GUADALAJARA, Mexico, Feb. 23,
2023 /PRNewswire/ -- Betterware de Mexico S.A.P.I.
de C.V. (NASDAQ: BWMX), ("Betterware" or the "Company"),
announced today its consolidated financial results for the fourth
quarter and fiscal year 2022. The figures presented in this report
are expressed in nominal Mexican Pesos (Ps.) unless otherwise
noted, presented, and approved by the Board of Directors, prepared
in accordance with IFRS, and may include minor differences due to
rounding. The Company will host a conference call at 9:00 am
(Eastern Time) on February 24, 2023, to discuss its
results for the fourth quarter and fiscal year 2022.
4Q2022 Highlights
Group
|
- The strategic
acquisition of Jafra, completed in 2022, places us in a more
resilient position with valuable and diversified product
portfolios.
- Strong balance
sheet even after increased leverage due to the
acquisition.
- Cash flow
generation strengthens in 4Q22; this allows us to reduce leverage
and resume dividend payments.
|
Betterware
|
- Market share
increases from 4% in 2019 to 8% in 2022 and net revenue of more
than 2 times our pre-pandemic comparable period (2019) after
distribution network stabilization period. Current trends allow us
to be optimistic about our near-term future.
- Improved gross
margin due to price increases and efficient cost control.
Restructured operating expenses, aligning our operation to the
expected level of revenue in 1Q23, while maintaining our flexible
cost structure.
- Reinforced our
incentive programs in 4Q22 to improve incorporation and retention
rates our associates and distributors.
- New sales staff in
place to increase in-person presence with our distributors and
associates after the return to normality should drive engagement
and motivation going forward.
- New Betterware+ App
launched during 2H 2022 that will finish roll-out in February 2023.
It offers improved capabilities for our sales network to increase
their efficiency and productivity and allows for easier
incorporation of new associates and distributors.
|
Jafra
Mexico
|
- Finished 2022 as
the consolidated market leaders in the fragrance division in
Mexico, continuously introducing successful innovation that
strengthens our product portfolio.
- Higher than
expected net revenue due to sequential growth in our consultant
base, coupled with higher activity rates from our consultants and
leaders.
- Higher than
expected EBITDA and EBITDA Margin due to higher revenues and
efficient cost and expense controls, according to corporate
guidelines.
- Relocation of
R&D team from the US to Queretaro, Mexico, allows us to reduce
our R&D expenses by 40% and reduce time-to-market of new
products from 18 to 8 months.
- Strategy in 2023
focused on growth of our leaders and consultants' growth, with
incentive programs improved to increase retention, incorporation,
and reactivation rates.
|
Jafra
USA
|
- Relevant changes in
management, including new CEO Karalee Mora, to execute new strategy
for JAFRA USA turnaround.
- In the process of
implementing new commercial strategies to achieve its long-term
growth potential, including a simplification of incentive programs
to our sales network and simplifying consultant registration
process, among other initiatives.
- Net revenue
represents 10% the Group's 4Q2022 net revenue. Still low, but it
represents a significant opportunity for the company due to the
size of US market
|
4Q2022 and Fiscal 2022 Selected Financial Information
|
4Q2022
|
4Q2021
|
%
|
2022
|
2021
|
%
|
Net
Revenue
|
$3,229,328
|
$2,182,069
|
48.0 %
|
$11,499,225
|
$10,039,668
|
14.5 %
|
Gross
Margin
|
69.7 %
|
53.7 %
|
1,605
bps
|
68.2 %
|
56.2 %
|
1,198
bps
|
EBITDA
|
$566,282
|
$368,775
|
53.6 %
|
$2,212,962
|
$2,746,830
|
(19.4 %)
|
EBITDA
Margin
|
17.5 %
|
16.9 %
|
64
bps
|
19.2 %
|
27.4 %
|
812
bps
|
Free Cash
Flow
|
$877,803
|
$218,428
|
301.9 %
|
$1,111,307
|
$1,076,382
|
3.2 %
|
Net
Income
|
$209,331
|
$191,819
|
9.1 %
|
$735,139
|
$1,804,590
|
(59.3 %)
|
EPS
|
$5.62
|
$5.14
|
9.3 %
|
$19.73
|
$48.81
|
(59.6 %)
|
Net Debt / TTM
EBITDA
|
2.6x
|
0.1x
|
-
|
-
|
-
|
-
|
Interest Coverage
Ratio (TTM)
|
3.4x
|
35.1x
|
-
|
-
|
-
|
-
|
Message From Betterware's Chairman
We ended 2022 proud of our significant accomplishments during
the period and confident in our Group's prospects for the
future.
During the year, we successfully completed the acquisition of
Jafra's operations in Mexico and
the US, along with Jafra's trademark rights worldwide. This
acquisition is essential for our future growth opportunities, as it
adds to the Group an attractive portfolio of products that
diversify our offer, giving greater stability to our financial
strength in changing business environments. Nine months after
completing the acquisition, the company has already shown
better-than-expected performance, both in top and bottom lines,
especially in Jafra Mexico where our base of consultants and
leaders increased steadily since the acquisition, increasing the
top line, while synergies and cost efficiencies achieved in a short
period of time have resulted in margin expansion and cashflow
generation improvement for the company.
For Betterware, 2022 was extremely challenging due to adverse
macroeconomic conditions and a steeper-than-expected decline in our
network of associates and distributors in the aftermath of the
pandemic, following the extraordinary growth of 2020 and the first
half of 2021. During the period, we focused on stabilizing our
network; we are proud of the progress so far, especially during the
second half of the year, which led us to finish 2022 with sales and
sales network two times the size of our pre-pandemic level (2019).
Yet, we recognize there is plenty of room to improve our
incorporation and retention rates, and we are taking the necessary
actions that should result in the return to growth in our
distribution base and, consequently, in our net revenue. In
addition to implementing activities to increase revenues, during
the second half of the year, we restructured the company's
operating expenses, which allowed us to end 2022 with a lower cost
structure that is better aligned our expectation for 2023 revenues.
Overall, we believe the performance we delivered in 2023
demonstrates the flexibility of our business model and our ability
to quickly adapt to different conditions to preserve our
profitability through efficient cost control and a reduction of our
operating expenses given our mostly variable cost structure.
We move forward as a diversified group, with cosmetics and
discretionary products in our portfolio, and unique brands in
different market segments in Mexico and the USA. We intend to leverage the acquisition of
JAFRA to bring Betterware to the US by the end of 2023.
Central America is also a natural
expansion opportunity for our Group, and we will be working this
year to enter the region in 2024. We will go to South America until 2025, starting with
Colombia and Peru.
While the macro-economic environment remains challenging and
uncertain worldwide, we are confident that the initiatives we are
implementing in Betterware and Jafra will result in near and
long-term revenue growth, increased profitability, and value
creation to our shareholders.
Luis G.
Campos
Executive Chairman of the
Board
Group's Consolidated Financial Results
Consolidated net revenue for 4Q2022 increased 48.0% to Ps.
3,229.3M from Ps. 2,182.1M in 4Q2021, mainly attributed to the
inclusion of Jafra Mexico and Jafra USA results during 2022, which during the
quarter accounted for 47% and 10% of consolidated net revenue,
respectively. Comparable net revenue, which only includes
Betterware's net revenue, decreased 37.1% YoY mostly due to a lower
average associates and distributors base, partially offset by a
higher average associate order.
For the Year, consolidated net revenue increased 14.5% to Ps.
11,499.2M from Ps. 10,039.7M in 2021. This increase is explained by
the Jafra acquisition, completed in April
2022. Comparable net revenue decreased by 36.9% due to lower
average active associates and distributors and lower activity
rates.
Consolidated gross margin for 4Q2022 expanded 1,605-bps to
69.7%, compared to 53.7% in 4Q2021. Margin expansion is mainly
explained by the inclusion of Jafra Mexico and Jafra USA results during 2022, which have a higher
gross margin profile than Betterware, at 80.7% and 76.1%,
respectively, coupled with a 233-bps margin expansion in Betterware
due to product price increases, the normalization of international
freight prices and lower raw material prices.
For the Year, the consolidated gross margin expanded 1,198-bps
due to the inclusion of Jafra Mexico and Jafra USA to our results and a 186-bps margin
expansion in Betterware.
Consolidated EBITDA for 4Q2022 increased 53.6% to Ps.
566.3M from Ps. 368.8M in 4Q2021, largely attributed to the
inclusion of Jafra Mexico and Jafra USA results during 2022, which during the
quarter accounted for Ps. 333.4M and
Ps. 19.6M, respectively, and
partially offset by a decline in EBITDA for Betterware. Comparable
EBITDA for 4Q2022 decreased 42.2%.
Consolidated EBITDA margin for the quarter expanded 64-bps
mainly explained by a higher-than-expected EBITDA margin in Jafra
Mexico and a positive EBITDA contribution from Jafra USA, partially offset by a 138-bps margin
contraction in Betterware due to lower operating leverage.
For the Year, consolidated EBITDA decreased 19.4% to Ps.
2,213.0M from Ps. 2,746.8M in 2021, mostly due to lower operating
leverage in Betterware, which led to an 812-bps consolidated EBITDA
margin contraction. Comparable EBITDA margin for the year
contracted 509-bps mainly explained by a lower operating leverage,
partially offset by gross margin expansion and the reduction of
fixed operating costs to align with our current level of sales in
Betterware.
Consolidated Net Income for 4Q2022 increased 9.1% to Ps.
209.3M from Ps. 191.8M in 4Q2021, essentially explained by the
inclusion of Jafra Mexico and Jafra USA to our results, partially offset by a
lower operating leverage in Betterware and a 590% increase in
interest expenses due to the Jafra Acquisition completed in
April 2022, coupled with higher
interest rates in Mexico. Earnings
Per Share (EPS) for 4Q2022 was Ps. 5.62, compared to Ps. 5.14 in
4Q2021.
For the year, consolidated Net Income decreased 59.3% to Ps.
735.1M from Ps. 1,804.6M in 2021, mainly explained by a lower
operating leverage and a 617% increase in interest expenses due to
the Jafra Acquisition, coupled with higher interest rates in
Mexico. EPS for 2022 was Ps.
19.73, compared to Ps. 48.81 in 4Q2021.
Consolidated cash flow from operations for 4Q2022 significantly
improved to Ps. 910.5M, from Ps.
277.3M in 4Q2021, due to efficient
inventory management, coupled with cost and expense savings related
to the corporate restructure to align to the new level of sales in
Betterware, and the inclusion of Jafra's operations in our results.
On a comparable basis, cash flow from operations increased 144.3%
to Ps. 677.5M for the quarter.
For the year, cash flow from operations decreased 13.6% to Ps.
1,266.0M from Ps. 1,465.6M in 2021, mainly due to a lower operating
leverage in Betterware, mostly offset by the inclusion of Jafra's
operations to our results. On a comparable basis, cash flow from
operations declined 31.6% to Ps. 1,003.0M for the year.
Consolidated CAPEX for 4Q2022 decreased 46.4% to Ps.
31.6M from Ps. 58.9M in 4Q2021, explained by lower investment
requirements after the completion of Betterware's distribution
center during 2021 and low investment requirements in Jafra due to
the current installed capacity. On a comparable basis, Betterware's
CAPEX declined 89.9% YoY to Ps. 5.9M.
For the year, consolidated CAPEX decreased 60.5% to Ps.
153.6M from Ps. 389.2M in 2021, mainly due to the focus on the
integration of Jafra's operations into our company and the
rationalization of capital expenditures in Betterware, adapting to
our current level of revenue after the 2021-2022 normalization
period. On a comparable basis, Betterware's CAPEX declined 71.3%
YoY to Ps. 111.5M.
Free cash flow (cash flow from operations minus CAPEX) for
4Q2022 significantly improved to Ps. 878.9M from Ps. 218.4M in 4Q2021. And for the year, free cash
flow increased 3.4% to Ps. 1,112.5M
from Ps. 1,076.4M in 2021, boosted by
the inclusion of Jafra Mexico and partially offset by Jafra
USA operations.
Going forward, we estimate our yearly CAPEX needs to be
approximately 1% of net revenue due to the significant capacity
installed, which provides for our growth without investment. As our
operations normalize and we integrate the acquisition, we expect
our free cash flow to be approximately 50%-60% of EBITDA in the
long term.
The Company ended the year with a strong balance sheet that
demonstrates the strength and resiliency of its business model, and
the efficient working capital management that characterizes the
Company.
Inventories rose 58% to Ps 2,111.1M by the end of 2022, mainly reflecting
the incorporation of Jafra to its results, coupled with
approximately Ps. 300M excess
inventories in Betterware due to lower-than-expected revenues. We
have plans to gradually reduce inventory to align with sales growth
during 2023 and 2024, without compromising sales of
better-performing products and categories.
Net debt at year end 2022 was Ps. 5,754.4, which represents a
relevant increase relative to 2021. The increase is almost
exclusively due to the Jafra acquisition, which represents
approximately 70% of total debt, and a lower cash balance at the
end of the year.
Our leverage ratio remains at an appropriate level at 2.6x Net
Debt to Trailing-Twelve-Month EBITDA, which only considers Jafra's
operations since the acquisition was completed in April 2022, and our Interest Coverage Ratio at
3.4x. We are confident that as we integrate Jafra into our
operations and our results begin to normalize, we will be able to
gradually reduce our leverage ratio to below 2.0x net debt to
EBITDA over time.
4Q2022 and Fiscal 2022 Financial Results by Business
Betterware
- Key Operating and Financial Metrics
|
|
4Q2022
|
4Q2021
|
%
|
2022
|
2021
|
%
|
Associates
|
Avg. Base
|
819,790
|
1,111,735
|
(26.3 %)
|
897,989
|
1,188,545
|
(24.4 %)
|
EOP Base
|
778,845
|
1,063,720
|
(26.8 %)
|
778,845
|
1,063,720
|
(26.8 %)
|
Weekly Churn
Rate
|
3.7 %
|
3.4 %
|
0.3pp
|
3.6 %
|
3.4 %
|
0.2pp
|
Weekly Activity
Rate
|
25.0 %
|
33.3 %
|
(8.3pp)
|
28.1 %
|
34.2 %
|
(6.1pp)
|
Avg. Weekly
Order
|
$1,009
|
$911
|
10.8 %
|
$955
|
$947
|
0.8 %
|
Distributors
|
Avg. Base
|
41,109
|
55,888
|
(26.4 %)
|
44,084
|
61,847
|
(28.7 %)
|
EOP Base
|
39,413
|
50,972
|
(22.7 %)
|
39,413
|
50,972
|
(22.7 %)
|
Weekly Churn
Rate
|
2.0 %
|
3.4 %
|
(1.4pp)
|
2.0 %
|
2.1 %
|
(0.1pp)
|
Weekly Activity
Rate
|
76.7 %
|
80.0 %
|
(3.3pp)
|
78.8 %
|
80.1 %
|
(1.3pp)
|
Avg. Weekly
Order
|
$6,542
|
$7,530
|
(13.1 %)
|
$6,880
|
$7,774
|
(11.5 %)
|
|
4Q2022
|
4Q2021
|
%
|
2022
|
2021
|
%
|
Net
Revenues
|
$1,373,493
|
$2,182,069
|
(37.1 %)
|
$6,335,020
|
$10,039,668
|
(36.9 %)
|
Gross
Margin
|
56.0 %
|
53.7 %
|
233 bps
|
58.0 %
|
56.2 %
|
186 bps
|
EBITDA
|
$213,235
|
$368,775
|
(42.2 %)
|
$1,411,081
|
$2,746,830
|
(48.6 %)
|
EBITDA
Margin
|
15.5 %
|
16.9 %
|
(138 bps)
|
22.3 %
|
27.4 %
|
(509 bps)
|
During the year, the market size for home goods contracted
significantly relative to 2021. Betterware's net revenue decreased,
but relative to the market, our decline was less steep. This
allowed us to increase our market share from 4% in 2019
to 8% in 2022 market share and consolidate our position as
market leaders with 70% of the direct selling channel in our
categories, achieving sales more than 100% above our
pre-pandemic comparable sales (2019).
For 4Q2022, Betterware's net revenue declined 37.1% to Ps.
1,373.5M from Ps. 2,182.1M in 4Q2021, mainly explained by a lower
average associate and distributor base during the period, 26.3% and
26.4%, respectively, coupled with a decline in associate's activity
levels, from 33.3% to 25.0%. This was partially offset by a
10.8% increase in average associate's orders, in line with
the price increase announced at the beginning of 2022. It is
relevant to mention that net revenue stabilized on a QoQ basis
during the last two quarters of the year, reducing the rate of
decline to 7.4% on average for the last two quarters of 2022,
compared to a QoQ decline of 14.3% on average for the first two
quarters of 2022.
For the FY 2022, Betterware's net revenue declined 36.9% to Ps.
6,335.0M from Ps. 10,039.7M in 2021. The decline is explained by
the same factors as net revenue for the quarter, and especially
considering the tough comparison base during the first half of
2021. On that period, the company achieved its highest associates
and distributors base, coupled with their highest activity levels
before the return to normal after the pandemic started.
Betterware's gross margin for 4Q2022 expanded 233 bps to
56.0%, compared to 53.7% in 4Q2021. Margin expansion is largely
explained by product price increases announced at the beginning of
the year and a decrease in international freight costs, coupled
with lower raw material prices and improved pricing agreements with
our suppliers.
For the Year, Betterware's gross margin expanded 186
bps to 58.0%, compared to 56.2% in 2021 due to the same reasons
mentioned above, coupled with easier supply chain conditions
worldwide.
Betterware's EBITDA for 4Q2022 declined 42.2% to Ps.
213.2M from Ps. 368.8M in 4Q2021 explained mainly by the decline
in net revenue. It is relevant to mention that we were able to
reduce our operating expenses, especially our fixed costs, in
absolute terms, although not enough to offset the loss in operating
leverage due to the revenue decline and to reduce our distribution
expense as a percentage of net revenue from 2.8% in 4Q2021 to 2.4%
in 4Q2022. EBITDA Margin contracted 138-bps to 15.5% during the
quarter.
For the Year, Betterware's EBITDA declined 48.6% to Ps.
1,411.1M from Ps. 2,746.8M in 2021, explained by the decline in net
revenue which led to a lower operating leverage, as operating
expenses (SG&A) accounted for 36.9% of net revenue in 2022,
compared to 29.6% in 2021. In absolute terms, we reduced our
operating expenses by 21.4% and our distribution expense from 4.6%
of net revenue in 2021 to 3.4% in 2022. EBITDA Margin contracted
509-bps to 22.3% for the year, compared to 27.4% in 2021.
Since 2022 we have been deploying different strategies that we
believe will lay the foundation for growth and profitability for
the next three to five years. These strategies include, among
others:
-
-
- Management changes: we have strengthened our
management team, incorporating a new Marketing Director,
Gerardo Mier y Terán, who from now
on will be Commercial Director (marketing and sales) and
Eduardo Szymanski as Director of
Human Talent, who is reinforcing the culture, leadership and our
focus on growth from each level of the company.
- Product offer: product portfolio was modified during the
pandemic to meet market needs, partially removing core products
from the catalog. During 1Q and 2Q23 we will cover 100% of the
core line, recovering 26 core concepts that will help generate
incremental sales.
- Product Innovation: reinforcing our core business and ready to
launch new categories, including Wellness, Wipes, Baby &
Kids, Bedding, Hydration, Pets and Cleaning Consumables.
- New Catalogues: improved design for our digital and physical
catalogues, which we expect to result in increased excitement,
engagement, and better sales conversion rates.
- New Sales Staff: our strengthened sales staff is working
closer to our distributors and associates to motivate and train
them to become more successful. We are also reviewing our
incentive programs to make them more attractive for
more people to join.
- Technology: our Betterware+ App will complete its
migration in February 2023. Its
enhanced capabilities offer our sales network efficiency and
productivity in running their business, highlighting the speed and
ease of onboarding new associates and distributors.
- Operations: several projects in place to improve our efficiency
and reduce our operating costs, including improved inventory
management, diversification of product sourcing
from China, and the
start-up of the automated pick-and-pack Tower that will take
place in 2Q23 (expected return on investment of 20-40% given a
productivity improvement of 5-10%).
Jafra Mexico
- Key Operating and Financial Metrics
|
|
4Q2022
|
4Q2021
|
%
|
2022
|
2021
|
%
|
Consultants
|
Avg. Base
|
445,535
|
399,798
|
11.4 %
|
389,680
|
407,139
|
(4.3 %)
|
EOP Base
|
455,969
|
405,141
|
12.5 %
|
455,969
|
405,141
|
12.5 %
|
Monthly Churn
Rate
|
16.8 %
|
21.8 %
|
(5.0pp)
|
20.1 %
|
21.8 %
|
(1.7pp)
|
Monthly Activity
Rate
|
53.8 %
|
52.0 %
|
1.8pp
|
53.6 %
|
50.6 %
|
3.0pp
|
Avg. Monthly
Order
|
$2,006
|
$1,930
|
3.9 %
|
$1,989
|
$1,923
|
3.4 %
|
Leaders
|
Avg. Base
|
19,387
|
21,209
|
(8.6 %)
|
20,107
|
21,382
|
(6.0 %)
|
EOP Base
|
19,290
|
21,137
|
(8.7 %)
|
19,290
|
21,137
|
(8.7 %)
|
Monthly Churn
Rate
|
1.4 %
|
0.9 %
|
0.4pp
|
1.5 %
|
1.0 %
|
0.5pp
|
Monthly Activity
Rate
|
93.3 %
|
91.3 %
|
2.0pp
|
92.3 %
|
91.7 %
|
0.6pp
|
Avg. Monthly
Order
|
$2,295
|
$2,371
|
(3.2 %)
|
$2,310
|
$2,249
|
2.7 %
|
|
4Q2022
|
2022*
|
Net
Revenue
|
$1,522,363
|
$4,198,120
|
Gross
Margin
|
80.7 %
|
81.9 %
|
EBITDA
|
$333,417
|
$820,877
|
EBITDA
Margin
|
21.9 %
|
19.6 %
|
*2022 Figures include Jafra's operations since April
7th, 2022. 2021 financial results are not fully
comparable due to differences accounting methods. Before the
acquisition Jafra used German GAAP standards and since April
7th, 2022, we use IFRS Standards.
|
JAFRA Mexico's results reflect a strong performance ahead of our
plan and current trends show that the commercial model is moving in
the right direction, with a growing consultant base, and improved
top product portfolios performance, good cost of sales management,
efficient expense control and complementary product
strategies.
Particularly in November, JAFRA Mexico's net revenue achieved
year-over-year growth of 28.7%, driven by a 30 thousand increase
in Jafra's consultants base during the month, showing that the
consultant base is recovering relative to expectations, along a
higher level of sales.
This year's commercial strategies were aimed at increasing the
consultant base by showing a sustained growth of active consultants
with orders, together with the improvement of our catalog in
terms of design and attractiveness, as well as increased
product innovation. Going forward, we expect Jafra to benefit
from the synergies in the supply chains that are currently being
reviewed with Betterware's management team.
JAFRA Mexico's Q4 results reflect a strong performance ahead of
our plan as net revenue for the quarter reached Ps.
1,522.4M driven by a YoY increase
of 11.4% in our average consultant base, coupled with higher
activity and rates. We saw positive performance in all our
product lines, with our Fragrances line is the largest contributor
to sales, where we strengthened our position as market leaders,
followed by Skin Care, Color and Toiletries.
For FY 2022, Jafra Mexico contributed with Ps.
4,198.1M to our consolidated
net revenue, which includes Jafra's results since the
acquisition was completed in April
2022. Results for the year were also ahead of expectations
due to positive trends in our sales network and positive results of
our strategies since the acquisition was completed.
JAFRA Mexico's gross margin for the quarter was
80.7%, and 81.9% for the year, both above our plans
as a result of favorable promotional balance and sales mix in each
of our business lines, the outstanding performance of high
contribution margin of top sellers in Fragrances, and efficient
cost control, reflecting the effect of achieved synergies and
optimization actions since the acquisition was completed.
JAFRA Mexico's EBITDA for 4Q2022 was Ps. 333.4M and EBITDA margin was 21.9% and
for the year, which includes Jafra's results since
April 7th, 2022, EBITDA
was Ps. 820.9M and EBITDA
margin was 19.6%.
Results were ahead of our expectations, due to the increase in
net revenue, efficient expense control related to synergies and
optimizations after the acquisition, partially offset by a negative
impact of extraordinary accounting adjustments in December 2022, such as adjustments and
cancellations of 2021 provisions, which were higher than this
year's amount.
- Business Strategies for 2023
We have made outstanding progress since the acquisition was
completed in April 2022, both in our
top-line growth and profitability due to efficient cost management
and expense control. We will continue to work in this direction,
and our strategies include, among others:
-
-
- Product Innovation: reinforcing and updating our product
offering to current global and local consumption trends, with
faster time to market of our products with exclusive ingredients
and formulas to continue as leaders in fragrances and increase our
market share in Skin Care and Color categories. Part of our
strategy is focused on the process of rebranding many of Jafra's
brands to make them more current, attractive and profitable,
expecting to complete it by de end of 2Q23.
- Business development: strategies focused on improving
incorporation, retention, and reactivation rates, including better
technologic developments for our leaders and consultants and an
adjusted incentives program. Working towards improving our
incentives programs, focusing on special promotions during key
months.
- Technology: leveraging on Betterware's knowhow, the launching
of Jafranet 2.0 App will improve leaders and
consultants' capabilities to better manage their own business
and become more efficient. A Chatbot will also be set up to
solve any question within our salesforce; this will generate
more than Ps. 40M savings per
year.
- Operations: Continue focusing on cost control and expense
reductions, taking advantage of the identified
synergies, estimated in the range of Ps. 200M to Ps. 300M
per year. Improved our days payable from 37 to 92 but will continue
to strive to optimize our working capital. Increased focus on
improving processes for leaders and consultants to achieve
better service levels.
Jafra USA
|
|
4Q2022
|
4Q2021
|
%
|
2022
|
2021
|
%
|
Consultants
|
Avg. Base
|
36,563
|
38,975
|
(6.2 %)
|
35,171
|
40,933
|
(14.1 %)
|
EOP Base
|
36,222
|
38,443
|
(5.8 %)
|
36,222
|
38,443
|
(5.8 %)
|
Monthly Churn
Rate
|
9.5 %
|
9.1 %
|
0.3pp
|
10.8 %
|
10.7 %
|
0.2pp
|
Monthly Activity
Rate
|
49.4 %
|
49.9 %
|
(0.5pp)
|
50.6 %
|
51.8 %
|
(1.2pp)
|
Avg. Monthly Order
(USD)
|
$242
|
$243
|
(0.2 %)
|
$244
|
$236
|
3.2 %
|
Leaders
|
Avg. Base
|
2,183
|
2,314
|
(5.7 %)
|
2,109
|
2,564
|
(17.7 %)
|
EOP Base
|
2,095
|
2,206
|
(5.0 %)
|
2,095
|
2,206
|
(5.0 %)
|
Monthly Churn
Rate
|
6.5 %
|
6.4 %
|
0.1pp
|
4.8 %
|
6.6 %
|
(1.8pp)
|
Monthly Activity
Rate
|
93.7 %
|
95.6 %
|
(1.9pp)
|
91.6 %
|
91.9 %
|
(0.3pp)
|
Avg. Monthly Order
(USD)
|
$208
|
$201
|
3.5 %
|
$206
|
$200
|
3.0 %
|
|
4Q2022
|
2022*
|
Net
Revenue
|
$333,472
|
$966,085
|
Gross
Margin
|
76.1 %
|
74.9 %
|
EBITDA
|
$19,629
|
-$18,997
|
EBITDA
Margin
|
5.9 %
|
(2.0 %)
|
*2022 Figures include Jafra's operations since April
7th, 2022. 2021 financial results are not fully
comparable due to differences accounting methods. Before the
acquisition Jafra used German GAAP standards and since April
7th, 2022, we use IFRS Standards.
|
JAFRA USA's current results
continue to be a relatively low share of the entire Group,
representing 10% of net revenue and 3% of EBITDA for the quarter,
but we believe it has great potential to contribute to future
growth and profitability expansion.
JAFRA USA's management team
efforts are focused on improving significant inefficiencies that
existed prior to the Betterware acquisition, executed in late 2021
that negatively impacted sales force growth, retention and
consequently, net revenues. Ongoing corrective actions have already
proven successful as the sales force totaled 35.2 thousand
consultants in September
2022 and has increased to 36.6 thousand in
December.
Net revenue for the quarter reached Ps. 333.5M, below our expectations mainly due to the
lower average consultant and leader's base, which declined 6.2% and
5.7% respectively, relative to 4Q 2021.
For the full year, JAFRA USA
contributed with Ps. 966.1M to our
consolidated net revenue, which includes Jafra's results since the
acquisition was completed in April
2022. 2022 Revenue was lower than anticipated due to the
decline in our sales network, coupled with lower-than-expected
activity and productivity rates from our consultants and leaders.
We have identified the source of these negative trends, which where
commercial changes done during 2021 under previous management.
Going forward, we are focused in turning around these trends, going
through a full revision of our business development and incentives
program to improve the opportunity and attractiveness for our sales
network and our clients.
JAFRA USA's gross margin for to
the quarter was 76.1%, and 74.9% for the year, below our
expectations due to aggressive promotions to drive sales and
increase activity rates given negative sales trends.
JAFRA USA's EBITDA for 4Q2022
was Ps. 19.6M and EBITDA margin was
5.9% positively impacted by savings in personnel-related expenses
and IT costs.
For the year, Jafra USA's
contribution to consolidated EBITDA was Ps. (19.0M) and EBITDA margin was (2.0%), also below
our expectations and below its potential EBITDA generation.
Corrective actions are currently underway and should result in
profitability improvements going forward.
- Business Strategies for 2023
As mentioned before, Jafra USA
represents a great opportunity for our company to improve
profitability and boost revenue growth in future years, and its
management team is focused on correcting its course to return to
positive performance. Our strategies for the year include, among
others:
-
-
- Management changes: we have strengthened our
management team, including new CEO Karalee Mora, Vice President of Marketing
Allison Ellsworth, and Vice
President of Sales Josh McKell, all
with long-term experience in Direct Selling. These changes will be
instrumental to Jafra USA's
turnaround.
- Brand identity: we have initiated the rebrand of Jafra
with Estudio Crater to redefine our
brand style guide, which should result in improved brand love.
- Product Innovation: reinforcing and updating our
product offering to current global and local consumption
trends, with faster time-to-market of our new products.
Improved offer through promotions and bonus size products.
- Business development: simplifying incentives programs
focused in improving incorporation, retention, and reactivation
rates.
- Technology: Launching better technologic developments for
our leaders and consultants and increasing our digital focus to
build our client base independent of our current consultant base to
improve direct connection with our final customer.
- Business Transformation: renovating the business by
expanding our focus to the general market and not only to the
Hispanic. This turnaround comprises several initiatives such as
brand identification, product innovation, technology, digital
marketing and the adjustment of the program and incentives.
Capital Allocation
We remain focused in the successful integration of the business
and the achievement of identified synergies and operating
efficiencies, and we estimate that we have the installed capacity
in place to support growth for the mid-term, therefore we do not
anticipate any large investment requirement for the year.
After the acquisition of Jafra, our leverage ratio increased to
2.6x Net Debt/EBITDA. While our financial position remains strong,
our objective is to reduce our leverage ratio
to below 2.0x by the end of 2023. Therefore, in the near
term we will focus most of our cash flow generation to prepay debt
and reduce our debt burden.
Having said that, and confident of our business and its cash
flow generation, our Board of Directors has proposed to pay a
Ps. 100M dividend to shareholders
for the quarter. For the following periods, we could pay growing
quarterly dividends if the Group's results are as expected. Current
dividend is subject to approval at the Ordinary General
Shareholders' Meeting of March
8th, 2023.
2023 Guidance and Long-Term Growth Prospects
Given the uncertainties ahead and that we haven't been able to
fully stabilize our sales force, but confident in current trends
and positive in our commercial strategies, we are cautiously
optimistic about our short-term prospects and expect the following
for our consolidated business:
|
2023
|
2022
|
Var %
|
Net
Revenue
|
Ps. 13,200 - Ps.
14,200
|
Ps.11,499
|
15% - 23%
|
EBITDA
|
Ps. 2,600 – Ps.
2,800
|
Ps. 2,213
|
17% - 27%
|
There are some exogenous risks that may affect the results of
our businesses, such as adverse global and National macroeconomic
conditions, higher inflation, freight costs, disruptions in the
supply chain, among others. But we may also have many opportunities
that can have the opposite effect, such as the expansion of our
sales force, superior activity, greater penetration in the market
derived from different approaches such as new product categories,
product innovation, in the case of the USA, going to a general market much larger
than the Hispanic market -which we will continue to serve-, and of
course, taking advantage of the synergies between Jafra and
Betterware.
In this regard, we are starting to work on an integration and
optimization project of the operating model for both business
units. We seek to leverage the processes of each of the businesses
to create value and reduce risk. The organizational structure of
the business must be aligned with the optimized operating model. A
specialized firm will accompany us in the operational optimization
process and change management, without intervening in the
commercial part of the businesses.
In the longer term, we are confident in our growth prospects in
Mexico, the US and
internationally, as our recent Jafra acquisition provides a
compelling and diversified product portfolio as a group,
contributing to our financial strength in changing business
environments.
Betterware de
México, S.A.P.I. de C.V. Consolidated Statements of
Financial Position For the twelve-months ended December
31, 2022, and 2021 (In Thousands of Mexican
Pesos)
|
|
|
Dec
2022
|
Dec
2021
|
Assets
|
|
|
Cash and cash
equivalents
|
686,146
|
1,175,198
|
Trade accounts
receivable, net
|
995,200
|
778,054
|
Accounts receivable
from related parties
|
61
|
24
|
Inventories
|
2,111,089
|
1,339,378
|
Prepaid
expenses
|
73,357
|
69,224
|
Derivative financial
instruments
|
-
|
28,193
|
Income tax
recoverable
|
90,231
|
-
|
Other assets
|
471,126
|
81,988
|
Total current
assets
|
4,427,210
|
3,472,059
|
Property, plant and
equipment, net
|
2,973,374
|
1,069,492
|
Right of use assets,
net
|
293,565
|
17,384
|
Deferred income
tax
|
319,157
|
-
|
Investment in
subsidiaries
|
1,236
|
497
|
Intangible assets,
net
|
1,673,479
|
369,760
|
Goodwill
|
1,575,127
|
371,075
|
Other assets
|
115,384
|
4,274
|
Total non-current
assets
|
6,951,322
|
1,832,482
|
Total
assets
|
11,378,532
|
5,304,541
|
Liabilities and
Stockholders' Equity
|
|
|
Short term debt and
borrowings
|
230,419
|
28,124
|
Accounts payable to
suppliers
|
1,371,778
|
1,984,932
|
Accrued
expenses
|
305,588
|
142,169
|
Provisions
|
790,136
|
115,192
|
Income tax
payable
|
-
|
88,679
|
Value added tax
payable
|
89,142
|
-
|
Trade accounts payable
to related parties
|
96,859
|
-
|
Statutory employee
profit sharing
|
135,298
|
55,305
|
Lease
liability
|
211,656
|
6,102
|
Derivative financial
instruments
|
15,329
|
-
|
Total current
liabilities
|
3,246,205
|
2,420,503
|
Employee
benefits
|
222,616
|
2,093
|
Deferred income
tax
|
844,545
|
80,907
|
Lease
liability
|
80,252
|
11,778
|
Long term debt and
borrowings
|
5,918,256
|
1,482,261
|
Total non-current
liabilities
|
7,065,669
|
1,577,039
|
Total
Liabilities
|
10,311,874
|
3,997,542
|
|
|
|
Stockholders'
Equity
|
1,065,475
|
1,292,344
|
Non-controlling
interest
|
1,183
|
14,655
|
Total Stockholders'
Equity
|
1,066,658
|
1,306,999
|
Total Liabilities
and Stockholders' Equity
|
11,378,532
|
5,304,541
|
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 on December 31, 2022, and 2021 (In
Thousands of Mexican Pesos)
|
|
|
Q4
2022
|
Q4
2021
|
∆%
|
Net revenue
|
3,229,328
|
2,182,069
|
48.0 %
|
Cost of
sales
|
977,533
|
1,010,815
|
(3.3 %)
|
Gross
profit
|
2,251,795
|
1,171,254
|
92.3 %
|
|
|
|
|
Administrative
expenses
|
739,516
|
325,978
|
126.9 %
|
Selling
expenses
|
953,728
|
439,824
|
116.8 %
|
Distribution
expenses
|
138,722
|
60,327
|
130.0 %
|
Total
expenses
|
1,831,966
|
826,129
|
121.8 %
|
|
|
|
|
Share of results of
subsidiaries
|
(3,529)
|
-
|
(100.0 %)
|
|
|
|
|
Operating
income
|
416,300
|
345,125
|
20.6 %
|
|
|
|
|
Interest
expense
|
(197,868)
|
(28,695)
|
589.6 %
|
Interest
income
|
5,906
|
9,230
|
(36.0 %)
|
Unrealized gain (loss)
in valuation of financial derivative instruments
|
14,597
|
(29,808)
|
(149.0 %)
|
Foreign exchange loss,
net
|
(32,817)
|
(8,236)
|
298.5 %
|
Financing cost,
net
|
(210,182)
|
(57,509)
|
265.5 %
|
|
|
|
|
Income before income
taxes
|
206,118
|
287,616
|
(28.3 %)
|
|
|
|
|
Income taxes
|
(1,670)
|
99,503
|
(101.7 %)
|
|
|
|
|
Net income including
minority interest
|
207,788
|
188,113
|
10.5 %
|
Non-controlling
interest loss
|
1,543
|
3,706
|
(58.4 %)
|
Net
income
|
209,331
|
191,819
|
9.1 %
|
|
EBITDA breakdown
(Ps. 566 million)
|
Concept
|
Q4
2022
|
Q4
2021
|
∆%
|
Net income including
minority interest
|
207,788
|
188,113
|
10.5 %
|
(+) Income
taxes
|
(1,670)
|
99,503
|
(101.7 %)
|
(+) Financing cost,
net
|
210,182
|
57,509
|
265.5 %
|
(+) Depreciation and
amortization
|
149,982
|
23,650
|
534.2 %
|
EBITDA
|
566,282
|
368,775
|
53.6 %
|
EBITDA
margin
|
17.5 %
|
16.9 %
|
0.6 %
|
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 on December 31, 2021, and 2022 (In
Thousands of Mexican Pesos)
|
|
|
Dec
2022
|
Dec
2021
|
∆%
|
Net revenue
|
11,499,225
|
10,039,668
|
14.5 %
|
Cost of
sales
|
3,661,082
|
4,399,164
|
(16.8 %)
|
Gross
profit
|
7,838,143
|
5,640,504
|
39.0 %
|
|
|
|
|
Administrative
expenses
|
2,577,384
|
1,247,436
|
106.6 %
|
Selling
expenses
|
2,861,134
|
1,264,581
|
126.3 %
|
Distribution
expenses
|
522,906
|
463,779
|
12.7 %
|
Total
expenses
|
5,961,424
|
2,975,796
|
100.3 %
|
|
|
|
|
Share of results of
subsidiaries
|
(21,862)
|
-
|
(100.0 %)
|
|
|
|
|
Operating
income
|
1,854,857
|
2,664,708
|
(30.4 %)
|
|
|
|
|
Interest
expense
|
(543,321)
|
(75,818)
|
616.6 %
|
Interest
income
|
28,689
|
25,872
|
10.9 %
|
Unrealized (loss) gain
in valuation of financial derivative instruments
|
(43,522)
|
330,315
|
(113.2 %)
|
Foreign exchange loss,
net
|
(83,368)
|
(319,739)
|
(73.9 %)
|
Financing cost,
net
|
(641,522)
|
(39,370)
|
1529.5 %
|
|
|
|
|
Income before income
taxes
|
1,213,335
|
2,625,338
|
(53.8 %)
|
|
|
|
|
Income taxes
|
480,789
|
824,454
|
(41.7 %)
|
|
|
|
|
Net income including
minority interest
|
732,546
|
1,800,884
|
(59.3 %)
|
Non-controlling
interest loss
|
2,593
|
3,706
|
(30.0 %)
|
Net
income
|
735,139
|
1,804,590
|
(59.3 %)
|
|
EBITDA breakdown
(Ps. 2,213 million)
|
Concept
|
Dec
2022
|
Dec
2021
|
∆%
|
Net income including
minority interest
|
732,546
|
1,800,884
|
(59.3 %)
|
(+) Income
taxes
|
480,789
|
824,454
|
(41.7 %)
|
(+) Financing cost,
net
|
641,522
|
39,370
|
1529.5 %
|
(+) Depreciation and
amortization
|
358,105
|
82,122
|
336.1 %
|
EBITDA
|
2,212,962
|
2,746,830
|
(19.4 %)
|
EBITDA
margin
|
19.2 %
|
27.4 %
|
(8.1 %)
|
Betterware de
México, S.A.P.I. de C.V. Consolidated Statements of Cash
Flows For the twelve months ended on December 31, 2022,
and 2021 (In Thousands of Mexican Pesos)
|
|
|
Dec
2022
|
Dec
2021
|
Cash flows from
operating activities:
|
|
|
Profit for the
period
|
732,546
|
1,800,884
|
Adjustments
for:
|
|
|
Income tax expense
recognized in profit of the year
|
480,789
|
824,454
|
Depreciation and
amortization of non-current assets
|
358,105
|
82,122
|
Accounting effects from
changing reporting period
|
-
|
(22,466)
|
Interest income
recognized in profit or loss
|
(28,689)
|
(25,872)
|
Interest expense
recognized in profit or loss
|
543,321
|
75,818
|
Loss (gain) of
property, plant, equipment sale
|
4,758
|
(478)
|
Unrealized loss /(gain)
in valuation of financial derivative instruments
|
43,522
|
(330,315)
|
Share-based payment
expense
|
5,934
|
(12,974)
|
Currency translation
effect
|
789
|
-
|
Loss in
subsidiaries
|
11,843
|
-
|
Participation in
subsidiaries
|
(88)
|
-
|
Movements in working
capital:
|
|
|
Trade accounts
receivable
|
274,963
|
(19,720)
|
Trade accounts
receivable from related parties
|
30,246
|
(24)
|
Inventory,
net
|
236,064
|
(64,312)
|
Prepaid expenses and
other assets
|
(186,595)
|
31,184
|
Accounts payable to
suppliers and accrued expenses
|
(915,238)
|
(81,882)
|
Provisions
|
(24,640)
|
(35,843)
|
Value added tax
payable
|
110,231
|
(26,703)
|
Statutory employee
profit sharing
|
22,798
|
47,951
|
Trade accounts payable
to related parties
|
86,615
|
-
|
Income taxes
paid
|
(542,527)
|
(777,949)
|
Employee
benefits
|
21,268
|
1,722
|
Net cash generated by operating activities
|
1,266,015
|
1,465,597
|
Cash flows from
investing activities:
|
|
|
|
|
|
Investment in
subsidiaries
|
(4,700,349)
|
50
|
Payments for property,
plant and equipment, net
|
(169,652)
|
(401,736)
|
Proceeds from disposal
of property, plant and equipment, net
|
16,090
|
12,521
|
Interest
received
|
43,384
|
25,872
|
Restricted
cash
|
-
|
42,915
|
Net cash used in investing activities
|
(4,810,527)
|
(320,378)
|
Cash flows from
financing activities:
|
|
|
Proceeds from
borrowings
|
5,818,705
|
1,520,000
|
Repayment of
borrowings
|
(1,120,025)
|
(646,716)
|
Interest
paid
|
(502,847)
|
(49,123)
|
Cost of
emission
|
(88,722)
|
(18,931)
|
Repayment of derivative
financial instruments
|
-
|
(18,172)
|
Lease
payment
|
(76,777)
|
(6,899)
|
Share
repurchases
|
(25,264)
|
-
|
Dividends
paid
|
(949,610)
|
(1,400,000)
|
Net cash generated (used) in financing activities
|
3,055,460
|
(619,841)
|
Net (decrease) / increase in cash and cash
equivalents
|
(489,052)
|
525,378
|
Cash and cash
equivalents at the beginning of the period
|
1,175,198
|
649,820
|
Cash and cash
equivalents at the end of the period
|
686,146
|
1,175,198
|
Use of 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
EBITDA Margin: 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.
Betterware believes that these non-IFRS financial measures are
useful to investors because (i) Betterware 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
Betterware's EBITDA and provide more tools for their analysis as it
makes Betterware's results comparable to industry peers that also
prepare these measures.
Definitions: Operating Metrics
- Betterware de México (Associates and Distributors)
Avg. Base: Weekly average Associate/Distributor
base
EOP Base: Associate/Distributor base at the end of the
period
Weekly Churn Rate: Average weekly data. Total
Associates/Distributors lost during the period divided by the
beginning of the period Associate/Distributor base.
Weekly Activity 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 (Consultants and Leaders)
Avg. Base: Monthly average Consultant/Leader
base
EOP Base: Consultant/Leader base at the end of the
period
Monthly Churn Rate (Consultants): Average monthly data.
Total Consultants lost during the period divided by the number of
active Consultants 4 months prior. A Consultant is terminated only
after 4 months of inactivity.
Monthly Churn Rate (Leaders): Average monthly data.
Total Leaders lost during the period divided by end of period
Leader's base.
Monthly Activity Rate: Average monthly data. Active
Consultants/Leaders divided by the end of period Consultant/Leaders
base.
Avg. Monthly Order (Consultants): Average monthly data.
Total Catalogue Revenue divided by number of consultant orders.
Avg. Monthly Order (Leaders): Average monthly data.
Total Leaders Revenue divided by number of leaders orders.
About Betterware 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
creating innovative products that solve specific needs regarding
organization, practicality, space saving and hygiene within the
household. Betterware's wide product portfolio includes home
organization, kitchen, commuting, laundry and cleaning, as well as
other categories that include products and solutions for every
corner of the household.
The Company has a differentiated two-tier network of
distributors and associates that sell their products through twelve
catalogs per year. All products are designed by the Company and
under the Betterware brand name through its different sources of
product innovation. The Company's state-of-the-art infrastructure
allows it to safely and timely deliver its products to every part
of the country, backed by the strategic location of its national
distribution center. Today, the Company distributes its products in
Mexico and Guatemala, and has plans of additional
international expansion.
Supported by its asset light business model and its three
strategic pillars of Product Innovation, Business Intelligence and
Technology, Betterware has been able to achieve sustainable
double-digit growth rates by successfully expanding its household
penetration and share of wallet.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities 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 trends or that are not
statements of historical matters. The reader should understand that
the results obtained may differ from the projections contained in
this document and that many factors could cause our actual
activities or results to differ materially from the activities and
results anticipated in forward looking statements. For this reason,
the Company assumes no responsibility for any indirect factors or
elements beyond its control that might occur inside Mexico or abroad and which might affect the
outcome of these projections and encourages you to review the
'Cautionary Statement' and the 'Risk Factor' sections of our annual
report on Form 20-F for the year ended December 31, 2020 and any of the Company's other
applicable filings with the Securities and Exchange Commission for
additional information concerning factors that could cause those
differences.
The Company undertakes no obligation and does not intend to
update these forward-looking statements to reflect events or
circumstances occurring after the date hereof. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. Further information on
risks and uncertainties that may affect the Company's operations
and financial performance, and the forward statements contained
herein, is available in the Company's filings with the SEC. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
4Q 2022 Conference Call
Management will hold a conference call with investors on
February 24, 2023, at 8:00 am Central Standard Time (CST)/ 9:00am Eastern Time (EST). For anyone who wishes
to join live, the dial-in information is:
Toll Free: 1-877-451-6152
Toll/International: 1-201-389-0879
Conference ID: 13736038
If you wish to listen to the replay of the conference call,
please see instructions below:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13736038
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SOURCE Betterware de México, S.A.B. de C.V.