Company Quick10K Filing
Avon Products
Price4.56 EPS-0
Shares444 P/E-90
MCap2,022 P/FCF-19
Net Debt1,017 EBIT152
TEV3,040 TEV/EBIT20
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-14
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-05
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-06-26 Other Events
8-K 2020-06-12
8-K 2020-06-09
8-K 2020-03-05
8-K 2020-01-03
8-K 2019-12-30
8-K 2019-12-26
8-K 2019-12-24
8-K 2019-12-19
8-K 2019-11-13
8-K 2019-11-06
8-K 2019-11-06
8-K 2019-11-05
8-K 2019-10-31
8-K 2019-10-04
8-K 2019-10-02
8-K 2019-09-19
8-K 2019-08-01
8-K 2019-07-31
8-K 2019-07-03
8-K 2019-06-25
8-K 2019-06-19
8-K 2019-05-22
8-K 2019-05-22
8-K 2019-05-16
8-K 2019-05-02
8-K 2019-05-01
8-K 2019-04-25
8-K 2019-04-02
8-K 2019-03-19
8-K 2019-03-04
8-K 2019-02-22
8-K 2019-02-14
8-K 2019-02-12
8-K 2019-01-30
8-K 2019-01-09
8-K 2019-01-08
8-K 2018-12-20
8-K 2018-12-13
8-K 2018-11-01
8-K 2018-09-21
8-K 2018-08-02
8-K 2018-05-16
8-K 2018-05-03
8-K 2018-04-02
8-K 2018-03-26
8-K 2018-03-19
8-K 2018-02-15
8-K 2018-02-03
8-K 2018-01-12

AVP 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits2,3
EX-31.1 ex311q22020.htm
EX-31.2 ex312q22020.htm
EX-32.1 ex321q22020.htm
EX-32.2 ex322q22020.htm

Avon Products Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.07.85.63.31.1-1.12012201420172020
Assets, Equity
3.02.31.50.80.0-0.72012201420172020
Rev, G Profit, Net Income
0.50.2-0.0-0.3-0.5-0.82012201420172020
Ops, Inv, Fin

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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
_________________________
FORM 10-Q
_________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             
Commission file number 1-4881
_________________________
AVON PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
_________________________
New York 13-0544597
(State or other jurisdiction of
Incorporation or organization)
 (I.R.S. Employer
Identification No.)
Building 6, Chiswick Park, London W4 5HR
United Kingdom
(Address of principal executive offices)
+44-1904-232425
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Note: The registrant is a voluntary filer of reports required to be filed by certain companies under Sections 13 or 15(d) of the Securities Exchange Act of 1934.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares of Common Stock (par value $0.01) outstanding at June 30, 2020 was 101.34.

The registrant meets the conditions sets forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.




TABLE OF CONTENTS
 
  Page
Numbers
Item 1.
Three & Six Months Ended June 30, 2020 and June 30, 2019
12 - 39
Item 2.
39 - 56
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.Other Information
Item 6.


2



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended
(In millions, except per share data)June 30, 2020June 30, 2019
Product sales$573.1  $1,108.8  
Other revenue31.6  66.0  
Revenue from affiliates of Natura &Co1.8    
Total revenue606.5  1,174.8  
Costs, expenses and other:
Cost of sales(250.5) (497.5) 
Selling, general and administrative expenses(406.1) (646.8) 
Operating (loss) income(50.1) 30.5  
Interest expense(31.7) (30.7) 
Interest income.3  1.5  
Other (expense) income, net(.9) 6.8  
Gain on sale of business/assets.1  13.2  
Total other expenses(32.2) (9.2) 
(Loss) income from continuing operations, before income taxes(82.3) 21.3  
Income taxes(6.1) (27.2) 
Loss from continuing operations, net of tax(88.4) (5.9) 
Loss from discontinued operations, net of tax(5.1) (13.2) 
Net loss(93.5) (19.1) 
Net loss (income) attributable to noncontrolling interests.7  (.4) 
Net loss attributable to Avon$(92.8) $(19.5) 
The accompanying notes are an integral part of these statements.



























3


AVON PRODUCTS, INC.



 Six Months Ended
(In millions, except per share data)June 30, 2020June 30, 2019
Product sales$1,472.9  $2,225.0  
Other revenue89.1  136.7  
Revenue from affiliates of Natura &Co
1.8    
Total revenue1,563.8  2,361.7  
Costs, expenses and other:
Cost of sales(671.5) (1,014.5) 
Selling, general and administrative expenses(1,044.2) (1,320.6) 
Operating (loss) income(151.9) 26.6  
Interest expense(63.5) (63.9) 
Loss on extinguishment of debt and credit facilities(7.8) (2.0) 
Interest income1.5  3.2  
Other (expense) income, net(19.1) 29.4  
Gain on sale of business/assets.1  23.5  
Total other expenses(88.8) (9.8) 
(Loss) income from continuing operations, before income taxes(240.7) 16.8  
Income taxes(14.9) (46.7) 
Loss from continuing operations, net of tax(255.6) (29.9) 
Loss from discontinued operations, net of tax(9.8) (22.7) 
Net loss(265.4) (52.6) 
Net loss attributable to noncontrolling interests1.6  .4  
Net loss attributable to Avon$(263.8) $(52.2) 
The accompanying notes are an integral part of these statements.
4



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended
(In millions)June 30, 2020June 30, 2019
Net loss$(93.5) $(19.1) 
Other comprehensive (loss) income:
Foreign currency translation adjustments(.2) 4.1  
Unrealized (loss) gain on revaluation of long-term intercompany balances(3.3) .3  
Change in unrealized loss on cash flow hedges, net of taxes of $0.0 and $0.0
  (.7) 
Adjustments and amortization of net actuarial loss and prior service cost, net of taxes of $0.2 and $0.2
2.0  1.8  
Total other comprehensive (loss) income, net of income taxes(1.5) 5.5  
Comprehensive loss(95.0) (13.6) 
Less: comprehensive loss (income) attributable to noncontrolling interests.7  (.3) 
Comprehensive loss attributable to Avon$(94.3) $(13.9) 
The accompanying notes are an integral part of these statements.













5



Six Months Ended
(In millions)June 30, 2020June 30, 2019
Net loss$(265.4) $(52.6) 
Other comprehensive (loss) income:
Foreign currency translation adjustments(84.0) 1.2  
Unrealized losses on revaluation of long-term intercompany balances(26.6) (.2) 
Change in unrealized gains, (losses) on cash flow hedges, net of taxes of $0.0 and $0.0
.6  (2.6) 
Adjustments and amortization of net actuarial loss and prior service cost, net of taxes of $0.4 and $0.3
4.0  3.1  
Total other comprehensive (loss) income, net of income taxes(106.0) 1.5  
Comprehensive loss(371.4) (51.1) 
Less: comprehensive loss attributable to noncontrolling interests1.8  .4  
Comprehensive loss attributable to Avon$(369.6) $(50.7) 
The accompanying notes are an integral part of these statements.



6



AVON PRODUCTS, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2019 (Audited) and June 30, 2020 (Unaudited)
(In millions)June 30,
2020
December 31,
2019
Assets
Current Assets
Cash and cash equivalents$285.8  $650.6  
Restricted cash10.7  2.9  
Accounts receivable, net156.9  280.2  
Receivables from affiliates of Natura &Co1.9    
Inventories436.7  452.3  
Prepaid expenses and other240.5  252.1  
Assets held for sale
12.3  22.6  
Total current assets1,144.8  1,660.7  
Property, plant and equipment, at cost1,086.6  1,203.0  
Less accumulated depreciation(665.7) (715.0) 
Property, plant and equipment, net420.9  488.0  
Right-of-use assets160.1  175.4  
Goodwill76.9  86.2  
Deferred tax asset126.5  161.2  
Other assets438.0  514.8  
Total assets$2,367.2  $3,086.3  
Liabilities, Series C Convertible Preferred Stock and Shareholders’ Deficit
Current Liabilities
Debt maturing within one year$28.2  $1.8  
Loan from affiliates of Natura &Co4.6    
Accounts payable538.8  723.3  
Payables to affiliates of Natura &Co91.5    
Dividends payable  8.7  
Accrued compensation73.8  114.5  
Other accrued liabilities344.2  410.7  
Sales taxes and taxes other than income95.2  118.7  
Income taxes  7.4  
Current liabilities of discontinued operations17.3  16.0  
Total current liabilities1,193.6  1,401.1  
Long-term debt1,593.1  1,590.4  
Long-term operating lease liability129.3  143.3  
Employee benefit plans130.5  137.6  
Long-term income taxes113.7  128.7  
Other liabilities86.5  90.5  
Total liabilities3,246.7  3,491.6  
Series C convertible preferred stock  578.5  
Shareholders’ Deficit
Common stock  192.6  
Additional paid-in capital524.2  2,321.2  
Retained earnings(262.9) 2,138.9  
Accumulated other comprehensive loss(1,145.8) (1,040.0) 
Treasury stock, at cost  (4,603.3) 
Total Avon shareholders’ deficit(884.5) (990.6) 
Noncontrolling interests5.0  6.8  
Total shareholders’ deficit(879.5) (983.8) 
Total liabilities, series C convertible preferred stock and shareholders’ deficit$2,367.2  $3,086.3  
The accompanying notes are an integral part of these statements.
7



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
(In millions)June 30, 2020June 30, 2019
Cash Flows from Operating Activities
Net loss$(265.4) $(52.6) 
Loss from discontinued operations, net of tax(9.8) (22.7) 
Loss from continuing operations, net of tax(255.6) (29.9) 
Adjustments to reconcile net loss from continuing operations to net cash used by operating activities:
Depreciation30.2  36.5  
Amortization13.1  12.8  
Provision for doubtful accounts52.7  58.7  
Provision for obsolescence21.4  16.2  
Share-based compensation18.6  5.2  
Foreign exchange losses (gains)25.7  (7.3) 
Deferred income taxes14.9  7.3  
Impairment loss on assets.7  13.3  
Gain on sale of business / assets(.1) (23.5) 
Other 13.2  5.2  
Changes in assets and liabilities:
Accounts receivable36.8  (40.9) 
Inventories(52.6) 18.0  
Prepaid expenses and other(12.0) 15.2  
Accounts payable and accrued liabilities(191.7) (211.3) 
Income and other taxes(23.7) 7.2  
Noncurrent assets and liabilities(15.8) (18.3) 
Net cash used by operating activities of continuing operations(324.2) (135.6) 
Cash Flows from Investing Activities
Capital expenditures(21.1) (32.5) 
Disposal of assets1.1  .8  
Net proceeds from sale of business / assets10.0  76.5  
Other investing activities .4    
Net cash (used) provided by investing activities of continuing operations(9.6) 44.8  
Cash Flows from Financing Activities
Cash dividends(8.6)   
Debt, net (maturities of three months or less)10.1  .5  
Proceeds from debt20.0    
Repayment of debt(.2) (.3) 
Repurchase of common stock(.4) (1.1) 
Settlement of stock options(25.8)   
Other financing activities   (9.2) 
Net cash used by financing activities of continuing operations(4.9) (10.1) 
Cash Flows from Discontinued Operations
Net cash used by operating activities of discontinued operations(8.4) (4.6) 
Net cash used by discontinued operations(8.4) (4.6) 
Effect of exchange rate changes on cash and cash equivalents, and restricted cash(17.4) (2.3) 
Net decrease in cash and cash equivalents, and restricted cash(364.5) (107.8) 
Cash and cash equivalents, and restricted cash at beginning of period(1)
661.0  536.4  
Cash and cash equivalents, and restricted cash at end of period (2)
$296.5  $428.6  
8



 
The accompanying notes are an integral part of these statements.
(1)The balance at the beginning of the six-month period ended June 30, 2019 includes cash and cash equivalents of $3.7 classified as Held for sale assets in our Consolidated Balance Sheets.

(2)The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows for the six-month period ended June 30, 2020.