20-F 1 ntco-20211231.htm 20-F ntco-20211231.htm
true false false D5 NYSE NYSE BR true BR false false true false P3Y P5Y P3Y Costs based on historical data and market trends, optimization of retail and direct sales operations (renewal of the geographical presence of stores, revitalization of the franchise network) and physical expansion with growth in market share. Costs based on historical data and market trends, optimization of retail and direct sales operations (renewal of the geographical presence of stores, revitalization of the franchise network) and physical expansion with growth in market share. Costs based on historical data and market trends, optimization of retail and direct sales operations (renewal of the geographical presence of stores, revitalization of the franchise network) and physical expansion with growth in market share. Gross margins are based on average amounts obtained in the 2 years prior to the beginning of the budgeted period and projections for the next 5 years. Gross margins are based on average amounts obtained in the 2 years prior to the beginning of the budgeted period and projections for the next 5 years. Gross margins are based on average amounts obtained in the 2 years prior to the beginning of the budgeted period and projections for the next 5 years. Discounted cash flow based on financial budgets approved by Senior Management during a discretionary period of five years with a terminal value projected for the end of the period. Discounted cash flow based on financial budgets approved by Senior Management during a discretionary period of five years with a terminal value projected for the end of the period. Discounted cash flow based on financial budgets approved by Senior Management during a discretionary period of five years with a terminal value projected for the end of the period. 1.15 1.15 Interest of 4.125% p.a. Interest of 8.45% Interest of 6.45% 112% of the CDI CDI + 1.15% CDI + 1.30% Sonia + interest 1.1% p.a. Interest of 8.45% Growth rates are initially based on published industry research and adjusted by the expected performance for each segment given the initiatives in place for each segment as well as the respective macroeconomic environment that apply to each segment and are included in the budgets approved by Board of Directors. Growth rates are initially based on published industry research and adjusted by the expected performance for each segment given the initiatives in place for each segment as well as the respective macroeconomic environment that apply to each segment and are included in the budgets approved by Board of Directors. Growth rates are initially based on published industry research and adjusted by the expected performance for each segment given the initiatives in place for each segment as well as the respective macroeconomic environment that apply to each segment and are included in the budgets approved by Board of Directors. 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ntco:Installment


 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 20-F

(Mark One)

           REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

           ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021

OR

           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                          to                          .

OR

           SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report                                 

 

Commission file number:   001-39169

Natura &Co Holding S.A.
(Exact name of Registrant as specified in its charter) 

Natura &Co Holding Inc.

(Translation of Registrants name into English)

Federative Republic of Brazil
(Jurisdiction of incorporation or organization)

Avenida Alexandre Colares, No. 1188, Sala A17-Bloco A,
Parque Anhanguera, São Pau1o, São Paulo 05106-000, Brazil
+55 (11) 4389-7881
(Address of principal executive offices)
 

Guilherme Strano Castellan, Chief Financial Officer
Avenida Alexandre Colares, No. 1188, Sala A17-Bloco A,
Parque Anhanguera, São Paulo, São Paulo 05106-000, Brazil
+55 (11) 4389-7881

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

 

Securities registered or to be registered pursuant to Section 12(b) of the Act:

 

Title of each class


Trading Symbol(s)


Name of each exchange on which registered

Common shares, no par value (the “Natura &Co Holding Shares”)



New York Stock Exchange*

American Depositary Shares (the “ADSs”) (as evidenced by American Depositary Receipts), each representing two Natura &Co Holding Shares


NTCO


New York Stock Exchange

 

*              Not for trading purposes, but only in connection with the listing of ADSs pursuant to the requirements of the Securities and Exchange Commission. 

 

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual report. 

The number of outstanding shares as of December 31, 2021 was 1,379,584,737 common shares.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes               No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes               No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

 

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 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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of large accelerated filer, accelerated filer, and emerging growth company in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer           Accelerated Filer             Non-accelerated Filer            Emerging growth company 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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.

† The term new or revised financial accounting standard refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes               No

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing

              U.S. GAAP

              International Financial Reporting Standards as issued by the International Accounting Standards Board

              Other

If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. 

Item 17              Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes               No

 

 




 

NATURA &CO HOLDING S.A.   



TABLE OF CONTENTS


PAGE

Forward-Looking Statements
iv
Glossary of Certain Terms Used in This Annual Report
vi
Presentation of Financial and Other Information
ix
Part I
1

Item 1.  Identity of Directors, Senior Management and Advisers
1


A. Directors and Senior Management 1


B. Advisers 1


C. Auditors 1

Item 2. Offer Statistics and Expected Timetable
1


A. Offer Statistics 1


B. Method and Expected Timetable 1

Item 3. Key Information
1


A. Selected Financial Data 1


B. Capitalization and Indebtedness 4


C. Reasons for the Offer and Use of Proceeds 4


D. Risk Factors 5

Item 4. Information on the Company
50


A. History and Development of the Company 50


B. Business Overview 57


C. Organizational Structure 106


D. Property, Plant and Equipment 106

Item 4A. Unresolved Staff Comments
107
  Item 5. Operating and Financial Review and Prospects
107


A. Operating Results 108


B. Liquidity and Capital Resources 127


C. Research and development, Patents and Licenses, Etc 138


D. Trend Information 138


E. Critical Accounting Policies and Estimates 139

Item 6. Directors, Senior Management and Employees
139


A. Directors and Senior Management 139


B. Compensation 147


C. Board Practices 150


D. Employees 155


E. Share Ownership 159

Item 7. Major Shareholders and Related Party Transactions
160


A. Major Shareholders 160


B. Related Party Transactions 163


C. Interests of Experts and Counsel 164

Item 8. Financial Information
165


A. Consolidated Statements and Other Financial Information 165


B. Significant Changes 168

Item 9. The Offer and Listing
168


A. Offering and Listing Details 168


B. Plan of Distribution 168


C. Markets 168


D. Selling Shareholders 171


E. Dilution 171


F. Expenses of the Issue 171



 



Item 10. Additional Information
172


A. Share Capital 172


B. Memorandum and Articles of Association 172


C. Material Contracts 186


D. Exchange Controls 186


E. Taxation 187


F. Dividends and Paying Agents 196


G. Statement by Experts 196


H. Documents on Display 197


I. Subsidiary Information 197

Item 11. Quantitative and Qualitative Disclosures About Market Risk
197

Item 12. Description of Securities Other Than Equity Securities
201


A. Debt Securities 201


B. Warrants and Rights 201


C. Other Securities 201


D. American Depositary Shares 201
Part II
203

Item 13. Defaults, Dividend Arrearages and Delinquencies
203


A. Defaults 203


B. Arrears and Delinquencies 203

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
203


A. Material Modifications to Instruments 203


B. Material Modifications to Rights 203


C. Withdrawal or Substitution of Assets 203


D. Change in Trustees or Paying Agents 203


E. Use of Proceeds 203

Item 15. Controls and Procedures
204


A. Disclosure Controls and Procedures 204


B. Management’s Annual Report on Internal Control over Financial Reporting 204


C. Attestation Report of the Registered Public Accounting Firm 204


D. Changes in Internal Control over Financial Reporting 204

Item 16. Reserved
205

Item 16A. Audit Committee Financial Expert
205

Item 16B. Code of Ethics
205

Item 16C. Principal Accountant Fees And Services
205

Item 16D. Exemptions from the Listing Standards for Audit Committees
205

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
206

Item 16F. Change in Registrant’s Certifying Accountant
207

Item 16G. Corporate Governance
207

Item 16H. Mine Safety Disclosure
209

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
209
Part III
210

Item 17. Financial Statements
210

Item 18. Financial Statements
210

Item 19. Exhibits
210
Index to Consolidated Financial Statements
F-1

 

This annual report on Form 20-F contains forward-looking statements. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial conditions, or other matters, based on current beliefs of our management as well as assumptions made by, and information currently available to, our management. Forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and may be accompanied by words such as aim, anticipate, believe, plan, could, would, should, estimate, expect, forecast, future, guidance, intend, may, will, possible, potential, predict, project or similar words, phrases or expressions, although the absence of any such words or expressions does not mean that a particular statement is not a forward-looking statement. These statements are subject to various risks and uncertainties, many of which are outside the parties control. Therefore, you should not place undue reliance on these statements. Factors that could cause actual plans and results to differ materially from those in these statements include, but are not limited to, risks and uncertainties detailed in the section of this annual report entitled Item 3. Key Information—D. Risk Factors and the following factors:

  • developments with respect to the coronavirus, or “COVID-19,” pandemic in Brazil and globally, including the emergence of new variants of the virus and their impact on vaccine efficacy and resulting containment measures (see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industries in Which We Operate—Our business, operations and results have been and may continue to be adversely impacted by COVID-19,” “Item 4. Information on the Company—A. History and Development of the Company—History—Recent Developments—Impact of COVID-19,” “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Principal Factors Affecting Our Results of Operations—Impact of COVID 19” and “Item 5. Operating and Financial Review and Prospects—D. Trend Information—Impact of COVID-19 on our Business);
  • the ongoing impact of the COVID-19 pandemic on general economic and business conditions in Brazil, Latin America and globally and any restrictive measures imposed by governmental authorities in response to the outbreak;
  • general economic, political, social and business conditions in Brazil, including the impact of the current international economic environment (including any impact resulting from the ongoing war between Russia and Ukraine) and the macroeconomic conditions in Brazil, and the policies of the Brazilian government;
  • economic, political, social and business conditions in the other markets in which we operate, including any adverse effects arising from the ongoing war between Russia and Ukraine; 
  • further downgrading of Brazil’s credit rating;
  • social and political instability, including allegations of corruption against political parties, civil servants and others;
  • the political climate leading up to and eventual outcome of the 2022 presidential elections in Brazil;
  • reductions in customer spending, a slowdown in customer payments and changes in customer demand for products and services;
  • unanticipated changes relating to competitive factors in the industries in which the companies operate;
  • ability to hire and retain key personnel;
  • ability to attract new clients and retain existing clients in the manner anticipated;
  • the impact of acquisitions the companies have made or may make;
  • reliance on and integration of IT systems;
  • changes in legislation or governmental regulations affecting the companies; international, national or local economic, social or political conditions that could adversely affect the companies or their clients;
  • conditions in the stock and credit markets;


  • risks associated with assumptions the parties make in connection with the parties critical accounting estimates and legal proceedings;
  • our international operations, which are subject to the risks of currency fluctuations and foreign exchange controls;
  • inflation, appreciation and depreciation of the real against the U.S. dollar, which has experienced significant volatility since the beginning of the COVID-19 pandemic;
  • risks associated with tax liabilities, or changes in U.S., Brazilian or other international tax treaties or laws or interpretations to which they are subject;
  • events and risk perception in relation to corruption allegations involving Brazilian companies and politicians, as well as the impacts of the resulting investigation on the Brazilian economy and political outlook as a whole;
  • risks that new businesses will not be integrated successfully or that the cost, time and effort required to integrate the newly combined businesses may be greater than anticipated;
  • risks relating to unanticipated costs of integration;
  • diversion of the attention of our management from ongoing business concerns;
  • interruptions in our main IT systems;
  • material weaknesses in our internal control over financial reporting;
  • the inability to achieve the estimated benefits and synergies of our combined operations since the completion of the Transaction over the next five years as we currently expect or the effects of the Transaction on our financial condition, operating results and cash flows;
  • failure to effectively manage the newly combined business or failure to realize estimated cost savings, value of certain tax assets, estimated synergies and growth or that such benefits may take longer to realize than the five years during which we currently expect to realize them; and
  • other risk factors as set forth under Item 3. Key Information—D. Risk Factors in this annual report.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the parties businesses, including those described in this annual report, and information contained in this annual report.

Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance. Our future results may differ materially from those expressed in these estimates and forward-looking statements. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this offering memorandum might not occur and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

We are under no obligation, and we expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. Persons reading this document are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date hereof.

All references in this annual report to the Company, we, us and our refer to Natura &Co, as defined below, unless the context otherwise requires. All references herein to the real, reais or R$ are to the Brazilian real, the official currency of Brazil. All references to U.S. dollars, dollars or U.S.$ are to United States dollars, the official currency of the United States. All references to pounds, pound sterling or £ are to the British pound sterling, the official currency of the United Kingdom. All references to “ARS$” are to the Argentinian peso, the official currency of Argentina.

In addition, as used in this annual report, the following defined terms have the following respective meanings:

ABIHPEC means Associação Brasileira da Indústria de Higiene Pessoal, Perfumaria e Cosméticos, or the Brazilian Personal Hygiene, Perfumery and Cosmetics Association.

ADSs means American Depositary Shares, each representing two Natura &Co Holding Shares.

Aesop means Emeis Holding Pty Ltd and its consolidated subsidiaries.

Aesop International means all operations under our Aesop brand, except those located in Brazil and Latin America.

Avon means Avon Products, Inc., a New York corporation, and its consolidated subsidiaries.

Avon International means our segment comprising all operations under our Avon brand, except those located in Brazil and Latin America.

“Avon Luxembourg” means Avon Luxembourg Holdings S.à r.l. and its subsidiaries.

Avon Shares means both Avon Common Shares and Avon Preferred Shares.

Avon Common Shares means the shares of common stock, par value U.S.$0.25 per share, of Avon.

Avon Preferred Shares means the shares of Series C Preferred Stock, par value U.S.$1.00 per share, of Avon.

B3 means the B3 S.A. – Brasil, Bolsa, Balcão, or the Brazilian Stock Exchange.

BNDES means the Banco Nacional de Desenvolvimento Econômico e Social, or the Brazilian National Economic and Social Development Bank.

Brazil means the Federative Republic of Brazil and the phrase Brazilian government refers to the federal government of Brazil.

Brazilian Capital Markets Law means Brazilian Law No. 6,385/76, as amended.

Brazilian Central Bank means Banco Central do Brasil, or the Central Bank of Brazil.

Brazilian Corporation Law means Brazilian Law No. 6,404/76, as amended.

CDI means the Certificado de Depósito Interbancário, or the Interbank Deposit Certificate, means the over extra group daily average rate for interbank deposits, expressed as an annual percentage, based on 252 business days, calculated daily and published by B3, or any other index as may be further used in substitution thereof.

CMN means the Conselho Monetário Nacional, or the Brazilian Monetary Council.

consultants are independent sales representatives who, although they are not employed by Natura &Co, sell Natura &Co products to customers of Natura &Co.

CVM means the Comissão de Valores Mobiliários, or the Brazilian Securities Commission.

DOJ means the United States Department of Justice.


“EU” means the European Union.

Exchange Act means the U.S. Securities Exchange Act of 1934, as amended.

FGV means the Fundação Getulio Vargas.

FTC means the United States Federal Trade Commission.

IASB means the International Accounting Standards Board.

IBGE means Instituto Brasileiro de Geografia e Estatística, or the Brazilian Institute of Geography and Statistics.

IFRS means International Financial Reporting Standards as issued by the IASB.

“IT” means information technology.

Merger Sub I means Nectarine Merger Sub I, Inc., a Delaware corporation and a direct wholly owned subsidiary of Natura &Co Holding.

Merger Sub II means Nectarine Merger Sub II, Inc., a Delaware corporation and a direct wholly owned subsidiary of Merger Sub I.

Merger Subs means Merger Sub I and Merger Sub II, collectively.

Natura means Natura Cosméticos S.A., a corporation (sociedade anônima) incorporated under the laws of Brazil, and its consolidated subsidiaries (excluding Aesop, The Body Shop and their respective subsidiaries).

Natura &Co means (1) prior to the consummation of the Transaction, Natura Cosméticos S.A. and its consolidated subsidiaries, and (2) after the consummation of the Transaction, Natura &Co Holding S.A. and its consolidated subsidiaries, including Natura and Avon.

Natura &Co LATAM means our segment including all operations under our Natura, Avon, Aesop and The Body Shop brands located in Brazil and Latin America.

“Natura &Co Luxembourg” means Natura &Co Luxembourg Holdings S.à r.l., a private limited company (société à responsabilité limitée) organized under the laws of the Grand Duchy of Luxembourg.

Natura &Co Holding means Natura &Co Holding S.A., a corporation (sociedade anônima) incorporated under the laws of Brazil, excluding its subsidiaries.

Natura &Co Holding By-Laws means the by-laws of Natura &Co Holding.

Natura &Co Holding Shares means common shares of Natura &Co Holding.

Natura Cosméticos means Natura Cosméticos S.A., a corporation (sociedade anônima) incorporated under the laws of Brazil, excluding its subsidiaries.

Natura Cosméticos Shares means common shares of Natura Cosméticos.

Natura Entities means Natura &Co, Natura &Co Holding, Nectarine Merger Sub I, Inc. and Nectarine Merger Sub II, Inc., collectively.

Natura Indústria means Indústria e Comércio de Cosméticos Natura Ltda.

Novo Mercado Rules means the listing rules of the Novo Mercado segment of the B3.

NYSE means the New York Stock Exchange.


Sales representatives or representatives means independent contractors who are not employees of Avon or any of its subsidiaries, but directly or indirectly purchase products or services from Avon or any of its subsidiaries.

Securities Act means the U.S. Securities Act of 1933, as amended.

Shareholders Agreement means the Shareholders Agreement of Natura &Co Holding which was entered into on September 4, 2019, as amended.

“SKU” means stock keeping unit, a unique identifier assigned to each of our products for inventory-keeping purposes.

The Body Shop means The Body Shop International Limited, a private limited company registered in England and Wales and its subsidiaries.

The Body Shop International or TBS International means our segment including all operations under our The Body Shop brand, except those located in Brazil and Latin America.

Transaction means the transaction effected by the Agreement and Plan of Mergers, dated May 22, 2019, as amended on October 3, 2019 and as may be further amended from time to time in accordance with its terms (the Merger Agreement) entered into by Avon, Natura Cosméticos, Natura &Co Holding and the Merger Subs pursuant to which (i) Natura &Co Holding, after the completion of certain restructuring steps, held all issued and outstanding shares of Natura Cosméticos, (ii) Merger Sub II merged with and into Avon, with Avon surviving the merger, and (iii) Merger Sub I merged with and into Natura &Co Holding, with Natura &Co Holding surviving the merger, and as a result of which each of Avon and Natura Cosméticos became a wholly owned direct subsidiary of Natura &Co Holding. The Transaction closed on January 3, 2020.

United Kingdom or UK means the United Kingdom of Great Britain and Northern Ireland.

United States or U.S. means the United States of America.

U.S. GAAP or GAAP means generally accepted accounting principles in the U.S.


Consolidated Financial Statements

Natura &Co Holding, formerly Natura Holding S.A., was incorporated on January 21, 2019 as part of a corporate restructuring process initiated by Natura Cosméticos on May 22, 2019, as described below under —The Transaction.

On November 13, 2019, the controlling shareholders of Natura Cosméticos contributed to Natura &Co Holding shares corresponding to approximately 57.3% of Natura Cosméticos capital. On November 13, 2019, all of the Natura Cosméticos shares held by the noncontrolling shareholders and not previously held by Natura &Co Holding were contributed to Natura &Co Holding in exchange for shares of Natura &Co Holding, and Natura Cosméticos became a wholly owned subsidiary of Natura &Co Holding (collectively referred to as the Corporate Restructuring). This contribution became effective on December 17, 2019.

Prior to the Corporate Restructuring, Natura &Co Holding had limited or no assets, operations, activities or liabilities and no material contingent liabilities or commitments.

The Corporate Restructuring was accounted for using the predecessor method of accounting, through which, the historical operations of Natura &Co are deemed to be those of Natura &Co Holding. Accordingly, the consolidated financial statements included in this annual report reflect:

  • the historical operating results and financial position of Natura &Co prior to the Corporate Restructuring;
  • the consolidated results of Natura &Co Holding and Natura &Co following the Corporate Restructuring;
  • the assets and liabilities of Natura &Co at their historical cost; and
  • Natura &Co Holdings earnings per share for all periods presented.

The consolidated financial information presented in this annual report has been derived from the audited consolidated financial statements as of December 31, 2021 and 2020 and for each of the years in the three-year period ended December 31, 2021 and the related notes thereto of Natura &Co Holding, using the predecessor method of accounting, as explained above, included in this annual report.

The consolidated financial statements of Natura &Co Holding and Natura &Co are prepared in accordance with IFRS as issued by the IASB and are presented in Brazilian reais.

We maintain our books and records in Brazilian reais, which is the functional currency and presentation currency of the consolidated financial statements of Natura &Co Holding and Natura &Co. Unless otherwise noted, our financial information presented herein as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019 is stated in Brazilian reais, our reporting currency.

The Transaction

Avon, Natura Cosméticos, Natura &Co Holding and the Merger Subs entered into an Agreement and Plan of Mergers, dated May 22, 2019, as amended on October 3, 2019 and November 5, 2019, or the Merger Agreement, pursuant to which (i) Natura &Co Holding, after the completion of certain restructuring steps, held all issued and outstanding shares of Natura Cosméticos, (ii) Merger Sub II merged with and into Avon, with Avon surviving the merger, and (iii) Merger Sub I merged with and into Natura &Co Holding, with Natura &Co Holding surviving the merger, and as a result of which each of Avon and Natura Cosméticos became a wholly owned direct subsidiary of Natura &Co Holding. 


The Transaction closed on January 3, 2020. Accordingly, our results of operations and financial condition for the historical periods discussed in this section prior to the Transaction do not reflect or include the results of operations or any assets or liabilities of Avon and purchase accounting adjustments, including the recognition of separately identifiable intangible assets, other fair value adjustments and goodwill. We began consolidating Avon and its subsidiaries as from January 3, 2020, and, accordingly, our results of operations and financial condition as of and for periods beginning on or after such date may not necessarily be comparable to our results of operations and financial condition for historical periods prior to the Transaction, including those discussed below.

Currency Conversions

On December 31, 2021, the exchange rate for reais into U.S. dollars was R$5.581 to U.S.$1.00, R$5.197 to U.S.$1.00 as of December 31, 2020, R$4.031 to U.S.$1.00 as of December 31, 2019, R$3.875 to U.S.$1.00 as of December 31, 2018, and R$3.308 to U.S.$1.00 as of December 31, 2017, in each case, as reported by the Brazilian Central Bank. The real/U.S. dollar exchange rate fluctuates widely, and the selling rate as of December 31, 2021 may not be indicative of future exchange rates. See Item 3. Key Information—A. Selected Financial Data—Exchange Rates for information regarding exchange rates for the Brazilian currency since January 1, 2017.

Solely for the convenience of the reader, we have transl