GUADALAJARA, Mexico,
Feb. 10, 2022 /PRNewswire/
-- Betterware de Mexico S.A.P.I. de C.V. (NASDAQ: BWMX),
("Betterware" or the "Company"), announced today its consolidated
financial results for the fourth quarter and fiscal year 2021. The
figures presented in this report are expressed in nominal Mexican
Pesos (Ps.) unless otherwise noted, presented and approved by the
Board of Directors, prepared in accordance with IFRS, and may
include minor differences due to rounding. The Company notes that
its financial year of 2021 consisted of 52 weeks while the
financial year of 2020 consisted of 53 weeks. The additional week
during the financial year of 2020 occurred during the fourth
quarter. The Company will host a webcast presentation and
conference call at 9:00 am (Eastern
Time) on February 11, 2022, to
discuss its results for the financial year of 2021. The slide
presentation that will accompany management remarks can be reviewed
at investors.betterware.com.mx.
Key Highlights of 2021
- Strengthened network of associates and
distributors.
- Net Revenue +41% YoY growth and EBITDA +33% YoY growth vs.
comparable weeks in 2020.
- Strong balance sheet and cash flow allow for continued
dividend payments.
- Acquisition of JAFRA´s operations in Mexico and the
United States.
Luis G. Campos, Executive
Chairman of the Board, stated, "Betterware achieved extraordinary
growth from 1Q 2020 to 1Q 2021, mainly driven by our increase in
our average associates and distributors base of 183%. This
translated into exceptional performance in net revenue and EBITDA.
While it was quite a positive result, it turned comparisons with
respect to 2020 challenging. Despite a much higher base, 2Q 2021
and 3Q 2021 showed strong YoY growth and traction in net revenues,
of 81% and 4% respectively. As for 4Q 2021, on top of the harder
comparison base, our business was impacted by a sluggish consumer
in Mexico and by external factors
related to supply chain disruptions prevailing globally, which
resulted in a decline in net revenues and EBITDA for the
quarter.
On an annual perspective, after undergoing a full year of
consolidation of our sales network during 2021 and proactively
dealing with external impacts, we are pleased with our performance,
which led to a 41% growth in net revenue and a 33% growth in EBITDA
vs. comparable weeks in 2020 and a 27.9% EBITDA margin.
We have proven once again our ability to adapt and capitalize on
business opportunities as they emerge and transform them into
consistent value generation for our shareholders. Going forward, we
will continue executing our strategy based on our three business
pillars: product innovation, business intelligence and technology.
We start 2022 with a strengthened network of distributors and
associates, confident of Betterware´s profitable growth in the
years to come, which will lead us to reach our target of 40%
household penetration in Mexico by
2025.
Aligned to our long-term agenda, the compelling acquisition of
JAFRA, a world leading brand of Direct Selling in the Beauty and
Personal Care (B&PC) products industry with a strong presence
in Mexico and the United States, announced last month, will
contribute towards product diversification, our international
expansion strategy, acceleration of profit growth, and acceleration
of our digital transformation, while maintaining a low leverage
ratio. For Betterware the best is yet to come."
Luis G.
Campos
Executive Chairman of the
Board
FY 2021 Results
Metric
|
Amount
$ in
million
|
Variation
(Comparable number
of Weeks)
|
Comment
|
Net
Revenue
|
Ps.
$10,039.7
|
+41% vs. comparable
2020
+225% vs.
2019
|
· Growth of
average associates and distributors base. · Higher activity
rates vs. historical average.
|
Gross
Margin
|
56.2%
|
+151 bps vs.
2020
|
· Margin
expansion reflects efficient cost management despite freight cost
pressures.
|
EBITDA
|
Ps.
$2,798.5
|
+33% vs. comparable
2020
+229% vs.
2019
|
· Growth in net
revenues. · Partially
offset by higher operating expenses due to revamped operating
structure to support increased new level of operations and higher
air and sea freight costs.
|
EBITDA
Margin
|
27.9%
|
(193 bps) vs.
2020
|
· Same as
EBITDA.
|
Net
Income
|
Ps.
$1,826.8
|
+440% vs.
2020
+287% vs.
2019
|
· Net income in
2020 negatively impacted by non-cash expenses related to
Warrants.
|
EPS
|
Ps. $49.41
|
+398% vs.
2020
|
· Same as Net
Income
|
Betterware´s main task for 2021 was to consolidate our
distributors and associates' base, after achieving extraordinarily
high triple digit growth in a short period of time, from 1Q 2020 to
1Q 2021.
During the second half of 2021, people initiated the return to
their normal lifestyles, leaving behind the worst months of the
pandemic. As a result, some of the people that had joined our
network during 2020, went back to their customary activities and
decided not to continue with Betterware, thus resulting on a
higher-than-average churn rate for associates peaking at 4.6% a
week (vs historical average churn rate of 2.8% a week) and a
consequent mild decline in our average network of associates and
distributors.
In addition to keeping most of the sales network added, we
managed to improve its KPIs by maintaining weekly activity at ~34%
for associates and ~80% for distributors through 2020 and 2021.
Furthermore, following 2020's extraordinary growth, tenure
increased versus preceding years, strengthening to our sales
network via an adequate mix of seniors and
newcomers.
4Q 2021 Results
During 4Q 2021 our business was negatively impacted by the
following factors:
- Consumption softened compared to 1H2021, which led to increased
promotions
- Worldwide supply chain disruptions:
- Shortage of sea freight containers led us to increase air
freight expenses
- Stricter than expected energy restrains in China impacted our fulfillment capacity
- Sea freights costs continued at abnormally high levels
These impacts led to lower-than-expected total net revenue and
EBITDA for the fourth quarter and for 2021.
Metric
|
Amount
$ in
million
|
Variation
(Comparable number
of Weeks)
|
Comment
|
Net
Revenue
|
Ps.
$2,182.1
|
(11%) vs. comparable
4Q 2020
+176% vs. 4Q
2019
|
· Slightly lower
average associates and distributor base vs. 4Q
2020 · Loss of revenue
due to factory closures in China.
|
Gross
Margin
|
53.7%
|
(220 bps) vs. 4Q
2020
|
· Increased use
of airfreights. · Sea freight
costs.
|
EBITDA
|
Ps. $420.8
|
(43%) vs. comparable
4Q 2020
+85% vs. 4Q
2019
|
· Partially
impacted by one-time air freight expenses · Increased
promotions to incentivize sales due to softer consumption
environment.
|
EBITDA
Margin
|
19.3%
|
(1,173 bps) vs. 4Q
2020
|
· Lower operating
leverage due to lower volumes · Impacted by
increased promotions.
|
Net
Income
|
Ps. $214.0
|
+322% vs. 4Q
2020
+131% vs. 4Q
2019
|
· Net income in
4Q 2020 negatively impacted by non-cash expenses related to
Warrants.
|
EPS
|
Ps. $5.74
|
+309% vs. 4Q
2020
|
· Same as Net
Income
|
Strong Balance Sheet
After 4Q 2021, Betterware's balance sheet reflects a strong
financial position:
- Conservative Net Debt to EBITDA ratio
- Low Total Debt to Total Assets and
- Negative cash conversion cycle
The main strengths of the Balance Sheet reflect the company's
differentiated Business Model, which allow the company to have a
high cash conversion rate and low liquidity requirements.
Betterware´s cost structure allows for relevant operational
flexibility to adapt its operation as demand increases or
decreases.
Long-term Growth Expectations
Since Q3 2021 to date, we have confirmed that:
- As people went back to their in-person activities, we realized
that the "new normal", which we previously thought would remain,
will not last forever.
- Supply chain disruptions and cost pressures would have a higher
impact in our revenues and costs than previously expected.
In response to the above, the company started adjusting its
commercial strategies with the objective of increasing its net
revenue, EBITDA and free cash flow. These adjustments include,
among others:
Commercial
Actions
|
Pricing
Actions
|
Price
Mix
|
Catalogue
Frequency
|
Hybrid
Model
|
Product
Innovation
|
Incentives
Program
|
General price
increase of 12% to offset cost pressures
|
Increasing the share
of lower-price items in our catalogues
|
Increased from 9 to
12 per year, providing enhanced flexibility to adapt
|
Increased in-person
interaction with distributors and associates
|
Increasing share of
new products per catalogue, from current 10% to around 20% during
2022
|
Increased focus on
recruitment and retention of distributors and associates
|
To proactively address cost pressures, and in response to the
changes in the business environment, the Company is already engaged
in the execution of a series of initiatives, including the
following:
Operational
Actions
|
Freight
Costs
|
Supply Chain
(China)
|
Foreign
Exchange
|
Efficiency and
Productivity
|
Signed contracts for
1/3 of our expected shipments for 2022 and 2023 at favorable
rates
|
Accelerating domestic
manufacturing plans: 20% local sourcing by year end 2022, from 7%
as of 2021
|
Cover 100% of our
expected US Dollar operating needs. Currently, approx. 85%
covered.
Covered around 80% of
Jafra's acquisition price.
|
Achieve operational
efficiencies with our automated Pick-and-Pack Tower during
2022
|
As we start 2022 with a much stronger base of distributors and
associates, our churn rates are trending towards normal levels, and
the company´s operating structure is now sufficient to achieve the
expected growth for the oncoming years to reach a 40% household
penetration, which should provide for incremental operating
leverage as revenues remain growing.
2022 Guidance
We remain confident in our ability to navigate well during the
year ahead given our strategic advantages and initiatives in place
that position our Company to diversify our supply chain, broaden
our categories and product offering, as well as retain and grow
distributors and associates.
That said, and given the uncertainties still present, we believe
it is prudent to provide guidance for fiscal 2022 that includes Net
Revenue and EBITDA in line with Fiscal 2021, assuming no
significant deterioration in the external environment. This
guidance implies that in 2H 2022 we will show YoY growth.
Dividend
Aligned to the Company's ability to generate strong cash flow
after investments, its Board of Directors has proposed to pay the
fourth installment of its dividend of Ps. 350M, which implies an annualized dividend yield
of approximately 8.7%. The 4Q 2021 dividend is subject to approval
at the next Ordinary General Shareholders' Meeting to be held on
February 11, 2022.
For the long term, we remain on track to increase our household
penetration to reach our target 40% by 2025, while expanding our
share of wallet through successful product innovation and increased
participation in new market niches.
JAFRA Acquisition
On January 18, 2022, Betterware
announced the acquisition of JAFRA's operations in Mexico and the
United States, which is considered to be a transformational
deal. The transaction is expected to close in 1H 2022, subject to
antitrust and regulatory approval in Mexico.
The rationale for the transaction is:
- Acquisition price of US$255mm, equivalent to Ps. 5,355mm, on a
debt-free, cash-free basis, to be funded mainly with debt. With
implied pre-synergies multiple of ~5.5x 2022E EBITDA, 4.8x 2022E
EBITDA considering the mid-point of the synergies.
- Accretive since the first year, expected to add US$0.34/share to EPS in 2022 and over
US$45 mm pre-synergies. The EPS and
EBITDA added would be US$0.48 and
US$54mm, respectively, considering the mid-point of the
synergies.
- Increased diversification of Betterware's current operations by
category and by geography, including a faster and more efficient
way to enter the vast US market.
- Elevated JAFRA's revenue growth and profit potential.
- Accelerated digital transformation of JAFRA by leveraging
Betterware's omni-channel capabilities and capitalize on the
significant e-commerce opportunity and strong direct selling online
market trends.
We are very excited about the acquisition of JAFRA, which
reflects our continued assessment of opportunities to build
operational and financial efficiencies into our business. We look
forward to supporting JAFRA and beginning to implement our
strategies once the transaction is authorized and closed.
JAFRA's know-how and presence in the US market of over 65 years,
will pave the way for Betterware to enter the attractive US market
by the 2Q 2023 and continue expanding our business.
Betterware de
México, S.A.P.I. de C.V.
Consolidated Statements of Financial Position
As of December 2021, and December 2020
(In Thousands of Mexican Pesos)
|
|
Dec
2021
|
Dec
2020
|
Assets
|
|
|
Cash and cash
equivalents
|
1,175,198
|
649,820
|
Trade accounts
receivable, net
|
836,744
|
757,806
|
Accounts receivable
from related parties
|
24
|
-
|
Inventories
|
1,339,378
|
1,274,026
|
Prepaid
expenses
|
90,104
|
94,501
|
Derivative financial
instruments
|
28,193
|
-
|
Other
assets
|
83,105
|
130,417
|
Total current
assets
|
3,552,746
|
2,906,570
|
Property, plant and
equipment, net
|
1,069,492
|
791,127
|
Right of use assets,
net
|
17,384
|
24,882
|
Deferred income
tax
|
-
|
17,605
|
Investment in
associates
|
497
|
-
|
Intangible assets,
net
|
369,760
|
319,361
|
Goodwill
|
371,075
|
348,441
|
Other
assets
|
4,274
|
5,774
|
Total non-current
assets
|
1,832,482
|
1,507,190
|
Total
assets
|
5,385,228
|
4,413,760
|
Liabilities and
Stockholders' Equity
|
|
|
Short term debt and
borrowings
|
28,124
|
105,910
|
Accounts payable to
suppliers
|
1,984,932
|
2,078,628
|
Accrued
expenses
|
171,047
|
109,767
|
Provisions
|
115,192
|
151,008
|
Income tax
payable
|
101,994
|
85,221
|
Value added tax
payable
|
-
|
26,703
|
Statutory employee
profit sharing
|
55,305
|
7,354
|
Lease
liability
|
6,102
|
7,691
|
Derivative financial
instruments
|
-
|
295,115
|
Total current
liabilities
|
2,462,696
|
2,867,397
|
Employee
benefits
|
1,506
|
1,678
|
Derivative financial
instruments
|
-
|
25,179
|
Deferred income
tax
|
98,515
|
56,959
|
Lease
liability
|
11,778
|
16,687
|
Long term debt and
borrowings
|
1,482,261
|
523,967
|
Total non-current
liabilities
|
1,594,060
|
624,470
|
Total
Liabilities
|
4,056,756
|
3,491,867
|
|
|
|
Stockholders'
Equity
|
1,313,817
|
921,893
|
Non-controlling
interest
|
14,655
|
-
|
Total Stockholders'
Equity
|
1,328,472
|
921,893
|
Total Liabilities
and Stockholders' Equity
|
5,385,228
|
4,413,760
|
Betterware de
México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other
Comprehensive Income
For the three-months ended on December 31, 2021, and December
31, 2020
(In Thousands of Mexican Pesos)
|
|
|
Q4
2021
|
Q4
2020
|
∆%
|
Net
revenue
|
2,182,069
|
2,601,167
|
(16.1%)
|
Cost of
sales
|
1,010,815
|
1,147,641
|
(11.9%)
|
Gross
profit
|
1,171,254
|
1,453,526
|
(19.4%)
|
|
|
|
|
Administrative
expenses
|
274,051
|
262,696
|
4.3%
|
Selling
expenses
|
439,824
|
293,681
|
49.8%
|
Distribution
expenses
|
60,327
|
107,534
|
(43.9%)
|
Total
expenses
|
774,202
|
663,911
|
16.6%
|
Operating
income
|
397,052
|
789,615
|
(49.7%)
|
|
|
|
|
Interest
expense
|
(27,503)
|
(9,426)
|
191.8%
|
Interest
income
|
9,230
|
1,344
|
586.8%
|
Unrealized loss in
valuation of financial derivative instruments
|
(29,808)
|
(318,362)
|
(90.6%)
|
Changes in fair value
of warrants
|
-
|
(266,148)
|
(100.0%)
|
Foreign exchange gain
(loss), net
|
(8,236)
|
5,811
|
(241.7%)
|
Financing cost,
net
|
(56,317)
|
(586,781)
|
(90.4%)
|
|
|
|
|
Income before
income taxes
|
340,735
|
202,834
|
68.0%
|
|
|
|
|
Income
taxes
|
130,426
|
152,164
|
(14.3%)
|
|
|
|
|
Net income
including minority interest
|
210,309
|
50,670
|
315.1%
|
Non-controlling
interest loss
|
3,706
|
-
|
(100.0%)
|
Net
income
|
214,015
|
50,670
|
322.4%
|
|
EBITDA breakdown
(Ps. 420.1 million)
|
Concept
|
Q4
2021
|
Q4
2020
|
∆%
|
Net income including
minority interest
|
210,309
|
50,670
|
315.1%
|
(+) Income
taxes
|
130,426
|
152,164
|
(14.3%)
|
(+) Financing cost,
net
|
56,317
|
586,781
|
(90.4%)
|
(+) Depreciation and
amortization
|
23,717
|
17,132
|
38.4%
|
EBITDA
|
420,769
|
806,747
|
(47.8%)
|
EBITDA
margin
|
19.3%
|
31.0%
|
(11.7%)
|
Betterware de
México, S.A.P.I. de C.V.
Consolidated Statements of Profit or Loss and Other
Comprehensive Income
For the twelve months ended on December 31, 2021, and December
31, 2020
(In Thousands of Mexican Pesos)
|
|
Dec
2021
|
Dec
2020
|
∆%
|
Net
revenue
|
10,039,668
|
7,260,408
|
38.3%
|
Cost of
sales
|
4,399,164
|
3,290,994
|
33.7%
|
Gross
profit
|
5,640,504
|
3,969,414
|
42.1%
|
|
|
|
|
Administrative
expenses
|
1,195,509
|
664,677
|
79.9%
|
Selling
expenses
|
1,264,581
|
853,355
|
48.2%
|
Distribution
expenses
|
463,779
|
331,023
|
40.1%
|
Total
expenses
|
2,923,869
|
1,849,055
|
58.1%
|
Operating
income
|
2,716,635
|
2,120,359
|
28.1%
|
|
|
|
|
Interest
expense
|
(74,626)
|
(80,253)
|
(7.0%)
|
Interest
income
|
25,872
|
10,930
|
136.7%
|
Unrealized gain
(loss) in valuation of financial derivative instruments
|
330,315
|
(287,985)
|
(214.7%)
|
Changes in fair value
of warrants
|
-
|
(851,520)
|
(100.0%)
|
Foreign exchange gain
(loss), net
|
(319,739)
|
(30,402)
|
951.7%
|
Financing cost,
net
|
(38,178)
|
(1,239,230)
|
(96.9%)
|
|
|
|
|
Income before
income taxes
|
2,678,457
|
881,129
|
204.0%
|
|
|
|
|
Income
taxes
|
855,377
|
542,768
|
57.6%
|
|
|
|
|
Net income
including minority interest
|
1,823,080
|
338,361
|
438.8%
|
Non-controlling
interest loss
|
3,706
|
-
|
(100.0%)
|
Net
income
|
1,826,786
|
338,361
|
439.9%
|
|
EBITDA breakdown
(Ps. $2,798.5 million)
|
Concept
|
Dec
2021
|
Dec
2020
|
∆%
|
Net income including
minority interest
|
1,823,080
|
338,361
|
438.8%
|
(+) Income
taxes
|
855,377
|
542,768
|
57.6%
|
(+) Financing cost,
net
|
38,178
|
1,239,230
|
(96.9%)
|
(+) Depreciation and
amortization
|
81,905
|
43,688
|
87.5%
|
EBITDA
|
2,798,540
|
2,164,047
|
29.3%
|
EBITDA
margin
|
27.9%
|
29.8%
|
(1.9%)
|
Betterware de
México, S.A.P.I. de C.V.
Consolidated Statements of Cash Flows
For the twelve months ended on December 31, 2021, and December
31, 2020
(In Thousands of Mexican Pesos)
|
|
Dec
2021
|
Dec
2020
|
Cash flows from
operating activities:
|
|
|
Profit for the
period
|
1,823,080
|
338,361
|
Adjustments
for:
|
|
|
Income tax expense
recognized in profit of the year
|
855,377
|
542,768
|
Depreciation and
amortization of non-current assets
|
81,905
|
43,688
|
Accounting effects
for changing reporting period
|
(22,466)
|
-
|
Investment in
subsidiaries
|
10,356
|
-
|
Interest income
recognized in profit or loss
|
(25,872)
|
(10,930)
|
Interest expense
recognized in profit or loss
|
74,626
|
80,253
|
Gain of property,
plant, equipment sale
|
-
|
9,216
|
Unrealized (gain)/
loss in valuation of financial derivative instruments
|
(330,315)
|
287,985
|
Share premium
account
|
(18,304)
|
32,910
|
Changes in fair value
of warrants
|
-
|
851,520
|
Movements in
working capital:
|
|
|
Trade accounts
receivable
|
(70,612)
|
(510,719)
|
Trade accounts
receivable from related parties
|
(16,203)
|
610
|
Inventory,
net
|
(63,114)
|
(928,472)
|
Prepaid expenses and
other assets
|
68,913
|
(95,532)
|
Accounts payable to
suppliers, accrued expenses and provisions
|
(46,064)
|
1,604,591
|
Provisions
|
(35,843)
|
104,319
|
Value added tax
payable
|
(32,573)
|
(3,596)
|
Statutory employee
profit sharing
|
47,951
|
2,348
|
Income taxes
paid
|
(779,444)
|
(526,321)
|
Employee
benefits
|
411
|
(743)
|
Net cash generated by operating activities
|
1,521,809
|
1,822,256
|
Cash flows from
investing activities:
|
|
|
Investment in
associates
|
(8,811)
|
-
|
Payments for
property, plant and equipment, net
|
(421,482)
|
(617,686)
|
Proceeds from
disposal of property, plant and equipment, net
|
24,409
|
18,270
|
Restricted
cash
|
-
|
(42,915)
|
Interest
received
|
29,853
|
10,930
|
Net cash used in investing activities
|
(376,031)
|
(631,401)
|
Cash flows from
financing activities:
|
|
|
Repayment of
financial derivative instruments
|
(18,172)
|
-
|
Repayment of
borrowings
|
(646,554)
|
(1,757,112)
|
Proceeds from
borrowings
|
20,000
|
1,712,207
|
Long term
debt
|
1,480,664
|
-
|
Interest
paid
|
(49,840)
|
(121,297)
|
Lease
payment
|
(6,498)
|
(8,825)
|
Cash received for
issuance of shares
|
-
|
250,295
|
Dividends
paid
|
(1,400,000)
|
(830,000)
|
Net cash used in financing activities
|
(620,400)
|
(754,732)
|
Net increase in cash and cash equivalents
|
525,378
|
436,123
|
Cash and cash
equivalents at the beginning of the period
|
649,820
|
213,697
|
Cash and cash
equivalents at the end of the period
|
1,175,198
|
649,820
|
Use of Non-IFRS Financial Measures
This announcement includes certain references to EBITDA, EBITDA
Margin, Net Debt:
EBITDA: defined as profit for the year adding back
the depreciation of property, plant and equipment and right of use
assets, amortization of intangible assets, financing cost, net and
total income taxes
EBITDA Margin: is calculated by dividing EBITDA by
net revenues
EBITDA and EBITDA Margin are not measures recognized under IFRS
and should not be considered as an alternative to, or more
meaningful than, consolidated net income for the year as determined
in accordance with IFRS or as indicators of our operating
performance from continuing operations. Accordingly, readers are
cautioned not to place undue reliance on this information and
should note that these measures as calculated by the Company, may
differ materially from similarly titled measures reported by other
companies.
Betterware believes that these non-IFRS financial measures are
useful to investors because (i) Betterware uses these measures to
analyze its financial results internally and believes they
represent a measure of operating profitability and (ii) these
measures will serve investors to understand and evaluate
Betterware's EBITDA and provide more tools for their analysis as it
makes Betterware's results comparable to industry peers that also
prepare these measures.
About Betterware de México, S.A.P.I. de C.V.
Founded in 1995, Betterware de Mexico is the leading direct-to-consumer
company in Mexico focused on
creating innovative products that solve specific needs regarding
organization, practicality, space saving and hygiene within the
household. Betterware's wide product portfolio includes home
organization, kitchen, commuting, laundry and cleaning, as well as
other categories that include products and solutions for every
corner of the household.
The Company has a differentiated two-tier network of
distributors and associates that sell their products through twelve
catalogues per year. All products are designed by the Company and
under the Betterware brand name through its different sources of
product innovation. The Company's state-of-the-art infrastructure
allows it to safely and timely deliver its products to every part
of the country, backed by the strategic location of its national
distribution center. Today, the Company distributes its products in
Mexico and Guatemala, and has plans of additional
international expansion.
Supported by its asset light business model and its three
strategic pillars of Product Innovation, Business Intelligence and
Technology, Betterware has been able to achieve sustainable
double-digit growth rates by successfully expanding its household
penetration and share of wallet.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will", "estimate", "continue", "anticipate", "intend",
"expect", "should", "would", "plan", "predict", "potential",
"seem", "seek," "future," "outlook", and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. The reader should understand that
the results obtained may differ from the projections contained in
this document and that many factors could cause our actual
activities or results to differ materially from the activities and
results anticipated in forward looking statements. For this reason,
the Company assumes no responsibility for any indirect factors or
elements beyond its control that might occur inside Mexico or abroad and which might affect the
outcome of these projections and encourages you to review the
'Cautionary Statement' and the 'Risk Factor' sections of our annual
report on Form 20-F for the year ended December 31, 2020 and any of the Company's other
applicable filings with the Securities and Exchange Commission for
additional information concerning factors that could cause those
differences.
The Company undertakes no obligation and does
not intend to update these forward-looking statements to
reflect events or circumstances occurring after the date hereof.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Further information on risks and uncertainties that may affect the
Company's operations and financial performance, and the forward
statements contained herein, is available in the Company's filings
with the SEC. All forward-looking statements are qualified in their
entirety by this cautionary statement.
Q4 2021 Conference Call
Management will hold a conference call with
investors on February 10, 2022 at
8:00 am Central Standard Time (CST)/
9:00am Eastern Time (EST). For anyone
who wishes to join live, the dial-in information is:
Toll Free: 1-877-451-6152
Toll/International: 1-201-389-0879
Conference ID: 13726565
If you wish to listen to the replay of the conference call,
please see instructions below:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13726565
We invite you to join our conference call, accompanied by our
Earnings Call presentation that will be reviewed during the call.
For full access to the presentation, please visit our investor
relations website https://investors.betterware.com.mx/
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SOURCE Betterware de México, S.A.B. de C.V.