Natura &Co Holding SA (NTCO) 2022 Q4 法說會逐字稿

Welcome to Natura &Co's Fourth Quarter and Full Year 2022 Earnings Call. On this call today are Fabio Barbosa, CEO of Natura &Co; and Guilherme Castellan, CFO of Natura &Co. Joao Paulo Ferreira, CEO of Natura &Co Latin America, will join for the Q&A session. The presentation that we'll be referring to during this call is available on the Natura &Co Investor Relations website.

歡迎來到 Natura &Co 的第四季度和 2022 年全年收益電話會議。 Natura &Co 的首席執行官 Fabio Barbosa 出席了今天的電話會議；和 Natura &Co. 的首席財務官 Guilherme Castellan。 Natura &Co Latin America 首席執行官 Joao Paulo Ferreira 將參加問答環節。我們將在本次電話會議中提到的演示文稿可在 Natura &Co 投資者關係網站上找到。

I will now hand the call over to Fabio Barbosa.

我現在將把電話交給 Fabio Barbosa。

Thank you. Good morning or good afternoon to all of you, and thank you for joining us today. Very happy to be with you again. Gui will comment on the results shortly. So I will provide a more qualitative commentary. As you know, 2022 was a difficult year, and we continue to operate in fourth quarter in a challenging environment marked by high global inflation that is affecting discretionary spending and changing consumer behavior as well as rising energy costs, foreign exchange volatility and, of course, the geopolitical fallout resulting from the war in Ukraine.

謝謝。大家早上好或下午好，感謝您今天加入我們。很高興再次和你在一起。 Gui 將很快對結果發表評論。因此，我將提供更定性的評論。如您所知，2022 年是艱難的一年，我們在第四季度繼續在充滿挑戰的環境中運營，全球高通脹正在影響可自由支配的支出和不斷變化的消費者行為，以及能源成本上升、外匯波動，當然還有，烏克蘭戰爭造成的地緣政治影響。

In this environment, we decided in mid-2022 to reassess the group's growth model in the short term and shift the focus from sales growth to profit margins and cash conversion. As part of this shift, we took a higher cost structure and the role of the holding company with significant savings already achieved, and we are also reevaluating our global footprint to concentrate on profitable markets. In full year 2022, we posted stable revenue at constant currencies, while adjusted EBITDA margin decreased 160 points. In the fourth quarter, sales growth improved at constant currency, and we delivered further progress in cash conversion in line with our priority.

在這種環境下，我們決定在 2022 年年中重新評估集團的短期增長模式，並將重點從銷售增長轉移到利潤率和現金轉換上。作為這一轉變的一部分，我們採取了更高的成本結構和控股公司的角色，已經實現了顯著的節省，我們還在重新評估我們的全球足跡，以專注於有利可圖的市場。 2022 年全年，我們以固定匯率計算收入穩定，而調整後的 EBITDA 利潤率下降了 160 個百分點。第四季度，按固定匯率計算，銷售額增長有所改善，我們根據優先事項在現金轉換方面取得了進一步進展。

We have some reasons for succession, notably continued strong momentum at Natura brand, especially in Brazil, and also a continued good performance at Aesop. We also saw a solid performance by Avon in the beauty category in Latin America. This bodes well for the second wave of integration of our business in the region that is getting underway, aiming at harmonizing the distribution and sales systems and optimizing the product portfolio. At TBS, we continue working on costs and optimizing footprint of stores and geographies. At Avon International, we are focusing on countries with high growth potential, while revisiting business model at several other countries at the same time, reducing the cost structure.

我們有一些繼任原因，特別是 Natura 品牌的持續強勁勢頭，尤其是在巴西，以及 Aesop 的持續良好表現。我們還看到雅芳在拉丁美洲的美容類別中表現出色。這預示著我們在該地區正在進行的第二波業務整合浪潮，旨在協調分銷和銷售系統並優化產品組合。在 TBS，我們繼續致力於降低成本並優化商店和地理位置的足跡。在雅芳國際，我們專注於具有高增長潛力的國家，同時重新審視其他幾個國家的商業模式，降低成本結構。

A lot has been done and takes a while to show up at results. This is, as I like to say, a transatlantic. A lot has been done by all means, but a lot has to be done yet, and we are undertaking every effort in that direction. At the same time, I want to remind that the group continues to focus on its ESG agenda. We remain as focused on our commitment to our environmental agenda, the Amazon and its biodiversity, social inclusion, female empowerment and other matters that constitute Natura &Co's DNA are at the core of our commitment to Life 2030 vision and give us a competitive advantage and make us a differentiated company.

已經完成了很多工作，並且需要一段時間才能顯示結果。正如我想說的，這是跨大西洋的。通過各種方式已經做了很多工作，但還有很多工作要做，我們正在朝著這個方向盡一切努力。與此同時，我想提醒該集團繼續關注其 ESG 議程。我們仍然專注於我們對環境議程的承諾，亞馬遜及其生物多樣性、社會包容、女性賦權和構成 Natura &Co DNA 的其他事項是我們對 Life 2030 願景承諾的核心，並為我們提供競爭優勢並使我們是一家與眾不同的公司。

With that, let me now hand over to Gui to comment on our fourth quarter performance in greater detail. Gui?

有了這個，現在讓我交給 Gui 來更詳細地評論我們第四季度的表現。桂？

Thank you, Fabio, and hello to everyone. I'll start with Natura &Co's consolidated revenue on Slide 5, which stood at nearly BRL10.4 billion and grew by 3% in constant currency, improving sequentially despite a challenging macro environment. In Reais, sales were down 10.8%, mainly reflecting the depreciation of the British pound, the Australian dollar and the Argentinian peso, among other currencies versus the real.

謝謝你，法比奧，向大家問好。我將從 Natura &Co 在幻燈片 5 上的合併收入開始，該收入接近 104 億雷亞爾，按固定匯率計算增長 3%，儘管宏觀環境充滿挑戰，但仍持續改善。在雷亞爾，銷售額下降了 10.8%，主要反映了英鎊、澳元和阿根廷比索以及其他貨幣對雷亞爾的貶值。

We will look at the performance by business units shortly. But in a nutshell, we posted solid constant currency growth at Natura &Co Latam, with a strong performance by the Natura brand, notably in Brazil and by Avon in the beauty category, while Aesop again posted double-digit growth at constant currency. Avon International's fundamentals improved, but performance was still impacted by the war in Ukraine and by one-off supply chain issues. The Body Shop had another difficult quarter as The Body Shop at home is seeing a return to pre-pandemic levels. In the full year, revenue rose 0.4% at constant currency and was down 9.5% in reais to BRL36.3 billion.

我們將很快查看業務部門的表現。但簡而言之，我們在 Natura &Co Latam 實現了穩健的持續貨幣增長，Natura 品牌表現強勁，尤其是在巴西，雅芳在美妝品類中表現強勁，而 Aesop 再次實現了兩位數的恆定貨幣增長。雅芳國際的基本面有所改善，但業績仍受到烏克蘭戰爭和一次性供應鏈問題的影響。 The Body Shop 又經歷了一個艱難的季度，因為 The Body Shop 在國內的業務正在恢復到大流行前的水平。全年收入按固定匯率計算增長 0.4%，按雷亞爾計算下降 9.5% 至 363 億雷亞爾。

We turn to adjusted EBITDA margin on Slide 6, which stood at 10.5% in Q4, down 280 bps. This reflected different moving parts and business units dynamics. First, the main positive impacts are an improvement of holding expenses, down 23% year-on-year. This is the result of our efforts to create a leaner and simpler organization, as mentioned by Fab, but impacted by the BRL25 million of phasing expenses mentioned in the previous quarter. In full year '22, corporate expenses already show a 30% decrease compared to full year '21, even though the adjustments only started in the second half. Improving margins that is supported by strong top line growth and constant currency.

我們轉向幻燈片 6 的調整後 EBITDA 利潤率，第四季度為 10.5%，下降 280 個基點。這反映了不同的移動部件和業務部門的動態。首先，主要的積極影響是持有費用有所改善，同比下降23%。正如 Fab 所提到的，這是我們努力創建一個更精簡、更簡單的組織的結果，但受到上一季度提到的 2500 萬雷亞爾分階段費用的影響。在 22 年全年，公司支出與 21 年全年相比已經下降了 30%，儘管調整是在下半年才開始的。強勁的收入增長和穩定的貨幣支持提高利潤率。

And finally, 90 bps year-over-year improvement of selling expenses as a percentage of net revenues, benefiting from financial discipline across all businesses with a focus on improvement efficiency and simplifying the business model. These were more than offset by the combination of: first, pressure on margin at Natura &Co Latam and Avon International due to higher G&A expenses; second, additional margin pressures at The Body Shop amid the challenging top line; finally, G&A as a percentage of net revenues increased by 290 bps in Q4 '22 on a year-on-year basis. Q4 '22 was particularly impacted by increased costs related to phase of expenses, including incentives provision as there were almost no incentives in the first 9 months of 2022. In the full year, adjusted EBITDA margin was 8.7%, down 160 bps.

最後，銷售費用占淨收入的百分比同比提高 90 個基點，這得益於所有業務的財務紀律，重點是提高效率和簡化業務模型。這些都被以下因素的組合所抵消：首先，由於較高的 G&A 費用，Natura &Co Latam 和 Avon International 的利潤率面臨壓力；其次，The Body Shop 在充滿挑戰的收入中面臨額外的利潤壓力；最後，G&A 占淨收入的百分比在 22 年第四季度同比增長了 290 個基點。 22 年第四季度尤其受到與費用階段相關的成本增加的影響，包括激勵措施，因為 2022 年前 9 個月幾乎沒有激勵措施。全年調整後的 EBITDA 利潤率為 8.7%，下降 160 個基點。

On Slide 7, we focus on net income and underlying net income. Net income in Q4 was a negative BRL890 million compared to the net profit of BRL696 million in Q4 '21, driven mainly by lower EBITDA, higher net financial expenses and a higher loss from discontinued operations. EBITDA was impacted by a noncash impairment of BRL383 million. It's worth highlighting that Q4 '21 net income had also benefited from tax gains related to credit recoveries. Q4 '22 underlying net income, which is net income excluding transformation costs, restructuring costs, discontinued operations and PPA effects, was a loss of BRL49 million. You see the bridge on this slide with the main impact coming from PPA effect for BRL367 million. Restructuring costs, discontinued operations and other effects for BRL357 million. And finally, transformation and integration costs were BRL117 million.

在幻燈片 7 中，我們關注淨收入和基礎淨收入。與 21 年第四季度的淨利潤 6.96 億巴西雷亞爾相比，第四季度的淨收入為負 8.9 億巴西雷亞爾，這主要是由於 EBITDA 較低、淨財務費用較高以及終止經營業務虧損較高所致。 EBITDA 受到 3.83 億雷亞爾的非現金減值影響。值得強調的是，21 年第四季度的淨收入也受益於與信貸回收相關的稅收收益。 22 年第 4 季度的基本淨收入為 4900 萬雷亞爾的虧損，即扣除轉型成本、重組成本、終止經營和 PPA 影響的淨收入。您可以在這張幻燈片上看到橋樑，其主要影響來自 3.67 億雷亞爾的 PPA 效應。重組成本、終止經營和其他影響為 3.57 億雷亞爾。最後，轉型和整合成本為 1.17 億雷亞爾。

On Slide 8, we focus on free cash flow, which is a particular focus of ours and which show a sharp improvement in full year 2022. Free cash flow was an outflow of BRL1.7 billion compared to outflow of BRL2.4 billion in the previous year. Despite the negative impact from net income in the year, which was positive BRL1 billion in '21 to negative BRL2.9 billion in '22. Cash flow from operations improved to minus BRL280 million from minus BRL1.2 billion in 2021. The improvements are mainly driven by, first, operating working capital that improved across all business units as a percentage of net revenues, but was partially offset by business unit mix. The business units that are growing the most carries higher structure working capital. Main driver for working capital improvement was inventory, which was partially offset by receivables with the growth in Latam.

在幻燈片 8 中，我們關注自由現金流，這是我們特別關注的重點，並且在 2022 年全年顯示出顯著改善。自由現金流流出 17 億巴西雷亞爾，而 2020 年流出 24 億巴西雷亞爾前一年。儘管這一年的淨收入產生了負面影響，從 21 年的正 10 億巴西雷亞爾到 22 年的負 29 億巴西雷亞爾。運營現金流從 2021 年的負 12 億巴西雷亞爾減少到負 2.8 億巴西雷亞爾。這些改善主要是由於，首先，所有業務部門的運營營運資金占淨收入的百分比有所提高，但被業務部門部分抵消混合。增長最快的業務部門擁有更高結構的營運資金。營運資本改善的主要驅動力是存貨，隨著 Latam 的增長，這部分被應收賬款所抵消。

Working capital also benefited from lower advances to suppliers. Significant improvements on income tax and social contribution was seen as well. On top of the significant improvements in cash from operations, we continue our resource allocation efforts, which resulted in lower CapEx, down 25% year-on-year, while still investing in our main priorities. As previously mentioned, management continues to be strongly focused on optimizing cash conversion and continues to work on several fronts. First, improving working capital management, where we still see further opportunities for improvement. Second, thorough discipline in capital allocation and CapEx optimization; and third, continued improvement in the cash tax rate.

營運資金也受益於對供應商的預付款減少。所得稅和社會貢獻方面也有顯著改善。除了運營現金的顯著改善外，我們繼續努力進行資源分配，從而降低了資本支出，同比下降 25%，同時仍在投資於我們的主要優先事項。如前所述，管理層繼續專注於優化現金轉換，並繼續在多個方面開展工作。首先，改善營運資金管理，我們仍然看到進一步改善的機會。第二，嚴格控制資本配置和資本支出優化；三是現金稅率繼續提高。

On Slide 9, we look at our liquidity profile. We ended the quarter with a cash position of BRL6 billion, up BRL1.4 billion versus the previous quarter and in line with our cash position in Q4 of 2021. Our net debt-to-EBITDA ratio stood at 3.5x at the end of the year, up from 2.85x at the end of Q3 and 1.5x 1 year ago. Although net debt improved on a quarter-on-quarter basis to BRL7.4 billion from BRL8.8 billion. Reported EBITDA was particularly impacted this quarter by non-underlying expenses, including BRL383 million of impairments.

在幻燈片 9 中，我們查看了我們的流動性狀況。本季度末，我們的現金頭寸為 60 億巴西雷亞爾，比上一季度增加 14 億巴西雷亞爾，與我們 2021 年第四季度的現金頭寸一致。我們的淨債務與 EBITDA 比率在 2021 年末為 3.5 倍年，高於第三季度末的 2.85 倍和一年前的 1.5 倍。儘管淨債務環比從 88 億巴西雷亞爾增加到 74 億巴西雷亞爾。本季度報告的 EBITDA 尤其受到非基礎費用的影響，包括 3.83 億雷亞爾的減值。

Talking about debt capacity payments. As you see on the second graph, our cash position of BRL6 billion is higher than the total of our debt payments through 2027. The average maturity of our debt, and we face limited debt repayments until 2028. As part of the group's continuous efforts to improve its capital structure and actively addressing the upcoming maturities, Natura &Co Luxembourg Holdings entered on November 14 in a USD250 million Club Loan maturing in 2025, guaranteed by Natura &Co Holding and Natura Cosmeticos. The funds were used primarily to prepay a USD150 million loan under the group revolving credit facility maturing 2024 and a GBP70 million loan of The Body Shop with the U.K. Export Finance Agency.

談論債務能力支付。正如您在第二張圖上看到的，我們 60 億雷亞爾的現金頭寸高於我們到 2027 年的債務支付總額。我們債務的平均到期日，我們在 2028 年之前面臨有限的債務償還。作為集團不斷努力的一部分為了改善其資本結構並積極應對即將到期的債務，Natura &Co Luxembourg Holdings 於 11 月 14 日簽署了一筆 2.5 億美元的俱樂部貸款，該貸款將於 2025 年到期，由 Natura &Co Holding 和 Natura Cosmeticos 提供擔保。這些資金主要用於預付 2024 年到期的集團循環信貸額度下的 1.5 億美元貸款，以及 The Body Shop 向英國出口金融署提供的 7000 萬英鎊貸款。

Also in December 2022, Natura Cosmeticos repaid BRL913 million related to its 10th issuance of debentures. At the same time, Natura Cosmeticos received an inflow of approximately BRL1 billion in October 2022 resulting from the issuance of certificates backed by real estate receivables, known as CRI. It is important to note that the repayment of the 10th issuance of debentures eliminates our group financial covenants, sorry.

同樣在 2022 年 12 月，Natura Cosmeticos 償還了與其第 10 次債券發行相關的 9.13 億雷亞爾。與此同時，Natura Cosmeticos 在 2022 年 10 月收到了約 10 億雷亞爾的資金流入，原因是發行了由房地產應收賬款支持的證書，即 CRI。需要注意的是，第 10 期債券的償還取消了我們集團的財務契約，抱歉。

Let's turn now to our performance by business unit, beginning on Slide 11, for Natura &Co Latam, which posted a solid performance. Total net sales were up by 10.6% in constant currency and down 3.2% in reais. This was driven by double-digit growth at Natura brand, which grew by 7.5% at constant currency, while the Avon brand was also up slightly in constant currency at 2.2%, thanks to the growth in the Beauty category. The Natura brand posted strong momentum with year-on-year growth of 17.9% in Brazil, supported by price increases and mix effects, which result in 14.9% growth in consultant productivity in the quarter. The average available consultant base is broadly stable at [1.16] million in Q4 2022, up by 1.7% versus Q4 '21 and by 0.9% versus Q3 2022. This is aligned with our ongoing strategy of focusing on increasing productivity with a more stable consultant base.

現在讓我們來看看我們業務部門的表現，從幻燈片 11 開始，Natura &Co Latam 表現出色。按固定匯率計算，總淨銷售額增長 10.6%，按雷亞爾計算下降 3.2%。這是由 Natura 品牌的兩位數增長推動的，該品牌按固定匯率計算增長了 7.5%，而雅芳品牌也由於美妝品類的增長而以固定匯率計算小幅上漲 2.2%。在價格上漲和混合效應的支持下，Natura 品牌在巴西實現了 17.9% 的同比增長勢頭強勁，導致本季度顧問生產力增長 14.9%。 2022 年第四季度，平均可用顧問人數基本穩定在 [116] 萬，比 21 年第四季度增長 1.7%，比 2022 年第三季度增長 0.9%。這與我們專注於通過更穩定的顧問提高生產力的持續戰略一致根據。

In Hispanic Latam, net revenue was up 16.9% at constant currency, despite a challenging situation in several countries in the region. Revenue was down 18.6% in real, royalty in constant currency was mainly driven by Argentina, Colombia and Mexico acceleration, boosted by channel mix and productivity gains. Excluding Argentina, sales in Hispanic markets were up in mid-single digits at constant currency, despite softer performance in Peru and Chile. At the Avon brand in Latam, net revenue grew by 2.2% at constant currency. In Brazil, trends continued the sequential improvement we have seen every quarter in recent periods and Avon entered positive territory in Q4, growing by 7.5%, albeit on a soft comparable base.

在西班牙拉美地區，儘管該地區幾個國家的形勢充滿挑戰，但按固定匯率計算，淨收入增長了 16.9%。收入實際下降 18.6%，按固定匯率計算的特許權使用費主要受阿根廷、哥倫比亞和墨西哥加速增長的推動，受渠道組合和生產力提高的推動。不包括阿根廷在內，儘管秘魯和智利的表現疲軟，但西班牙市場的銷售額按固定匯率計算呈中等個位數增長。在拉美，雅芳品牌的淨收入按固定匯率計算增長了 2.2%。在巴西，趨勢延續了最近幾個季度我們看到的每個季度的連續改善，雅芳在第四季度進入了積極的領域，增長了 7.5%，儘管可比基數較低。

The Beauty segment continued to grow, accelerating to 12%, while Fashion and Home was down 10%, in line with our portfolio optimization strategy. In Hispanic markets, net revenue was down 1.1% at constant currency and down 19.5% in reais. Performance was good in Argentina, but impacted by a decrease in Mexico, which was higher exposed to the fashion and home category as well as in Peru and Chile, which were affected by political and economic volatility. The beauty category grew 7.3% in constant currency, but this was more than offset by Fashion and Home, which was down year-on-year.

美妝業務繼續增長，增速達到 12%，而時裝和家居業務下降 10%，這符合我們的投資組合優化策略。在西班牙市場，淨收入按固定匯率計算下降 1.1%，按雷亞爾計算下降 19.5%。阿根廷的表現不錯，但受到墨西哥下降的影響，墨西哥對時尚和家居類別的敞口更大，而秘魯和智利則受到政治和經濟波動的影響。美容類別按固定匯率計算增長 7.3%，但這被同比下降的時裝和家居所抵消。

On Slide 12, we turn to Natura &Co Latam's Q3 adjusted EBITDA and margin. As shown on the graph, adjusted EBITDA decreased to BRL526 million from BRL741 million in the same period last year. Adjusted EBITDA margin was down 320 bps to 8.9%. Margin benefit from strong top line performance and strict financial discipline, but this was more than offset by 60 bps drop in gross margin and higher G&A as a percentage of net revenues. G&A growth was mainly driven by higher investments in R&D, notably at the Natura brand, expenses deleverage at Avon Latam and increased quarterly phasing expenses, including accrual for incentives provision.

在幻燈片 12 上，我們轉向 Natura &Co Latam 的第三季度調整後 EBITDA 和利潤率。如圖所示，調整後的 EBITDA 從去年同期的 7.41 億巴西雷亞爾降至 5.26 億巴西雷亞爾。調整後的 EBITDA 利潤率下降 320 個基點至 8.9%。利潤率受益於強勁的營收表現和嚴格的財務紀律，但這被毛利率下降 60 個基點和更高的 G&A 占淨收入的百分比所抵消。 G&A 增長的主要原因是研發投資增加，尤其是 Natura 品牌的研發投資、雅芳拉美的費用去槓桿化以及季度分期費用增加，包括獎勵準備金的應計費用。

Let's now move to Avon International on Slide 14. Revenue was down 9.9% at constant currency and 23.8% in reais. This drop continues to reflect the situation in Ukraine. Excluding that, sales were down by more limited 6.2% at constant currency. Revenue in the quarter was also impacted by a one-off supply chain challenge related to mascara products, which had an estimated unfavorable impact of 2 percentage points. The TMEA and APAC regions show year-on-year growth, while Western Europe posted softer performance. However, even in a tough macro environment, Avon International was able to pass through inflation and FX pressure to prices, which also benefits rep productivity.

現在讓我們轉到幻燈片 14 上的雅芳國際。收入按固定匯率計算下降 9.9%，按雷亞爾計算下降 23.8%。這一下降繼續反映了烏克蘭的局勢。不包括在內，按固定匯率計算，銷售額下降了 6.2%。本季度的收入還受到與睫毛膏產品相關的一次性供應鏈挑戰的影響，估計不利影響為 2 個百分點。 TMEA 和亞太地區同比增長，而西歐則表現疲軟。然而，即使在艱難的宏觀環境中，雅芳國際也能夠將通貨膨脹和外匯壓力轉嫁給價格，這也有利於銷售代表的生產力。

As expected, the number of representatives is still down 20% amid the new commercial model rollout and the footprint optimization impact. However, we continue to see good progress on fundamentals. For example, penetration of the Avon On app reached 30.6% in Q4 '22 compared to 25.5% in Q4 '21. Activity units per rep and productivity continued to show sequential improvements as well. Gross margin was 61.1%, up 230 bps, driven by a price increase and a positive product mix, which more than offset pressure from cost inflations and FX headwinds. However, adjusted EBITDA margin was 5.8%, down 490 bps as gross margin expansion and continued focus on transformation savings were more than offset by the sales deleverage and phasing of expenses in the quarter.

正如預期的那樣，由於新商業模式的推出和足跡優化的影響，代表人數仍下降了 20%。然而，我們繼續看到基本面取得良好進展。例如，Avon On 應用程序的滲透率在 22 年第四季度達到 30.6%，而 21 年第四季度為 25.5%。每個代表的活動單位和生產率也繼續顯示連續改進。在價格上漲和積極的產品組合的推動下，毛利率為 61.1%，上升 230 個基點，這大大抵消了成本通脹和外匯逆風帶來的壓力。然而，調整後的 EBITDA 利潤率為 5.8%，下降了 490 個基點，原因是毛利率的擴張和對轉型節省的持續關注被本季度的銷售去槓桿和費用分階段抵消。

We now move to The Body Shop. Q4 net revenues declined by 8.4% at constant currency and 20.6% in reais. Although it's still showing challenging results, these figures marked a sequential improvement over the previous quarter, which has seen constant currency sales decline of 19.5%, albeit on a softer comp. Combined sales of core business distribution channels, in other words, stores, e-commerce and franchisees show a low single-digit decline in constant currency, an improvement over the high single-digit decrease in the previous quarter. This underscores the significant impact of The Body Shop at home, which returned to pre-pandemic levels. However, the tough macro environment, particularly in the U.K. and the rest of Western Europe continue to impact retail and same-store sales sell-out was minus 4.8%.

我們現在搬到 The Body Shop。第四季度淨收入按固定匯率計算下降 8.4%，按雷亞爾計算下降 20.6%。雖然它仍然顯示出具有挑戰性的結果，但這些數字標誌著比上一季度連續改善，上一季度貨幣銷售額持續下降 19.5%，儘管比較疲軟。核心業務分銷渠道（換句話說，商店、電子商務和特許經營商）的合併銷售額以不變貨幣計算出現低個位數下降，比上一季度的高個位數下降有所改善。這凸顯了 The Body Shop 在國內的重大影響，該影響已恢復到大流行前的水平。然而，嚴峻的宏觀環境，尤其是在英國和西歐其他國家，繼續影響零售業，同店銷售額下降了-4.8%。

Franchise sell-in grew in the quarter, but softer sales sell-out impacted the trend of franchise partner inventory normalization seen the last quarter. Q4 '22 EBITDA margin was 21.4%, down 80 bps year-on-year. This represents a 270 bps efficient gain on SG&A as a percentage of net revenues despite the sales deleverage impact, partially offset 350 bps of gross margin pressure. 2022 was a very challenging year, and management is focused on stabilizing the core channels, top line and the implementation of cost savings initiatives to deliver margin expansion and support cash generation, strict cost containment measures to management headcount levels and discretionary spend were complemented in the quarter by the first phase of structural cost reductions, including the rightsizing of The Body Shop At Home overhead structure, reductions in leadership and IT transformation.

本季度特許經營銷售增長，但銷售疲軟影響了上個季度特許經營合作夥伴庫存正常化的趨勢。 22 年第四季度 EBITDA 利潤率為 21.4%，同比下降 80 個基點。儘管存在銷售去槓桿化的影響，這表明 SG&A 占淨收入的百分比有 270 個基點的有效收益，部分抵消了 350 個基點的毛利率壓力。 2022 年是非常具有挑戰性的一年，管理層專注於穩定核心渠道、收入和實施成本節約計劃以實現利潤率擴張和支持現金生成，對管理人員水平和可自由支配支出採取嚴格的成本控制措施得到補充第一季度的結構性成本削減，包括 The Body Shop At Home 管理結構的合理調整、領導層的裁減和 IT 轉型。

The restructuring of the business continues. And in early 2023, management announced several additional steps to improve long-term profitability. These include the announcement in January of the closure of at-home business in the U.S. and not the dedicated distribution center in the U.K. And in February, we announced a restructuring of our global management structure, reducing leadership positions by 25%, as well as 12% reduction in the rest of global overhead staffing. These actions are part of a broader recovery program that will support margin expansion, cash generation and net revenue stabilization in 2023 and beyond.

業務重組仍在繼續。在 2023 年初，管理層宣布了一些額外的措施來提高長期盈利能力。其中包括 1 月份宣布關閉美國的在家業務，而不是英國的專用配送中心。2 月份，我們宣布重組全球管理結構，將領導職位減少 25%，以及其餘全球管理人員減少 12%。這些行動是更廣泛的複蘇計劃的一部分，該計劃將支持 2023 年及以後的利潤率擴張、現金產生和淨收入穩定。

On Slide 18, Aesop again recorded an excellent performance with another quarter of double-digit growth in constant currency, up 18.2%. Revenue in reais was down 2.1%. All regions delivered double-digit growth despite the challenging environment. Retail and wholesale showed solid growth, partially offset by a softer e-commerce performance, reflecting post-COVID normalization of consumer behavior. From a category standpoint, fragrance sales grew at more than twice the overall pace aligned with Aesop's category diversification strategy. The fragrances market has outgrown the market as a whole, especially the premium segment, indicating the importance of this category for the future of the company. The highlight of the quarter was, of course, Aesop's successful China market entry with the launch of 2 physical stores, along with the Aesop.com platform and a domestic T-Mall operation.

在幻燈片 18 中，Aesop 再次錄得出色表現，以固定匯率計算又實現兩位數增長，增幅達 18.2%。以雷亞爾計算的收入下降了 2.1%。儘管環境充滿挑戰，但所有地區都實現了兩位數的增長。零售和批發表現出穩健增長，部分被電子商務表現疲軟所抵消，反映出 COVID 後消費者行為的正常化。從品類的角度來看，香水銷售額的增長速度是整體增速的兩倍多，這與 Aesop 的品類多元化戰略保持一致。香水市場的增長已經超過了整個市場，尤其是高端市場，這表明該類別對公司未來的重要性。本季度的亮點當然是 Aesop 成功進入中國市場，開設了 2 家實體店，以及 Aesop.com 平台和國內天貓商城業務。

Performance has exceeded expectations, and the stores already the top 2 sellers among Aesop's 287 signature stores worldwide. Q4 adjusted EBITDA margin was 28.6%, up 190 bps year-over-year, still pressured by planned investments to deliver sustainable future growth, notably in technology, supply chain enhancements and China market entry, but more than offset by sales leverage and other efficiencies. As mentioned in the notice to the market published on November 30, Natura &Co continues to evaluate strategic alternatives for Aesop. We will keep the market updated as soon as we have something concrete to communicate.

業績超出預期，已成為Aesop全球287家旗艦店中的前2名。第 4 季度調整後的 EBITDA 利潤率為 28.6%，同比增長 190 個基點，仍然受到計劃投資的壓力，以實現可持續的未來增長，特別是在技術、供應鏈增強和中國市場進入方面，但被銷售槓桿和其他效率所抵消.正如 11 月 30 日發布的市場通知中所述，Natura &Co 繼續評估 Aesop 的戰略選擇。一旦我們有具體的溝通內容，我們將及時更新市場信息。

Let me now hand back to Fabio.

現在讓我交還給法比奧。

So I think now we're ready here to go for the Q&A, and which we can start. Please add [to Juvenal Santos] help me here.

所以我認為現在我們已經準備好進行問答，我們可以開始了。請添加 [to Juvenal Santos] 幫助我。

(Operator Instructions) And our first question will come from Joao Soares of Citibank.

（操作員說明）我們的第一個問題將來自花旗銀行的 Joao Soares。

I have 2 questions, if I may. First one, I just wanted to understand better what's happening [in Latam]. I understand there was a big impact of Argentina, some accounting issues. So if you could talk a little bit more into how that -- the revenue of that operation, how should we expect the performance of this operation and understand the margin dynamics of that operation as well. I think that seasonally, we're expecting a better fourth quarter. So if you could understand, I mean, after all the initiatives that you took throughout the year, how should we think about the recovery rate of that EBITDA margin? And if I may, just one last one on TBS. There was a big improvement sequentially on EBITDA margin. I just wanted to understand how sustainable is this margin recovery at TBS, please?

如果可以的話，我有兩個問題。第一個，我只是想更好地了解 [在 Latam] 正在發生的事情。我知道阿根廷有很大的影響，一些會計問題。因此，如果你能多談一點——該業務的收入，我們應該如何預期該業務的表現，並了解該業務的利潤動態。我認為季節性，我們期待更好的第四季度。所以，如果你能理解，我的意思是，在你全年採取了所有舉措之後，我們應該如何考慮 EBITDA 利潤率的恢復率？如果可以的話，就 TBS 上的最後一個。 EBITDA 利潤率環比有很大改善。我只是想了解 TBS 的這種利潤率恢復的可持續性如何？

Joao, can you please repeat the first part of your question. It's not clear here for us, if it's only Latam, or if it's everything. So if you can repeat, that would be great.

Joao，你能重複一下你問題的第一部分嗎？我們不清楚這裡是僅 Latam，還是所有內容。所以如果你能重複，那就太好了。

Sure, Gui. Just especially looking to Hispanic, both Natura and Avon, I just wanted to understand because there was a big impact of Argentina and accounting as well. So if I could please understand the underlying operation, specifically on Hispanic, which was for -- at least for us, it was worse than what we expected.

當然，桂。只是特別關注西班牙裔，包括 Natura 和雅芳，我只是想了解，因為阿根廷和會計也有很大的影響。因此，如果我能理解基本操作，特別是關於西班牙裔的操作，那至少對我們而言，它比我們預期的要糟糕。

Sure. I'm going to tackle here the first part of the question, and then I'm going to pass to Joao to talk a little bit about the situation in the operation, specifically in Argentina and the rest of Hispanic, right? So first, let me just be extremely clear that there is no accounting changes whatsoever from this year to previous years, right? We're still following the accounting practices are related to IFRS 16, to IFRS, sorry, so it's 100% in line with what we have done in the past, right? Now Argentina, of course, it has a special situation given the hyperinflation, which, as you know, is well, it impacts all the lines of the P&L, right? It's not only the revenue, not only the costs, but it's throughout the P&L, of course, through the price dynamics in revenues and of course, through the inflationary dynamics in the cost side, right? So there is no difference whatsoever to what we have done in the year.

當然。我將在這裡解決問題的第一部分，然後我將讓 Joao 談談行動中的情況，特別是在阿根廷和其他西班牙裔，對嗎？所以首先，讓我非常清楚，今年與往年相比沒有任何會計變化，對吧？我們仍在遵循與 IFRS 16 相關的會計實務，抱歉，與 IFRS 相關，所以它 100% 與我們過去所做的一致，對嗎？現在阿根廷，當然，鑑於惡性通貨膨脹，它有一個特殊的情況，正如你所知，這很好，它影響了損益表的所有線，對吧？這不僅是收入，不僅是成本，而且是整個損益表，當然，通過收入的價格動態，當然，通過成本方面的通貨膨脹動態，對吧？因此，我們在這一年所做的事情沒有任何區別。

Now given the very high inflation that we saw in 2022, especially in the second half of the year, especially compared to the previous year 2021. Of course, you can assume that those are adjustments especially impacting the EBITDA margin, they were higher in 2022, so a headwind compared to 2021, right? But it's important to mention that the business there remains very healthy. Natura, specifically, and Joao is going to comment a little bit on that, doing extremely -- continues to do extremely, extremely, extremely well. The margins of Natura in Hispanic Latam, not only in Argentina, but Argentina as well, but Hispanic Latam in general, they continue to be healthy. And of course, as we have communicated before, the main issue in Hispanic Latam has been the profitability of the Avon brand, which is the main focus of the Avon project going forward, and this is why we have been communicating, the Avon is the cornerstone is transformational for us to get that margin for Latam back to the levels where we want it to be.

現在考慮到我們在 2022 年看到的非常高的通貨膨脹率，尤其是在下半年，尤其是與上一年 2021 年相比。當然，您可以假設這些調整特別影響 EBITDA 利潤率，它們在 2022 年更高，與 2021 年相比是逆風，對吧？但值得一提的是，那裡的業務仍然非常健康。 Natura，特別是 Joao 將對此發表一些評論，做得非常好——繼續做得非常、非常、非常好。 Natura 在拉美裔中的邊緣，不僅在阿根廷，而且在阿根廷，但在整個拉美裔中，他們繼續保持健康。當然，正如我們之前溝通過的那樣，西班牙拉美地區的主要問題一直是雅芳品牌的盈利能力，這是雅芳項目未來的主要關注點，這就是我們一直在溝通的原因，雅芳是Cornerstone 對我們來說是轉型，讓 Latam 的利潤率回到我們想要的水平。

So I hope that is clear from an accounting perspective, there's absolutely no change whatsoever. There is a headwind, of course, given the inflationary pressures that we saw in the second half of last year, which was [7%]. But now I'm going to pass to Joao, so he can comment a little bit more on the operational results.

所以我希望從會計的角度來看是清楚的，絕對沒有任何變化。當然，考慮到我們在去年下半年看到的 [7%] 的通脹壓力，存在逆風。但現在我要轉交給 Joao，這樣他就可以對運營結果發表更多評論。

Joao, I wonder if your question is trying to -- is inferring that the drop in Latin American profitability is coming from Argentina. So I just want to reinforce that, that's not the reason why you see the reduced profitability in Latin America, which comes from other effects I can comment later, if you prefer. So -- but just talking about the operation itself, preliminary data indicates that Natura &Co in Latin America defended its market share throughout the year, increasing market share in the second half. And Hispanic Latin America, Natura grew market share, whereas we lost some market share in Avon.

Joao，我想知道你的問題是否試圖——推斷拉丁美洲盈利能力的下降來自阿根廷。所以我只想強調這一點，這不是你看到拉丁美洲盈利能力下降的原因，這是來自其他影響，如果你願意的話，我可以稍後評論。所以——但就業務本身而言，初步數據表明，拉丁美洲的 Natura &Co 全年捍衛了其市場份額，下半年增加了市場份額。在西班牙拉丁美洲，Natura 增加了市場份額，而我們在雅芳失去了一些市場份額。

We do see macro social economic headwinds in some countries. Chile, as you followed from other companies, consumption has dropped. Peru in the fourth quarter, had to face some political issues which led to strikes -- on demonstrations (technical difficulty). And in Argentina, we faced difficulties with the shortage of goods. So there were restriction in ports of goods, which reflected on a softer top line growth in those countries, only partially compensated by our performance in Mexico and Colombia. As I said, Natura is -- it continues to grow, albeit a bit softer than before because of these macro headwinds, as I said. And as Gui just mentioned, in the case of Avon, we are restructuring the operation more thoroughly at this point in time, restricting Fashion and Home and by choice in preparation for Wave 2. But overall, the operation is pretty healthy as well its margin.

我們確實看到一些國家的宏觀社會經濟逆風。智利，正如您從其他公司看到的那樣，消費量已經下降。秘魯在第四季度不得不面對一些導致罷工的政治問題——示威（技術困難）。在阿根廷，我們面臨著商品短缺的困難。因此，貨物港口受到限制，這反映在這些國家的收入增長疲軟，我們在墨西哥和哥倫比亞的表現僅部分彌補了這一點。正如我所說，Natura 是——它繼續增長，儘管正如我所說的那樣，由於這些宏觀逆風，它比以前更加疲軟。正如 Gui 剛才提到的，就雅芳而言，我們此時正在更徹底地重組業務，限制時尚和家居，並通過選擇為 Wave 2 做準備。但總體而言，業務及其利潤率都相當健康.

And Joan, let me talk about the second part of your question, which is related to The Body Shop. So first, of course, let me remind everybody that from a seasonality perspective, The Body Shop has historically a very strong Q4 compared to the previous quarters, right? So that's, again, the quarter where margins and cash flow for The Body Shop are the highest. In the case of The Body Shop in this particular quarter, we had some headwinds coming from gross margin, right, given the inflationary pressure. And as we also have discussed before, right, the fact that we were not that aggressive from a net price increase perspective, right, given the changes, the momentum of the retail, especially in some markets and the head franchisees inventory level. So that impacted the gross margin by 350 bps negatively. But of course, through the cost containment actions that we exercised during the last part of the year, we're able to offset a great part of that amount through SG&A, right?

瓊，讓我談談你問題的第二部分，它與美體小舖有關。所以首先，當然，讓我提醒大家，從季節性的角度來看，The Body Shop 與前幾個季度相比歷史上第四季度非常強勁，對吧？因此，這又是 The Body Shop 的利潤率和現金流量最高的季度。就 The Body Shop 在這個特定季度的情況而言，考慮到通脹壓力，我們在毛利率方面遇到了一些不利因素，對吧。正如我們之前也討論過的那樣，從淨價格上漲的角度來看，我們並沒有那麼激進，對吧，考慮到變化、零售的勢頭，尤其是在某些市場和主要特許經營商的庫存水平。因此，這對毛利率產生了 350 個基點的負面影響。但是，當然，通過我們在今年最後一部分實施的成本控制行動，我們能夠通過 SG&A 抵消大部分金額，對吧？

Now those actions, of course, most of them, they are structural changes, and they will remain. There are some small technical changes as well, technical movement as well in the last part of the year. But it's very important to say and to comment that our focus on rightsizing The Body Shop organization is there, right? And again, there are some actions that we disclosed that we took in the first quarter of 2023, which, of course, doesn't -- they don't reflect in the numbers of last quarter of Q4 2022, such as the closure of TBS at home in the U.S. and the dedicated distribution center in the U.K. as well as restructuring of the global management structure, right, which -- by which we reduced the leadership positions by almost 25%. And again, further headcount reductions in the rest of the global overhead staffing. So all of those things, again, we continue to deliver in order to protect the margin of The Body Shop. So yes, it's a big focus, and we are expecting The Body Shop to improve margins compared to 2022 going forward.

現在那些行動，當然，其中大部分，都是結構性的變化，它們將繼續存在。在今年下半年也有一些小的技術變化和技術運動。但非常重要的是要說和評論我們對 The Body Shop 組織進行合理調整的重點，對吧？再一次，我們披露了我們在 2023 年第一季度採取的一些行動，當然，這些行動沒有反映在 2022 年第四季度最後一個季度的數字中，例如關閉美國國內的 TBS 和英國的專用配送中心，以及全球管理結構的重組，對的，我們將領導職位減少了近 25%。再次，全球其他管理人員的進一步裁員。因此，我們將繼續提供所有這些東西，以保護 The Body Shop 的利潤。所以，是的，這是一個重點，我們預計 The Body Shop 與 2022 年相比將提高利潤率。

The next question comes from Danniela Eiger of XP Investments.

下一個問題來自 XP Investments 的 Danniela Eiger。

I have 2 from my side. The first on Aesop, something that color our attention was actually the restatement of the past results of the company, mainly on the gross margin line. If you could just provide some color on why that was done throughout the best quarters, that would be great. And also, I think that, that one is for Gui, is mainly related to leverage. The picture of the product called the attention, especially when looking at EBITDA, ex-IFRS by reaching almost 8x. I understand that you don't have like a short-term financial issue in terms of liquidity because you actually, sorry, I'm not sure if I would cut. But I understand that you don't have any like short-term liquidity issue. But just wondering how we should think about the deleveraging process in terms of levers to get that done and also the speed throughout the quarters.

我身邊有2個。第一個在 Aesop 上，引起我們注意的事情實際上是對公司過去業績的重述，主要是在毛利率線上。如果你能提供一些顏色說明為什麼在最好的季度都這樣做，那就太好了。而且，我認為，Gui 的那個主要與槓桿有關。產品圖片引起了人們的注意，特別是在查看 EBITDA 時，前 IFRS 達到近 8 倍。我知道你在流動性方面沒有像短期財務問題，因為你實際上，抱歉，我不確定我是否會削減。但我知道你沒有任何類似的短期流動性問題。但只是想知道我們應該如何根據實現這一目標的槓桿以及整個季度的速度來考慮去槓桿化過程。

So just to confirm your first question on the -- was on the Aesop standardization in terms of the gross margin from SG&A, right, the reclassification that we did. And then the second one was related to leverage and how we see that going forward. Is that correct?

所以只是為了確認你的第一個問題 - 是關於 SG＆A 毛利率的 Aesop 標準化，對，我們所做的重新分類。然後第二個與槓桿以及我們如何看待未來有關。那是對的嗎？

Yes, that's it.

對，就是那樣。

Okay. So again, the Aesop was an adjustment -- an accounting adjustment that we did. So there is no impact on previous numbers in terms of EBITDA or net income, right? So it was just a reclassification from some logistic costs that were sitting in selling expenses. And basically, they were reclassified to the gross margin, right? That's why, again, there was a negative impact when you look at the gross margin of the company, even though it was just an accounting reclassification to standardize the way that we look at numbers correctly across the [BUs], right? But again, there's no -- as you can see, there's no impact in previous numbers in terms of EBITDA, net income or anything below EBITDA. Just to be clear on that. And that will be the way that we'll continue to present Aesop's numbers going forward.

好的。所以，Aesop 是一種調整——我們所做的會計調整。因此，就 EBITDA 或淨收入而言，對之前的數字沒有影響，對吧？因此，這只是對銷售費用中的一些物流成本進行了重新分類。基本上，它們被重新分類為毛利率，對吧？這就是為什麼，當你查看公司的毛利率時，再次產生了負面影響，即使這只是一次會計重新分類，以標準化我們在 [BUs] 中正確看待數字的方式，對吧？但同樣，沒有——正如你所看到的，在 EBITDA、淨收入或任何低於 EBITDA 的方面，以前的數字沒有影響。只是為了清楚這一點。這將是我們繼續展示伊索未來數字的方式。

Now on leverage, in particular, right? I mean, we -- of course, we finished the year with a high leverage. And that is mainly explained by the very low reported EBITDA in the quarter and of course, in the year, right? So the reported EBITDA, of course, was impacted by the performance of the business, needless to say, but also through several one-offs impacts and those one-offs are transformational, restructuring, corporate rightsizing and impairments, which were, again, a big number, especially in Q4 of the year, which brought the reported EBITDA of the year to low levels compared to historical numbers. And of course, if your denominator is low, your leverage is high, right? Despite the fact, of course, that we have a significant improvement in terms of cash conversion and that will remain the focus.

現在特別是槓桿，對吧？我的意思是，我們——當然，我們以高槓桿結束了這一年。這主要是由於本季度報告的 EBITDA 非常低，當然還有當年，對吧？因此，報告的 EBITDA 當然受到業務績效的影響，不用說，但也受到一些一次性影響，這些一次性影響是轉型、重組、公司調整和減值，這又是一個很大的數字，尤其是在當年的第四季度，這使得當年報告的 EBITDA 與歷史數字相比處於較低水平。當然，如果你的分母很低，你的槓桿就很高，對吧？當然，儘管事實上我們在現金轉換方面有了顯著改善，但這仍將是重點。

So on that, I'd like to say that, of course, we continue to focus as a company all across the BUs and in the holding. We continue to focus on our 2 priorities for 2023. EBITDA margin and cash flows. So margin has to improve, right, again, 2022 with less than 9% adjusted EBITDA margin in the year. And of course, that number has to significantly improve going forward. And the BUs and the teams are working on that. And we need to continue our efforts in terms of cash conversion, right, which again, we already start seeing that in Q3 and Q4, and that effort will remain in 2023, in order to, of course, to continue to reduce the net debt impact.

因此，我想說的是，當然，我們將繼續專注於所有業務部門和控股公司。我們繼續關注 2023 年的兩個優先事項。EBITDA 利潤率和現金流。因此，到 2022 年，利潤率必須再次提高，調整後的 EBITDA 利潤率將低於 9%。當然，這個數字必須在未來顯著提高。 BU 和團隊正在為此努力。我們需要在現金轉換方面繼續努力，對吧，我們已經在第三季度和第四季度開始看到這一點，而且這種努力將持續到 2023 年，當然，為了繼續減少淨債務影響。

On top of that, right, which again, it's important to mention, as Fabio has said, we are working on our capital structure, right? And we are working on actions to take to improve our capital structure. And of course, as soon as we have concrete news on that, we will communicate the market. But it is a big focus for us. As, of course, you can see the impact of net interest expense in our results and how interest rates is impacting, of course, not only the cash, but the P&L profile of Natura &Co.

最重要的是，正如法比奧所說，重要的是要再次提及，我們正在研究我們的資本結構，對吧？我們正在努力採取行動來改善我們的資本結構。當然，一旦我們有具體消息，我們就會與市場進行溝通。但這對我們來說是一個很大的重點。當然，您可以在我們的結果中看到淨利息支出的影響以及利率如何影響，當然，不僅是現金，還有 Natura &Co 的損益表。

The next question comes from Thiago Macruz of Itau.

下一個問題來自 Itau 的 Thiago Macruz。

My question is regarding a potential divestment of the Aesop operation. I mean, I want to understand how you guys would be taxed on a potential transaction like that in terms of capital gains. Is there any sort of tax shield that you guys could eventually use to diminish that amount is my question.

我的問題是關於 Aesop 業務的潛在撤資。我的意思是，我想了解你們將如何在資本利得方面對此類潛在交易徵稅。我的問題是你們最終可以使用任何形式的稅盾來減少這個數額。

So let me revert to public information to what we can say. As you can see in the material fact that we issued to the market, we are evaluating and studying structural and alternatives for Aesop going forward, right? Of course, that process, that project is ongoing, and we cannot communicate anything to the market, right? So several alternatives were on the table. And of course, as we continue to evaluate, and as we continue to study, we continue to funnel those alternatives to what we believe is the right thing for Natura &Co at this moment. But I know that Macruz, you appreciate that we cannot say anything that it's, again, not yet communicated. And of course, we're not going to comment on tax or anything like that at this point. And as soon as we have news on the Aesop process, we'll communicate the market in a more comprehensive way.

因此，讓我回到公共信息，回到我們可以說的話。正如您在我們向市場發布的重要事實中看到的那樣，我們正在評估和研究 Aesop 未來的結構和替代方案，對嗎？當然，那個過程，那個項目正在進行中，我們無法向市場傳達任何信息，對吧？因此，桌面上有幾種選擇。當然，隨著我們繼續評估，隨著我們繼續研究，我們繼續將這些替代方案匯集到我們認為目前對 Natura &Co 正確的事情上。但我知道 Macruz，你明白我們不能再說任何尚未溝通的事情。當然，我們現在不打算對稅收或類似的事情發表評論。一旦我們有關於 Aesop 流程的消息，我們將以更全面的方式向市場傳達信息。

The next question comes from Bob Ford of Bank of America.

下一個問題來自美國銀行的鮑勃·福特。

JP, Natura Brazil growth was very impressive in the quarter. Can you comment a little bit on pricing, competitive dynamics, gross margin and the operating profitability for Natura Brazil as well as the momentum for the brand in early 2023. And then Gui, how are you thinking about market exits [and fabulous well], right? How are you thinking about market exits for Avon International this year, the fixed cost structure of The Body Shop and for the restructuring and impairment charges for 2023.

JP，Natura Brazil 在本季度的增長非常可觀。您能否對 Natura Brazil 的定價、競爭動態、毛利率和運營盈利能力以及該品牌在 2023 年初的發展勢頭髮表一些評論。然後 Gui，您如何看待市場退出 [and fabulous well]，正確的？您如何看待今年雅芳國際的市場退出、The Body Shop 的固定成本結構以及 2023 年的重組和減值費用。

Bob, JP here. Indeed, we are passing prices across the entire region. You can probably appreciate that when you see that we are catching up in terms of gross margin and there is still room to continue to price in a couple of countries, right? So a significant portion of our growth across the region came from prices, but not sacrificing volumes in any significant way. So we are pretty glad with that. Notably, with Natura in Brazil, Natura in Brazil is living through a very, very good moment. We see an acceleration of the digitalization, personalization features throughout our business model, which is definitely helping us to navigate through the changes in the market. So very glad with that.

鮑勃，JP 在這裡。事實上，我們正在傳遞整個地區的價格。當您看到我們在毛利率方面正在迎頭趕上並且在幾個國家仍有繼續定價的空間時，您可能會感激，對嗎？因此，我們在整個地區的增長有很大一部分來自價格，但並未以任何重大方式犧牲銷量。所以我們對此感到非常高興。值得注意的是，巴西的 Natura 正在經歷一個非常非常美好的時刻。我們看到整個業務模型中數字化和個性化功能的加速，這無疑有助於我們應對市場變化。非常高興。

I also want to say that behind the aggregate numbers, even when you look at Avon, when you see increased profitability for CFT, that is showing that we are able to price up across the region. We are facing other difficulties related to the shrinkage of the Fashion and Home category as previously announced. But even there, with Avon CFT, I'm pretty glad with the fact that we are being able to price up, okay? Let me hand over to Gui.

我還想說，在總數字的背後，即使你看雅芳，當你看到 CFT 的盈利能力增加時，這也表明我們能夠在整個地區定價。正如之前宣布的那樣，我們還面臨著與時裝和家居品類縮減相關的其他困難。但即便如此，有了雅芳 CFT，我還是很高興我們能夠提高價格，好嗎？讓我交給桂。

Yes, as Fabio have mentioned, again, I'm going to start, and of course, if [Joao] has anything to add Q3, right? Especially in the short, medium term, the revision of print is an action that both Avon International and The Body Shop, we're taking in order to improve profitability, right? So just talking a little bit about Avon International, right? We continue to see good momentum coming from a few geographies, right, especially when we look at the Middle East and Asia, Turkey, Middle East and Asia region, and we will look at APAC with a very high weight and performance of Philippines. Those regions are continuing to do well.

是的，正如 Fabio 提到的，我要開始了，當然，如果 [Joao] 有什麼要補充的 Q3，對嗎？特別是在短期、中期，印刷品的修訂是雅芳國際和 The Body Shop 為提高盈利能力而採取的行動，對吧？所以只談一點雅芳國際，對吧？我們繼續看到來自幾個地區的良好勢頭，對吧，特別是當我們看中東和亞洲、土耳其、中東和亞洲地區時，我們將看菲律賓的權重和表現非常高的亞太地區。這些地區繼續表現良好。

Now of course, Central Eastern Europe in 2022 was impacted by the war in Ukraine, but we see resilience. We see some countries improving results, and that is also seen in the operational KPIs, especially with the new commercial model. Now Western Europe, again, mainly the developed markets are the regions that we're seeing softer results, right? Now the strategy for Avon will continue to go twofold. First is, of course, looking at markets EBITDA and cash flow, particularly cash flow has been negative. And again, with no plans to turn around that quickly, right? So we'll continue to exit those markets as we have seen in 2022, and we are working on that. Of course, that existing markets is not just pressing a button, right? It requires a lot of work. And again, hopefully, we have more [new look] to communicate to the market as we progress.

當然，2022 年中東歐受到烏克蘭戰爭的影響，但我們看到了韌性。我們看到一些國家/地區的業績有所改善，這在運營 KPI 中也有所體現，尤其是在採用新商業模式的情況下。現在西歐，主要是發達市場，我們看到的結果比較疲軟，對吧？現在雅芳的戰略將繼續雙重化。當然，首先是關注市場 EBITDA 和現金流，尤其是現金流為負。再一次，沒有計劃那麼快扭轉局面，對吧？因此，我們將繼續退出這些市場，正如我們在 2022 年看到的那樣，我們正在為此努力。當然，現有市場不僅僅是按一下按鈕，對嗎？這需要大量的工作。再次，希望隨著我們的進步，我們有更多[新面貌]與市場溝通。

And the second part is to continue to work on the transformational costs in the markets that we operate. So more recently, we announced the 1-year structure for Avon writing, which basically we are merging the 2 sub-use into one leadership team only with a significant reduction of headcount in a more lean and agile and of course, giving more focus as well to the countries that we believe that will make a difference in the future. So that, again, will also continue. So should expect to see more news from Avon in terms of market exits as soon as, as well as more news in terms of transformational savings across the BU.

第二部分是繼續研究我們經營的市場的轉型成本。所以最近，我們宣布了雅芳寫作的 1 年結構，基本上我們將 2 個子用途合併到一個領導團隊中，只是在更精簡和敏捷的情況下顯著減少了人數，當然，更加專注於祝那些我們相信會在未來有所作為的國家。因此，同樣，這也將繼續。因此，應該期望盡快看到雅芳在市場退出方面的更多消息，以及整個 BU 轉型儲蓄方面的更多消息。

On The Body Shop, you are also correct, Bob, that more recently also became a focus of ours to look again at our footprint and focus not only the core channels, right, that are basically retail, e-commerce and franchisees, the franchisees model, which is very important for The Body Shop, but also at the right geographies, right? So a few markets that we used to operate on a stand-alone basis, right? Those markets were significantly impacting EBITDA margin, especially on a few channels. And that's the case of course, of the U.S. as we communicated that we are basically ending the operations of The Body Shop at Home in the country. And of course, also looking to optimize the rest of the channels in North America in general, right?

在 The Body Shop，你也是對的，鮑勃，最近也成為我們關注的焦點，再次審視我們的足跡，不僅關注核心渠道，對，基本上是零售、電子商務和特許經營商，特許經營商模型，這對 The Body Shop 非常重要，而且在正確的地理位置，對吧？那麼我們以前獨立運營的一些市場，對嗎？這些市場對 EBITDA 利潤率產生了重大影響，尤其是在一些渠道上。當然，美國就是這種情況，正如我們所傳達的那樣，我們基本上是在該國結束 The Body Shop at Home 的運營。當然，總體上還希望優化北美的其他渠道，對嗎？

We'll continue, of course, to focus on the markets that we believe that we have, again, a strong competitive advantage. U.K. being, of course, our main market, right, but also some very strong markets that again we have our own stores or our franchisees models in Europe and the rest of the world. But again, you should also expect to see some news about rightsizing and existing some markets for The Body Shop during 2023.

當然，我們將繼續專注於我們認為我們再次擁有強大競爭優勢的市場。英國當然是我們的主要市場，對吧，但也是一些非常強大的市場，我們在歐洲和世界其他地方也有自己的商店或特許經營模式。但同樣，您還應該期待在 2023 年期間看到一些關於 The Body Shop 規模調整和現有市場的消息。

And just to add, if you allow me, in terms of Avon International, we are revisiting a presence in countries which are not profitable, and we will invest in countries which are growing and being profitable. But revisiting the ones which are not profitable, means also going from full presence possibly to have franchise possibly to distribution possibly to an exit. So all this -- and as depending on our penetration, our brand, depends on what kind of agreement we can reach. And for The Body Shop, it may be something like that, although we are more -- we are largely with the [head franchise when] outside the key countries. But to just to clarify that, it's not from presence to exit, but there are scales in what kind of presence we want to have in markets where we may have some opportunity, but with no investment, investment only in the countries where we have seen growth.

補充一點，如果你允許的話，就雅芳國際而言，我們正在重新審視在沒有盈利的國家的存在，我們將投資於正在增長和盈利的國家。但重新審視那些不盈利的公司，也意味著從全面存在到可能擁有特許經營權再到分銷可能再到退出。所以所有這一切——取決於我們的滲透率，我們的品牌，取決於我們能達成什麼樣的協議。對於 The Body Shop 來說，它可能是這樣的，儘管我們更多 - 我們主要是在主要國家之外的[主要特許經營權]。但要澄清的是，這不是從存在到退出，而是我們希望在我們可能有一些機會但沒有投資的市場中擁有什麼樣的存在的規模，只在我們已經看到的國家投資生長。

Yes. And just to be clear, [sorry, I] make a correction, if it was not clear. The [Europe plan] that I announced for Avon is basically the merger of CE and Western European one cluster is the (inaudible) and the brochure plan, and, of course, some in leadership positions. But as I mentioned, we'll continue to focus in the right markets for the region. So I just want to clarify that.

是的。只是為了清楚起見，[抱歉，我] 進行更正，如果不清楚的話。我為雅芳宣布的 [歐洲計劃] 基本上是 CE 和西歐集群的合併，是（聽不清）和小冊子計劃，當然還有一些處於領導地位。但正如我所提到的，我們將繼續專注於該地區合適的市場。所以我只想澄清一下。

It's very helpful. And just one little follow-up and that is JP. Can you comment a little bit about the momentum for that sort of Brazil going into early 2023, please?

這非常有幫助。只是一點點跟進，那就是 JP。你能評論一下巴西進入 2023 年初的勢頭嗎？

Yes. Well, it is a strong operation that remains strong as we speak.

是的。嗯，這是一個強大的操作，在我們說話的時候仍然很強大。

The next question comes from Joseph Giordano of JPMorgan.

下一個問題來自摩根大通的約瑟夫佐丹奴。

I have a few ones I want to still touch upon on Latam results. So first, I would like to see if you can help us quantify the impact of IAS 29 impacts on the conversion of Argentina sales given the hyperinflation. So did you just mention like headwinds and tailwinds, we saw that throughout the region in companies that are operating in Argentina that results for the [fourth] quarter actually had like massive accounting headwinds that actually distorted the P&L in the sense that it kind of hides the material cash flow improvement you guys have been showing. So that's my first question. So try to quantify a little bit the IAS 29 impact on Latin America.

關於 Latam 結果，我還有一些要談的。因此，首先，我想看看您是否可以幫助我們量化 IAS 29 對惡性通貨膨脹情況下阿根廷銷售轉換的影響。那麼你剛剛提到逆風和順風，我們看到在整個地區，在阿根廷運營的公司在 [第四] 季度的結果實際上有像巨大的會計逆風，實際上扭曲了損益表，因為它有點隱藏你們一直在展示物質現金流的改善。這是我的第一個問題。因此，請嘗試量化 IAS 29 對拉丁美洲的影響。

The second one is about the higher bonus provision. I think like the market wasn't expecting such provisions given the EBITDA decline. So my question to you, and again, like the EBITDA decline and it goes back with the cash flow improvements, right? So maybe the EBITDA is not a good proxy in Latin America to the cash flow generation at this point. So my question to you is like what changed in terms of KPIs for the variable compensation. And last but not least, like if you have like any kind of like short and midterm leverage targets to kind of guide us through the potential improvements of free cash over the next quarter.

第二個是關於更高的獎金撥備。我認為，鑑於 EBITDA 下降，市場並未預料到此類條款。所以我的問題是，再一次，就像 EBITDA 下降一樣，它會隨著現金流的改善而回歸，對嗎？因此，在拉丁美洲，EBITDA 可能不是現金流產生的良好代表。所以我要問你的問題是，可變薪酬的 KPI 發生了什麼變化。最後但並非最不重要的一點是，如果你有任何類似的短期和中期槓桿目標來指導我們通過下一季度自由現金的潛在改善。

Let me start, of course, answering your questions here, and I'll pass to Joao, if he wants to say anything else about Latam, right? So on the IAS 29, to your point, right, as I mentioned in the previous answer, we had a headwind in Q4 coming from Latam. And of course, when we say Latam, we're talking mainly about Argentina, right? Now to quantify that, you can estimate that the headwind impact on margin was around 70 bps, right? It's not, again, that meaningful given the weight of Argentina in Latam, but was significant, given, of course, what we saw in terms of hyperinflation and the FX dynamics in the country, right?

當然，讓我開始，在這裡回答你的問題，如果他想對 Latam 說點什麼，我會轉交給 Joao，對吧？所以在 IAS 29 上，就你的觀點而言，正如我在之前的回答中提到的那樣，我們在第四季度遇到了來自拉美的逆風。當然，當我們說 Latam 時，我們主要是在談論阿根廷，對吧？現在量化一下，您可以估計不利因素對利潤率的影響約為 70 個基點，對嗎？考慮到阿根廷在拉美的權重，這並沒有那麼重要，但考慮到我們在該國的惡性通貨膨脹和外匯動態方面所看到的情況，這當然很重要，對吧？

So again, it's very difficult to estimate and to project what that impact is going to be in 2023. But that was basically what we saw in terms of Latam impact totally. I'm not saying consolidated results, but that's impacting margins for Q4 of 2022. And of course, you can get more information on the IAS 29 and the hyperinflation on how we account for that in our financial release, right, in the ITR. But that was basically just to answer your question on how to quantify that. I think that goes a little bit to what I just said.

因此，再次很難估計和預測 2023 年的影響。但這基本上就是我們在 Latam 影響方面所看到的。我不是說綜合結果，但這會影響 2022 年第四季度的利潤率。當然，您可以在我們的財務發布中獲得有關 IAS 29 和惡性通貨膨脹的更多信息，正確的，在 ITR 中。但這基本上只是為了回答你關於如何量化它的問題。我認為這與我剛才所說的有一點關係。

Now the impact on G&A, of course, in Q4, there was a significant impact, especially when we look at Avon Latam and Avon International. So basically, let me start saying that, again, they were phasing of expenses, and it's not only related to incentives, right? They were phasing of different expenses Q3 to Q4 and also Q4 to Q1 of this year that impacted the results of the quarter, right? Also, inflationary pressures on G&A. In the case of the term costs related, of course, to allow and of course, R&D as well, which we'll continue to invest for the Natura brand.

現在對 G&A 的影響，當然，在第四季度，產生了重大影響，尤其是當我們關注雅芳拉美和雅芳國際時。所以基本上，讓我再次開始說，他們正在分階段支出，這不僅與激勵措施有關，對嗎？他們在今年的第三季度到第四季度以及第四季度到第一季度分階段進行不同的支出，這影響了本季度的結果，對吧？此外，G&A 的通脹壓力。在成本相關的情況下，當然，允許，當然，研發也是如此，我們將繼續為 Natura 品牌投資。

On the incentives part, I want to be a little bit clear, right? First of all, it's not, again, an allocation to one person or to only a group of individuals, right? This is basically an extraordinary change that the company did in the half of the year in which we try to allocate a higher weight of incentives to cash flow performance as we have communicated to align on our priorities, right? Of course, there was an extraordinary change that we did in 2022 with also the clear separation of H1 and H2 results. Now we had accrued basically none to very little incentives in the first 9 months of the year and with the stronger cash performance come in the second half, especially, of course, driven by the high seasonal Q4, that's where, again, we saw the higher impact, given again that we have communicated and we'll continue to communicate that cash flow is a strong priority for [ours].

在激勵部分，我想說清楚一點，對嗎？首先，這又不是分配給一個人或一組人，對嗎？這基本上是公司在下半年所做的一項非凡的改變，在我們已經就我們的優先事項進行溝通時，我們試圖將更高權重的激勵措施分配給現金流量績效，對吧？當然，我們在 2022 年做了一個非常大的改變，H1 和 H2 結果也明確分開。現在我們在今年前 9 個月基本上沒有或很少有激勵措施，隨著下半年現金表現的增強，尤其是在第四季度旺季的推動下，我們再次看到了更大的影響，再次考慮到我們已經溝通過，我們將繼續溝通現金流是 [ours] 的一個重要優先事項。

Now you should not expect that level of G&A as part of the underlying business, just to be clear, okay? So that was Q4 was impacted by significant one-offs. One of them being just what I described. But going forward, I should not expect to see the same levels of G&A, not for Latam, maybe international or for the group. I'm going to pass to Joao, just to see if he has anything else to mention about Latam, and then I'll come back to answer your last question on leverage.

現在你不應該期望這種水平的 G&A 作為基礎業務的一部分，只是要清楚，好嗎？因此，第四季度受到重大一次性事件的影響。其中之一就是我所描述的。但展望未來，我不應該期望看到相同水平的 G&A，不是 Latam，可能是國際或集團。我將轉交給 Joao，看看他是否還有其他關於 Latam 的話題，然後我會回來回答你關於槓桿的最後一個問題。

I do want to comment, Joseph. So as I read most of your reports earlier today, I fully understand that the EBITDA margin of -- Latin American EBITDA margin came as a negative surprise. However, I just want to reinforce my full confidence on our journey to recover profitability. And I wanted to take you through some of the elements. As just mentioned a few minutes ago, our business in Brazil are doing extremely well, Natura, a highlight and even stabilized and with improved profitability.

我確實想發表評論，約瑟夫。因此，當我今天早些時候閱讀你們的大部分報告時，我完全理解拉丁美洲 EBITDA 利潤率的 EBITDA 利潤率令人意外。但是，我只想堅定我對我們恢復盈利能力的信心。我想帶你了解一些要素。正如幾分鐘前提到的，我們在巴西的業務表現非常好，Natura，一個亮點，甚至穩定下來，盈利能力也有所提高。

In Hispanic Latin America, we faced some macro headwinds. But as we speak, in Q1, they are less strict than they were in Q4 in Argentina, in Chile and Peru. And the Natura brand has proven a long story of profitable growth there. And as regards even all the restructuring that we are doing, which will create turbulence in terms of top line is targeted at improved profitability and cash generation. Moreover... (technical difficulty) Sorry, I hope I'm still on. So then I was... (technical difficulty)

在拉美裔拉丁美洲，我們面臨一些宏觀阻力。但正如我們所說，在第一季度，阿根廷、智利和秘魯的監管不如第四季度嚴格。 Natura 品牌在那裡的利潤增長已經證明了一個長期的故事。甚至就我們正在進行的所有重組而言，這將在收入方面造成動盪，目的是提高盈利能力和現金生成。而且...（技術難度）對不起，我希望我還在。那麼我當時是……（技術難度）

Joseph, are you hearing us?

約瑟夫，你在聽我們說話嗎？

I'm still here, but I'm hearing the operator.

我還在這裡，但我聽到接線員的聲音了。

(technical difficulty) So I described what we are doing in terms of top line. Then I was developing gross margin. I just mentioned our efforts to price up and recover gross margin, which has been a successful movement so far. And finally, you know that we have a story of trimming down our G&A, capping it to a healthy level, which we continue to do, which will be easier now with Wave 2, right? And as Gui just mentioned, a significant portion of the G&A in Q4 related to phasing of nonrecurring items. So just to say that we are pretty confident in our journey to recover profitability going forward. Gui?

（技術難度）所以我描述了我們在頂線方面所做的事情。然後我正在開發毛利率。我剛才提到了我們為提高價格和恢復毛利率所做的努力，到目前為止這是一個成功的舉措。最後，你知道我們有一個削減 G&A 的故事，將其限制在健康水平，我們將繼續這樣做，現在有了 Wave 2 會更容易，對吧？正如 Gui 剛才提到的，第四季度的 G&A 的很大一部分與非經常性項目的分階段有關。所以只是說我們對我們未來恢復盈利能力的旅程非常有信心。桂？

Yes. And on the leverage, Joe, we haven't communicated basically what is the [optional] level of capital structure for the company. Of course, the focus right now is to work on the capital structures to reduce leverage. And as Fabio mentioned, right, in the beginning, by doing that, allowing us to have the right firepower to invest in our priorities. So you can, of course, assume that we'll continue to have to work on the 2 priorities that I mentioned, which are profitability and cash conversion, but also in structural items to improve the capital structure in the short term. And once we are in that position, then we'll communicate what is the optimal leverage for the company, the optimal capital structure for the company going forward.

是的。在槓桿方面，喬，我們基本上還沒有傳達公司資本結構的 [可選] 水平是多少。當然，現在的重點是在資本結構上進行工作以降低杠桿率。正如 Fabio 提到的那樣，在一開始，通過這樣做，我們可以擁有合適的火力來投資於我們的優先事項。所以你當然可以假設我們將繼續致力於我提到的兩個優先事項，即盈利能力和現金轉換，但也在結構性項目上努力，以在短期內改善資本結構。一旦我們處於那個位置，我們就會傳達什麼是公司的最佳槓桿，公司未來的最佳資本結構。

Perfect. Gui and JP, just a follow-up here. So you guys mentioned like both about like nonrecurring G&A expenses, both at the perimeters of Latin America and Avon International. So can you help us quantify that? So that's like really, really useful. Sorry for the extra question.

完美的。 Gui 和 JP，這裡只是跟進。所以你們都提到了拉丁美洲和雅芳國際的非經常性 G&A 費用。那你能幫我們量化一下嗎？所以這真的非常有用。對不起，額外的問題。

Joe, you can assume that a significant portion of the G&A increase is coming by those nonrecurring, okay? So we're not going to break down, but you can assume that is the majority of the G&A increase in the quarter is coming from what we see here as nonrecurring expenses. Again, part of that, they were, again, a distribution of quarterly phases. Part of that, they were tactical decisions that we decided to invest, but you can assume that most of those -- most of the increase or actually the decrease that we saw in EBITDA and the increase that we saw in SG&A in particular, for Avon International and Latam, they are nonrecurring going forward. And as Joao mentioned, we are confident in our plan to improve EBITDA margin this year.

喬，你可以假設 G&A 增長的很大一部分來自那些非經常性的，好嗎？所以我們不會分解，但你可以假設本季度 G&A 增長的大部分來自我們在這裡看到的非經常性支出。同樣，其中一部分，它們再次是季度階段的分佈。其中一部分是我們決定投資的戰術決策，但你可以假設其中大部分 - 我們在 EBITDA 中看到的大部分增加或實際上減少，特別是我們在 SG&A 中看到的增加，對於雅芳國際和拉美，他們是非經常性的。正如 Joao 提到的，我們對今年提高 EBITDA 利潤率的計劃充滿信心。

The next question comes from Eric Huang of Santander.

下一個問題來自桑坦德銀行的Eric Huang。

So from our side, we have seen the improvement in cash generation. So we would like to better understand if you could break down how much of these improvements were related to seasonality and how much were structural? And going forward, where are the biggest opportunities still to be captured in the cash flow side?

因此，從我們這邊來看，我們看到了現金生成的改善。因此，我們想更好地了解您是否可以分解這些改進中有多少與季節性有關，有多少是結構性的？展望未來，現金流方面最大的機會在哪裡？

I'm going to take that one. And again, needless for me to repeat the focus of the company in this particular item going forward. So I'm going to skip that. But when you look at the cash flow results that we had, especially in the second half of the year, right? You can see that the bulk of the improvement, even though EBITDA margin was compressed. The bulk of that improvement comes from -- come from cash conversion items, right? And with that, basically, I mean, working capital, the net CapEx and the cash tax rate as well. The biggest item of improvement in the last quarter of the year and in the second half in general and full year was inventories, right, given where we were last year and what we communicated again, that we wanted to be in the big focus on reducing inventories across the region, but with a strong focus in some Latam countries, right? A great part of that is coming from Fashion and Home and the bulk of the inventories reduction is coming from finished products. So we are in a very good position right now in terms of supply and service level, at least in our view.

我要拿那個。再一次，我不需要重複公司在這個特定項目中的重點。所以我要跳過那個。但是，當您查看我們的現金流量結果時，尤其是在下半年，對嗎？您可以看到大部分改進，儘管 EBITDA 利潤率被壓縮了。大部分改進來自 - 來自現金轉換項目，對嗎？基本上，我的意思是，營運資金、淨資本支出和現金稅率。今年最後一個季度以及整個下半年和全年最大的改進項目是庫存，正確的，考慮到我們去年的情況以及我們再次溝通的內容，我們希望重點關注減少整個地區的庫存，但重點放在一些拉美國家，對吧？其中很大一部分來自時裝和家居用品，而庫存減少的大部分來自製成品。因此，至少在我們看來，我們目前在供應和服務水平方面處於非常有利的地位。

Now, of course, as we mentioned, there is a seasonality that impact the business, but the important thing is that when you look at the 12 months combined, we continue to deliver optimizations in terms of working capital as percentage of the revenues. On the payable side, we remain flat in the year, mainly caused by a reduction in CapEx and of course, by lower expenses as well in terms of some important items in Q4, lower purchase, which impacted, of course, the payables items. Even though we have implemented in the second half of the year, some important actions that we are confident that we'll continue to see results going forward in 2023. And receivables, in particular, of course, negatively impacting the cash flow, but that's a mix of BUs. As you know, most of our receivables, they sit in Latam. And with Latam, in particular, Brazil, showing a strong growth in the quarter, again, with Natura growing more than 17% and Avon for the first time in the last 6 quarters in positive territory, posting high single digits in terms of growth with Fashion and Home actually in that equation. That is why, again, we're seeing the headwind in terms of receivables.

現在，當然，正如我們所提到的，存在影響業務的季節性因素，但重要的是，當您查看這 12 個月的總和時，我們將繼續在營運資本佔收入的百分比方面進行優化。在應付賬款方面，我們今年持平，這主要是由於資本支出減少，當然還有第四季度一些重要項目的支出減少，採購量減少，這當然影響了應付賬款項目。儘管我們已經在下半年實施了一些重要行動，但我們有信心我們將在 2023 年繼續看到成果。當然，尤其是應收賬款會對現金流產生負面影響，但這是BU的組合。如您所知，我們的大部分應收賬款都位於拉美。尤其是拉丁美洲，巴西在本季度再次表現出強勁增長，Natura 增長超過 17%，雅芳在過去 6 個季度中首次實現正增長，在增長方面實現了高個位數增長時尚和家居實際上在那個等式中。這就是為什麼我們再次看到應收賬款方面的逆風。

And CapEx as well, again, as I mentioned, optimization that you should expect to continue in the same thing on cash tax rate. So in terms of seasonality, again, there is, of course, quarters that impact the cash flow. But the important thing is that when you look at the 12 months -- past 12 months, this number has improved and will continue to improve with our actions that we are taking. We're confident on that. And the (technical difficulty) is mobilized on that topic.

正如我提到的，資本支出也是如此，您應該期望在現金稅率方面繼續進行同樣的優化。因此，就季節性而言，當然還有影響現金流的季度。但重要的是，當你回顧過去 12 個月——過去 12 個月時，這個數字已經有所改善，並將隨著我們正在採取的行動而繼續改善。我們對此充滿信心。並且針對該主題調動了（技術難度）。

The next question comes from Andrew Ruben of Morgan Stanley.

下一個問題來自摩根士丹利的安德魯·魯本。

I'd be interested to hear more about the Wave 2 integration plans. And specifically, how that's going to differ for Brazil versus the rest of Latam. We saw in the release some of the regions, Wave 1 and Wave 2 would occur simultaneously. So curious what that would involve. And then you mentioned with integration costs that could be offset with some Latam asset divestments. So curious if you could provide more detail on what that might include as well.

我有興趣了解更多有關 Wave 2 集成計劃的信息。具體來說，巴西與拉美其他地區的情況有何不同。我們在發布的一些地區看到，Wave 1 和 Wave 2 會同時發生。很好奇那會涉及什麼。然後你提到了可以通過一些 Latam 資產剝離來抵消的整合成本。很好奇您能否提供更多關於可能包含的內容的詳細信息。

Andrew, JP here. So as previously announced, we are starting with 2 in Peru in Q2 this year, which followed by Colombia and Brazil in the second half. Indeed, we are looking at assets -- divestment of some assets that could partially offset the investments related to the implementation. And the difference in Brazil is -- well, I think it's twofold. Brazil is the largest. So we need to be mindful of proud to implement it in a sort of phased way, although to get it behind us before the end of the year.

安德魯，太平紳士。因此，正如之前宣布的那樣，我們將從今年第二季度在秘魯開始 2 個，隨後是下半年的哥倫比亞和巴西。事實上，我們正在考慮資產——剝離一些資產，這些資產可以部分抵消與實施相關的投資。巴西的不同之處在於——好吧，我認為這是雙重的。巴西是最大的。因此，我們需要注意以一種分階段的方式實施它，儘管要在年底前完成它。

And the other thing is that Avon in Brazil has already gone through most of the structural changes which are necessary for this combination, which is not the case in every single country. So when you look at Peru, the first one we are doing, I mean there, we are simultaneously making structural changes to Avon's business commercial model and combining it with Natura. So that puts additional pressure on the Peruvian operation, which would not be the case in some other countries, but these are the main differences.

另一件事是，巴西的雅芳已經經歷了這種合併所必需的大部分結構性變化，並非每個國家都如此。所以當你看秘魯時，我們正在做的第一個，我的意思是在那裡，我們同時對雅芳的商業模式進行結構性改變，並將其與 Natura 相結合。因此，這給秘魯的業務帶來了額外的壓力，而在其他一些國家則不會出現這種情況，但這些是主要的區別。

That's all the time, we have for questions today. I would like to turn the call back over to Fabio Barbosa for closing remarks.

一直都是這樣，我們今天有問題。我想將電話轉回 Fabio Barbosa 以作結束語。

Thank you very much. Thanks, everyone, for following the call here. And it was a good dig into the details and so on. So that we do not lose the perspective of what is the strategy that we are following. I will quickly go through them again. So first, the structure steps are in motion across the group to improve our performance. This include accelerating integration of Natura and Avon in Latin America, optimization of Avon's international footprint and rightsizing The Body Shop. At Aesop, we are evaluating strategic options, aiming to improve the company's capital structure.

非常感謝。謝謝大家關注這裡的電話。這是對細節等的很好的挖掘。這樣我們就不會失去對我們所遵循的戰略的看法。我將很快再次瀏覽它們。因此，首先，結構步驟在整個團隊中進行，以提高我們的績效。這包括加速 Natura 和雅芳在拉丁美洲的整合、優化雅芳的國際足跡和精簡 The Body Shop。在 Aesop，我們正在評估戰略選擇，旨在改善公司的資本結構。

Second, our priority, our focus on cash generation and improving the company's capital structure, build the path to unlocking significant value with some first green shoots appearing in the fourth quarter numbers already. The whole organization is mobilized and incentivized to achieve these goals. Third, looking forward, we are confident that the actions we are taking will position Natura & Company to focus not only on profitability and cash, but also return to focus on growth. And fourth, 2023, will likely be another challenging year, but we expect a continuous improvement in revenues as well as a better profitability and cash generation, while continuing to invest in the transformational actions just mentioned.

其次，我們的首要任務是專注於現金產生和改善公司的資本結構，為釋放重大價值鋪平道路，第四季度的數字已經出現了一些初步的綠芽。動員和激勵整個組織來實現這些目標。第三，展望未來，我們相信，我們正在採取的行動將使 Natura & Company 不僅關注盈利能力和現金，而且重新關注增長。第四，2023 年可能又是充滿挑戰的一年，但我們預計收入會持續改善，盈利能力和現金產生能力會更好，同時繼續投資剛才提到的轉型行動。

So we are continuing our ongoing work to improve the fundamentals of our brands and businesses. Our priority remains very clear. We are strongly focused on improving margins and generating cash flow, and the teams in the BU are all mobilized and incentivized to achieve these goals. Well, thank you very much for your attention from everyone, and we'll be ready to talk in the next (inaudible). Thank you.

因此，我們將繼續我們正在進行的工作，以改善我們品牌和業務的基礎。我們的優先事項仍然非常明確。我們非常專注於提高利潤率和產生現金流，並且 BU 中的團隊都被調動和激勵以實現這些目標。嗯，非常感謝大家的關注，接下來我們就準備聊（聽不清）。謝謝。

Conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。