternative to, or more meaningful than, consolidated net income for the year as determined in accordance with IFRS or as indicators of our operating performance from continuing operations. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies.
BeFra believes that these non-IFRS financial measures are useful to investors because (i) BeFra uses these measures to analyze its financial results internally and believes they represent a measure of operating profitability and (ii) these measures will serve investors to understand and evaluate BeFra’s EBITDA and provide more tools for their analysis as it makes BeFra’s results comparable to industry peers that also prepare these measures.
Definitions:Operating Metrics
Starting Q2 2024, the Company will report salesforce under the same name for all business units, Distributors (previously stated as Leaders in Jafra) and Associates (previously stated as Consultants for Jafra). It is important to note that the metrics are calculated with the same method as previous quarters and the reference name change has no adverse effect on the results of the operating metrics reported by the Company.
Betterware(Associates and Distributors)
Avg.Base: Weekly average Associate/Distributor base
EOPBase: Associate/Distributor base at the end of the period
WeeklyChurn Rate: Average weekly data. Total Associates/Distributors lost during the period divided by the beginning of the period Associate/Distributor base.
WeeklyActivity Rate: Average weekly data. Active Associates/Distributors divided by ending Associate/Distributor base.
Avg.Weekly Order: Average weekly data. Total Revenue divided by number of active Associates/Distributors
Jafra(Associates and Distributors)
Avg.Base: Monthly average Associate/Distributor base
EOPBase: Associate/Distributor base at the end of the period
MonthlyChurn Rate (Associates): Average monthly data. Total Associates lost during the period divided by the number of active Associates 4 months prior. An Associate is terminated only after 4 months of inactivity.
MonthlyChurn Rate (Distributors): Average monthly data. Total Distributors lost during the period divided by end of period Distributors’ base.
MonthlyActivity Rate: Average monthly data. Active Associate/Distributor divided by the end of period Associate/Distributor base.
Avg.Monthly Order (Associates): Average monthly data. Total Catalog Revenue divided by number of Associates orders.
Avg.Monthly Order (Distributors): Average monthly data. Total Distributors Revenue divided by number of Distributors orders.
AboutBetterware de México, S.A.P.I. de C.V.
Founded in 1995, Betterware de Mexico is the leading direct-to-consumer company in Mexico focused on offering innovative products that solve specific needs related to household organization, practicality, space-saving, and hygiene. Through the acquisition of JAFRA on April 7, 2022, the Company now offers a leading brand of direct-to-consumer in the Beauty market in Mexico and the United States where it offers Fragrances, Color & Cosmetics, Skin Care, and Toiletries. The combined company possesses an asset-light business model with low capital expenditure requirements and a track record of strong profitability, double digit rates of revenue growth and free cash flow generation. Today, the Company distributes its products in Mexico and in the United States of America.
39
Forward-LookingStatements
This press release includes certain statementsthat are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States PrivateSecurities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,”“may,” “will”, “estimate”, “continue”, “anticipate”, “intend”,“expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”,“seek,” “future,” “outlook”, and similar expressions that predict or indicate future events or trendsor that are not statements of historical matters. The reader should understand that the results obtained may differ from the projectionscontained in this document and that many factors could cause our actual activities or results to differ materially from the activitiesand results anticipated in forward looking statements. For this reason, the Company assumes no responsibility for any indirect factorsor elements beyond its control that might occur inside Mexico or abroad and which might affect the outcome of these projections and encouragesyou to review the ‘Cautionary Statement’ and the ‘Risk Factor’ sections of our annual report on Form 20-F forthe year ended December 31, 2020 and any of the Company’s other applicable filings with the Securities and Exchange Commission foradditional information concerning factors that could cause those differences
TheCompany undertakes no obligation and does not intend to update theseforward-looking statements to reflect events or circumstances occurring after the date hereof. You are cautioned not to place undue relianceon these forward-looking statements, which speak only as of the date hereof. Further information on risks and uncertainties that may affectthe Company’s operations and financial performance, and the forward statements contained herein, is available in the Company’sfilings with the SEC. All forward-looking statements are qualified in their entirety by this cautionarystatement.
Q42024 Conference Call
Management will hold a conference call with investors on February 27^th^, 2025, at 4:30 pm Mexico City Time / 5:30 pm Eastern Time (EST). For anyone who wishes to join live, the dial-in information is:
TollFree: 1-877-451-6152
Toll/International: 1-201-389-0879
ConferenceID: 13751208
If you wish to listen to the replay of the conference call, please see instructions below:
TollFree: 1-844-512-2921
Toll/International: 1-412-317-6671
ReplayPin Number: 13751208
Contacts.
Company:
BeFra IR
ir@better.com.mx
+52 (33) 3836 0500 Ext. 2011
InspIR:
Investor Relations
Ivan Peill
ivan@inspirgroup.com
40