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NATURA & CO HOLDING S.A. CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2019 AND DECEMBER 31, 2018 (All amounts expressed in thousands of Brazilian reais - RS) Notes 2019 2018 Notes 2019 2018 ASSETS CURRENT ASSETS Cash and cash equivalents Short-term investments Trade receivables Inventories Recoverable taxes Income tax and social contribution Other current assets 6 7 8 9 10 17 16 3,354,355 542,088 1,113,095 68,764 4,513,582 1,025,845 1,685,764 1,430,550 395,640 113,478 265,198 9,430,057 1.215,048 1,215,377 1,691,581 1,364,672 379,253 326,803 263,025 6,455,759 18 30.1 1,829,756 1,736,791 13 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Borrowings, financing and debentures Lease Trade payables and reverse factoring Trade payables - related parties Payroll, profit sharing and social security charges Tax liabilities Income tax and social contribution Dividends and interest on equity payable Derivative financial instruments Provision for tax, civil and labor risks Other current liabilities 574,381 310,093 19 10 409,214 334,671 560,376 320,890 388,238 368,640 183,030 374,448 22.b) 4.2 398,400 333,577 584,308 95,873 11,806 NON-CURRENT ASSETS Recoverable taxes Income tax and social contribution Deferred income tax and social contribution Judicial deposits Derivative financial instruments Short-term investments Other non-current assets Property, plant and equipment Intangible assets Right of use 152,979 69,189 337,255 737,378 11.a) 12 4.2 7 13 14 15 16 20 21 18,650 396,391 7,518,423 51,606 2,236,714 4,950,545 7,402 83,836 1,773,889 5,076,501 2,619,861 11,754,455 20,389 338,170 4,566,881 8,923,790 NON-CURRENT LIABILITIES Borrowings, financing and debentures Lease Tax liabilities Deferred income tax and social security contribution Provision for tax, civil and labor risks Other non-current liabilities 17 16 19 7,432,019 1,975,477 122,569 6,881,050 377,471 165,326 11.a) 450,561 431,534 20 21 201,416 241,418 121,702 141,767 10,303,744 8,238,566 17,822,167 12,805,447 1,485,436 22.c) 427,073 (19,408) 329,330 1,437,015 999,931 154.039 22.e) Total liabilities SHAREHOLDERS' EQUITY Capital stock Treasury shares Capital reserves Retained earnings Proposed additional dividend Losses on capital transaction Other comprehensive income Total shareholders' equity TOTALI L LIABILITIES AND SHAREHOLDERS' EQUITY (92,066) 815,005 3,362,345 (92,066) 492,158 2,574,102 21,184,512 15,379,549 TOTAL ASSETS 21,184,512 15,379,549 The notes are an integral part of the consolidated financial statements F-4 NATURA & CO HOLDING S.A. CONSOLIDATED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (All amounts expressed in thousands of Brazilian reais - RS, except for earnings per share in the period) Notes 2019 2018 2017 25 14,444,690 13,397,419 9,852,708 26 (4,033,454) (3,782,843) (2,911,077) 10,411.236 9,614,576 6,941,631 26 26 29 Net revenue Cost of sales GROSS PROFIT OPERATING (EXPENSES) INCOME Selling, Marketing and Logistics expenses Administrative, research and development, technology and other project expenses Impairment losses on trade receivables Other operating income (expenses), net OPERATING INCOME BEFORE FINANCIAL RESULT Financial income Financial expenses Taxes on Company formation NET INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION Income tax and social contribution NET INCOME FOR THE YEAR EARNINGS PER SHARE -RS Basic Diluted 28 28 (6,395,586) (5,828,713) (3,965,019) (2,405,576) (2,251,341) (1,535,945) (209,515) (237.884) (233,714) (49,311) (39,945) 151,688 1,351,248 1,256,693 1,358,641 1,955,784 2,056,421 604.392 (2,795,874) (2,639,709) (991,841) (206,592) 304.566 673,405 971,192 (149,099) (125,026 (300,941) 155,467 548,379 670,251 11.b) 29.1 29.2 0.1796 0.1779 0.6335 0.6324 0.7743 0.7731 * The notes are an integral part of the consolidated financial statements F-5 NATURA & CO HOLDING S.A. CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (All amounts expressed in thousands of Brazilian reais - RS) Note 2019 2018 2017 155,467 548,379 670,251 NET INCOME FOR THE YEAR Other comprehensive income: Itens that may be reclassified subsequently to the statement of income Currency translation differences Effect of translation of subsidiary in hyperinflationary economy Gain (loss) from cash flow hedge operations Tax effects on gain (loss) from cash flow hedge operations Net other comprehensive income (loss) that may be reclassified subsequently to the statement of income Itens that will not be reclassified to the statement of income Remeasurement loss on defined benefit plans Tax effects on actuarial gain (loss) Net other comprehensive income (loss) that will not be reclassified to the statement of income Total other comprehensive income for the year 14 244,100 483,212 221,287 14 17,666 (19,074) 4.2 107,337 (45,202) 13,450 (36,768) 15,384 (4,278) 332,335 434,320 230,459 22 (14,374) (7,030) (36,379) 22 4,887 11,532 (9,487) 4,502 (36,379) 478,315 987,201 864,331 * The notes are an integral part of the consolidated financial statements F-6 YATURA ECO HOLDING SA CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (All amounts expressed in thousands of Brazilian reais - R$) Capital reserves Other reserves Additional paid in capital 47,485 Other Comprehensive Income Effect of translation of subsidiary Cash Remeasurement Appropria- Currency in hyper flow gain (loss) on tion or translation inflationary hedge defined benefit carning differences economy operation ( (123,908) - (1.548) (15,288 670,251 221,287 9,172 (36,379) Tax Retained Leral incentives Incentives earnings 18.650 20.957 627,208 Reserve for the uequisition of Transaction non-controlling with interests shareholders 192.066) plans Dividends 29.670 Total shareholders equity 996,385 670,251 194,0RO 19,136 19,136 (3.866) (1,596) (29,670) (128,741) (29,670) (128,741) (85,099) (456,411) (85,099) 456,411 1,08.3.619 62.755 18.650 20.252 97-379 7.624 (51,667) 192.066) 548,379 1.6.14.746 548,379 438,822 483,212 (19,074) (29.818) 4,502 52.543 52,543 (8,697) 1,067 17,378 (56,661) (56,661) Surplus on issue/ Tur Capital Treasury sale or Special incentive Note stack shares shares reserve reserve BALANCE AS OF DECEMBER 31, 2016 427,073 137.149 (37.149) 77.923 17.378 Profit the year Other compreensive income Changes in stock option plans and restricted shares Provision for stock option plans and restricted shares Exereise of stock option plans and restrieted shares 4.605 (2.235) 2016 Dividends subsequently approved at the annual shareholders meeting Mandatory minimum dividends Mandatory minimum interest on capital stock Retained earnings reserve BALANCE AS OF DECEMBER 31, 2017 427,074 (32.544) 75.SRX 17.378 Net income for the year Other comprehensive income Changes in stock option plans and restricted shares: Provision for stock option plans and restricted shares 27.1 Exercise of stock option plans and restricted shares 13.136 (3,372) Changes in tax incentive reserves (17,378) Mandatory minimum dividends 23.b) Mandatory minimum interest on capital stock 24.b) Retained earnings reserve 23.b) Tax Incentive reserve 25.b) Adjustment effect of hyperinflationary economy --- BALANCE AS OF DECEMBER 31, 2018 427,073 (19,408) 72.216 Net income for the year Other comprehensive income Capital increase 23.a) 52.673 Changes in stock option plans and restricted shares: Provision for stock option plans and restricted shares 27.1 Exercise of stock option plans and restricted shares 15,615 16.156 Cancellation of shares - RCA 16.12.19 Protocol and convention of incorporation 3,793 (3.793) Mandatory minimum interest on capital stock 23.b) Retained earnings reserve 23.b) Tax incentive reserve 23.b) ) Adjustment effect of hyperinflationary economy AGE 17.09.2019 - Capitalization of part of the balance of the Profit Reserve account 1.242.165 BALANCES AT DECEMBER 31, 2019 NATURA COSMTICOS S.A. 1,721,911 84.579 Predecessor adjustments (Note 1) (246,475) 708.760 206,392 BALANCES AT DECEMBER 31, 2019 NATURA HOLDING SA 1,485,436 793.119 206,592 (111,449) 336,532 (111,449) (336,532) (43,737) 43.737 150,513 257, 114 (83,858) 1,336,293 18.650 82,072 580,591 (19,074) 122.194) (47,165) 192.066 392,391 66,655 2.574,102 392,391 322,848 52.673 244,100 17.666 70,569 (9,487 ) 104,078 104,078 (34,333) (2,562) (110,671) 206,268 (110,671) (206,268) (75,452) 75,452 61,870 (2,052) 59.818 (1.242.165) 824,691 (1,408 48,375 (56,652) ) 192.066 388,729 18.650 157,524 (388,729) (18.650) (197,524) 298,344 (299,772) 3,392,677 (30,331) 135,467 (1,428) 155,467 824,691 (1,468) 48,375 (56,652) 192.066) 3,162,145 FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (All amounts expressed in thousands of Brazilian reais - RS) Notes 2019 2018 F4 2017 F4 155,467 548,379 670,251 16 e 17 26 21 1,117,416 (78,414) (38,703) (24,509) (13,352) 9,758 149,099 206,592 34.518 127,398 582,519 5,764 589,911 (129,296) (543,398) 40,193 (13,780) 4,346 125,026 383.352 (164,442) 156,130 124,790 (19,307) 12,655 300,941 CASH FLOW FROM OPERATING ACTIVITIES Net income for the year Adjustments to reconcile net income to net cash flow: Depreciation and amortization Interest on investments and securities Provision (reversal of provision) arising from swap and forward derivative contracts Provision (reversal of provision) for tax, civil and labor risks Inflation adjustment on escrow deposits Inflation adjustment of contingencies Income tax and social contribution Taxes on Company formation Result from sale and write-off of property, plan and equipment and intangible assets Interest and exchange variation on finance leases Interest and exchange rate variation on borrowings and financing Restatement and exchange rate variation on other assets and liabilities Provision (reversal of provision) for losses from property, plant and equipment and intangible assets Provision (reversal of provision) for stock option plans and restricted shares Effective losses and provision for losses with trade receivables, net of reversals Provision (reversal of provision) for inventory losses, net Provision (reversal of provision) for post-employment health care plan and carbon credit Effect from hyperinflationary economy Other provisions (reversals) 11.b) 15 16 17 24,573 52,011 1,187,869 (3,535) 40,624 47,080 333,058 20,881 15 19,136 8 9 22 e 22.a) 3,541 59,232 209,505 147,140 19,969 51,659 (134,212) 2,590,386 40,505 237,884 22,743 (34,914) 45,198 (26,145) 2,167,570 233,714 30,558 16,606 (320.067) 1,885,960 (212,812) (194,698) (6,369) (56,440) (415,459) (112,331) 84,982 (67.864) (496,942) 47,962 (172,136) 11,140 117,080 (15.855) 91,520 21,204 (321,262) 9,674 (27,179) (66,420) (134,579) (493,895) 1,300,356 158,978 215,412 (170,098) (52,247) (269,966) (364) (36,464) (30,967) (22,691) (604,224) 844,267 436,996 73,247 (425,292) 112,600 (88,209) 2,948 (17,553) (127,509) (20,952) (231.522) 990,738 21 16 17 15 DECREASE (INCREASE) IN ASSETS Trade receivables Inventories Recoverable taxes Other assets INCREASE (DECREASE) IN LIABILITIES Domestic and foreign trade payables Payroll, profit sharing and social charges, net Tax liabilities Other liabilities Income tax and social contribution paid Accruals (payments) of judicial deposits Tax, civil and labor lawsuits paid Settlement of derivative financial instruments Payment of interest on leases Payment of interest on borrowings, financing and debentures NET CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Acquisition The Body Shop PLC, net cash obtained Acquisition of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Investment in securities Redemption of securities Redemption of interest on investments and securities NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES Payments of lease - principal Payments of loans, financing and debentures - principal New loans, financing and debentures Use of treasury shares to setle exercised stock option Payment of dividends and nterest on capital for the previous year Receipts (payments) to settle derivative operations Receipt by exercised stock options Capital increase NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES Effect of exchange variation on cash and cash equivalents Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (3,880,858) (586,395) (485,016) (364,372) 22,682 6,641 8,244 (7,161,530) (8,483,684) (7,411,261) 7,345,389 9.187,748 6,350,630 65,504 163,407 455.226 (314,350) 389,096 (4,842,391) 16 17 17 23.b) 27.1 27.1 (497,905) (46,241) (45.914) (2,643,575) (6,552,249) (1,679,371) 5,346,145 5,015,278 6,391,049 (2,562) 1,067 4,605 (152,938) (201,652) (109,409) 3,992 32,401 (107,536) 52,673 206,592 2.312.422 (1.751,396) 4296 4,453,423 106 39,950 3.298,534 (478,083) 601,660 1.215,048 1,693,131 1,091,470 4.513,688 1,215,048 (110) 1,693.131