Demonstraes Financeiras 4T11 Portugus Ingls

Natura Cosmticos S.A.
Demonstraes Contbeis Individuais e Consolidadas Referentes ao Exerccio Findo em 31 de Dezembro de 2011 e Relatrio dos Auditores Independentes sobre as Demonstraes Contbeis
Deloitte Touche Tohmatsu Auditores Independentes
NATURA COSMTICOS S.A. BALANOS PATRIMONIAIS EM 31 DE DEZEMBRO DE 2011 (Em milhares de reais - R$)
Nota ATIVOS CIRCULANTES Caixa e equivalentes de caixa Contas a receber de clientes Estoques Impostos a recuperar Partes relacionadas Instrumentos financeiros derivativos Outros ativos circulantes Total dos ativos circulantes NO CIRCULANTES Realizvel a longo prazo: Impostos a recuperar Imposto de renda e contribuio social diferidos Depsitos judiciais Outros ativos no circulantes Investimentos Imobilizado Intangvel Total dos ativos no circulantes 8 9.a) 10 11 12 13 13 explicativa
Controladora (BR GAAP) 2011 2010
Consolidado (BR GAAP e IFRS) 2011 2010 PASSIVOS E PATRIMNIO LQUIDO CIRCULANTES Emprstimos e financiamentos Fornecedores e outras contas a pagar Fornecedores - partes relacionadas Salrios, participaes nos resultados e encargos sociais Obrigaes tributrias Instrumentos financeiros derivativos Outras obrigaes Total dos passivos circulantes NO CIRCULANTES
Nota explicativa
Consolidado (BR GAAP e IFRS) 2011 2010
5 6 7 8 27.1. 4.2. 11
166.007 535.309 217.906 69.417 37.908 28.184 115.328 1.170.059
206.125 493.692 185.092 34.799 25.361 52.470 997.539
515.610 641.872 688.748 201.620 28.626 126.783 2.203.259
560.229 570.280 571.525 101.464 66.399 1.869.897
14 15 27.1. 16 4.2.
66.424 183.317 293.024 58.551 260.027 29.359 890.702
60.086 113.232 246.589 63.769 199.698 3.340 41.788 728.502
168.962 488.980 132.045 446.800 37.932 1.274.719
226.595 366.494 162.747 366.006 4.061 52.064 1.177.967
12.299 80.145 244.938 4.562 1.253.721 332.215 78.929 2.006.809
4.921 87.491 289.070 20.052 1.099.188 92.175 18.586 1.611.483
111.239 189.552 295.839 29.935 800.434 162.754 1.589.753
109.264 180.259 337.007 44.904 560.467 120.073 1.351.974
Emprstimos e financiamentos Obrigaes tributrias Proviso para riscos tributrios, cveis e trabalhistas Outras provises Total dos passivos no circulantes PATRIMNIO LQUIDO Capital social Reservas de capital Reservas de lucros Aes em tesouraria Dividendo adicional proposto Outros resultados abrangentes Total do patrimnio lquido dos acionistas controladores Participao dos acionistas no controladores no patrimnio lquido das controladas Total do patrimnio lquido
14 16 17 18
852.549 97.955 49.600 35.818 1.035.922
368.356 175.575 53.282 25.806 623.019
1.017.737 140.545 64.957 44.809 1.268.048
465.068 215.125 73.784 32.425 786.402
19.a)
427.073 160.313 292.457 (102.849) 490.885 (17.635) 1.250.244 1.250.244 3.176.868
418.061 149.627 282.944 (14) 430.079 (23.196) 1.257.501 1.257.501 2.609.022
427.073 160.313 292.457 (102.849) 490.885 (17.635) 1.250.244 1 1.250.245 3.793.012
418.061 149.627 282.944 (14) 430.079 (23.196) 1.257.501 1 1.257.502 3.221.871
19.c) 19.b)
TOTAL DOS ATIVOS
3.176.868
2.609.022
3.793.012
3.221.871
TOTAL DOS PASSIVOS E PATRIMNIO LQUIDO
As notas explicativas so parte integrante das demonstraes contbeis.
NATURA COSMTICOS S.A. DEMONSTRAES DO RESULTADO PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011 (Em milhares de reais - R$, exceto o lucro lquido do exerccio por ao)
Nota explicativa RECEITA LQUIDA Custo dos produtos vendidos LUCRO BRUTO (DESPESAS) RECEITAS OPERACIONAIS Com vendas Administrativas e gerais Participao dos colaboradores nos resultados Remunerao dos administradores Resultado de equivalncia patrimonial Outras receitas (despesas) operacionais, lquidas LUCRO OPERACIONAL ANTES DO RESULTADO FINANCEIRO RESULTADO FINANCEIRO Receitas financeiras Despesas financeiras LUCRO ANTES DO IMPOSTO DE RENDA E DA CONTRIBUIO SOCIAL Imposto de renda e contribuio social LUCRO LQUIDO DO EXERCCIO ATRIBUVEL A Acionistas da Sociedade Acionistas no controladores LUCRO LQUIDO DO EXERCCIO POR AO - R$ Bsico Diludo 26.1. 26.2. 9.b) 24 24 21 22
Controladora (BR GAAP) Consolidado (BR GAAP e IFRS) 2011 2010 2011 5.591.374 (1.666.300) 3.925.074 2010 5.136.712 (1.556.806) 3.579.906
5.848.777 5.514.315 (2.375.514) (2.283.926) 3.473.263 3.230.389
22 22 22 27 12 25
(1.503.069) (1.292.365) (816.818) (837.808) (3.765) (18.174) (9.443) (14.417) 54.789 25.764 43.579 456 1.238.536 1.093.845
(1.952.740) (680.730) (30.168) (9.443) 63.077 1.315.070
(1.704.322) (605.442) (70.351) (14.417) (17.468) 1.167.905
86.502 (163.247)
17.515 (58.237)
122.698 (200.038)
53.639 (103.375)
1.161.791 (330.890) 830.901
1.053.123 (309.073) 744.050
1.237.730 (406.829) 830.901
1.118.169 (374.120) 744.050
830.901 -
744.050 -
830.901 -
744.050 -
1,9320 1,9279
1,7281 1,7219
1,9320 1,9279
1,7281 1,7219
NATURA COSMTICOS S.A. DEMONSTRAES DO RESULTADO ABRANGENTE PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011 (Em milhares de reais - R$)
Nota explicativa LUCRO LQUIDO DO EXERCCIO Outros resultados abrangentesGanhos (perdas) na converso de demonstraes contbeis de controladas no exterior TOTAL DO RESULTADO ABRANGENTE DO EXERCCIO ATRIBUVEL A Acionistas da Sociedade Acionistas no controladores
Controladora (BR GAAP) 2011 830.901 2010 744.050
Consolidado (BR GAAP e IFRS) 2011 830.901 2010 744.050
12
5.561 836.462
(4.473) 739.577
5.561 836.462
(4.473) 739.577
836.462 -
739.577 -
836.462 -
739.577 -
NATURA COSMTICOS S.A. DEMONSTRAO DA MUTAO DO PATRIMNIO LQUIDO PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011 (Em milhares de reais - R$, exceto os dividendos por ao)
Reservas de capital gio na emisso/venda de aes 103.620 103.620 (377) 103.243 Reserva de incentivo fiscal Subveno para investimentos 17.378 17.378 17.378 Capital adicional integralizado 21.995 11.288 (4.654) 28.629 13.369 (2.306) 39.692 Reservas de lucros Incentivos Reteno fiscais de lucros 4.961 5.973 10.934 3.677 14.611 230.082 4.654 18.624 253.360 2.306 3.530 259.196
Nota explicativa SALDOS EM 31 DE DEZEMBRO DE 2009 Lucro lquido do exerccio Outros resultados abrangentes Total do resultado abrangente do exerccio Dividendos e juros sobre o capital prprio referentes ao exerccio de 2009 aprovados na AGO de 6 de abril de 2010 Aumento de capital por subscrio de aes Movimentao dos planos de opo de compra de aes: Outorga de opes de compra Exerccio de opes de compra Destinao do lucro lquido do exerccio: Constituio de reserva de incentivo fiscal Antecipao de dividendos e juros sobre o capital prprio Dividendos declarados em 23 de fevereiro de 2011 Juros sobre o capital prprio declarados em 23 de fevereiro de 2011 Reserva de reteno de lucros SALDOS EM 31 DE DEZEMBRO DE 2010 Lucro lquido do exerccio Outros resultados abrangentes Total do resultado abrangente do exerccio Dividendos e juros sobre o capital prprio referentes ao exerccio de 2010 aprovados na AGO de 8 de abril de 2011 Aumento de capital por subscrio de aes Aquisio de aes em tesouraria Venda de aes em tesouraria pelo exerccio de opes de compra de aes Movimentao dos planos de opo de compra de aes: Outorga de opes de compra Exerccio de opes de compra Destinao do lucro lquido do exerccio: Constituio de reserva de incentivo fiscal Antecipao de dividendos e juros sobre o capital prprio Dividendos declarados em 15 de fevereiro de 2012 Juros sobre o capital prprio declarados em 15 de fevereiro de 2012 Reserva de reteno de lucros SALDOS EM 31 DE DEZEMBRO DE 2011 19.b) 19.b) 19.b) 19.f) 23.2. 23.2. 19.a) 19.c) 19.c) 12
Capital social 404.261 13.800 418.061 9.012 427.073
Legal
Aes em tesouraria (14) (14) (104.452) 1.617 (102.849)
Participao dos acionistas Patrimnio no controladores Dividendo Outros lquido no patrimnio Patrimnio adicional Lucros resultados dos acionistas lquido das lquido proposto acumulados abrangentes controladores controladas total 357.611 (357.611) 405.623 24.456 430.079 (430.079) 467.261 23.624 490.885 744.050 744.050 (5.973) (289.374) (405.623) (24.456) (18.624) 830.901 830.901 (3.677) (332.809) (467.261) (23.624) (3.530) (18.723) (4.473) (4.473) (23.196) 5.561 5.561 (17.635) 1.139.821 744.050 (4.473) 739.577 (357.611) 13.800 11.288 (289.374) 1.257.501 830.901 5.561 836.462 (430.079) 9.012 (104.452) 1.240 13.369 (332.809) 1.250.244 1 1 1 1.139.822 744.050 (4.473) 739.577 (357.611) 13.800 11.288 (289.374) 1.257.502 830.901 5.561 836.462 (430.079) 9.012 (104.452) 1.240 13.369 (332.809) 1.250.245
18.650 18.650 18.650
19.a) 23.2. 23.2.
19.b) 19.b) 19.b) 19.f)
NATURA COSMTICOS S.A. DEMONSTRAES DO FLUXO DE CAIXA PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011 (Em milhares de reais - R$)
Nota explicativa FLUXO DE CAIXA DAS ATIVIDADES OPERACIONAIS Lucro lquido do exerccio Ajustes para reconciliar o lucro lquido do exerccio com o caixa lquido gerado pelas atividades operacionais: Depreciaes e amortizaes Proviso decorrente dos contratos de operaes com derivativos "swap" e "forward" Provises para riscos tributrios, cveis e trabalhistas Atualizao monetria de depsitos judiciais Imposto de renda e contribuio social Resultado na venda e baixa de ativo imobilizado e intangvel Resultado de equivalncia patrimonial Juros e variao cambial sobre emprstimos e financiamentos Variao cambial sobre outros ativos e passivos Despesas com planos de outorga de opes de compra de aes Proviso para desgio na alienao de crditos de ICMS Proviso para crditos de liquidao duvidosa Proviso para perdas nos estoques Proviso com plano de assistncia mdica e crditos carbono Reconhecimento de crdito tributrio de processo judicial Reconhecimento de crdito tributrio extemporneo
Consolidado (BR GAAP e IFRS) 2011 2010
830.901 13 17 9.a) 27.565 (16.442) (2.866) (28.841) 330.890 1.559 (54.789) 94.985 22 6.359 (492) 9.801 10.012 (11.887) (15.461) 1.181.316
744.050 15.305 5.477 106 (15.318) 309.073 (468) (25.764) (4.668) 4.081 9.005 3.981 10.739 1.055.598
830.901 109.921 (14.305) (7.998) (51.173) 406.829 13.457 121.674 (7.767) 13.369 323 (674) 19.725 12.384 (16.852) (40.378) 1.389.436
744.050 88.848 8.787 3.545 (18.129) 374.120 32.620 (5.137) 11.288 465 9.149 30.132 10.400 1.290.137
24
6 7 18 25 25
(AUMENTO) REDUO DOS ATIVOS Contas a receber de clientes Estoques Impostos a recuperar Outros ativos Subtotal AUMENTO (REDUO) DOS PASSIVOS Fornecedores nacionais e estrangeiros Salrios, participaes nos resultados e encargos sociais, lquidos Obrigaes tributrias Outros passivos Proviso para riscos tributrios, cveis e trabalhistas Subtotal CAIXA GERADO PELAS ATIVIDADES OPERACIONAIS OUTROS FLUXOS DE CAIXA DAS ATIVIDADES OPERACIONAIS Pagamentos de imposto de renda e contribuio social Pagamentos de recursos por liquidao de operaes com derivativos Pagamento de juros sobre emprstimos e financiamentos CAIXA LQUIDO GERADO PELAS ATIVIDADES OPERACIONAIS FLUXO DE CAIXA DAS ATIVIDADES DE INVESTIMENTO Adies de imobilizado e intangvel Recebimento pela venda de ativo imobilizado e intangvel Levantamento (pagamento) de depsitos judiciais Recebimentos de dividendos de controladas Investimentos em controladas CAIXA LQUIDO UTILIZADO NAS ATIVIDADES DE INVESTIMENTO FLUXO DE CAIXA DAS ATIVIDADES DE FINANCIAMENTO Amortizao de emprstimos e financiamentos - principal Captaes de emprstimos e financiamentos Pagamento de dividendos e juros sobre o capital prprio referentes ao exerccio anterior Antecipao de dividendos e juros sobre o capital prprio referentes ao exerccio corrente Compra de aes em tesouraria Utilizao de aes em tesouraria pelo exerccio de opes de compra de aes Aumento de capital por subscrio (353.289 aes ordinrias ao preo mdio de R$39,69) CAIXA LQUIDO UTILIZADO NAS ATIVIDADES DE FINANCIAMENTO Efeito de variao cambial sobre o caixa e equivalentes de caixa AUMENTO (REDUO) NO CAIXA E EQUIVALENTES DE CAIXA Saldo inicial do caixa e equivalentes de caixa Saldo final do caixa e equivalentes de caixa AUMENTO (REDUO) NO CAIXA E EQUIVALENTES DE CAIXA ITENS QUE NO AFETAM O CAIXA Financiamento (leasing) de ativo imobilizado Compensao de passivo tributrio com depsito judicial INFORMAES ADICIONAIS S DEMONSTRAES DOS FLUXOS DE CAIXA Numerrios com utilizao restrita Limites de contas garantidas sem utilizao
(41.125) (42.615) (14.648) (171.952) (270.340)
(88.052) (77.360) 97.664 (43.394) (111.142)
(70.918) (136.948) (45.224) (157.950) (411.040)
(126.561) (92.106) 45.134 (41.418) (214.951)
69.443 (5.218) 28.692 34.006 (816) 126.107 1.037.083
28.761 7.019 74.726 62.565 (2.673) 170.398 1.114.854
121.752 (30.702) 24.060 (14.132) (829) 100.149 1.078.545
111.212 31.955 50.844 34.528 (2.658) 225.881 1.301.067
(255.182) (15.082) (57.812) 709.007
(221.535) (9.006) (35.405) 848.908
(319.623) (18.382) (76.700) 663.840
(269.001) (13.378) (44.902) 973.785
13
12
(277.036) 2.535 72.973 34.000 (121.173) (288.701)
(66.870) 3.174 (86.096) 30.000 (117.486) (237.278)
(346.367) 3.726 92.341 (250.300)
(236.876) 9.864 (86.524) (313.536)
19.b)
(425.383) 822.047 (430.079) (332.809) (104.452) 1.240 9.012 (460.424) (40.118) 206.125 166.007 (40.118)
(592.075) 565.293 (357.611) (289.375) 13.800 (659.968) (48.338) 254.463 206.125 (48.338)
(648.687) 1.045.702 (430.079) (332.809) (104.452) 1.240 9.012 (460.073) 1.914 (44.619) 560.229 515.610 (44.619)
(781.931) 819.275 (357.611) (289.375) 13.800 (595.841) (4.473) 59.935 500.294 560.229 59.935
13 17
56.694 114.345
56.694 114.345
11
117.900
147.900
6.757 235.500
6.155 265.500
NATURA COSMTICOS S.A. DEMONSTRAES DO VALOR ADICIONADO PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011 (Em milhares de reais - R$, exceto informao suplementar)
Nota explicativa
Controladora (BR GAAP) Consolidado (BR GAAP) 2011 2010 2011 2010
RECEITAS Vendas de mercadorias, produtos e servios Outras receitas (despesas) operacionais, lquidas Constituio de proviso para crditos de liquidao duvidosa INSUMOS ADQUIRIDOS DE TERCEIROS Custo dos produtos vendidos e dos servios prestados Materiais, energia, servios de terceiros e outros VALOR ADICIONADO BRUTO RETENES Depreciaes e amortizaes VALOR ADICIONADO PRODUZIDO PELA SOCIEDADE VALOR ADICIONADO RECEBIDO EM TRANSFERNCIA Resultado de equivalncia patrimonial Receitas financeiras - incluem variaes monetrias e cambiais VALOR ADICIONADO TOTAL A DISTRIBUIR DISTRIBUIO DO VALOR ADICIONADO Pessoal e encargos sociais Impostos, taxas e contribuies Despesas financeiras e aluguis Dividendos Juros sobre o capital prprio Lucros retidos 12 24 13 25 6
6.847.933 6.887.213 43.580 (82.860)
6.394.783 6.477.739 456 (83.412)
7.499.050 7.524.250 63.078 (88.278)
6.850.225 6.951.106 (17.468) (83.412)
(4.538.955) (4.278.970) (4.362.838) (3.707.385) (2.610.197) (2.488.991) (2.624.578) (2.355.631) (1.928.758) (1.789.979) (1.738.260) (1.351.754) 2.308.978 (27.565) (27.565) 2.281.413 141.291 54.789 86.502 2.422.704 2.115.813 (15.305) (15.305) 2.100.508 43.279 25.764 17.515 2.143.786 3.136.212 (109.921) (109.921) 3.026.291 122.698 122.698 3.148.989 3.142.841 (88.848) (88.848) 3.053.993 53.639 53.639 3.107.632
(2.422.704) (2.143.786) (3.148.989) (3.107.632) (250.870) (222.957) (634.261) (769.245) (1.182.449) (1.111.331) (1.472.345) (1.476.512) (158.485) (65.448) (211.483) (117.825) (762.563) (659.570) (762.563) (659.570) (61.130) (59.883) (61.130) (59.883) (7.207) (24.597) (7.207) (24.597)
Informaes suplementares s demonstraes do valor adicionado: Dos valores registrados na rubrica "Impostos, taxas e contribuies" em 2011 e 2010, os montantes de R$442.063 e R$454.114, respectivamente, referem-se ao Imposto sobre Circulao de Mercadorias e Servios - Substituio Tributria - ICMS - ST incidente sobre a margem de lucro presumida definida pelas Secretarias das Fazendas Estaduais, obtida nas vendas realizadas pelos(as) Consultores(as) Natura para o consumidor final. Para a anlise desse impacto tributrio nas demonstraes do valor adicionado, tais valores devem ser deduzidos daqueles registrados na rubrica "Vendas de mercadorias, produtos e servios" e da prpria rubrica "Impostos, taxas e contribuies", uma vez que os valores das receitas de vendas no incluem o lucro presumido dos(as) Consultores(as) Natura na venda dos produtos, nos montantes de R$2.906.137 e R$2.738.227, em 2011 e 2010, respectivamente, considerando-se a margem presumida de lucro de 30%.
NATURA COSMTICOS S.A. NOTAS EXPLICATIVAS S DEMONSTRAES CONTBEIS INDIVIDUAIS E CONSOLIDADAS PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011 (Valores expressos em milhares de reais - R$, exceto se de outra forma indicado) 1. INFORMAES GERAIS A Natura Cosmticos S.A. (Sociedade) uma sociedade annima de capital aberto listada no segmento especial denominado Novo Mercado da BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros, sob o cdigo NATU3, com sede em Itapecerica da Serra, Estado de So Paulo. Suas atividades e as de suas controladas (doravante denominadas Sociedades) compreendem o desenvolvimento, a industrializao, a distribuio e a comercializao de cosmticos, fragrncias em geral e produtos de higiene pessoal, substancialmente por meio de vendas diretas realizadas pelos(as) Consultores(as) Natura, bem como a participao como scia ou acionista em outras sociedades no Brasil e no exterior. 2. RESUMO DAS PRINCIPAIS PRTICAS CONTBEIS 2.1. Declarao de conformidade e base de preparao As demonstraes contbeis da Sociedade compreendem: As demonstraes contbeis consolidadas preparadas de acordo com as Normas Internacionais de Relatrio Financeiro (IFRSs) emitidas pelo International Accounting Standards Board - IASB e as prticas contbeis adotadas no Brasil, identificadas como consolidado - IFRS e BR GAAP. As demonstraes contbeis individuais da controladora preparadas de acordo com as prticas contbeis adotadas no Brasil, identificadas como controladora - BR GAAP. As prticas contbeis adotadas no Brasil compreendem aquelas includas na legislao societria brasileira e os pronunciamentos tcnicos e as orientaes e interpretaes tcnicas emitidos pelo Comit de Pronunciamentos Contbeis - CPC e aprovados pela Comisso de Valores Mobilirios - CVM. As demonstraes contbeis individuais apresentam a avaliao dos investimentos em controladas, empreendimentos controlados em conjunto e coligadas pelo mtodo da equivalncia patrimonial, de acordo com a legislao brasileira vigente. Dessa forma, essas demonstraes contbeis individuais no so consideradas como estando conforme as IFRSs, que exigem a avaliao desses investimentos nas demonstraes separadas da controladora pelo seu valor justo ou pelo custo de aquisio.
Como no existe diferena entre o patrimnio lquido consolidado e o resultado consolidado atribuveis aos acionistas da controladora, constantes nas demonstraes contbeis consolidadas preparadas de acordo com as IFRSs e as prticas contbeis adotadas no Brasil, e o patrimnio lquido e o resultado da controladora, constantes nas demonstraes contbeis individuais preparadas de acordo com as prticas contbeis adotadas no Brasil, a Sociedade optou por apresentar essas demonstraes contbeis individuais e consolidadas em um nico conjunto, lado a lado. As demonstraes contbeis foram elaboradas com base no custo histrico, exceto por determinados instrumentos financeiros mensurados pelos seus valores justos, conforme descrito nas prticas contbeis a seguir. O custo histrico geralmente baseado no valor justo das contraprestaes pagas em troca de ativos. As principais prticas contbeis aplicadas na preparao das demonstraes contbeis consolidadas esto definidas a seguir. Essas prticas foram aplicadas de modo consistente no exerccio anterior apresentado, salvo disposio em contrrio. 2.2. Consolidao a) Controladas e controladas em conjunto Controladas so todas as entidades que a Sociedade tem o poder de governar as polticas financeiras e operacionais para obter benefcios de suas atividades e nas quais normalmente h uma participao societria superior a 50%. Nos casos aplicveis, a existncia e o efeito de potenciais direitos de voto, que so atualmente exercveis ou conversveis, so levados em considerao ao avaliar se a Sociedade controla ou no outra entidade. As controladas so integralmente consolidadas a partir da data em que o controle transferido Sociedade e deixam de ser consolidadas, nos casos aplicveis, a partir da data em que o controle deixa de existir. Nos casos em que o controle tido em conjunto, a consolidao das demonstraes contbeis feita proporcionalmente ao percentual de participao. b) Sociedades includas nas demonstraes contbeis consolidadas Participao - % 2011 2010 Participao direta: Indstria e Comrcio de Cosmticos Natura Ltda. Natura Cosmticos S.A. - Chile Natura Cosmticos S.A. - Peru Natura Cosmticos S.A. - Argentina Natura Inovao e Tecnologia de Produtos Ltda. Natura Cosmticos y Servicios de Mexico, S.A. de C.V. Natura Cosmticos de Mexico, S.A. de C.V. Natura Distribuidora de Mexico, S.A. de C.V. Natura Cosmticos Ltda. - Colmbia Natura Cosmticos Espaa S.L. - Espanha Natura (Brasil) International B.V. - Holanda 99,99 99,99 99,99 99,99 99,94 99,94 99,97 99,97 99,99 99,99 99,99 99,99 99,99 99,99 99,99 99,99 99,99 99,99 100,00 100,00 100,00 100,00
10
Participao - % 2011 2010 Participao indireta: Via Indstria e Comrcio de Cosmticos Natura Ltda.: Natura Logstica e Servios Ltda. Via Natura Inovao e Tecnologia de Produtos Ltda.: Ybios S.A. (consolidao proporcional - controle conjunto) Natura Innovation et Technologie de Produits SAS - Frana Via Natura (Brasil) International B.V. - Holanda: Natura Brasil Inc. - EUA - Delaware Natura International Inc. - EUA - Nova York Natura Worldwide Trading Company - Costa Rica Natura Brasil SAS - Frana Natura Brasil Inc. - EUA - Nevada Natura Europa SAS - Frana
99,99
99,99
43,33 42,11 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
Na elaborao das demonstraes contbeis consolidadas, foram utilizadas demonstraes encerradas na mesma data-base e consistentes com as prticas contbeis da Sociedade. Foram eliminados os investimentos na proporo da participao da investidora nos patrimnios lquidos e nos resultados das controladas, os saldos ativos e passivos, as receitas e despesas e os resultados no realizados, lquidos de imposto de renda e contribuio social, decorrentes de operaes entre as empresas. As atividades das controladas diretas e indiretas so como segue: Indstria e Comrcio de Cosmticos Natura Ltda.: suas atividades concentram-se, preponderantemente, na industrializao e comercializao dos produtos da marca Natura para a Natura Cosmticos S.A. - Brasil, Natura Cosmticos S.A. - Chile, Natura Cosmticos S.A. - Peru, Natura Cosmticos S.A. - Argentina, Natura Cosmticos Ltda. - Colmbia, Natura Europa SAS - Frana e Natura Cosmticos de Mexico, S.A. de C.V.. Natura Cosmticos S.A. - Chile, Natura Cosmticos S.A. - Peru, Natura Cosmticos S.A. - Argentina, Natura Cosmticos Ltda. - Colmbia e Natura Distribuidora de Mexico, S.A. de C.V.: suas atividades so semelhantes s atividades desenvolvidas pela controladora Natura Cosmticos S.A. - Brasil. Natura Inovao e Tecnologia de Produtos Ltda.: suas atividades concentram-se em desenvolvimento de produtos e tecnologias e pesquisa de mercado. controladora integral da Natura Innovation et Technologie de Produits SAS Frana, centro satlite de pesquisa e tecnologia inaugurado durante o ano 2007, em Paris. Natura Europa SAS - Frana: suas atividades concentram-se na compra, venda, importao, exportao e distribuio de cosmticos, fragrncias em geral e produtos de higiene.
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Natura Cosmticos de Mexico, S.A. de C.V.: suas atividades concentram-se na importao e comercializao de cosmticos, fragrncias em geral e produtos de higiene pessoal para a Natura Distribuidora de Mexico, S.A. de C.V.. Natura Cosmticos y Servicios de Mexico, S.A. de C.V.: suas atividades concentram-se na prestao de servios administrativos e logsticos s empresas Natura Cosmticos de Mexico, S.A. de C.V. e Natura Distribuidora de Mexico, S.A. de C.V.. Natura Cosmticos Espaa S.L.: encontra-se em fase pr-operacional e suas atividades consistiro nas mesmas atividades desenvolvidas pela controladora Natura Cosmticos S.A. - Brasil. Natura Logstica e Servios Ltda.: suas atividades concentram-se na prestao de servios administrativos e logsticos para as sociedades sediadas no Brasil. Natura Innovation et Technologie de Produits SAS - Frana: suas atividades concentram-se em pesquisas nas reas de testes in vitro, alternativos aos testes em animais, para estudo da segurana e eficcia de princpios ativos, tratamento de pele e novos materiais de embalagens. Ybios S.A.: suas atividades concentram-se na pesquisa, na gesto, no desenvolvimento de projetos, produtos e servios voltados para a rea de biotecnologia, podendo, inclusive, firmar acordos e parcerias com universidades, fundaes, empresas, cooperativas e associaes, entre outras entidades pblicas e privadas, na prestao de servios na rea de biotecnologia e na participao em outras sociedades. Por ser uma controlada em conjunto, cujas demonstraes contbeis foram includas proporcionalmente nas demonstraes contbeis consolidadas da Sociedade, a seguir so demonstradas as principais contas do grupo de ativo, passivo e resultado, includas nas demonstraes contbeis consolidadas razo de 43,33% de participao (42,11% em 31 de dezembro de 2010), aps os ajustes de eliminao da participao societria: 2011 Ativo circulante Ativo imobilizado Passivo circulante Receita lquida do exerccio Prejuzo do exerccio 567 56 30 128 (1.086) 2010 630 98 87 1.098 (682)
Natura Europa SAS - Frana e Natura Cosmetics USA Co.: em janeiro de 2009 as cotas correspondentes ao capital social dessas controladas foram conferidas como aporte de capital na empresa holding Natura (Brasil) International B.V. Holanda, passando a Sociedade a possuir a correspondente participao indireta nessas empresas por intermdio dessa empresa holding sediada na Holanda.
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c) Encerramento de atividades de controladas Em reunies do Conselho de Administrao realizadas em julho e outubro de 2009, foi aprovado o encerramento das operaes da controlada Natura Cosmticos C.A. Venezuela, gerando a necessidade de constituio de proviso para perdas na realizao de ativos. Em 31 de dezembro de 2011, o saldo dos ativos lquidos da Natura Cosmticos C.A. Venezuela, registrado nas demonstraes contbeis consolidadas da Sociedade, deduzido de provises para eventuais perdas na desvalorizao de ativos e exigibilidade de passivos no processo de encerramento das referidas operaes, era de R$306. 2.3. Apresentao de informaes por segmentos As informaes por segmentos operacionais so apresentadas de modo consistente com o relatrio interno fornecido para o principal tomador de decises operacionais. O principal tomador de decises operacionais, responsvel pela alocao de recursos e pela avaliao de desempenho dos segmentos operacionais, representado pelo Comit Executivo da Sociedade. 2.4. Converso para moeda estrangeira a) Moeda funcional Os itens includos nas demonstraes contbeis da controladora e de cada uma das empresas includas nas demonstraes contbeis consolidadas so mensurados usando a moeda do principal ambiente econmico no qual as empresas atuam (moeda funcional). b) Transaes e saldos em moeda estrangeira As transaes em moeda estrangeira so convertidas para a moeda funcional da Sociedade (reais) utilizando as taxas de cmbio vigentes nas datas das transaes. Os saldos das contas de balano so convertidos pela taxa de cmbio vigente nas datas dos balanos. Os ganhos e as perdas de variao cambial resultantes da liquidao dessas transaes e da converso de ativos e passivos monetrios denominados em moeda estrangeira so reconhecidos no resultado do exerccio, nas rubricas Receitas financeiras e Despesas financeiras. c) Moeda de apresentao e converso das demonstraes contbeis As demonstraes contbeis so apresentadas em reais (R$), que correspondem moeda de apresentao da Sociedade. Na elaborao das demonstraes contbeis consolidadas, as demonstraes do resultado e dos fluxos de caixa e todas as outras movimentaes de ativos e passivos das controladas no exterior, cuja moeda funcional a moeda local, so convertidas para reais taxa de cmbio mdia mensal, que se aproxima da taxa de cmbio vigente na data das correspondentes transaes. O balano patrimonial convertido para reais s taxas de cmbio do encerramento de cada exerccio.
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Os efeitos das variaes da taxa de cmbio resultantes dessas converses so apresentados sob a rubrica Outros resultados abrangentes nas demonstraes do resultado abrangente e no patrimnio lquido. No caso de alienao total ou parcial de uma participao em uma empresa, mediante venda ou como resultado de pagamento de capital, a diferena cambial acumulada reconhecida na demonstrao do resultado como parte do ganho ou da perda na alienao do investimento. 2.5. Caixa e equivalentes de caixa Incluem caixa, depsitos bancrios vista e aplicaes financeiras realizveis em at 90 dias da data da aplicao ou considerados de liquidez imediata ou conversveis em um montante conhecido de caixa e que esto sujeitos a um risco insignificante de mudana de valor, os quais so registrados pelos valores de custo, acrescidos dos rendimentos auferidos at as datas dos balanos, que no excedem o seu valor de mercado ou de realizao. 2.6. Instrumentos financeiros 2.6.1. Categorias A categoria depende da finalidade para a qual os ativos e passivos financeiros foram adquiridos ou contratados e determinada no reconhecimento inicial dos instrumentos financeiros. Os ativos financeiros mantidos pela Sociedade so classificados sob as seguintes categorias: Ativos financeiros mensurados ao valor justo por meio do resultado So ativos financeiros mantidos para negociao, quando so adquiridos para esse fim, principalmente no curto prazo e so mensurados ao valor justo na data das demonstraes contbeis, sendo as variaes reconhecidas no resultado. Os instrumentos financeiros derivativos tambm so classificados nessa categoria. Os ativos dessa categoria so classificados no ativo circulante. No caso da Sociedade, nessa categoria esto includos unicamente os instrumentos financeiros derivativos. Os saldos dos instrumentos derivativos no liquidados so mensurados ao valor justo na data das demonstraes contbeis e classificados no ativo ou no passivo circulante, sendo as variaes no valor justo registradas, respectivamente, nas rubricas Receitas financeiras ou Despesas financeiras. Ativos financeiros mantidos at o vencimento Compreendem investimentos em determinados ativos financeiros classificados no momento inicial da contratao, para serem levados at a data de vencimento, os quais so mensurados ao custo amortizado pelo mtodo de taxa de juros efetiva.
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Ativos financeiros disponveis para venda Quando aplicvel, so includos nessa classificao os ativos financeiros no derivativos, que sejam designados como disponveis para venda ou no sejam classificados como: (a) emprstimos e recebveis; (b) investimentos mantidos at o vencimento; ou (c) ativos financeiros a valor justo por meio do resultado. Em 31 de dezembro de 2011 e de 2010, a Sociedade no possua ativos financeiros registrados nas demonstraes contbeis sob essa classificao. Emprstimos e recebveis So includos nessa classificao os ativos financeiros no derivativos com recebimentos fixos ou determinveis, que no so cotados em um mercado ativo. So registrados no ativo circulante, exceto, nos casos aplicveis, aqueles com prazo de vencimento superior a 12 meses aps a data do balano, os quais so classificados como ativo no circulante. Em 31 de dezembro de 2011 e de 2010, no caso da Sociedade, compreendem caixa e equivalentes de caixa (nota explicativa n 5) e contas a receber de clientes (nota explicativa n 6). Os passivos financeiros mantidos pela Sociedade so classificados sob as seguintes categorias: Passivos financeiros mensurados ao valor justo por meio do resultado So classificados como ao valor justo por meio do resultado quando so mantidos para negociao ou designados ao valor justo por meio do resultado. Outros passivos financeiros So mensurados ao custo amortizado utilizando o mtodo de juros efetivos. Em 31 de dezembro de 2011 e de 2010, no caso da Sociedade, compreendem emprstimos e financiamentos (nota explicativa n 14) e saldos a pagar a fornecedores nacionais e estrangeiros. 2.6.2. Mensurao As compras e vendas regulares de ativos financeiros so reconhecidas na data da negociao, ou seja, na data em que a Sociedade se compromete a comprar ou vender o ativo. Os emprstimos e recebveis e ativos financeiros mantidos at o vencimento so mensurados ao custo amortizado. Os ativos financeiros a valor justo por meio do resultado so, inicialmente, reconhecidos pelo valor justo, e os custos de transao so registrados na demonstrao do resultado. Os ganhos ou as perdas decorrentes de variaes no valor justo de ativos financeiros mensurados ao valor justo por meio do resultado so registrados na demonstrao do resultado nas rubricas Receitas financeiras ou Despesas financeiras, respectivamente, no perodo em que ocorrem. Para os ativos financeiros classificados como Disponveis para venda, quando aplicvel, essas variaes so registradas na rubrica Outros resultados abrangentes, no resultado abrangente e no patrimnio lquido, at o momento da liquidao do ativo financeiro, quando, por fim, so reclassificadas para o resultado do exerccio.
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2.6.3. Compensao de instrumentos financeiros Ativos e passivos financeiros so compensados e o valor lquido apresentado no balano patrimonial quando h um direito legalmente aplicvel de compensar os valores reconhecidos e h a inteno de liquid-los em uma base lquida ou realizar o ativo e liquidar o passivo simultaneamente. 2.6.4. Instrumentos financeiros derivativos e contabilizao de hedge As operaes com instrumentos financeiros derivativos, contratadas pela Sociedade e por suas controladas, resumem-se em swap e compra a termo de moeda (Non Deliverable Forward - NDF), que visam exclusivamente proteo contra riscos cambiais associados a posies no balano patrimonial, alm dos fluxos de caixa dos aportes de capital nas controladas projetados em moedas estrangeiras. So mensurados ao seu valor justo, com as variaes registradas contra o resultado do exerccio, exceto quando designados em uma contabilidade de hedge de fluxo de caixa, cujas variaes no valor justo so registradas na rubrica Outros resultados abrangentes no patrimnio lquido. O valor justo dos instrumentos financeiros derivativos calculado pela tesouraria da Sociedade com base nas informaes de cada operao contratada e nas respectivas informaes de mercado nas datas de encerramento das demonstraes contbeis, tais como taxas de juros e cmbio. Nos casos aplicveis, tais informaes so comparadas com as posies informadas pelas mesas de operao de cada instituio financeira envolvida. Embora as Sociedades faam uso de derivativos com o objetivo de proteo (hedge), estas no adotam a prtica contbil de contabilizao de instrumentos de proteo (hedge accounting). Os valores justos dos instrumentos financeiros derivativos esto divulgados na nota explicativa n 4. 2.6.5. Mtodo de juros efetivos utilizado para calcular o custo amortizado de um instrumento da dvida e alocar sua receita de juros ao longo do perodo correspondente. A taxa de juros efetiva desconta exatamente os recebimentos de caixa futuros estimados (incluindo todos os honorrios e pontos pagos ou recebidos que sejam parte integrante da taxa de juros efetiva, os custos da transao e outros prmios ou dedues) durante a vida estimada do instrumento da dvida ou, quando apropriado, durante um perodo menor, para o valor contbil lquido na data do reconhecimento inicial. A receita reconhecida com base nos juros efetivos para os instrumentos de dvida no caracterizados como ativos financeiros ao valor justo por meio do resultado.
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2.7. Contas a receber de clientes e proviso para crditos de liquidao duvidosa As contas a receber de clientes so registradas pelo valor nominal e deduzidas da proviso para crditos de liquidao duvidosa, a qual constituda utilizando o histrico de perdas por faixas de vencimento, sendo considerada suficiente pela Administrao para cobrir eventuais perdas, conforme os valores demonstrados na nota explicativa n 6. 2.8. Estoques Registrados pelo custo mdio de aquisio ou produo, ajustados ao valor realizvel lquido, quando este for menor que o custo. Os detalhes esto divulgados na nota explicativa n 7. 2.9. Investimentos em controladas, coligadas e controladas em conjunto A Sociedade possui participaes em controladas, coligadas e controladas em conjunto (controle compartilhado). As controladas so empresas nas quais a Sociedade possui controle. Controle o poder de governar as polticas financeiras e operacionais de uma empresa, a fim de obter benefcios de suas atividades, o que em geral consiste na capacidade de exercer a maioria dos direitos de voto. Os potenciais direitos de voto so considerados na avaliao do controle exercido pela Sociedade sobre outra entidade, quando puderem ser exercidos no momento de tal avaliao. Uma coligada uma entidade sobre a qual a Sociedade possui influncia significativa e que no se configura como uma controlada nem como uma participao em um empreendimento sob controle comum (joint venture). Influncia significativa o poder de participar nas decises sobre as polticas financeiras e operacionais da investida, sem exercer controle individual ou conjunto sobre essas polticas. As investidas com controle compartilhado so entidades controladas em conjunto, em que os empreendedores tm um acordo contratual que estabelece o controle conjunto sobre as atividades econmicas da entidade. Os investimentos em controladas, coligadas e controladas em conjunto so contabilizados pelo mtodo de equivalncia patrimonial. As demonstraes contbeis das controladas, coligadas e controladas em conjunto so elaboradas para a mesma data-base de apresentao da controladora. Sempre que necessrio, so realizados ajustes para adequar as prticas contbeis s da Sociedade. De acordo com o mtodo da equivalncia patrimonial, a parcela atribuvel Sociedade sobre o lucro ou prejuzo lquido do perodo desses investimentos registrada na demonstrao do resultado sob a rubrica Resultado de equivalncia patrimonial. Ganhos e perdas no realizados decorrentes de transaes entre a controladora e as investidas so eliminados com base no percentual de participao nas investidas. Os outros resultados abrangentes de controladas, coligadas e controladas em conjunto so registrados diretamente no patrimnio lquido da Sociedade sob a rubrica Outros resultados abrangentes.
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2.10. Imobilizado Avaliado ao custo de aquisio e/ou construo, acrescido de juros capitalizados durante o perodo de construo, quando aplicvel, para os casos de ativos qualificveis, e reduzido pela depreciao acumulada e pelas perdas por impairment, quando aplicvel. Os direitos que tenham por objeto bens corpreos destinados manuteno das atividades da Sociedade e de suas controladas, originados de operaes de arrendamento mercantil do tipo financeiro, so registrados como se fosse uma compra financiada, reconhecendo no incio de cada operao um ativo imobilizado e um passivo de financiamento, sendo os ativos tambm submetidos s depreciaes calculadas de acordo com as vidas teis estimadas dos respectivos bens. Terrenos no so depreciados. A depreciao dos demais ativos calculada pelo mtodo linear, para distribuir seu valor de custo ao longo da vida til estimada, como segue: Anos Edificaes Mquinas e equipamentos Moldes Instalaes e benfeitorias de terceiros Mveis e utenslios Veculos As vidas teis so revisadas anualmente. Os ganhos e as perdas em alienaes so apurados comparando-se o valor da venda com o valor residual contbil e so reconhecidos na demonstrao do resultado. 2.11. Intangvel 2.11.1 Softwares As licenas de programas de computador (softwares) e de sistemas de gesto empresarial adquiridas so capitalizadas e amortizadas conforme as taxas descritas na nota explicativa n 13 e os gastos associados manuteno so reconhecidos como despesas quando incorridos. Os gastos com aquisio e implementao de sistemas de gesto empresarial so capitalizados como ativo intangvel quando h evidncias de gerao de benefcios econmicos futuros, considerando sua viabilidade econmica e tecnolgica. Os gastos com desenvolvimento de software reconhecidos como ativos so amortizados pelo mtodo linear ao longo de sua vida til estimada. As despesas relacionadas manuteno de software so reconhecidas no resultado do exerccio quando incorridas. 25 13 3 5 - 13 14 3
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2.11.2 Marcas e patentes As marcas e patentes adquiridas separadamente so demonstradas pelo custo histrico. As marcas e patentes adquiridas em uma combinao de negcios so reconhecidas pelo valor justo na data da aquisio. A amortizao calculada pelo mtodo linear, com base nas taxas demonstradas na nota explicativa n 13. 2.11.3 Crditos de carbono - Programa Carbono Neutro Em 2007, a Sociedade assumiu com seus colaboradores, clientes, fornecedores e acionistas o compromisso de ser uma empresa Carbono Neutro, que consiste em neutralizar suas emisses de Gases do Efeito Estufa - GEE, em sua cadeia completa de produo, desde a extrao das matrias-primas at o ps-consumo. Esse compromisso, apesar de no ser uma obrigao legal, j que o Brasil no adotou as exigncias do protocolo de Kioto, considerado uma obrigao construtiva, conforme o CPC 25 - Provises, Passivos Contingentes e Ativos Contingentes, que determina o reconhecimento de uma proviso nas demonstraes contbeis se esta for passvel de desembolso e mensurvel. O passivo estimado atravs dos inventrios auditados de emisso de carbono realizados anualmente e valorizado com base nos preos mdios de aquisio de toneladas dos contratos em vigor e nos preos estimados para as prximas aquisies. Em 31 de dezembro de 2011, o saldo registrado no passivo na rubrica Outras provises (vide nota explicativa n 18) refere-se ao total das emisses de carbono do perodo de 2007 a 2011 que ainda no foram neutralizadas atravs dos projetos correspondentes; portanto, no h efetivao do certificado de carbono. Em linha com suas crenas e princpios, a Sociedade optou por no realizar aquisies diretas de crditos de carbono, mas sim investir em projetos socioambientais em comunidades. Dessa forma, os gastos incorridos geraro crditos de carbono aps a finalizao ou maturao desses projetos. Durante referido perodo, os gastos foram registrados a valor de custo como um ativo intangvel (vide nota explicativa n 13), j que representam um direito futuro de uso. Em 31 de dezembro de 2011, o saldo registrado no ativo intangvel refere-se aos gastos incorridos com projetos socioambientais que geraro Sociedade certificados futuros de carbono. No momento em que os respectivos certificados de carbonos so efetivamente entregues Sociedade, a obrigao de ser Carbono Neutro efetivamente cumprida; portanto, os saldos de ativos so compensados com os saldos de passivos. A diferena entre os saldos de ativo e de passivo em 31 de dezembro de 2011 refere-se ao valor de caixa que a Sociedade ainda desembolsar com outros projetos socioambientais para futura gerao de certificados. Essa metodologia contbil foi elaborada de acordo com a IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, que determina que na ausncia de um pronunciamento, ou uma interpretao ou orientao aplicados especificamente a uma transao, a Administrao dever exercer seu julgamento no desenvolvimento e na aplicao de uma poltica contbil que resulte em informao que seja relevante para a tomada de deciso por parte dos usurios e confivel, de tal modo que as demonstraes contbeis representem adequadamente a posio patrimonial e financeira, o desempenho financeiro e os fluxos de caixa da entidade.
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2.12. Gastos com pesquisa e desenvolvimento de produtos Dados o alto ndice de inovao e a taxa de rotao de produtos na carteira de vendas da Sociedade, esta adota como prtica contbil registrar como despesa do exerccio, quando incorridos, os gastos com pesquisa e desenvolvimento de seus produtos. Os detalhes esto divulgados na nota explicativa n 22. 2.13. Arrendamento mercantil A classificao dos contratos de arrendamento mercantil realizada no momento da sua contratao. Os arrendamentos nos quais uma parcela significativa dos riscos e benefcios da propriedade retida pelo arrendador so classificados como arrendamentos operacionais. Os pagamentos efetuados para arrendamentos operacionais so registrados como despesa do exerccio pelo mtodo linear, durante o perodo do arrendamento. Os arrendamentos nos quais a Sociedade e suas controladas detm, substancialmente, todos os riscos e as recompensas da propriedade so classificados como arrendamentos financeiros. Estes so capitalizados no balano patrimonial no incio do arrendamento pelo menor valor entre o valor justo do bem arrendado e o valor presente dos pagamentos mnimos do arrendamento. Cada parcela paga do arrendamento alocada parte ao passivo e parte aos encargos financeiros, para que, dessa forma, seja obtida uma taxa de juros efetiva constante sobre o saldo da dvida em aberto. As obrigaes correspondentes, lquidas dos encargos financeiros, so classificadas nos passivos circulante e no circulante de acordo com o prazo do contrato. O bem do imobilizado adquirido por meio de arrendamentos financeiros depreciado durante a vida til-econmica do ativo, conforme mencionado na nota explicativa n 2.10, ou de acordo com o prazo do contrato de arrendamento, quando este for menor. 2.14. Avaliao do valor recupervel dos ativos Os bens do imobilizado e intangvel e, quando aplicvel, outros ativos no circulantes so avaliados anualmente para identificar evidncias de perdas no recuperveis, ou, ainda, sempre que eventos ou alteraes significativas nas circunstncias indicarem que o valor contbil pode no ser recupervel. Quando aplicvel, se houver perda decorrente das situaes em que o valor contbil do ativo ultrapasse seu valor recupervel, definido pelo maior entre o valor em uso do ativo e o seu valor lquido de venda, ela reconhecida no resultado do exerccio. Para fins de avaliao do valor recupervel, os ativos so agrupados nos menores nveis para os quais existam fluxos de caixa identificveis separadamente (Unidades Geradoras de Caixa - UGCs). 2.15. Contas a pagar aos fornecedores Reconhecidas pelo valor nominal e acrescidas, quando aplicvel, dos correspondentes encargos e das variaes monetrias e cambiais incorridos at as datas dos balanos.
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2.16. Emprstimos e financiamentos Reconhecidos pelo valor justo, no momento do recebimento dos recursos, lquidos dos custos de transao nos casos aplicveis e acrescidos de encargos, juros e variaes monetrias e cambiais conforme previsto contratualmente, incorridos at as datas dos balanos, conforme demonstrado na nota explicativa n 14. 2.17. Provises para riscos tributrios, cveis e trabalhistas Reconhecidas quando a Sociedade e suas controladas tm uma obrigao presente ou no formalizada como resultado de eventos passados, sendo provvel que uma sada de recursos seja necessria para liquidar a obrigao e o valor possa ser estimado com segurana. As provises so quantificadas ao valor presente do desembolso esperado para liquidar a obrigao, sendo utilizada a taxa adequada de desconto de acordo com os riscos relacionados ao passivo. So atualizadas at as datas dos balanos pelo montante estimado das perdas provveis, observadas suas naturezas e apoiadas na opinio dos assessores legais da Sociedade. Os fundamentos e a natureza das provises para riscos tributrios, cveis e trabalhistas esto descritos na nota explicativa n 17. 2.18. Imposto de renda e contribuio social - correntes e diferidos Reconhecidos na demonstrao do resultado do exerccio, exceto, nos casos aplicveis, na proporo em que estiverem relacionados com itens reconhecidos diretamente no patrimnio lquido. Nesse caso, os tributos so reconhecidos tambm diretamente no patrimnio lquido, na rubrica Outros resultados abrangentes. Exceto pelas controladas localizadas no exterior, onde so observadas as alquotas fiscais vlidas para cada um dos pases em que se situam essas controladas, o imposto de renda e a contribuio social da Sociedade e das controladas no Brasil so calculados s alquotas de 25% e 9%, respectivamente. A despesa de imposto de renda e contribuio social - correntes calculada com base nas leis e nos normativos tributrios promulgados na data de encerramento do exerccio, de acordo com os regulamentos tributrios brasileiros. A Administrao avalia periodicamente as posies assumidas na declarao de renda com respeito a situaes em que a regulamentao tributria aplicvel est sujeita interpretao que possa ser eventualmente divergente e constitui provises, quando adequado, com base nos valores que espera pagar ao Fisco. O imposto de renda e a contribuio social - diferidos so calculados sobre as diferenas temporrias entre as bases fiscais dos ativos e passivos e seus valores contbeis. O imposto de renda e a contribuio social - diferidos so determinados usando as alquotas de imposto promulgadas nas datas dos balanos e que devem ser aplicadas quando o respectivo imposto de renda e a contribuio social - diferidos ativos forem realizados ou quando o imposto de renda e a contribuio social - diferidos passivos forem liquidados. O imposto de renda e a contribuio social - diferidos ativos so reconhecidos somente na proporo da probabilidade de que o lucro real futuro esteja disponvel e contra o qual as diferenas temporrias possam ser usadas. 21
Os montantes de imposto de renda e contribuio social - diferidos ativos e passivos so compensados somente quando h um direito exequvel legal de compensar os ativos fiscais circulantes contra os passivos fiscais circulantes e/ou quando o imposto de renda e a contribuio social - diferidos ativos e passivos se relacionam com o imposto de renda e a contribuio social incidentes pela mesma autoridade tributria sobre a entidade tributvel ou diferentes entidades tributveis em que h inteno de liquidar os saldos em uma base lquida. Os detalhes esto divulgados na nota explicativa n 9. 2.19. Plano de outorga de opes de compra de aes A Sociedade oferece a seus executivos planos de participaes com base em aes, liquidados com as aes desta. O plano de outorga de opes de compra de aes mensurado pelo valor justo na data da outorga e a despesa reconhecida no resultado durante o perodo no qual o direito adquirido em contrapartida rubrica Capital adicional integralizado no patrimnio lquido. Nas datas dos balanos, a Administrao da Sociedade revisa as estimativas quanto quantidade de opes, cujos direitos devem ser adquiridos com base nas condies, e reconhece, quando aplicvel, no resultado do exerccio em contrapartida ao patrimnio lquido o efeito decorrente da reviso dessas estimativas iniciais. Os detalhes esto divulgados na nota explicativa n 23.2. 2.20. Participao nos resultados A Sociedade reconhece um passivo e uma despesa de participao nos resultados com base em uma frmula que considera o lucro atribuvel aos acionistas da Sociedade aps certos ajustes, o qual vinculado ao alcance de metas operacionais e objetivos especficos, estabelecidos e aprovados no incio de cada exerccio. 2.21. Dividendos e juros sobre o capital prprio A proposta de distribuio de dividendos e juros sobre o capital prprio efetuada pela Administrao da Sociedade que estiver dentro da parcela equivalente ao dividendo mnimo obrigatrio registrada como passivo circulante no grupo Outras obrigaes, por ser considerada como uma obrigao legal prevista no estatuto social da Sociedade; entretanto, a parcela dos dividendos superior ao dividendo mnimo obrigatrio, declarada pela Administrao aps o perodo contbil a que se referem as demonstraes contbeis, mas antes da data de autorizao para emisso das referidas demonstraes contbeis, registrada na rubrica Dividendo adicional proposto no patrimnio lquido, sendo seus efeitos divulgados na nota explicativa n 18.(b). Para fins societrios e contbeis, os juros sobre o capital prprio esto demonstrados como destinao do resultado diretamente no patrimnio lquido.
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2.22. Ganhos e perdas atuariais do plano de assistncia mdica e outros custos de planos de benefcios a colaboradores Os custos associados s contribuies efetuadas pela Sociedade e por suas controladas aos planos de aposentadoria de contribuio definida so reconhecidos pelo regime de competncia. Os ganhos e as perdas atuariais apurados no plano de extenso de assistncia mdica a colaboradores aposentados so reconhecidos no resultado em conformidade com as regras da IAS 19 e do CPC 33 - Benefcios a Empregados, com base em clculo atuarial elaborado por aturio independente, conforme detalhes divulgados na nota explicativa n 18. 2.23. Apurao do resultado e reconhecimento da receita O resultado apurado em conformidade com o regime contbil de competncia, sendo a receita de venda reconhecida no resultado do exerccio quando os riscos e benefcios inerentes aos produtos so transferidos para os clientes. A receita decorrente de incentivos fiscais, recebida sob a forma de ativo monetrio, reconhecida no resultado do exerccio quando recebida em contraposio de custos e investimentos incorridos pela Sociedade na localidade onde o incentivo fiscal concedido. No h condies estabelecidas a serem cumpridas pela Sociedade que pudessem afetar o reconhecimento da receita decorrente de incentivos fiscais. A parcela dos incentivos fiscais reconhecida no resultado destinada para a constituio da reserva de incentivos fiscais no grupo Reservas de lucros no patrimnio lquido. 2.24. Demonstrao do valor adicionado Esta demonstrao tem por finalidade evidenciar a riqueza criada pela Sociedade e sua distribuio durante determinado perodo e apresentada pela Sociedade, conforme requerido pela legislao societria brasileira, como parte de suas demonstraes contbeis individuais e como informao suplementar s demonstraes contbeis consolidadas, pois no uma demonstrao prevista nem obrigatria conforme as IFRSs. A demonstrao do valor adicionado foi preparada com base em informaes obtidas dos registros contbeis que servem de base de preparao das demonstraes contbeis e seguindo as disposies contidas no CPC 09 - Demonstrao do Valor Adicionado. Em sua primeira parte apresenta a riqueza criada pela Sociedade, representada pelas receitas (receita bruta das vendas, incluindo os tributos incidentes sobre ela, as outras receitas e os efeitos da proviso para crditos de liquidao duvidosa), pelos insumos adquiridos de terceiros (custo das vendas e aquisies de materiais, energia e servios de terceiros, incluindo os tributos includos no momento da aquisio, os efeitos das perdas e da recuperao de valores ativos e a depreciao e amortizao) e pelo valor adicionado recebido de terceiros (resultado de equivalncia patrimonial, receitas financeiras e outras receitas). A segunda parte da referida demonstrao apresenta a distribuio da riqueza entre pessoal, impostos, taxas e contribuies, remunerao de capitais de terceiros e remunerao de capitais prprios.
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2.25. Novas normas, alteraes e interpretaes de normas a) Normas, interpretaes e alteraes de normas existentes em vigor em 31 de dezembro de 2011 e que no tiveram impactos relevantes sobre as demonstraes contbeis da Sociedade As interpretaes e alteraes das normas existentes a seguir foram editadas e estavam em vigor em 31 de dezembro de 2011. Entretanto, no tiveram impactos relevantes sobre as demonstraes contbeis da Sociedade:
Norma Principais exigncias Data de entrada em vigor Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2011. Aplicvel a exerccios com incio em ou aps 1 de julho de 2010. Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2011. Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2011. Aplicvel a exerccios com incio em ou aps 1 de fevereiro de 2010. Aplicvel a exerccios com incio em ou aps 1 de julho de 2010.
Melhorias nas IFRSs - 2010 Alterao de diversos pronunciamentos contbeis. Alteraes IFRS 1 Iseno limitada de divulgaes comparativas da IFRS 7 para adotantes iniciais. Divulgaes de partes relacionadas. Pagamentos antecipados de exigncia mnima de financiamento. Classificao dos direitos de emisso. Extino de passivos financeiros atravs de instrumentos patrimoniais.
Alteraes IAS 24 Alteraes IFRIC 14 Alteraes IAS 32 IFRIC 19
b) Normas, interpretaes e alteraes de normas existentes que ainda no esto em vigor e no foram adotadas antecipadamente pela Sociedade As normas e alteraes das normas existentes a seguir foram publicadas e so obrigatrias para os perodos iniciados aps 31 de dezembro de 2011. Todavia, no houve adoo antecipada dessas normas e alteraes de normas por parte da Sociedade.
Norma IFRS 9 (conforme alterada em 2010) Alteraes IFRS 1 Alteraes IFRS 7 Alteraes IAS 12 Principais exigncias Instrumentos financeiros. Eliminao de datas fixas para adotantes pela primeira vez das IFRSs. Divulgaes - transferncias de ativos financeiros. Data de entrada em vigor Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2013. Aplicvel a exerccios com incio em ou aps 1 de julho de 2011. Aplicvel a exerccios com incio em ou aps 1 de julho de 2011.
Impostos diferidos - recuperao dos Aplicvel a exerccios com incio em ativos subjacentes quando o ativo ou aps 1 de janeiro de 2012. mensurado pelo modelo de valor justo de acordo com a IAS 40. Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2013.
IAS 28 (Revisada 2011) Reviso da IAS 28 para incluir as Investimentos em Coligadas e alteraes introduzidas pelas IFRSs 10, Entidades com Controle 11 e 12. Compartilhado IAS 27 (Revisada 2011) Demonstraes Financeiras Separadas
Requerimentos da IAS 27 relacionados Aplicvel a exerccios com incio em s demonstraes contbeis consolidadas ou aps 1 de janeiro de 2013. so substitudos pela IFRS 10. Requerimentos para demonstraes contbeis separadas so mantidos.
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Norma IFRS 10 - Demonstraes Financeiras Consolidadas
Principais exigncias Substituiu a IAS 27 em relao aos requerimentos aplicveis s demonstraes contbeis consolidadas e a SIC 12. A IFRS 10 determinou um nico modelo de consolidao com base em controle, independentemente da natureza do investimento. Eliminou o modelo de consolidao proporcional para as entidades com controle compartilhado, mantendo apenas o modelo pelo mtodo da equivalncia patrimonial. Eliminou tambm o conceito de ativos com controle compartilhado, mantendo apenas operaes com controle compartilhado e entidades com controle compartilhado.
Data de entrada em vigor Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2013.
IFRS 11 Acordos de Participao
Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2013.
IFRS 12 - Divulgaes de Participaes em Outras Entidades IFRS 13 - Mensuraes ao Valor Justo
Expande os requerimentos de divulgao Aplicvel a exerccios com incio em de investimentos nas entidades que a ou aps 1 de janeiro de 2013. Sociedade possui influncia significativa. Substitui e consolida todas as orientaes Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2013. e requerimentos relacionados mensurao ao valor justo contidos nos demais pronunciamentos das IFRSs em um nico pronunciamento. A IFRS 13 define valor justo e orienta como determinar o valor justo e os requerimentos de divulgao relacionados mensurao do valor justo. Entretanto, ela no introduz nenhum novo requerimento nem alterao com relao aos itens que devem ser mensurados ao valor justo, os quais permanecem nos pronunciamentos originais.
Alteraes IAS 19 Eliminao do enfoque do corredor Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2013. Benefcios aos Empregados (corridor approach), sendo os ganhos ou as perdas atuariais reconhecidos como outros resultados abrangentes para os planos de penso e o resultado para os demais benefcios de longo prazo, quando incorridos, entre outras alteraes. Alteraes IAS 1 Apresentao das Demonstraes Financeiras Introduz o requerimento de que os itens registrados em outros resultados abrangentes sejam segregados e totalizados entre itens que so e os que no so posteriormente reclassificados para lucros e perdas. Aplicvel a exerccios com incio em ou aps 1 de janeiro de 2013.
Considerando as atuais operaes da Sociedade e de suas controladas, a Administrao no espera que essas novas normas, interpretaes e alteraes tenham um efeito relevante sobre as demonstraes contbeis a partir de sua adoo.
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O CPC ainda no editou os respectivos pronunciamentos e modificaes correlacionados s IFRSs novas e revisadas apresentadas anteriormente. Em decorrncia do compromisso de o CPC e a CVM manterem atualizado o conjunto de normas emitidas com base nas atualizaes feitas pelo IASB, esperado que esses pronunciamentos e modificaes sejam editados pelo CPC e aprovados pela CVM at a data de sua aplicao obrigatria. 3. ESTIMATIVAS E PREMISSAS CONTBEIS CRTICAS A preparao de demonstraes contbeis requer o uso de certas estimativas contbeis crticas e tambm o exerccio de julgamento por parte da Administrao da Sociedade no processo de aplicao das polticas contbeis. As estimativas e premissas contbeis so continuamente avaliadas e baseiam-se na experincia histrica e em outros fatores, incluindo expectativas de eventos futuros consideradas razoveis para as circunstncias. Tais estimativas e premissas podem diferir dos resultados efetivos. Os efeitos decorrentes das revises das estimativas contbeis so reconhecidos no perodo da reviso. As premissas e estimativas significativas para demonstraes contbeis esto relacionadas a seguir: a) Imposto de renda, contribuio social e outros impostos A Sociedade reconhece ativos e passivos diferidos com base nas diferenas entre o valor contbil apresentado nas demonstraes contbeis e a base tributria dos ativos e passivos utilizando as alquotas em vigor. A Sociedade revisa regularmente os impostos diferidos ativos em termos de possibilidade de recuperao, considerando-se o lucro histrico gerado e o lucro tributvel futuro projetado, de acordo com um estudo de viabilidade tcnica. b) Provises para riscos tributrios, cveis e trabalhistas A Sociedade parte em diversos processos judiciais e administrativos, como descrito na nota explicativa n 17. Provises so constitudas para os riscos tributrios, cveis e trabalhistas referentes a processos judiciais que representam perdas provveis e estimadas com um certo grau de segurana. A avaliao da probabilidade de perda inclui a avaliao das evidncias disponveis, a hierarquia das leis, as jurisprudncias disponveis, as decises mais recentes nos tribunais e sua relevncia no ordenamento jurdico, bem como a avaliao dos assessores legais. A Administrao acredita que essas provises para riscos tributrios, cveis e trabalhistas esto corretamente apresentadas nas demonstraes contbeis. c) Plano de assistncia mdica O valor atual do plano de assistncia mdica depende de uma srie de fatores que so determinados com base em clculos atuariais, que atualizam uma srie de premissas, como, por exemplo, taxa de desconto, entre outras, as quais esto divulgadas na nota explicativa n 18. A mudana em uma dessas estimativas poderia afetar os resultados apresentados.
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4.
GESTO DE RISCO FINANCEIRO 4.1 Consideraes gerais e polticas A administrao dos riscos e a gesto dos instrumentos financeiros so realizadas por meio de polticas, definio de estratgias e implementao de sistemas de controle, definidos pelo Comit de Tesouraria e aprovados pelo Conselho de Administrao da Sociedade. A aderncia das posies de tesouraria em instrumentos financeiros, incluindo os derivativos, em relao a essas polticas apresentada e avaliada mensalmente pelo Comit de Tesouraria da Sociedade e posteriormente submetida apreciao dos Comits de Auditoria e Executivo e do Conselho de Administrao. A gesto de riscos realizada pela Tesouraria Central da Sociedade, que tem tambm a funo de aprovar todas as operaes de aplicaes e emprstimos realizadas pelas controladas da Sociedade. 4.2. Fatores de risco financeiro As atividades da Sociedade e de suas controladas as expem a diversos riscos financeiros: riscos de mercado (incluindo risco de moeda e de taxa de juros), de crdito e de liquidez. O programa de gesto de risco global da Sociedade concentra-se na imprevisibilidade dos mercados financeiros e busca minimizar potenciais efeitos adversos no desempenho financeiro, utilizando instrumentos financeiros derivativos para proteger certas exposies a risco. a) Riscos de mercado A Sociedade e as controladas esto expostas a riscos de mercado decorrentes das atividades de seus negcios. Esses riscos de mercado envolvem principalmente a possibilidade de flutuaes na taxa de cmbio e mudanas nas taxas de juros. i) Risco cambial A Sociedade e suas controladas esto expostas ao risco de cmbio resultante de instrumentos financeiros em moedas diferentes de suas moedas funcionais. Para a reduo da referida exposio, foi implantada uma poltica para proteger o risco cambial, que estabelece nveis de exposio vinculados a esse risco (Poltica de Proteo Cambial). Os procedimentos de tesouraria definidos pela poltica vigente incluem rotinas mensais de projeo e avaliao da exposio cambial consolidada da Sociedade e de suas controladas, sobre as quais se baseiam as decises tomadas pela Administrao. A Poltica de Proteo Cambial considera os valores em moeda estrangeira dos saldos a receber e a pagar de compromissos j assumidos e registrados nas demonstraes contbeis oriundos das operaes da Sociedade.
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Em 31 de dezembro de 2011 e de 2010, a Sociedade e suas controladas esto expostas basicamente ao risco de flutuao do dlar norte-americano. Para proteger as exposies cambiais com relao moeda estrangeira, a Sociedade e suas controladas contratam operaes com instrumentos financeiros derivativos do tipo swap e compra a termo de moeda denominada Non Deliverable Forward - NDF (forward). Conforme a Poltica de Proteo Cambial os derivativos contratados pela Sociedade ou por suas controladas devero limitar a perda referente desvalorizao cambial em relao ao lucro lquido projetado para o exerccio em curso, dada uma determinada estimativa de desvalorizao cambial em relao ao dlar norte-americano. Essa limitao define o teto ou a exposio cambial mxima permitida Sociedade e a suas controladas com relao ao dlar norte-americano. Em 31 de dezembro de 2011, o balano patrimonial da controladora e consolidado inclui contas denominadas em moeda estrangeira que, em conjunto, representam um passivo de R$438.667 e R$444.894, respectivamente (em 31 de dezembro de 2010, R$52.567 e R$58.675, respectivamente). Essas contas constitudas por emprstimos e financiamentos, na sua totalidade em 31 de dezembro de 2011 e de 2010, so protegidas com derivativos do tipo swap. Instrumentos derivativos para proteo do risco de cmbio A Sociedade classifica os derivativos em financeiros e operacionais. Os financeiros so derivativos do tipo swap ou forwards contratados para proteger o risco cambial dos emprstimos e financiamentos denominados em moeda estrangeira. Os operacionais so derivativos (geralmente forwards) contratados para proteger o risco cambial dos fluxos de caixa operacionais do negcio. Em 31 de dezembro de 2011, os contratos em aberto de swap e forward tm vencimentos entre janeiro de 2013 e janeiro de 2018, foram celebrados com contrapartes representadas pelos bancos Bradesco (25%), Brasil (12%), Bank of America (62%) e HSBC (1%) e esto assim compostos: Derivativos financeiros - controladora
Valor principal Descrio Contratos de swap (1): Ponta ativa: Posio comprada - dlar Ponta passiva: Taxa CDI ps-fixada: Posio vendida no CDI
2011 2010
Valor justo
2011 2010
Ganho (perda) do exerccio

2011 2010
396.938
53.534
435.094
52.121
28.184
(2.110)
396.938
53.534
406.910
54.231
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Derivativos financeiros - consolidado

Valor principal 2011 2010 Valor justo 2011 2010 Ganho (perda) do exerccio 2011 2010
Descrio Contratos de swap (1): Ponta ativa: Posio comprada - dlar Ponta passiva: Taxa CDI ps-fixada: Posio vendida no CDI
404.662
59.817
442.574
57.367
28.626
(2.830)
404.662
59.817
413.947
60.197
Derivativos operacionais - controladora e consolidado

Ganho (perda) do exerccio 2011 2010
Descrio Contratos forward (2): Ponta ativa: Posio comprada dlar Ponta passiva: Taxa prefixada: Posio vendida pr-fixada (1) (2)
Valor principal 2011 2010
Valor justo 2011 2010
34.542
34.555
(1.231)
34.542
35.786
As operaes de swap financeiros consistem na troca da variao cambial por uma correo relacionada a um percentual da variao do Certificado de Depsito Interbancrio - CDI ps-fixado. As operaes de forward operacionais estabelecem uma paridade futura entre o real e a moeda estrangeira tomando-se como base a paridade do momento da contratao corrigida por uma determinada taxa de juros prefixada.
O valor principal representa os valores dos derivativos contratados. O valor justo refere-se ao valor reconhecido no balano dos derivativos contratados ainda em aberto nas datas dos balanos. Para os instrumentos financeiros derivativos mantidos pela Sociedade e por suas controladas em 31 de dezembro de 2011 e de 2010, devido ao fato de os contratos serem efetuados diretamente com instituies financeiras e no por meio da BM&FBOVESPA, no h margens depositadas como garantia das referidas operaes. Anlise de sensibilidade Para anlise de sensibilidade dos instrumentos financeiros derivativos financeiros, a Administrao da Sociedade entende que h necessidade de considerar os ativos e passivos com exposio flutuao das taxas de cmbio registrados no balano patrimonial, conforme demonstrado no quadro a seguir:
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Controladora Consolidado Emprstimos e financiamentos em moeda estrangeira (*) Contas a receber em moeda estrangeira Contas a pagar em moeda estrangeira Valor principal dos derivativos financeiros Exposio passiva lquida 438.667 15.043 (435.543) 18.168 444.894 (5.231) 18.765 (439.742) 18.685
(*) O valor apresentado no considera o emprstimo de sua controlada no Peru, no valor de R$36.483. A Administrao entende que no h exposio cambial sobre esse passivo, pois este ser liquidado pela prpria controlada com recursos provenientes de suas operaes naquele pas, portanto, na mesma moeda em que a dvida foi captada. A seguir esto demonstrados o ganho (perda) que teriam sido reconhecidos no resultado do exerccio findo em 31 de dezembro de 2011 de acordo com os seguintes cenrios: Risco da Sociedade Alta do dlar Risco da Sociedade Alta do dlar Controladora Cenrio Cenrio Cenrio provvel II III (322) (4.542) (9.084)
Descrio Exposio passiva lquida
Descrio Exposio passiva lquida
Consolidado Cenrio Cenrio Cenrio provvel II III (331) (4.671) (9.342)
O cenrio provvel considera as taxas futuras do dlar norte-americano, conforme cotaes obtidas na BM&FBOVESPA nas datas previstas dos vencimentos dos instrumentos financeiros com exposio ao cmbio. Os cenrios II e III consideram uma alta do dlar norte-americano de 25% (R$2,34/US$1,00) e de 50% (R$2,81/US$1,00), respectivamente. Os cenrios provvel, II e III esto sendo apresentados em atendimento Instruo CVM n 475/08. A Administrao utiliza o cenrio provvel na avaliao das possveis mudanas na taxa de cmbio e apresenta o referido cenrio em atendimento IFRS 7 Instrumentos Financeiros: Divulgaes. A Sociedade e suas controladas no operam com instrumentos financeiros derivativos com propsitos de especulao. ii) Risco de taxa de juros O risco de taxa de juros decorre de aplicaes financeiras e de emprstimos. Os instrumentos financeiros emitidos a taxas variveis expem a Sociedade e suas controladas ao risco de fluxos de caixa associado taxa de juros. Os instrumentos financeiros emitidos s taxas prefixadas expem a Sociedade e suas controladas ao risco de valor justo associado taxa de juros. 30
O risco de fluxos de caixa associado taxa de juros da Sociedade decorre de aplicaes financeiras e emprstimos e financiamentos de curto e longo prazos emitidos a taxas ps-fixadas. A Administrao da Sociedade tem como poltica manter os indexadores de suas exposies a taxas de juros ativas e passivas atrelados a taxas ps-fixadas. As aplicaes financeiras so corrigidas pelo CDI e os emprstimos e financiamentos so corrigidos pela Taxa de Juros de Longo Prazo - TJLP, CDI e taxas prefixadas, conforme contratos firmados com as instituies financeiras e por meio de negociaes de valores mobilirios com investidores desse mercado. A Administrao da Sociedade entende como baixo o risco de grandes variaes no CDI e na TJLP nos prximos 12 meses, levando em conta a estabilidade promovida pela atual poltica monetria conduzida pelo Governo Federal, bem como diante do histrico de aumentos promovidos na taxa bsica de juros da economia brasileira nos ltimos anos. Dessa forma, no tem contratado derivativos para proteger esse risco. A Sociedade e suas controladas tm como poltica contratar derivativos do tipo swap, com o objetivo de mitigar os riscos das operaes de emprstimos e financiamentos contratadas com indexador distinto do CDI, da TJLP e das taxas prefixadas. No entanto, em 31 de dezembro de 2011 e de 2010 a Sociedade e suas controladas no tinham esse tipo de derivativo, por considerarem o risco baixo, conforme descrito anteriormente. Anlise de sensibilidade Conforme mencionado anteriormente no item Risco cambial, em 31 de dezembro de 2011 quase a totalidade dos emprstimos e financiamentos denominados em moeda estrangeira possuem contratos de swap, trocando a indexao do passivo de moeda estrangeira para a variao do CDI, devido poltica da Sociedade de proteo de riscos cambiais. Dessa forma, o risco da Sociedade passa a ser a exposio variao do CDI. A seguir est apresentada a exposio a risco de juros das operaes vinculadas variao do CDI e da TJLP, incluindo as operaes com derivativos: Controladora Consolidado Total dos emprstimos e financiamentos - em moeda local (nota explicativa n 14) Operaes com derivativos atrelados ao CDI e TJLP Aplicaes financeiras (nota explicativa n 5) Exposio passiva lquida (480.305) (438.667) 138.078 (780.895) (705.322) (444.894) 424.159 (726.057)
A anlise de sensibilidade considera a exposio dos emprstimos e financiamentos atrelados ao CDI e TJLP, lquidos das aplicaes financeiras, tambm indexadas ao CDI (nota explicativa n 5). As tabelas seguintes demonstram a perda (ganho) incremental que teria sido reconhecida(o) no resultado do exerccio findo em 31 de dezembro de 2011 de acordo com os seguintes cenrios: 31
Descrio Passivo lquido
Risco da Sociedade Alta da taxa Risco da Sociedade Alta da taxa
Controladora Cenrio Cenrio provvel II 1.328
Cenrio III
(19.561) (40.450) Cenrio III
Descrio Passivo lquido
Consolidado Cenrio Cenrio provvel II 1.234
(18.188) (37.610)
O cenrio provvel considera as taxas futuras de juros conforme cotaes obtidas na BM&FBOVESPA nas datas previstas dos vencimentos dos instrumentos financeiros com exposio s taxas de juros. Os cenrios II e III consideram uma alta das taxas de juros em 25% (13,4% ao ano) e 50% (16,1% ao ano), respectivamente. b) Risco de crdito O risco de crdito refere-se ao risco de uma contraparte no cumprir com suas obrigaes contratuais, levando a Sociedade a incorrer em perdas financeiras. As vendas da Sociedade e de suas controladas so efetuadas para um grande nmero de Consultores(as) Natura e esse risco administrado por meio de um rigoroso processo de concesso de crdito. O resultado dessa gesto est refletido na rubrica Proviso para crditos de liquidao duvidosa, conforme demonstrado na nota explicativa n 6. A Sociedade e suas controladas esto sujeitas tambm a riscos de crdito relacionados aos instrumentos financeiros contratados na gesto de seus negcios, principalmente, representados por caixa e equivalentes de caixa, aplicaes financeiras e instrumentos derivativos. A Sociedade considera baixo o risco de crdito das operaes que mantm em instituies financeiras com as quais opera, que so consideradas pelo mercado como de primeira linha. A Poltica de Aplicaes Financeiras estabelecida pela Administrao da Sociedade elege as instituies financeiras com as quais os contratos podem ser celebrados, alm de definir limites quanto aos percentuais de alocao de recursos e valores absolutos a serem aplicados em cada uma delas. c) Risco de liquidez A gesto prudente do risco de liquidez implica manter caixa, ttulos e valores mobilirios suficientes, disponibilidades de captao por meio de linhas de crdito compromissadas e capacidade de liquidar posies de mercado. A Administrao monitora o nvel de liquidez consolidado da Sociedade considerando o fluxo de caixa esperado em contrapartida s linhas de crdito no utilizadas. 32
O valor contbil consolidado dos passivos financeiros, mensurados pelo mtodo do custo amortizado, e seus correspondentes vencimentos so demonstrados a seguir:
Menos de um ano 118.949 148.805 29.555 Menos de um ano 199.515 454.093 29.948 Entre um e dois anos 810.404 Entre um e dois anos 890.243 Entre dois e cinco anos 53.284 Entre dois e cinco anos 146.652 Mais de cinco anos 80.154 Mais de cinco anos 94.300 Valor contbil 2011 66.424 148.805 28.184 852.549 Valor contbil 2011 168.962 454.093 28.626 1.017.737
Controladora em 31 de dezembro de 2011 Circulante: Emprstimos e financiamentos Fornecedores Derivativos No circulante: Emprstimos e financiamentos
Total 118.949 148.805 29.555 943.842
Efeito do desconto (52.525) (1.371) (91.293)
Consolidado em 31 de dezembro de 2011 Circulante: Emprstimos e financiamentos Fornecedores Derivativos No circulante: Emprstimos e financiamentos
Total 199.515 454.093 29.948 1.131.195
Efeito do desconto (30.553) (1.322) (113.458)
4.3. Gesto de capital Os objetivos da Sociedade ao administrar seu capital so os de salvaguardar a capacidade de continuidade da Sociedade para oferecer retorno aos acionistas e benefcios a outras partes interessadas, alm de manter uma estrutura de capital ideal para reduzir esse custo. A Sociedade monitora o capital com base nos ndices de alavancagem financeira. Esse ndice corresponde dvida lquida dividida pelo patrimnio lquido. A dvida lquida, por sua vez, corresponde ao total de emprstimos e financiamentos (incluindo emprstimos e financiamentos de curto e longo prazos, conforme demonstrado no balano patrimonial consolidado) subtrado do montante de caixa e equivalentes de caixa. A dvida lquida a seguir demonstrada no considera os ajustes dos derivativos contratados para mitigar o risco cambial. Os ndices de alavancagem financeira consolidados em 31 de dezembro de 2011 e de 2010 esto demonstrados a seguir: Controladora 2011 2010 Emprstimos e financiamentos de curto e longo prazos Caixa e equivalentes de caixa Dvida lquida Patrimnio lquido ndice de alavancagem financeira Consolidado 2011 2010 691.663 (560.229) 131.434
918.973 428.442 1.186.699 (166.007) (206.125) (515.610) 752.966 222.317 671.089
1.238.553 1.257.501 1.238.554 1.257.502 60,79% 17,68% 54,18% 10,45%
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4.4. Estimativa de valores justos Os instrumentos financeiros so mensurados ao valor justo nas datas dos balanos conforme determinado pelo CPC 40 - Instrumentos Financeiros: Evidenciao e de acordo com a seguinte hierarquia: Nvel 1: Avaliao com base em preos cotados (no ajustados) em mercados ativos para ativos e passivos idnticos nas datas dos balanos. Um mercado visto como ativo se os preos cotados estiverem pronta e regularmente disponveis a partir de uma Bolsa de Mercadorias e Valores, um corretor, grupo de indstrias, servio de precificao ou agncia reguladora e aqueles preos representam transaes de mercado reais, as quais ocorrem regularmente em bases puramente comerciais. Nvel 2: Utilizado para instrumentos financeiros que no so negociados em mercados ativos (por exemplo, derivativos de balco), cuja avaliao baseada em tcnicas que, alm dos preos cotados includos no Nvel 1, utilizam outras informaes adotadas pelo mercado para o ativo ou passivo direta (ou seja, como preos) ou indiretamente (ou seja, derivados dos preos). Nvel 3: Avaliao determinada em virtude de informaes, para os ativos ou passivos, que no so baseadas nos dados adotados pelo mercado (ou seja, informaes no observveis). Em 31 de dezembro de 2011 e de 2010, a mensurao da totalidade dos derivativos da Sociedade e de suas controladas corresponde s caractersticas do Nvel 2. O valor justo dos derivativos de cmbio (swap e forwards) determinado com base nas taxas de cmbio futuras nas datas dos balanos, com o valor resultante descontado ao valor presente. Valores justos de instrumentos financeiros avaliados ao custo amortizado Aplicaes financeiras Os valores contbeis das aplicaes financeiras aproximam-se dos seus valores justos em virtude de as operaes serem efetuadas a juros ps-fixados e apresentarem possibilidade de resgate imediato. Emprstimos e financiamentos Os valores contbeis dos emprstimos e financiamentos, exceto aqueles atrelados taxa prefixada, aproximam-se dos seus valores justos, pois esto atrelados a uma taxa de juros ps-fixada, no caso, a variao do CDI. Os valores contbeis dos financiamentos atrelados TJLP aproximam-se dos seus valores justos em virtude de a TJLP ter correlao com o CDI e ser uma taxa ps-fixada. Os valores justos dos emprstimos e financiamentos contratados com juros prefixados correspondem a valores prximos aos saldos contbeis divulgados na nota explicativa n 14. Contas a receber e fornecedores Estima-se que os valores contbeis das contas a receber de clientes e das contas a pagar aos fornecedores estejam prximos de seus valores justos de mercado, em virtude do curto prazo das operaes realizadas.
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5.
CAIXA E EQUIVALENTES DE CAIXA Controladora 2011 2010 Caixa e bancos Aplicaes financeiras - CDBs ps-fixados Consolidado 2011 2010
27.929 9.688 98.208 38.314 138.078 196.437 417.402 521.915 166.007 206.125 515.610 560.229
Em 31 de dezembro de 2011, os Certificados de Depsito Bancrio - CDBs so remunerados por taxas que variam entre 100,0% e 101,5% (100,0% e 101,5% em 31 de dezembro de 2010) do CDI. 6. CONTAS A RECEBER DE CLIENTES Controladora 2011 2010 Contas a receber de clientes Proviso para crditos de liquidao duvidosa Consolidado 2011 2010
591.480 550.355 706.861 635.944 (56.171) (56.663) (64.989) (65.664) 535.309 493.692 641.872 570.280
A seguir esto demonstrados os saldos de contas a receber de clientes por idade de vencimento: Controladora 2011 2010 A vencer Vencidos: At 30 dias De 31 a 60 dias De 61 a 90 dias De 91 a 180 dias Consolidado 2011 2010
452.392 432.703 543.472 492.947 102.107 79.136 117.560 93.967 14.029 10.897 16.254 16.777 9.950 8.072 13.306 9.406 13.002 19.547 16.269 22.847 591.480 550.355 706.861 635.944
O saldo da rubrica Contas a receber de clientes no consolidado est predominantemente denominado em reais, com aproximadamente 89% do saldo em aberto em 31 de dezembro de 2011 (91% em 31 de dezembro de 2010), sendo o saldo remanescente denominado em moedas diversas e formado pelas vendas das controladas do exterior. A movimentao da proviso para crditos de liquidao duvidosa para o exerccio findo em 31 de dezembro de 2011 est assim representada:
Controladora Saldo em 2010 (56.663) (a) (b) Adies (a) (82.860) Baixas (b) 83.352 Saldo em 2011 (56.171) Saldo em 2010 (65.664) Consolidado Adies (a) (88.277) Baixas (b) 88.952 Saldo em 2011 (64.989)
Proviso constituda conforme a nota explicativa n 2.7. Compostas por ttulos vencidos h mais de 180 dias, baixados em virtude do no recebimento.
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A despesa com a constituio da proviso para crditos de liquidao duvidosa foi registrada na rubrica Despesas com vendas na demonstrao do resultado. Quando no existe expectativa de recuperao de numerrio adicional, os valores creditados na rubrica Proviso para crditos de liquidao duvidosa so em geral revertidos contra a baixa definitiva do ttulo. A exposio mxima ao risco de crdito na data das demonstraes contbeis o valor contbil de cada faixa de idade de vencimento lquida da proviso para crditos de liquidao duvidosa, conforme demonstrado no quadro de saldos a receber por idade de vencimento. A Sociedade e suas controladas no mantm nenhuma garantia para os ttulos em atraso. 7. ESTOQUES Controladora 2011 2010 Produtos acabados Matrias-primas e materiais de embalagem Material promocional Produtos em elaborao Proviso para perdas Consolidado 2011 2010
219.626 181.188 565.739 465.027 - 149.806 127.305 18.560 14.383 52.288 37.576 - 16.314 17.290 (20.280) (10.479) (95.399) (75.673) 217.906 185.092 688.748 571.525
A movimentao da proviso para perdas na realizao dos estoques para o exerccio findo em 31 de dezembro de 2011 est assim representada:
Controladora Saldo em 2010 (10.479) (a) Adies (a) (20.741) Baixas (b) 10.940 Saldo em 2011 (20.280) Saldo em 2010 (75.673) Consolidado Adies (a) (66.900) Baixas (b) 47.175 Saldo em 2011 (95.398)
Referem-se constituio de proviso para perdas por descontinuidade, validade e qualidade, para cobrir as perdas esperadas na realizao dos estoques, de acordo com a poltica estabelecida pela Sociedade e por suas controladas. Compostas pelas baixas dos produtos descartados pela Sociedade e por suas controladas.
(b)
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8.
IMPOSTOS A RECUPERAR
Controladora 2011 2010 ICMS a compensar sobre aquisio de insumos ICMS - ST a ressarcir sobre vendas interestaduais - RS ICMS - ST a ressarcir sobre vendas interestaduais - SP (a) ICMS - ST a ressarcir - processo de denncia espontnea SP (b) Impostos a compensar - controladas no exterior ICMS a compensar sobre aquisio de ativo imobilizado PIS e COFINS a compensar sobre aquisio de ativo imobilizado PIS e COFINS a compensar sobre aquisio de insumos PIS e COFINS oriundo de ganho de processo judicial (c) IRPJ e CSLL a compensar PIS, COFINS e CSLL - retidos na fonte Outros Proviso para desgio na alienao de crditos de ICMS Circulante No circulante 8.296 15.428 45.012 11.887 728 365 81.716 69.417 12.299 3.022 7.120 6.825 19.743 10 3.000 39.720 34.799 4.921 Consolidado 2011 2010 154.942 8.296 22.170 24.318 97.888 3.022 7.120 16.421 21.567 16.136
7.376 11.826 68.187 20.025 16.852 3.236 1.746 2.024 5.574 8.834 12.282 (3.376) (2.879) 312.859 210.728 201.620 111.239 101.464 109.264
(a) Refere-se ao Imposto sobre Circulao de Mercadorias e Servios - Substituio Tributria - ICMS - ST que vem sendo mensalmente destacado e retido nas operaes de venda realizadas pela Sociedade e por sua controlada Indstria e Comrcio de Cosmticos Natura Ltda., com mercadorias destinadas a clientes localizados em outras Unidades da Federao (Estados e Distrito Federal) que no o Estado de So Paulo, conforme legislao fiscal do Estado de So Paulo, vigentes desde fevereiro de 2008. A Sociedade obteve em 2010 com a Secretaria da Fazenda SeFaz um regime especial que permite a compensao dos referidos crditos atravs de um mecanismo denominado Via Rpida (Fast Track), no qual os crditos so compensados no ms seguinte ao da apurao, amparados por carta de fiana bancria em mesmo valor. (b) Em 24 de setembro de 2008, foi emitido expediente pela Coordenadoria de Administrao Tributria da SeFaz - SP que acata a denncia espontnea formalizada pela controlada Indstria e Comrcio de Cosmticos Natura Ltda., relacionada adoo de procedimentos sobre o ICMS - ST nos meses de fevereiro a maio de 2008 em desacordo com os artigos 264, inciso IV, 313-E e 313G do Regulamento do ICMS - RICMS/2000. O referido expediente esclareceu os procedimentos necessrios para a regularizao das operaes realizadas pela controlada no referido perodo. Os requerimentos foram atendidos e o crdito foi integralmente compensado durante o exerccio de 2011. (c) O montante demonstrado refere-se ao reconhecimento de crdito tributrio de Programa de Integrao Social - PIS e Contribuio para o Financiamento da Seguridade Social - COFINS oriundo de ganho de processo judicial que questionava a inconstitucionalidade e ilegalidade da majorao da base de clculo das contribuies citadas, institudas pela Lei n 9.718/98. Vide mais detalhes na nota explicativa n 17.(a) (ativos contingentes).
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9.
IMPOSTO DE RENDA E CONTRIBUIO SOCIAL a) Diferidos Os valores de Imposto de Renda Pessoa Jurdica - IRPJ e Contribuio Social sobre o Lucro Lquido - CSLL diferidos so provenientes de diferenas temporrias na controladora e nas controladas. Esses crditos so mantidos no ativo no circulante, conforme regulamentao do CPC 26 - Apresentao das Demonstraes Contbeis. Os valores so demonstrados a seguir:
Controladora 2011 2010 Proviso para crditos de liquidao duvidosa (nota explicativa n 6) Proviso para perdas nos estoques (nota explicativa n 7) Provises para riscos tributrios, cveis e trabalhistas (nota explicativa n 17) No incluso do ICMS na base de clculo do PIS e da COFINS (nota explicativa n 17) Passivo atuarial - plano de assistncia mdica (nota explicativa n 18) (Ganhos) perdas decorrentes das mudanas no valor justo dos instrumentos derivativos (nota explicativa n 24) Proviso de ICMS - ST - PR, DF, MS MT e RJ (nota explicativa n 16) Provises para perdas na realizao de adiantamentos a fornecedores Provises para obrigaes contratuais Proviso para desgio na cesso de crditos de ICMS Provises para repartio de benefcios e parcerias a pagar Diferenas temporrias das operaes internacionais Provises para participao nos resultados Ajuste de taxa de depreciao - vida til (Regime Tributrio de Transio - RTT) Outras diferenas temporrias 19.098 6.895 17.743 620 6.573 (9.583) 8.247 1.992 1.439 6.178 3.955 1.420 15.568 80.145 19.266 3.563 18.884 573 4.462 1.136 13.672 3.879 1.947 6.874 13.235 87.491 Consolidado 2011 2010 19.098 28.219 36.896 39.173 9.565 (9.733) 8.247 2.137 2.713 1.148 6.178 9.681 10.947 19.266 21.725 40.375 28.869 6.702 1.381 13.672 4.432 2.777 979 6.874 6.562 -
(6.989) 32.272 26.645 189.552 180.259
A Administrao, com base em suas projees de lucros tributveis futuros, estima que os crditos tributrios registrados sero integralmente realizados em at cinco exerccios. A expectativa da Administrao para realizao dos crditos tributrios est apresentada a seguir:
Controladora 2012 2013 2014 2015 em diante 42.679 11.753 4.633 21.080 80.145 Consolidado 83.230 18.180 59.240 28.902 189.552
Sobre as controladas da Sociedade no exterior, exceto pela operao da Argentina que apresenta lucro tributvel, as demais controladas no apresentam crditos tributrios registrados em suas demonstraes contbeis sobre prejuzos fiscais e diferenas temporrias devido ausncia de histrico de lucros tributveis e projees de lucros tributveis para os prximos exerccios. 38
Em 31 de dezembro de 2011, os valores dos crditos tributrios, calculados s alquotas vigentes nos respectivos pases onde se situam as controladas, so demonstrados conforme segue: Diferenas temporrias totais Prejuzos fiscais: Argentina Chile Mxico Colmbia Frana
9.533 82.379 110.771 73.980 110.678
Exceto pelas controladas na Argentina e no Mxico, os crditos tributrios sobre os prejuzos fiscais gerados pelas demais controladas no possuem prazo para serem compensados. Para tais controladas, os crditos tributrios possuem os seguintes prazos para compensao: Argentina 2012 2013 2014 2015 2016 em diante b) Reconciliao do imposto de renda e da contribuio social
Controladora 2011 2010 Lucro antes do imposto de renda e da contribuio social Imposto de renda e contribuio social alquota de 34% Benefcio dos gastos com pesquisa e inovao tecnolgica - Lei n 11.196/05 (*) Incentivos fiscais Equivalncia patrimonial (nota explicativa n 12) Crdito fiscal no constitudo sobre prejuzos fiscais gerados por controladas no exterior Regime Tributrio de Transio - RTT (Medida Provisria n 449/08) - ajustes da Lei n 11.638/07 Baixa do gio - liquidao da Flora Medicinal Benefcio fiscal de juros sobre o capital prprio Outras diferenas permanentes Despesa com imposto de renda e contribuio social Imposto de renda e contribuio social - correntes Imposto de renda e contribuio social - diferidos Taxa efetiva - % 1.161.791 (395.009) 22.386 6.582 18.628 (774) 21.067 (3.770) (330.890) (323.543) (7.347) 28,5 1.053.123 (358.062) 19.035 5.820 8.760 649 8.332 18.242 (11.849) (309.073) (313.612) 4.539 30,5 Consolidado 2011 2010 1.237.730 (420.828) 22.386 9.668 (28.915) (3.242) 21.067 (6.965) (406.829) (416.123) 9.294 32,9 1.118.169 (380.177) 19.035 8.296 (31.459) (1.623) 8.332 18.242 (14.766) (374.120) (408.233) 34.113 33,5
Mxico
3.060 4.564 11 1.909 7.434 - 103.326 9.533 110.771
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(*) Refere-se ao benefcio fiscal institudo pela Lei n 11.196/05, que permite a deduo diretamente na apurao do lucro real e da base de clculo da contribuio social do valor correspondente a 60% do total dos gastos com pesquisa e inovao tecnolgica, observadas as regras estabelecidas na referida Lei.
A movimentao do imposto de renda e da contribuio social no exerccio conforme segue:

Controladora Dbito/ (Crdito) no resultado 7.346 Consolidado Dbito/ (Crdito) no resultado (9.293)
Saldo em 2010 87.491
Saldo em 2011 80.145
Saldo em 2010 180.259
Saldo em 2011 189.552
10. DEPSITOS JUDICIAIS Representam ativos restritos da Sociedade e de suas controladas e esto relacionados a quantias depositadas e mantidas em juzo at a soluo dos litgios a que esto relacionadas. Os depsitos judiciais mantidos pela Sociedade e por suas controladas em 31 de dezembro de 2011 e de 2010 esto assim representados:
Controladora 2011 2010 ICMS - ST (nota explicativa n 17.(a) (passivos contingentes)) ICMS - ST exigibilidade suspensa (nota explicativa n 16.(b)) Outras obrigaes tributrias provisionadas (nota explicativa n 16.(e) e (g)) Outras obrigaes tributrias com exigibilidade suspensa (nota explicativa n 17.(c)) Processos tributrios sem proviso Processos tributrios provisionados (nota explicativa n 17) Processos cveis sem proviso Processos cveis provisionados (nota explicativa n 17) Processos trabalhistas sem proviso Processos trabalhistas provisionados (nota explicativa n 17) 80.304 88.521 9.434 10.955 34.373 9.952 1.016 1.886 5.844 2.653 244.938 53.809 167.019 8.556 10.426 30.676 9.600 938 1.874 4.410 1.762 289.070 Consolidado 2011 2010 80.304 88.521 52.024 10.955 38.254 11.515 1.108 1.992 6.999 4.167 295.839 53.809 167.019 48.106 10.426 36.034 10.754 1.343 1.976 5.130 2.410 337.007
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11. OUTROS ATIVOS CIRCULANTES E NO CIRCULANTES

Controladora 2011 2010 Adiantamento para propaganda Ativos destinados venda Seguros Caixa restrito - CDB (*) Outros Circulante No circulante 111.690 1.829 6.371 119.890 115.328 4.562 64.886 1.565 6.071 72.522 52.470 20.052 Consolidado 2011 2010 112.666 17.752 2.464 6.757 17.079 156.718 126.783 29.935 66.246 17.752 2.224 6.155 18.926 111.303 66.399 44.904
(*) Este saldo refere-se a um bloqueio para garantia de uma execuo fiscal por meio da qual se
pretende cobrar o Imposto sobre Produtos Industrializados - IPI referente ao ms de julho de 1989, quando da equiparao dos estabelecimentos comerciais atacadistas a estabelecimento industrial pela Lei n 7.798/89. O processo encontra-se no Tribunal Regional Federal da 3a Regio (SP), para julgamento do recurso de apelao da executada. Com base na anlise efetuada pelos assessores legais da Sociedade, a probabilidade de perda desse processo possvel.
12. INVESTIMENTOS Controladora 2011 2010 Investimentos em controladas e controladas em conjunto 1.253.721 1.099.188
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Informaes e movimentao dos saldos para o exerccio findo em 31 de dezembro de 2011

Indstria e Comrcio de Cosmticos Natura Ltda. Capital social Percentual de participao Patrimnio lquido das controladas Participao no patrimnio lquido Lucro lquido (prejuzo) do exerccio das controladas Valor contbil dos investimentos Saldos em 31 de dezembro de 2010 Resultado de equivalncia patrimonial Variao cambial e outros ajustes na converso dos investimentos das controladas no exterior Contribuio da controladora para planos de opes de aes concedidos a executivos de controladas e outras reservas Distribuio de lucros Aumentos de capital Saldos em 31 de dezembro de 2011 (*) Informaes consolidadas das seguintes empresas: Natura Cosmticos de Mxico S.A.: Natura Cosmticos y Servicios de Mexico, S.A. de C.V., Natura Cosmticos de Mexico, S.A. de C.V. e Natura Distribuidora de Mexico, S.A. de C.V. Natura (Brasil) International B.V. - Holanda: Natura (Brasil) International B.V. (Holanda), Natura Brasil Inc. (EUA - Delaware), Natura International Inc. (EUA - Nova York), Natura International Inc. (EUA Nevada), Natura Worldwide Trading Company (Costa Rica), Natura Europa SAS (Frana) e Natura Brasil SAS (Frana) Natura Inovao e Tecnologia de Produtos Ltda.: Ybios S.A. e Natura Innovation et Technologie de Produits SAS. - Frana 930.614 124.881 4.839 1.060.334 23.246 (3.535) 672 20.383 (891) (4.725) 357 6.744 1.485 56.902 7.683 2.431 5.809 72.825 273 (1) 34 306 45.021 15.527 89 2.171 (34.000) 28.809 26.950 (46.019) (384) 67.049 47.596 8.782 (20.970) 1.893 23.729 13.434 8.208 (18.052) 468 17.819 8.444 83 1.099.188 54.789 5.561 526.155 99,99% 1.060.440 1.060.334 124.882 Natura Natura Natura Inovao e Natura Cosmticos Cosmticos Tecnologia Cosmticos S.A. C.A. de Produtos S.A. - Peru Argentina Venezuela Ltda. 13.903 99,94% 1.486 1.485 (4.728) 106.116 99,97% 72.847 72.825 7.685 6.609 99,99% 306 306 (1) 5.008 99,99% 28.812 28.809 15.527 Natura Natura Cosmticos de Cosmticos Mxico S.A. Ltda. (*) Colmbia 192.975 99,99% 47.601 47.596 (46.023) 72.948 99,99% 13.435 13.434 (20.973) Natura (Brasil) International Natura B.V. Cosmticos Holanda (*) Espaa S.L. 85.847 100,00% 8.444 8.444 (18.052)
Natura Cosmticos S.A. - Chile 101.336 99,99% 20.385 20.383 (3.535)
Total
73 1.110.970 100,00% 106 1.253.861 106 1.253.721 54.782
7.010 (34.000) 23 121.173 106 1.253.721
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13. IMOBILIZADO E INTANGVEL

Taxa mdia ponderada anual de depreciao - % 21 15 4 7 18 Controladora Custo corrigido 39.010 35.419 114.844 56.694 11.633 50.867 67.843 2.191 378.501 2011 Depreciao acumulada (16.991) Valor residual 22.019 Custo corrigido 34.234 23.486 27.668 6.264 6.614 11.699 15.159 125.124 2010 Depreciao acumulada (14.491) (9.053) (3.018) (2.584) (3.803) (32.949) Valor residual 19.743 14.433 24.650 3.680 2.811 11.699 15.159 92.175
IMOBILIZADO Veculos Benfeitorias em propriedade de terceiros (a) Mquinas e equipamentos Edifcios Mveis e utenslios Equipamentos de informtica Projetos em andamento Adiantamentos a fornecedores
(11.844) 23.575 (7.421) 107.423 56.694 (3.006) 8.627 (7.024) 43.843 67.843 2.191 (46.286) 332.215
INTANGVEL Softwares e outros Crditos de carbono (c)
Taxa mdia ponderada anual de Custo amortizao - % corrigido 17 88.848 7.437 96.285
Controladora 2011 2010 Amortizao Valor Custo Amortizao acumulada residual corrigido acumulada (17.356) (17.356) 71.492 7.437 78.929 23.852 5.338 29.190 (10.604) (10.604)
Valor residual 13.248 5.338 18.586
IMOBILIZADO Mquinas e equipamentos Edifcios Instalaes Terrenos Moldes Veculos Equipamentos de informtica Mveis e utenslios Benfeitorias em propriedade de terceiros (a) Projetos em andamento Adiantamentos a fornecedores Outros
Taxa mdia ponderada anual de Custo depreciao - % corrigido 6 4 9 30 21 19 11 15 3 410.901 207.836 132.919 27.214 116.068 59.490 76.305 32.976 50.599 80.563 47.724 4.196 1.246.791
Consolidado 2011 Depreciao acumulada Valor Custo residual corrigido 308.262 151.161 120.440 27.180 105.362 56.361 75.749 27.164 44.273 35.489 28.648 3.897 983.986 2010 Depreciao acumulada (124.315) (54.305) (65.066) (79.921) (21.181) (45.969) (11.926) (18.725) (2.111) (423.519) 2010 Amortizao acumulada (73.376) (1.413) (74.789) Valor residual 183.947 96.856 55.374 27.180 25.441 35.180 29.780 15.238 25.548 35.489 28.648 1.786 560.467
(145.342) 265.559 (60.400) 147.436 (73.512) 59.407 27.214 (87.966) 28.102 (22.430) 37.060 (23.933) 52.372 (11.937) 21.039 (18.581) 32.018 80.563
47.724 (2.256) 1.940 (446.357) 800.434
INTANGVEL Softwares Crditos de carbono (c) Fundo de comrcio - Natura Europa SAS - Frana (b) Marcas e patentes (a)
Taxa mdia ponderada anual de Custo amortizao - % corrigido 18 10 182.890 7.437 5.074 1.652 197.053
Consolidado 2011 Amortizao Valor Custo acumulada residual corrigido (32.676) 150.214 7.437 5.074 (1.623) 29 (34.299) 162.754 183.322 5.338 4.629 1.573 194.862
Valor residual 109.946 5.338 4.629 160 120.073
As taxas de amortizao consideram os prazos de aluguel dos imveis arrendados, os quais variam de trs a cinco anos.
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(b)
O fundo de comrcio gerado na compra da Natura Europa SAS - Frana est fundamentado na existncia de ponto comercial em que esta se localiza, conforme laudo de avaliao emitido por peritos independentes, com sustentao de tratar-se de um ativo intangvel, comercializvel, que no sofre perda de valor em virtude da passagem do tempo. A variao ocorrida no saldo, entre 31 de dezembro de 2011 e de 2010, deve-se exclusivamente aos efeitos da variao cambial. Programa Carbono Neutro (nota explicativa n 2.11.3).
(c)
A Sociedade efetuou uma anlise do prazo de vida til-econmica remanescente dos bens do ativo imobilizado e intangvel com efeitos registrados a partir de 1 de janeiro de 2010. Como consequncia da reviso dessa estimativa contbil, que visou realinhar o prazo da vida til remanescente dos bens e, consequentemente, a depreciao remanescente ao perodo de vida residual dos bens, foi registrado um impacto a crdito no resultado da depreciao do exerccio de 2011, comparado com a depreciao registrada no exerccio anterior, no montante de R$11.482. Informaes adicionais sobre o imobilizado e intangvel: a) Bens dados em garantia e penhora Em 31 de dezembro de 2011, a Sociedade e suas controladas possuam bens do imobilizado dados como penhora e aval em operaes de emprstimos e financiamentos bancrios, bem como arrolados em defesa de processos judiciais, conforme os montantes demonstrados a seguir: Controladora Consolidado Veculos Equipamentos de informtica Mquinas e equipamentos Saldos no fim do exerccio b) Arrendamentos mercantis (leasing) A Sociedade efetuou no exerccio de 2011 operao de arrendamento mercantil financeiro para aquisio de ativo imobilizado no valor de R$56.694, na rubrica Edifcios e uma operao de sale leaseback no valor de R$24.537, na rubrica Mquinas e equipamentos. Em 31 de dezembro de 2011, o saldo a pagar dessas operaes, classificado na rubrica Emprstimos e financiamentos (nota explicativa n 14), totaliza R$79.673. c) Saldo de juros capitalizados no ativo imobilizado Consolidado 2011 2010 Edifcios 1.427 1.479 4.229 3.477 3.171 10.877 4.229 4.063 3.171 11.463
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Mutaes do imobilizado Controladora 2011 2010 Saldos no incio do exerccio Adies (lquidas das transferncias de projetos em andamento encerrados): Mquinas e equipamentos Projetos em andamentos/adiantamentos a fornecedores Veculos Moldes Instalaes Equipamentos de informtica Mveis e utenslios Outras Leasing Depreciao Transferncias e baixas lquidas Saldos no fim do exerccio Mutaes do intangvel Controladora 2011 2010 Saldos no incio do exerccio Adies: Softwares (inclui gastos com implementao) Crditos de carbono Transferncias e baixas lquidas Amortizao Saldos no fim do exerccio 18.586 64.993 4.135 69.128 (2.034) (6.751) 78.929 Consolidado 2011 2010 82.740 56.310 5.338 61.648 92.175 Consolidado 2011 2010 492.256
50.375 560.467
28.373 114.902 15.069 40.611 4.176 4.777 207.908
8.884
45.037
29.669
32.389 165.726 84.555 13.498 21.031 24.193 - 15.344 16.986 6.112 7.208 769 11.377 7.304 545 5.679 1.618 1.036 5.524 3.696 57.121 275.830 175.228
56.694 56.694 (20.814) (12.615) (84.108) (69.412) (3.748) (2.706) (8.449) (37.605) 332.215 92.175 800.434 560.467
11.527 120.073 4.411 5.338 9.749 66.402 4.135 70.537
(2.043) (4.879) (2.690) (25.813) (19.436) 18.586 162.754 120.073
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14. EMPRSTIMOS E FINANCIAMENTOS Controladora 2011 2010 Moeda local BNDES - EXIM Financiadora de Estudos e Projetos FINEP Debntures BNDES Conta garantida Capital de giro BNDES - FINAME Banco do Brasil - Fundo de Amparo do Trabalhador - FAT Fomentar Arrendamentos mercantis financeiros FINEP subveno Total em moeda local Moeda estrangeira BNDES - EXIM BNDES Resoluo n 4.131/62 Operao internacional - Peru Arrendamentos mercantis financeiros Total em moeda estrangeira Total geral Circulante No circulante 4.486 411.237 2.479 50.088 10.713 411.238 36.483 1.229 7.358 50.088 9.861 K L M N O 67.607 116.388 27.106 27.633 353.256 352.669 141.689 110.996 2.001 48.613 7.336 6.506 2.697 3.908 A B C D E F G H I J Consolidado 2011 2010 Referncia
353.256 352.669 21.708 23.206 48.613 -
56.729 480.306 375.875
56.729 940 289 2.086 705.322 623.127
22.944 22.944 438.667 52.567 481.377 68.536 918.973 428.442 1.186.699 691.663 66.424 60.086 168.962 226.595 852.549 368.356 1.017.737 465.068
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Referncia A B C D E F G H I J K L M N O (a) (b) (c)
Moeda Real Real Real Real Real Real Real Real Real Real Dlar Dlar Dlar Novo sol Dlar
Vencimento Maro de 2014 Maro de 2013 e maio 2019 Maio de 2013 Janeiro de 2018 Abril de 2011 Janeiro de 2012 Setembro de 2016 Fevereiro de 2014 At agosto de 2026 Dezembro de 2012 Fevereiro de 2011 Janeiro de 2018 Outubro de 2013 Dezembro de 2012 Dezembro de 2016
Encargos Juros de 2,5% a.a. + TJLP TJLP para a parcela com vencimento em 2013 e 5% e para parcela com vencimento em maio de 2019 Juros de 108% do CDI com vencimento em maio de 2013 TJLP + juros de 0,7% a 2,8% a.a. para a parcela com vencimento em maro de 2016 e 2,3% para a parcela com vencimento em 2018. 123,9% do CDI a.a. + IOF (b) 105,5% do CDI a.a. + IOF (b) Juros de 4,5% a.a. + TJLP Juros de 4,4% a.a. + TJLP Juros de 108,0% da taxa DI - CETIP (c) No h Variao cambial + 8,31% a.a. (a) Variao cambial + 1,8% a.a. + Resoluo n 635 (a) Variao cambial + juros de 1,87% a 3,89% a.a. (a) Juros de 5,2% a.a. Variao cambial + juros de 3,87% a.a. (a)
Garantias Aval da controladora Natura Cosmticos S.A. Aval da controladora Natura Cosmticos S.A. e carta de fiana bancria No h Carta de fiana bancria Aval da controladora Natura Cosmticos S.A. Aval da controladora Natura Cosmticos S.A. Alienao fiduciria, aval da controladora Natura Cosmticos S.A. e notas promissrias Alienao fiduciria, aval da controladora Natura Cosmticos S.A. e notas promissrias Alienao fiduciria dos bens objeto dos contratos de arrendamento mercantil No h Aval da Natura Cosmticos S.A. Aval da Natura Cosmticos S.A. e carta de fiana bancria Aval da controlada Indstria e Comrcio de Cosmticos Natura Ltda. Carta de fiana bancria Alienao fiduciria dos bens objeto dos contratos
Emprstimos e financiamentos para os quais foram contratados instrumentos financeiros do tipo swap com a troca da indexao da moeda estrangeira para CDI. IOF - Imposto sobre Operaes Financeiras. DI - CETIP - ndice dirio calculado a partir da taxa mdia DI, divulgada pela Cetip S.A. - Balco Organizado de Ativos e Derivativos.
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Os vencimentos da parcela registrada no passivo no circulante esto demonstrados como segue: Controladora 2011 2010 2012 2013 2014 2015 2016 em diante Consolidado 2011 2010
6.530 - 39.425 771.468 355.820 840.496 379.440 11.067 4.450 48.132 22.963 8.364 1.539 38.413 19.001 61.650 17 90.696 4.239 852.549 368.356 1.017.737 465.068
Os contratos de emprstimos bancrios vigentes so como segue: a) Descrio dos emprstimos bancrios 1. Programas BNDES - EXIM: Pr-embarque e Pr-embarque Especial A controlada Indstria e Comrcio de Cosmticos Natura Ltda. beneficiria dos programas de financiamento na fase pr-embarque para a exportao de bens e servios com o Banco Nacional de Desenvolvimento Econmico e Social - BNDES. Em regra, os requisitos para a participao nos referidos programas so: (i) possuir crdito aprovado com a instituio financeira que celebrar o contrato de financiamento; e (ii) fabricar produtos com um ndice mnimo de nacionalizao de 60%. 2. Contratos de financiamento com o BNDES A Sociedade e suas controladas Indstria e Comrcio de Cosmticos Natura Ltda., Natura Logstica e Servios Ltda. e Natura Inovao e Tecnologia de Produtos Ltda. possuem contratos de financiamento mediante a abertura de crdito com o BNDES para viabilizar investimentos diretos na Sociedade e em suas controladas, como, por exemplo, aperfeioamento de determinadas linhas de produtos, capacitao da rea de pesquisa e desenvolvimento, otimizao das linhas de separao de produtos do parque industrial de Cajamar - SP e implementao de novos centros de distribuio, bem como adequao administrativa da unidade de Itapecerica da Serra - SP e aquisio de equipamentos necessrios para esses fins. 3. Contrato de financiamento com a FINEP A controlada Natura Inovao e Tecnologia de Produtos Ltda. possui programas de inovao que buscam o desenvolvimento e a aquisio de novas tecnologias por meio de parcerias com universidades e centros de pesquisa no Brasil e no exterior. Tais programas de inovao tm o apoio de programas de fomento pesquisa e ao desenvolvimento tecnolgico com a FINEP, que viabiliza e/ou cofinancia equipamentos, bolsas cientficas e material de pesquisa para as universidades participantes. Tais recursos foram destinados ao custeio parcial dos investimentos incorridos na elaborao dos projetos Plataformas de Tecnologia para Novos Produtos Cosmticos e Suplementos Nutricionais e Pesquisa e Inovao para o Desenvolvimento de Novos Produtos Cosmticos. 51
4.
Financiamento de Mquinas e Equipamentos - FINAME A Sociedade beneficiria de uma linha de crdito com o BNDES, relativa a operaes de repasse de FINAME, um emprstimo destinado a financiar a aquisio de mquinas e equipamentos novos, de fabricao nacional, concedido pelo BNDES. O mencionado repasse ocorre por meio da concesso de crdito controlada Indstria e Comrcio de Cosmticos Natura Ltda., gerando direitos de recebimento por parte da instituio financeira credenciada como agente financeiro, usualmente Banco Votorantim S.A., Banco Ita Unibanco S.A., Banco do Brasil S.A. e HSBC Bank Brasil S.A., que contratam com a controlada Indstria e Comrcio de Cosmticos Natura Ltda. as referidas operaes de financiamento. Os contratos firmados tm como garantia a transferncia da propriedade fiduciria dos bens descritos nos respectivos contratos. Figura como fiel depositrio desses bens a prpria controlada Indstria e Comrcio de Cosmticos Natura Ltda., sendo a Sociedade a avalista. Adicionalmente, a Sociedade e suas controladas ficaram obrigadas a cumprir as disposies aplicveis aos contratos do BNDES e condies gerais reguladoras das operaes relativas ao FINAME.
5.
Resoluo n 4.131/62 Cdula de Crdito Bancrio - Repasse de recursos captados no exterior por meio da Lei n 4.131/62 por intermdio de instituies financeiras.
6.
Debntures Primeira emisso de debntures simples, no conversveis em aes, no valor total de R$350.000, srie nica, sem garantia, bem como sem covenants financeiros, com valor nominal unitrio de R$1.000, segundo a Instruo CVM n 476/09, emitidas em 26 de maio de 2010 e subscritas e integralizadas em 28 de maio de 2010, com pagamento de juros semestrais nos meses de maio e novembro, com vencimento de principal em 26 de maio de 2013.
b) Obrigaes de arrendamento mercantil financeiro As obrigaes financeiras so compostas como segue: Consolidado 2011 2010 Obrigaes brutas de arrendamento financeiro - pagamentos mnimos de arrendamento: Menos de um ano Mais de um ano e menos de cinco anos Mais de cinco anos Encargos de financiamento futuros sobre os arrendamentos financeiros Obrigaes de arrendamento financeiro - saldo contbil c) Clusulas restritivas de contratos Em 31 de dezembro de 2011 e de 2010, a maioria dos contratos de emprstimos e financiamentos mantidos pela Sociedade e por suas controladas no contm clusulas 52 12.633 642 54.102 78.800 377 145.535 1.019 (65.862) (79) 79.673 940
restritivas que estabelecem obrigaes quanto manuteno de ndices financeiros por parte da Sociedade e de suas controladas. O contrato firmado com o BNDES em julho de 2011 apresenta clusulas restritivas que estabelecem os seguintes indicadores financeiros: - Margem EBITDA igual ou superior a 15%; e - Dvida lquida / EBITDA igual ou inferior a 2,5 (dois inteiros e cinco dcimos). Em 31 de dezembro de 2011, a Sociedade cumpria integralmente todas essas clusulas restritivas. 15. FORNECEDORES E OUTRAS CONTAS A PAGAR Controladora 2011 2010 Fornecedores nacionais Fornecedores estrangeiros (*) Fretes a pagar Consolidado 2011 2010
133.762 77.805 435.328 326.945 15.043 842 18.765 4.964 34.512 34.585 34.887 34.585 183.317 113.232 488.980 366.494
(*) Referem-se, em sua maioria, a valores denominados em dlares norte-americanos. 16. OBRIGAES TRIBUTRIAS Controladora 2011 2010 PIS e COFINS a pagar (medida liminar) (a) ICMS ordinrio a pagar ICMS - ST a pagar (b) IRPJ e CSLL a pagar IRPJ e CSLL (medida liminar) (c) IRPJ e CSLL (medida liminar PAT) IRRF IPI - produtos isentos e com alquota zero (d) Correo da UFIR sobre tributos federais (e) Crdito de IPI sobre aquisies de ativo imobilizado e material de uso e consumo (f) Ao anulatria de dbito fiscal de INSS (g) PIS, COFINS e CSLL retidos na fonte a recolher PIS e COFINS a pagar Impostos a pagar - controladas no exterior ISS a pagar Depsitos judiciais ((b) e (g)) (nota explicativa n 10) 1.823 59.894 89.301 127.458 56.941 2.656 7.621 6.361 3.073 2.490 364 357.982 1.686 50.807 167.019 99.347 33.472 7.901 6.216 2.893 5.319 613 375.273 Consolidado 2011 2010 115.214 81.687 89.301 150.639 56.941 6.029 11.974 42.432 6.519 3.073 3.324 1.110 17.888 1.214 587.345 84.908 75.657 167.019 125.816 33.472 2.261 13.203 39.404 6.360 3.768 2.893 7.554 6.663 9.354 2.799 581.131
(97.955) (175.575) (140.545) (215.125) 53
Controladora 2011 2010 Circulante No circulante 260.027 97.955 199.698 175.575
Consolidado 2011 2010 446.800 140.545 366.006 215.125
(a) A Sociedade e sua controlada Indstria e Comrcio de Cosmticos Natura Ltda. discutem judicialmente a no incluso do ICMS na base de clculo das contribuies para o PIS e a COFINS. Em junho de 2007, a Sociedade e sua controlada obtiveram autorizao judicial para efetuar o pagamento das contribuies para PIS e COFINS sem a incluso do ICMS em suas bases de clculo, a partir da apurao de abril de 2007. Os saldos registrados em 31 de dezembro de 2011 referem-se aos valores no pagos de PIS e COFINS apurados entre abril de 2007 e dezembro de 2011, cuja exigibilidade est integralmente suspensa, os quais esto acrescidos de atualizao pela taxa SELIC (Sistema Especial de Liquidao e Custdia). Parte do saldo, no montante atualizado de R$3.065, encontra-se depositada judicialmente. (b) Em 31 de dezembro de 2011, do saldo total registrado na controladora e no consolidado, os montantes de R$12.669, R$52.305, R$23.274, R$273 e R$780 referem-se ao ICMS - ST dos Estados do Paran, Distrito Federal, Mato Grosso do Sul, Mato Grosso e Rio de Janeiro, respectivamente (R$119.371, R$34.969 e R$12.679 referem-se ao ICMS - ST dos Estados do Paran, Distrito Federal e Mato Grosso do Sul, respectivamente, em 31 de dezembro de 2010), que esto sendo discutidos judicialmente pela Sociedade, conforme tambm mencionado na nota explicativa n 17.(a) (passivos contingentes - risco de perda possvel). A Sociedade vem efetuando depsitos judiciais mensais com relao aos montantes no recolhidos. Em 26 de novembro de 2011, a Sociedade formalizou um acordo, para aplicao prospectiva a essa data, com o Estado do Paran para definir a Margem de Valor Agregado MVA aplicvel no clculo do ICMS - ST devido nas operaes dos(as) Consultores(as) Natura. Para tanto, a Sociedade reconheceu a aplicao da MVA (no limite determinado pelo estudo tcnico) para os fatos geradores anteriores a novembro de 2011 e desistiu parcialmente das aes judiciais que discutem o tema, o que resultou: (i) na converso em renda ao Estado do Paran de R$114.345 a ttulo de ICMS - ST; e (ii) no levantamento de R$16.930 depositados a maior em razo de prorrogao retroativa de benefcio fiscal. Remanesce a discusso sobre a MVA aplicvel aos fatos geradores anteriores a novembro de 2011 que est na fase final da percia judicial. (c) Em 4 de fevereiro de 2009, a Sociedade obteve medida liminar posteriormente confirmada por sentena que suspendeu a exigibilidade do imposto de renda e da contribuio social incidentes sobre quaisquer valores recebidos a ttulo de juros de mora, pagos pelo atraso no cumprimento de obrigaes contratuais das operaes com vendas para os(as) Consultores(as) Natura. Aguarda-se o julgamento do recurso de apelao interposto pela Unio Federal. (d) Refere-se a crditos de IPI sobre matrias-primas e materiais de embalagem adquiridos com a incidncia de alquota zero, como no tributados ou isentos. A controlada Indstria e 54
Comrcio de Cosmticos Natura Ltda. impetrou mandado de segurana e obteve liminar concedendo o direito ao crdito. Em 25 de setembro de 2006, a liminar foi cassada por sentena, que julgou o pedido improcedente. A Sociedade interps recurso de apelao para reapreciao do mrito e restabelecimento dos efeitos da liminar. Para suspender a exigibilidade do crdito tributrio, em outubro de 2006 a Sociedade efetuou depsito judicial em relao ao valor compensado sob a vigncia da liminar, cujo saldo atualizado monetariamente em 31 de dezembro de 2011 de R$42.432 (R$39.404 em 31 de dezembro de 2010). No quarto trimestre de 2009, para o aproveitamento dos benefcios concedidos pela Medida Provisria n 470/09, atravs da instituio das modalidades de pagamento e parcelamento de dbitos fiscais, a controlada protocolou petio desistindo parcialmente do mandado de segurana impetrado, no tocante discusso dos crditos de IPI, dos produtos adquiridos com a incidncia de alquota zero e no tributados (vide detalhes no tpico Parcelamentos de dbitos tributrios institudos pela Medida Provisria n 470/09 a seguir). Nessa data, aps ter cumprido com os requerimentos para adeso ao pagamento dos dbitos fiscais institudo pela Medida Provisria n 470/09, a controlada aguarda o deferimento por parte da autoridade tributria para dar baixa, tanto dos valores registrados no passivo de exigibilidade suspensa quanto dos valores dos depsitos judiciais correspondentes. Ato contnuo, em dezembro de 2011, a controlada protocolou petio desistindo tambm da discusso em relao aos crditos sobre os produtos isentos, os quais se encontram depositados judicialmente, tendo em vista a classificao de risco para perda provvel. Assim, aguarda-se a converso em renda dos valores depositados judicialmente. (e) Refere-se incidncia da correo monetria pela Unidade Fiscal de Referncia - UFIR dos tributos federais (IRPJ, CSLL e Imposto sobre o Lucro Lquido - ILL) do ano 1991, discutida em mandado de segurana. O valor envolvido nesse processo encontra-se depositado judicialmente. Em 26 de fevereiro de 2010, para aproveitamento dos benefcios concedidos pela Lei n 11.941/09, atravs da instituio das modalidades de pagamento e parcelamento de dbitos fiscais, a Sociedade protocolou petio desistindo da respectiva ao, aguardando-se o trnsito em julgado da ao. (f) A controlada Indstria e Comrcio de Cosmticos Natura Ltda. discute, por meio de mandados de segurana, o direito ao crdito de IPI nas aquisies de bens para o ativo imobilizado e de materiais de consumo. Em 26 de fevereiro de 2010, para aproveitamento dos benefcios concedidos pela Lei n 11.941/09, atravs da instituio das modalidades de pagamento e parcelamento de dbitos fiscais, a controlada protocolou petio desistindo da respectiva ao. (g) Refere-se contribuio previdenciria exigida em autos de infrao lavrados pelo Instituto Nacional do Seguro Social - INSS, em processo de fiscalizao, que exigiu da Sociedade, na qualidade de contribuinte solidria, valores de contribuio devidos na contratao de servios prestados por terceiros. Os valores so discutidos na ao anulatria de dbito fiscal e encontram-se depositados judicialmente. Os valores exigidos no auto de infrao compreendem o perodo de janeiro de 1990 a outubro de 1999. Durante o exerccio de 2007, a Sociedade reverteu o montante de R$1.903, correspondente decadncia de parte do montante envolvido no processo referente ao perodo de janeiro de 1990 a outubro de 1994, conforme orientao da Smula Vinculante n 08 do Supremo Tribunal Federal - STF. Em 1 de maro de 2010, foi protocolada petio desistindo parcialmente da ao, bem como renunciando parcialmente ao seu direito, para fins de adeso aos benefcios previstos na Lei n 11.941/09, em relao s contribuies previdencirias devidas pelas empresas que prestavam servios Sociedade (responsabilidade solidria) no perodo compreendido entre novembro de 1994 e dezembro 55
de 1998. Parcelamentos de dbitos tributrios institudos pela Lei n 11.941/09 Em 27 de maio de 2009, o Governo Federal publicou a Lei n 11.941, resultado da converso da Medida Provisria n 449/08, a qual, entre outras alteraes na legislao tributria, trouxe um novo parcelamento de dbitos tributrios administrados pela Receita Federal do Brasil e pelo INSS e de dbitos com a Procuradoria-Geral da Fazenda Nacional - PGFN, incluindo o saldo remanescente dos dbitos consolidados no REFIS (Lei n 9.964/00), no Parcelamento Especial - PAES (Lei n 10.684/03) e no Parcelamento Excepcional - PAEX (Medida Provisria n 303/06), alm dos parcelamentos convencionais previstos no artigo 38 da Lei n 8.212/91 e no artigo 10 da Lei n 10.522/02. As entidades que optaram pelo pagamento ou parcelamento dos dbitos nos termos dessa Lei podero liquidar, nos casos aplicveis, os valores correspondentes multa, de mora ou de ofcio, e a juros moratrios, inclusive relativos a dbitos inscritos em dvida ativa, com a utilizao de prejuzo fiscal e de base de clculo negativa da contribuio social prprios, e tero benefcios de reduo de multas, juros e encargos legais, cujos percentuais de reduo dependem da opo de prazo de pagamento escolhida. Conforme regras definidas, para o cumprimento da primeira etapa dos parcelamentos, a Sociedade e suas controladas, aps terem protocolado peties na Justia oficializando a desistncia das aes judiciais, cujos tributos esto sendo objeto de parcelamento, fizeram os requerimentos de adeso aos parcelamentos, escolhendo as modalidades de parcelamento e indicando a natureza genrica dos dbitos fiscais, para os quais foram feitos os pagamentos das respectivas prestaes iniciais, conforme as regras definidas na Portaria Conjunta da Secretaria da Receita Federal e PGFN. A seguir so demonstrados os dbitos tributrios que foram inscritos no parcelamento pela Sociedade e por suas controladas, conforme a Lei n 11.941/09:
Controladora 2010 Ao anulatria de dbito fiscal de INSS (a) Dbitos fiscais de IRPJ, CSLL e ILL (b) 2.893 6.216 9.109 Adies 186 186 Reverses (521) (521) Pagamentos Atualizao monetria 180 480 660 2011 3.073 6.361 9.434
Consolidado 2010 Dbitos fiscais de INSS - ao anulatria (a) Dbitos fiscais de IRPJ, CSLL e ILL (b) Dbitos fiscais de IPI sobre aquisies de ativo imobilizado e material de uso e consumo (c) (a) (b) 2.893 6.360 3.768 13.021 Adies 186 186 Reverses (521) (3.654) (4.175) Pagamentos (223) 223) Atualizao monetria 180 494 109 783 2011 3.073 6.519 9.592
Os detalhes desse processo esto mencionados no item (g) desta mesma nota. Os detalhes desse processo esto mencionados no item (e) desta mesma nota.
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(c)
Os detalhes desse processo esto mencionados no item (f) desta mesma nota.
Devido inexistncia de saldos remanescentes de prejuzos fiscais e base de clculo negativa da contribuio social, a Sociedade no se compensar destes para liquidao da parcela de juros dos parcelamentos. No segundo semestre de 2011, aps a consolidao dos dbitos, os processos administrativos foram quitados em parcela nica, gerando um estorno de proviso. Para a sequncia das etapas do parcelamento dos dbitos fiscais da Sociedade e de suas controladas que se encontram em esfera judicial, aguarda-se a deciso sobre a consolidao dos valores para que haja a sua quitao, por meio de converso em renda dos valores depositados. Parcelamentos de dbitos tributrios institudos pela Medida Provisria n 470/09 Em 13 de outubro de 2009, foi editada a Medida Provisria n 470, que instituiu o pagamento e parcelamento de dbitos fiscais decorrentes do aproveitamento indevido do incentivo fiscal setorial institudo pelo artigo 1 do Decreto-lei n 491, de 5 de maro de 1969, e decorrentes do aproveitamento indevido de crditos do IPI, no mbito da PGFN e da Receita Federal do Brasil. Em 3 de novembro de 2009, a PGFN e a Receita Federal do Brasil publicaram, no Dirio Oficial da Unio - DOU, a Portaria Conjunta n 9, que dispe sobre o pagamento e parcelamento de dbitos de que trata o artigo 3 da Medida Provisria n 470/09. Os dbitos decorrentes do aproveitamento indevido do incentivo fiscal setorial institudo pelo artigo 1 do Decreto-lei n 491/69 e os decorrentes do aproveitamento indevido de crditos do IPI, no mbito da PGFN e da Receita Federal do Brasil, foram pagos ou parcelados, no mbito de cada um dos rgos, at 30 de novembro de 2009. Conforme mencionado no item (d) desta mesma nota, a controlada Indstria e Comrcio de Cosmticos Natura Ltda. protocolou petio desistindo parcialmente do mandado de segurana impetrado com referncia a crditos de IPI decorrentes dos produtos adquiridos com a incidncia de alquota zero e no tributados. Em 31 de dezembro de 2011, a Sociedade aguarda o posicionamento do Tribunal Regional Federal da 3 Regio, aps manifestao da PGFN e Secretaria da Receita Federal do Brasil, para concluir a etapa referente consolidao dos dbitos fiscais e para baixar os saldos do passivo de exigibilidade suspensa contra os depsitos judiciais efetuados at a referida data pelos valores atualizados monetariamente. Devido existncia de depsitos judiciais efetuados em perodos anteriores e opo feita pela controlada pelo pagamento vista, nenhum ganho foi registrado no resultado do exerccio quanto reverso de multa de mora e juros. 17. PROVISES PARA RISCOS TRIBUTRIOS, CVEIS E TRABALHISTAS A Sociedade e suas controladas so partes em aes judiciais de natureza tributria, trabalhista e cvel e em processos administrativos de natureza tributria. A Administrao acredita, apoiada na opinio e nas estimativas de seus assessores legais, que as provises para riscos tributrios, cveis e trabalhistas so suficientes para cobrir as eventuais perdas. Essas provises esto assim demonstradas:
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Controladora 2011 2010 Tributrios Cveis Trabalhistas Riscos tributrios
Consolidado 2011 2010
27.612 29.867 33.850 42.970 12.234 9.284 16.986 14.137 9.754 14.131 14.219 16.677 49.600 53.282 65.055 73.784
Os riscos tributrios provisionados so compostos pelos processos a seguir relacionados:

Controladora 2010 Multas moratrias sobre tributos federais recolhidos em atraso (a) Dedutibilidade da CSLL (Lei n 9.316/96) (b) Auto de infrao - IRPJ e CSLL - honorrios advocatcios (c) Auto de infrao - IRPJ 1990 (d) No incluso do ICMS na base de clculo do PIS e da COFINS - honorrios advocatcios (e) Honorrios advocatcios e outros (g) Risco tributrio total provisionado Depsitos judiciais (nota explicativa n 10) 999 7.562 4.452 3.342 951 12.561 29.867 (9.600) Adies 424 424 Reverses (666) (635) (3.137) (4.438) Consolidado 2010 Multas moratrias sobre tributos federais recolhidos em atraso (a) Dedutibilidade da CSLL (Lei n 9.316/96) (b) Auto de infrao - IRPJ e CSLL - honorrios advocatcios (c) Ao anulatria - Auto de infrao - IRPJ 1990 (d) No incluso do ICMS na base de clculo do PIS e da COFINS - honorrios advocatcios (e) PIS semestralidade - Decretos-lei n 2.445/88 e n 2.449/88 (f) Honorrios advocatcios e outros (g) Risco tributrio total provisionado Depsitos judiciais (nota explicativa n 10) 1.505 7.562 4.452 3.342 6.063 2.191 17.855 42.970 (10.754) Adies 424 700 1.124 Reverses (453) (666) (5.588) (6.571) (13.278) Pagamentos (683) (683) Atualizao monetria 72 323 1.182 172 (475) 129 2.314 3.717 2011 865 7.885 4.968 3.514 2.320 14.298 33.850 Pagamentos (683) (683) Atualizao monetria 54 323 1.182 172 2011 794 7.885 4.968 3.514
(316) 1.027 10.451 2.442 27.612 (352) (9.952)
(761) (11.515)
(a) Referem-se incidncia de multa moratria no recolhimento em atraso de tributos federais. (b) Refere-se ao mandado de segurana que questiona a constitucionalidade da Lei n 9.316/96, a qual proibiu a dedutibilidade da CSLL da sua prpria base de clculo e da base de clculo do IRPJ. Parte da proviso, no montante atualizado de R$5.905 (R$5.559 em 31 de dezembro de 2010), est depositada judicialmente. O processo est sobrestado aguardando posicionamento do STF sobre o caso, que ser decidido por meio de Repercusso Geral. (c) Refere-se aos honorrios advocatcios para defesa dos autos de infrao lavrados contra a Sociedade, em agosto de 2003, dezembro de 2006 e dezembro de 2007, pela Receita Federal do Brasil, em que se exigem crditos tributrios de IRPJ e CSLL relativos dedutibilidade da remunerao das debntures emitidas pela Sociedade, nos perodos-base 1999, 2001 e 2002, respectivamente. Os autos de infrao relativos aos perodos-base 2001 e 2002 aguardam deciso definitiva do Conselho de Contribuinte. A opinio dos assessores legais de que a probabilidade de perda decorrente dos referidos autos de infrao remota.
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O auto de infrao lavrado contra a Sociedade em agosto de 2003, relativo dedutibilidade no perodo-base 1999, teve deciso administrativa transitada em julgado em janeiro de 2010, sendo mantido parcialmente em relao ao IRPJ e integralmente em relao CSLL. Aps essa deciso, em 7 de abril de 2010, a Sociedade ingressou com uma ao na esfera judicial objetivando cancelar a parcela remanescente do IRPJ e da CSLL. A opinio dos assessores legais de que a perspectiva de perda na ao judicial remota. (d) Refere-se a auto de infrao lavrado pela Receita Federal do Brasil exigindo o pagamento de imposto de renda sobre o lucro decorrente de exportaes incentivadas, ocorridas no ano-base 1989, alquota de 18% (Lei n 7.988, de 29 de dezembro de 1989) e no 3%, conforme era determinado pelo artigo 1 do Decreto-lei n 2.413/88, no qual a Sociedade se fundamentou para efetuar os recolhimentos na poca. A Sociedade ingressou com uma ao na esfera judicial objetivando cancelar o auto de infrao. O processo est sobrestado aguardando posicionamento do STF sobre o caso. (e) Refere-se aos honorrios advocatcios para propositura de aes judiciais que discutem a incluso do ICMS na base de clculo do PIS e da COFINS, no perodo de fevereiro de 1998 aos dias atuais. Foi revertida a proviso para honorrios durante o segundo trimestre de 2011 em virtude da probabilidade de perda na opinio dos assessores legais ter sido revisada e alterada de remota para possvel com base no andamento do leading case (ADC-18) em trmite no STF, bem como em virtude da alterao da composio da Corte. (f) Refere-se compensao do PIS pago na forma dos Decretos-lei n 2.445/88 e n 2.449/88, no perodo de 1988 a 1995, com impostos e contribuies federais devidos em 2003 e 2004. Durante o exerccio de 2007, a Sociedade efetuou a reverso no montante de R$14.910, devido deciso favorvel e definitiva Sociedade, proferida em agosto de 2007. A proviso remanescente refere-se parcela correspondente controlada Indstria e Comrcio de Cosmticos Natura Ltda., que aguarda apreciao do processo pelo Conselho de Contribuintes. (g) O saldo refere-se a honorrios advocatcios para defesa dos interesses da Sociedade e de suas controladas em processos tributrios. Do montante provisionado: (i) R$4.000 referem-se aos honorrios advocatcios para elaborao de defesa no auto de infrao de IRPJ e de CSLL contra a Sociedade, lavrado em 30 de setembro de 2009, que tem como objeto o questionamento da dedutibilidade fiscal da amortizao do gio decorrente de incorporao de aes da Natura Participaes S.A. que possua gio sobre o investimento mantido na ento controlada Natura Empreendimentos S.A. Na opinio dos assessores legais da Sociedade, a operao tal como foi estruturada e seus efeitos fiscais so defensveis, motivo pelo qual o risco de perda classificado como remoto; e (ii) R$700 referem-se aos honorrios advocatcios devidos para defesa apresentada na Autuao da Secretaria da Fazenda do Rio Grande do Sul, a qual exige supostas diferenas de ICMS - ST em relao s remessas interestaduais realizadas a estabelecimentos da Sociedade localizados no Rio Grande do Sul. Na opinio dos assessores legais da Sociedade, o risco de perda classificado como remoto.
Riscos cveis
Controladora 2010 Diversas aes cveis (a) Honorrios advocatcios - ao cvel ambiental (b) Aes cveis e honorrios advocatcios Nova Flora Participaes Ltda. Risco cvel total provisionado Depsitos judiciais (nota explicativa n 10) 4.828 1.512 2.944 9.284 (1.874) Adies 10.925 10.925 Reverses (9.052) (64) (3) (9.119) Consolidado 2010 Diversas aes cveis (a) Honorrios advocatcios - ao cvel ambiental (b) Honorrios - processos IBAMA e Biodiversidade (c) Aes cveis e honorrios advocatcios - Nova Flora Participaes Ltda. Risco cvel total provisionado Depsitos judiciais (nota explicativa10) 5.716 1.512 3.965 2.944 14.137 (1.976) Adies 11.193 11.193 Reverses (9.291) (64) (301) (3) (9.659) Pagamentos (146) (146) Atualizao monetria 250 87 152 971 1.460 2011 7.723 1.535 3.816 3.912 16.986 Pagamentos (133) (133) Atualizao monetria 219 87 971 1.277 2011 6.787 1.535 3.912 12.234
(12) (1.886)
(16) (1.992)
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(a) A Sociedade e suas controladas, em 31 de dezembro 2011, so partes em 2.491 aes e procedimentos cveis
(1.211 em 31 de dezembro de 2010), entre os quais 2.382 no mbito da justia cvel, do juizado especial cvel e do Programa de Orientao e Proteo ao Consumidor - PROCON, movidos por Consultores(as) Natura, consumidores, fornecedores e ex-colaboradores, sendo a maioria referente a pedidos de indenizao.
(b) Do total provisionado, o montante de R$1.192 refere-se aos honorrios advocatcios para defesa dos interesses
da Sociedade nos autos da Ao Civil Pblica movida pelo Ministrio Pblico Federal do Estado do Acre em face da Sociedade e de outras instituies, sob a alegao de acesso ao conhecimento tradicional associado ao ativo Murumuru. Na opinio dos assessores legais a probabilidade de perda remota.
(c) Referem-se aos honorrios advocatcios para defesa administrativa nos autos de infrao lavrados pelo
Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renovveis - IBAMA contra a Sociedade em 2010 por acessos supostamente irregulares ao patrimnio gentico brasileiro ou ao conhecimento tradicional associado, bem como para a adoo das medidas judiciais consideradas pertinentes pelos assessores legais da Sociedade. A Sociedade recebeu at dezembro de 2011, 70 multas do IBAMA, no total de R$21.955 e apresentou defesa administrativa para todas mas ainda no houve deciso de mrito do IBAMA em nenhum caso, razo pela qual tais multas no representam crditos exigveis. A Administrao da Sociedade e seus assessores legais consideram como remota a possibilidade de perda nos autos de infrao relacionados suposta ausncia de repartio de benefcios e como possvel a perda nos autos de infrao relacionados ao suposto acesso irregular ao patrimnio gentico em virtude do cumprimento de todos os princpios estabelecidos na Conveno da Diversidade Biolgica - CDB, tratado internacional firmado na Rio-92 e das ilegalidades e inconstitucionalidades do atual marco legal que incorporou a CDB no sistema legal brasileiro. Com exceo de insumos provenientes de terras da Unio, que se recusa a negociar, porque no estabeleceu at hoje os Comits de Negociao. A Sociedade reparte benefcios em 100% dos acessos no uso da biodiversidade, sendo inclusive a pioneira na repartio de benefcios com comunidades tradicionais e possuindo aproximadamente 68% das solicitaes ao rgo regulador de pedidos de autorizao para acesso biodiversidade.
Riscos trabalhistas A Sociedade e suas controladas, em 31 de dezembro de 2011, so partes em 827 reclamaes trabalhistas movidas por ex-colaboradores e terceiros (766 em 31 de dezembro de 2010), cujos pedidos se constituem em pagamentos de verbas rescisrias, adicionais salariais, horas extras e verbas devidas em razo da responsabilidade subsidiria. As provises so revisadas periodicamente com base na evoluo dos processos e no histrico de perdas das reclamaes trabalhistas para refletir a melhor estimativa corrente.
Controladora Atualizao Reverses monetria (9.241) 425 -
2010 Risco trabalhista total provisionado Depsitos judiciais (nota explicativa n 10) 14.131 (1.762)
Adies 4.439 (891)
2011 9.754 (2.653)
2010 Risco trabalhista total provisionado Depsitos judiciais (nota explicativa n 10) 16.677 (2.410)
Adies 7.708 (1.757)
Consolidado Atualizao Reverses monetria (11.096) 930 -
2011 14.219 (4.167)
Passivos contingentes - risco de perda possvel A Sociedade e suas controladas possuem aes de natureza tributria, cvel e trabalhista que no esto provisionadas, pois envolvem risco de perda classificado pela Administrao e por 60
seus assessores legais como possvel. As contingncias passivas esto assim representadas:
Controladora 2011 2010 Tributrias: Ao Declaratria - ICMS - ST (a) Compensao de 1/3 da COFINS - Lei n 9.718/98 (b) Ao anulatria de dbito fiscal de INSS (c) Auto de infrao - IPI (d) Processo administrativo - auto de infrao - ICMS - ST - DF (e) Processo administrativo - auto de infrao - ICMS - ST - PA (e) Processo administrativo - dbito fiscal - ICMS - ST - RS (f) Auto de infrao lavrado pela Secretaria da Fazenda do Rio Grande do Sul (g) Auto de infrao - SeFaz de SP - fiscalizao do ICMS (h) Auto de infrao - preo de transferncia em contratos de mtuo com empresa ligada do exterior (i) Outras Cveis Trabalhistas 80.304 5.357 4.910 5.451 8.815 3.423 9.066 30.184 1.856 36.837 186.203 2.953 42.792 231.948 53.809 5.121 4.567 5.178 25.077 15.919 1.779 55.870 167.320 3.315 61.547 232.182 Consolidado 2011 2010 80.304 5.357 4.910 5.451 8.815 3.423 9.066 30.184 9.837 1.856 43.828 203.031 3.076 73.856 279.963 53.809 5.121 4.567 5.178 25.077 15.919 9.837 1.779 54.355 175.642 4.133 85.899 265.674
(a) Em 31 de dezembro de 2011, o montante demonstrado apresenta a seguinte composio: 1. ICMS - ST - PR - R$49.962 (R$46.768 em 31 de dezembro de 2010) - Ao movida pela Sociedade, com o objetivo de discutir as alteraes na base de clculo do ICMS - ST, de forma ilegal, promovido pelo Decreto Paranaense n 7.018/06. O valor discutido na ao, relativo aos meses de janeiro de 2007 a dezembro de 2011, est sendo integralmente depositado em juzo, conforme mencionado nas notas explicativas n 10 e n 16 (b), estando sua exigibilidade suspensa. 2. ICMS - ST - DF - R$15.401 (R$5.574 em 31 de dezembro de 2010) - Ao declaratria movida pela Sociedade, com o objetivo de discutir sua responsabilidade pelo recolhimento do ICMS - ST, em razo da ausncia de norma legal e de critrio para a aferio da base de clculo desse imposto ou, sucessivamente, a necessidade de celebrao de Termo de Acordo fixando a base de clculo do ICMS ST. O valor discutido na ao, relativo aos meses de fevereiro de 2009 a dezembro de 2011, est sendo integralmente depositado em juzo, conforme mencionado nas notas explicativas n 10 e n 16 (b), estando sua exigibilidade suspensa. 3. ICMS - ST - MS - R$9.734 (R$1.467 em 31 de dezembro de 2010) - Ao declaratria ajuizada objetivando o reconhecimento da inexistncia de relao jurdica com o Estado do Mato Grosso do Sul que atribua Sociedade o dever de recolher o ICMS - ST ante a ausncia de norma legal que lhe atribua a responsabilidade por substituio tributria e inexistncia de critrio vlido e adequado para a aferio da base de clculo desse imposto. O valor discutido na ao, relativo aos meses de fevereiro de 2010 a dezembro de 2011, est sendo integralmente depositado em juzo, conforme mencionado nas notas explicativas n 10 e n 16 (b), estando sua exigibilidade suspensa. 4. ICMS - ST - MT - R$3.410 em 31 de dezembro de 2011 - Ao declaratria ajuizada objetivando o reconhecimento da inexistncia de relao jurdica com o Estado do Mato Grosso que atribua Sociedade o dever de recolher o ICMS - ST ante a ausncia de norma legal que lhe atribua a responsabilidade por substituio tributria e inexistncia de critrio vlido e adequado para a aferio da base de clculo desse imposto. O valor discutido na ao, relativo aos meses de outubro de 2009 a julho de 2011, est integralmente depositado em juzo, conforme mencionado nas notas explicativas n 10 e n 16 (b), estando sua exigibilidade suspensa. 5. ICMS - ST - SC - R$1.797 em 31 de dezembro de 2011 - Ao declaratria ajuizada objetivando o reconhecimento da inexistncia de relao jurdica com o Estado de Santa Catarina que atribua Sociedade o dever de recolher o ICMS - ST ante a ausncia de norma legal que lhe atribua a responsabilidade por substituio tributria e inexistncia de critrio vlido e adequado para a aferio da base de clculo desse imposto. O valor discutido na ao, relativo aos meses de julho e agosto de 2011,
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est sendo integralmente depositado em juzo, conforme mencionado nas notas explicativas n 10 e n 16 (b), estando sua exigibilidade suspensa. (b) A Lei n 9.718/98 aumentou a alquota da COFINS de 2% para 3% e permitiu que esse diferencial de 1% fosse compensado, durante 1999, com a contribuio social a recolher do mesmo ano. A Sociedade e suas controladas, entretanto, impetraram, em 1999, mandado de segurana e obtiveram liminar suspendendo a exigibilidade do crdito tributrio (diferena de 1% da alquota) e autorizando o recolhimento da COFINS com base na Lei Complementar n 70/91, vigente at ento. Em dezembro de 2000, tendo em vista precedentes desfavorveis do Poder Judicirio, a Sociedade e suas controladas aderiram ao Programa de Recuperao Fiscal - REFIS, parcelando a dvida referente COFINS no recolhida no perodo. Com o recolhimento do tributo, a Sociedade e suas controladas passaram a ter direito compensao de 1% da COFINS com a contribuio social, que foi feita no primeiro semestre de 2001. A Receita Federal do Brasil, no entanto, entende que o prazo para a compensao estava restrito ao ano-base 1999. Em 11 de setembro de 2006, a Sociedade foi notificada do indeferimento das compensaes realizadas e tempestivamente entrou com o recurso cabvel. O processo aguarda julgamento do recurso voluntrio interposto pela Sociedade. (c) Ao movida pela Sociedade que pretende declarar a inexigibilidade do crdito fiscal cobrado pelo INSS, atravs de auto de infrao lavrado, com o objetivo de exigir a contribuio previdenciria sobre a ajuda de custo para a manuteno de veculos paga s Promotoras de Venda. Os valores so discutidos na ao anulatria de dbito fiscal e encontram-se depositados judicialmente. Os valores exigidos no auto de infrao compreendem o perodo de janeiro de 1994 a outubro de 1999. (d) Refere-se execuo fiscal visando exigncia de IPI decorrente de suposta falta de recolhimento e incorreta classificao de produtos comercializados. A Sociedade apresentou defesa na esfera judicial e aguarda seu julgamento definitivo. (e) Auto de infrao de cobrana de ICMS - ST, exigido pelo Estado do Distrito Federal e do Par, em razo de suposto recolhimento a menor referente diferena exigida a ttulo de ICMS - ST. A Sociedade apresentou defesa na esfera administrativa e aguarda seu julgamento definitivo. (f) Auto de infrao lavrado pela Secretaria da Fazenda do Rio Grande do Sul em face da Sociedade, em razo de sua condio de substituta tributria, para cobrana de ICMS supostamente devido, em razo da ausncia de critrio para aferio da base de clculo correta desse imposto, relativo s operaes subsequentes praticadas pelas revendedoras autnomas domiciliadas no Estado do Rio Grande do Sul. A Sociedade props ao anulatria para afastar essa exigncia, a qual aguarda seu julgamento definitivo.
(g) Autos de infrao lavrados pela Secretaria da Fazenda do Rio Grande do Sul exigindo crdito tributrio referente ao ICMS por suposta aplicao indevida de reduo de base de clculo concedida nas operaes internas e suposta reduo da alquota interna na apurao do diferencial de alquotas. Foram apresentadas defesas administrativas, as quais aguardam seu julgamento definitivo. (h) Autuao lavrada pela SeFaz, em razo de suposto creditamento do ICMS decorrente de aquisio de bens para integrao dos ativos imobilizados transferidos, na data da compra, para outros estabelecimentos, bem como a bens adquiridos e supostamente no relacionados diretamente atividade de produo e comercializao. A Sociedade apresentou defesa na esfera administrativa, alegando a possibilidade dos creditamentos efetuados, decadncia do crdito tributrio, bem como a ilegalidade da aplicao dos juros no montante de um dcimo por cento ao dia, e aguarda seu julgamento definitivo. (i) Refere-se a auto de infrao lavrado contra a Sociedade no qual a Receita Federal do Brasil exige IRPJ e CSLL sobre a diferena de juros em contratos de mtuo com pessoa jurdica vinculada no exterior. Em 12 de julho de 2004, foi apresentada a defesa administrativa, que foi julgada improcedente. No ms de junho de 2008, a Sociedade apresentou recurso voluntrio em face da deciso desfavorvel perante o Conselho de Contribuintes, o qual est pendente de apreciao pelo rgo julgador.
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Ativos contingentes A Sociedade e suas controladas possuem os seguintes processos ativos relevantes: a) A Sociedade e sua controlada Indstria e Comrcio de Cosmticos Natura Ltda. questionam judicialmente a inconstitucionalidade e ilegalidade da majorao da base de clculo das contribuies ao PIS e COFINS institudas pelo pargrafo 1 do artigo 3 da Lei n 9.718/98. Os valores envolvidos nas aes judiciais, atualizados at 31 de dezembro de 2011, totalizavam R$21.935 (R$20.920 em 31 de dezembro de 2010). Durante o primeiro trimestre foi proferido pelo Tribunal Regional Federal da 3 Regio acrdo favorvel Sociedade por meio dos Embargos de Declarao opostos pelas empresas, autorizando a compensao desses crditos tributrios: (i) com dbitos de quaisquer tributos e contribuies federais no que se refere empresa Natura Cosmticos; e (ii) limitado aos dbitos das referidas contribuies no que se refere Indstria e Comrcio de Cosmticos Natura Ltda. Como consequncia, a Sociedade reconheceu os crditos de PIS e COFINS no montante de R$16.852 na rubrica Impostos a recuperar referente aos recolhimentos indevidos efetuados nos ltimos cinco anos anteriores data de propositura das aes, a crdito do resultado do exerccio na rubrica Outras receitas (despesas) operacionais. A Sociedade e sua controlada apresentaram recurso especial e extraordinrio ao Superior Tribunal de Justia - STJ e ao STF, a fim de obter o reconhecimento do direito compensao dos respectivos tributos recolhidos indevidamente nos dez anos anteriores data de propositura de ambas as aes, bem como, no que se refere Indstria e Comrcio de Cosmticos Natura Ltda., o direito de compensar esses crditos com quaisquer tributos e contribuies administrados pela Receita Federal do Brasil. A Sociedade j apresentou e aguarda a habilitao dos respectivos crditos reconhecidos para efetiva compensao destes com dbitos referentes a tributos e contribuies federais. A Sociedade e suas controladas Indstria e Comrcio de Cosmticos Natura Ltda., Natura Inovao e Tecnologia de Produtos Ltda. e Natura Logstica e Servios Ltda. pleiteiam a restituio das parcelas do ICMS e do Imposto Sobre Servios - ISS includas na base de clculo do PIS e da COFINS, recolhidas no perodo de abril de 1999 a maro de 2007. Os valores envolvidos nos pedidos de restituio, atualizados at 31 de dezembro de 2011, totalizavam R$135.305 (R$120.808 em 31 de dezembro de 2010). A opinio dos assessores legais que a probabilidade de perda possvel. 18. OUTRAS PROVISES Controladora 2011 2010 Plano de assistncia mdica aposentados Crdito de carbono (nota explicativa n 2.11.3) Outras provises Consolidado 2011 2010
19.332 13.123 28.132 19.713 16.486 12.683 16.486 12.683 191 29 35.818 25.806 44.809 32.425
A Sociedade e suas controladas mantm um plano de assistncia mdica ps-emprego para um grupo determinado de ex-colaboradores e seus respectivos cnjuges, conforme regras por elas estipuladas. Em 31 de dezembro de 2011, o plano contava com 1.073 e 2.144 colaboradores na controladora e no consolidado, respectivamente. 63
Em 31 de dezembro de 2011, a Sociedade e suas controladas mantinham uma proviso para o passivo atuarial referente a esse plano no montante de R$19.332 e R$28.132 na controladora e no consolidado, respectivamente (R$13.123 e R$19.713, respectivamente, na controladora e no consolidado em 31 de dezembro de 2010). Durante o exerccio os reflexos desse plano no resultado esto relacionados ao custo do servio no valor de R$1.192, custo dos juros no valor de R$2.823 e variaes nas premissas atuariais no valor de R$4.499. O passivo demonstrado foi calculado por aturio independente considerando as seguintes principais premissas: Percentual anual (em termos nominais) 2011 Taxa de desconto financeiro Crescimento das despesas mdicas (reduzindo 0,5% ao ano) Inflao de longo prazo Tbua de mortalidade geral 19. PATRIMNIO LQUIDO a) Capital social Em 31 de dezembro de 2010, o capital da Sociedade era R$418.061. No primeiro trimestre de 2011 foram subscritas 153.230 aes ordinrias sem valor nominal ao preo mdio de R$24,78, totalizando R$3.797, passando o capital social da Sociedade em 31 de maro de 2011 para 431.034.646 aes nominativas ordinrias subscritas e integralizadas, totalizando o montante de R$421.858. O capital autorizado passou de 10.428.709 para 10.275.479 aes nominativas ordinrias. No segundo trimestre de 2011, foram subscritas 200.059 aes ordinrias sem valor nominal ao preo mdio de R$25,51, totalizando R$5.104, passando o capital social da Sociedade em 30 de junho de 2011 para 431.234.705 aes nominativas ordinrias subscritas e integralizadas, totalizando o montante de R$426.962. O capital autorizado passou de 10.275.479 para 10.075.420 aes nominativas ordinrias. No terceiro trimestre de 2011, foram subscritas 4.559 aes ordinrias sem valor nominal ao preo mdio de R$24,71, totalizando R$111, passando o capital social da Sociedade para 431.239.264 aes nominativas ordinrias subscritas e integralizadas, totalizando o montante de R$427.073. O capital autorizado passou de 10.075.420 para 10.070.861 aes nominativas ordinrias. No quarto trimestre de 2011, no houve alterao no capital social, portanto o patrimnio lquido demonstrado na data-base 31 de dezembro de 2011 apresenta a composio de capital social detalhada anteriormente. 10,5 10,5 a 5,5 4,5 RP2000
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b) Poltica de distribuio de dividendos e juros sobre o capital prprio Os acionistas tero direito a receber, em cada exerccio social, a ttulo de dividendos, um percentual mnimo obrigatrio de 30% sobre o lucro lquido, considerando, principalmente, os seguintes ajustes: Acrscimo das importncias resultantes da reverso de reservas para contingncias, anteriormente formadas. Decrscimo das importncias destinadas constituio da reserva legal e de reservas para contingncias. O Estatuto Social faculta Sociedade o direito de levantar balanos semestrais ou intermedirios e, com base neles, o Conselho de Administrao poder aprovar a distribuio de dividendos intermedirios. Em 14 de abril de 2011, foram pagos dividendos no valor total de R$405.623 (R$0,9414 por ao) e juros sobre o capital prprio no valor total bruto de R$24.456 (R$0,0567 bruto por ao), conforme distribuio aprovada pelo Conselho de Administrao em 23 de fevereiro de 2011 e ratificada em Assembleia Geral Ordinria realizada em 8 de abril de 2011, referente ao lucro lquido do exerccio de 2010, que somados aos R$253.947 de dividendos e R$35.427 de juros sobre o capital prprio pagos em agosto de 2010 correspondem a uma distribuio de aproximadamente 95% do lucro lquido auferido no exerccio de 2010. Em 20 de julho de 2011, o Conselho de Administrao aprovou, ad referendum da Assembleia Geral Ordinria destinada a apreciar as demonstraes contbeis do exerccio a findar-se em 31 de dezembro de 2011, a proposta para pagamento de dividendos intermedirios e juros sobre o capital prprio, referentes aos resultados auferidos no primeiro semestre de 2011, nos montantes de R$295.302 (R$0,68 por ao) e R$37.507, bruto de Imposto de Renda Retido na Fonte - IRRF (R$0,087 bruto por ao), respectivamente. O montante total dos dividendos intermedirios e dos juros sobre o capital prprio corresponde a 98% do lucro lquido consolidado registrado no primeiro semestre de 2011. Adicionalmente, em 15 de fevereiro de 2012, o Conselho de Administrao aprovou ad referendum da Assembleia Geral Ordinria, que ser realizada em 13 de abril de 2012, a proposta para pagamento de dividendos e juros sobre o capital prprio, nos montantes de R$467.261 e R$23.624 (R$20.080, lquidos de IRRF), respectivamente, referentes aos resultados auferidos no exerccio de 2011, que somados aos R$295.302 de dividendos e R$37.506 de juros sobre o capital prprio pagos em agosto de 2011 correspondem a uma distribuio de aproximadamente 99% do lucro lquido auferido no exerccio de 2011.
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Os dividendos foram calculados conforme demonstrado a seguir: Controladora 2011 2010 Lucro lquido do exerccio Reserva para incentivos fiscais - subveno para investimentos Base de clculo para os dividendos mnimos Dividendos mnimos obrigatrios Dividendo anual mnimo Dividendos propostos Juros sobre o capital prprio IRRF sobre os juros sobre o capital prprio Total de dividendos e juros sobre o capital prprio, lquidos de IRRF Valor excedente ao dividendo mnimo obrigatrio Dividendos por ao - R$ Juros sobre o capital prprio por ao, lquidos - R$ Remunerao total por ao, lquida - R$ 830.901 744.050 (3.677) (5.973) 827.224 738.077 30% 30% 248.167 221.423 762.563 659.570 61.130 59.883 (9.170) (8.983) 814.523 710.470 566.356 489.047 1,7760 0,1208 1,8968 1,5312 0,1182 1,6494
Conforme mencionado na nota explicativa n 2.21, a parcela dos dividendos excedente ao dividendo mnimo obrigatrio, declarada pela Administrao aps o perodo contbil a que se referem as demonstraes contbeis, mas antes da data de autorizao para emisso destas, no dever ser registrada como passivo nas respectivas demonstraes contbeis, devendo os efeitos da parcela dos dividendos complementares ser divulgados em nota explicativa. Portanto, em 31 de dezembro de 2011 e de 2010, as seguintes parcelas referentes ao valor excedente ao dividendo mnimo obrigatrio foram registradas no patrimnio lquido como Dividendo adicional proposto: Controladora 2011 2010 Dividendos Juros sobre o capital prprio c) Aes em tesouraria A Sociedade adquiriu durante o exerccio 3.066.300 de aes ordinrias, ao preo mdio de R$34,06, para atender ao exerccio das opes outorgadas aos administradores e colaboradores da Sociedade, assim como aos administradores e colaboradores das controladas diretas ou indiretas. Adicionalmente s aquisies de aes no exerccio, foram utilizadas nos exerccios de opes um total de R$895 a um custo mdio unitrio de R$32,92. 467.261 405.623 23.624 24.456 490.885 430.079
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Em 31 de dezembro de 2011, a rubrica Aes em tesouraria possua a seguinte composio: 2011 Preo mdio Quantidade R$ por ao de aes (em milhares) R$ Saldo no incio do exerccio Adquiridas Utilizadas Saldo no fim do exerccio d) gio na emisso de aes Refere-se ao gio gerado na emisso das 3.299 aes ordinrias, decorrente da capitalizao das debntures no montante de R$100.000, ocorrida em 2 de maro de 2004. e) Reserva legal Em virtude de o saldo da reserva legal, somado s reservas de capital de que trata o pargrafo 1 do artigo 182 da Lei n 6.404/76, ter ultrapassado 30% do capital social, a Sociedade, em conformidade com o estabelecido no artigo 193 da mesma Lei, decidiu por no constituir a reserva legal sobre o lucro lquido auferido nos exerccios a partir de 2006. f) Reserva de reteno de lucros Em 31 de dezembro de 2011, a reserva de reteno de lucros foi constituda nos termos do artigo 196 da Lei n 6.404/76, com o objetivo de aplicao em futuros investimentos, no montante de R$3.530 (R$23.421 de constituio em 31 de dezembro de 2010). A reteno da reserva referente ao exerccio de 2011 est fundamentada em oramento de capital, elaborado pela Administrao e aprovado pelo Conselho de Administrao no dia 15 de fevereiro de 2012 e ser ratificado na Assembleia Geral Ordinria que ser realizada no dia 13 de abril de 2012. g) Outros resultados abrangentes A Sociedade reconhece nesta rubrica o efeito das variaes cambiais sobre os investimentos em controladas no exterior. Esse efeito acumulado ser revertido ao resultado do exerccio como ganho ou perda somente em caso de alienao ou baixa do investimento. 20. INFORMAES SOBRE SEGMENTOS DE NEGCIOS Os segmentos operacionais so reportados de forma consistente com os relatrios gerenciais fornecidos ao principal tomador de decises operacionais para fins de avaliao de desempenho de cada segmento e alocao de recursos. Conforme relatrios analisados para tomadas de decises da Administrao, embora o principal tomador de decises analise as informaes sobre as receitas em diversos nveis, a principal segmentao dos negcios da Sociedade baseada em vendas de cosmticos por regies geogrficas, as quais incluem a 655 3.066.300 (45.198) 3.021.757 14 104.452 (1.617) 102.849 21,37 34,06 26,58 34,04
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seguinte segregao: Brasil (Operao Brasil), Amrica Latina (LATAM) e demais pases (Outros). Alm disso, a LATAM analisada em dois grupos: (a) Argentina, Chile e Peru (Operaes em Consolidao); e (b) Mxico e Colmbia (Operaes em Implementao). Os segmentos possuem caractersticas de negcios semelhantes e cada um oferece produtos similares por meio da mesma metodologia de acesso aos consumidores. A receita lquida por regio est representada da seguinte forma em 2011: Operao Brasil: 91,0% Operaes em Consolidao: 6,0% Operaes em Implementao: 2,7% Outros: 0,3% Embora os segmentos internacionais no representem mais que 10% das informaes necessrias para se agregar um segmento, conforme critrios de agregao descritos na IFRS 8 - Segmentos Operacionais, a Administrao possui fortes indicadores de que seus negcios no exterior sofrero aumento significativo em sua representatividade perante os saldos financeiros consolidados e, dessa forma, optou por divulg-los separadamente. As prticas contbeis de cada segmento so as mesmas descritas na nota explicativa n 2, descrio do negcio da Natura e polticas contbeis significativas. O desempenho dos segmentos da Sociedade foi avaliado com base nas receitas operacionais lquidas, no lucro lquido do exerccio e no ativo no circulante. Essa base de mensurao exclui os efeitos de juros, imposto de renda e contribuio social, depreciao e amortizao. Nas tabelas a seguir h informao financeira sumariada relacionada aos segmentos da Sociedade para 31 de dezembro de 2011 e de 2010. Os valores fornecidos ao Comit Executivo com relao ao resultado e ao total de ativos so consistentes com os saldos registrados nas demonstraes contbeis, bem como com as polticas contbeis aplicadas.
2011 Receita lquida Brasil Argentina, Chile e Peru Mxico, Venezuela e Colmbia Outros (*) Consolidado Lucro lquido Depreciao e Resultado amortizao financeiro (102.938) (4.226) (2.183) (574) (109.921) Imposto de renda Ativo no circulante Ativo total 3.482.649 187.016 96.070 27.277 3.793.012 Passivo circulante 1.142.356 90.915 34.730 6.718 1.274.719
5.089.533 916.148 335.058 (578) 149.166 (66.996) 17.617 (17.673) 5.591.374 830.901
(73.470) (406.168) 1.535.676 (2.625) 379 25.282 (1.245) (1.040) 11.857 16.938 (77.340) (406.829) 1.589.753 2010
Receita lquida Brasil Argentina, Chile e Peru Mxico, Venezuela e Colmbia Outros (*) Consolidado (*)
Lucro lquido
Depreciao e Resultado amortizao financeiro (82.692) (3.405) (2.104) (647) (88.848)
Imposto de renda
Ativo no circulante
Ativo total 2.970.381 156.666 69.041 25.783 3.221.871
Passivo circulante 1.074.101 76.802 33.009 6.738 1.190.650
4.767.741 835.484 255.702 (19.822) 98.275 (45.992) 14.994 (25.620) 5.136.712 744.050
(47.918) (374.412) 1.305.450 (842) (1.027) 19.489 (976) 1.319 10.858 16.177 (49.736) (374.120) 1.351.974
Inclui operaes da Frana e Corporativo LATAM.
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A Sociedade possui apenas uma classe de produtos comercializados pelos(as) Consultores(as) Natura denominada Cosmticos. Dessa forma, a divulgao da receita por classe de produtos no aplicvel. A Sociedade possui uma carteira de clientes pulverizada, sem nenhuma concentrao de receita. A receita de partes externas informadas ao Comit Executivo foi mensurada de maneira condizente com aquela apresentada na demonstrao do resultado. 21. RECEITA LQUIDA Controladora 2011 2010 Receita bruta: Mercado interno Mercado externo Outras vendas Devolues e cancelamentos Impostos incidentes sobre as vendas Receita lquida 6.898.727 6.898.727 (11.514) (1.038.436) 5.848.777 6.486.421 6.486.421 (8.682) (963.424) 5.514.315 Consolidado 2011 2010 6.896.735 637.593 1.437 7.535.765 (12.212) (1.932.179) 5.591.374 6.487.124 471.185 1.479 6.959.788 (8.682) (1.814.394) 5.136.712
22. DESPESAS OPERACIONAIS E CUSTOS DOS PRODUTOS VENDIDOS a) Est demonstrada a seguir a abertura por funo das despesas operacionais e dos custos dos produtos vendidos: Controladora 2011 2010 Custo dos produtos vendidos Despesas com vendas Despesas gerais e administrativas Participao dos colaboradores nos resultados (nota explicativa n 23.1) Remunerao dos administradores (nota explicativa n 27.2) Total Consolidado 2011 2010
2.375.514 2.283.926 1.666.300 1.556.806 1.503.069 1.292.365 1.952.740 1.704.322 816.818 837.808 680.731 605.442 3.765 18.174 30.168 70.351
9.443 14.417 9.443 14.417 4.708.609 4.446.690 4.339.382 3.951.338
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b) Est demonstrada a seguir a abertura por natureza das despesas operacionais e dos custos dos produtos vendidos: Controladora 2010 2011 Custos variveis e gastos indiretos de produtos e materiais de revenda 2.375.514 Despesas com marketing 955.713 Despesas com frete 246.563 Despesas com prestao de servios 57.927 Benefcios pagos a colaboradores e administradores (nota explicativa n 23) 263.540 Depreciao e amortizao 27.565 Remunerao dos administradores (nota explicativa n 27.2) 9.443 Outras despesas 103.275 Prestao de servios administrativos (nota explicativa n 27.1) 433.192 Prestao de servios de pesquisa e desenvolvimento (nota explicativa n 27.1) 235.877 Total 4.708.609 23. DESPESAS DE BENEFCIOS A COLABORADORES Controladora 2011 2010 Salrios e bonificaes Participao dos colaboradores nos resultados Plano de penso de contribuio definida (nota explicativa n 23.1) Ganho de executivos Impostos e contribuies sociais 23.1. Participao nos resultados A Sociedade e suas controladas concedem participao nos resultados a seus colaboradores e administradores, vinculada ao alcance de metas operacionais e objetivos especficos, estabelecidos e aprovados no incio de cada exerccio. Em 31 de dezembro de 2011 e de 2010, foram registrados, a ttulo de participao nos resultados, os montantes demonstrados a seguir: Consolidado 2011 2010 2.283.926 846.913 223.236 65.227 261.441 15.305 14.417 141.083 328.183 266.959 4.446.690 Consolidado 2011 2010 1.385.624 1.016.101 265.148 180.332 644.983 109.921 9.443 727.830 4.339.382 1.319.106 910.489 234.066 171.970 628.078 88.848 14.417 584.364 3.951.338
183.741 177.326 439.684 414.167 3.765 18.174 30.168 70.351 2.553 2.167 4.300 2.528 6.359 4.081 13.369 11.288 67.122 59.693 157.462 129.744 263.540 261.441 644.983 628.078
70
Controladora 2011 2010 Colaboradores Administradores (*)
Consolidado 2011 2010
3.765 18.174 30.168 70.351 - 6.018 - 6.018 3.765 24.192 30.168 76.369
(*) Includos na rubrica Remunerao dos administradores. 23.2. Ganhos baseados em aes O Conselho de Administrao rene-se anualmente para, dentro das bases do programa, estabelecer o plano, indicando os diretores e gerentes que recebero as opes e a quantidade total a ser distribuda. No formato vlido at o ano 2008, os planos possuem prazo de quatro anos para elegibilidade ao exerccio das opes, sendo 50% ao final do terceiro ano e 50% ao final do quarto ano, havendo ainda um prazo mximo de dois anos para o exerccio das opes aps o trmino do quarto ano de elegibilidade. Em 2009, o formato do programa foi alterado, sendo o prazo de elegibilidade ao exerccio das opes de 100% ao final do quarto ano, com a possibilidade de sua antecipao para trs anos, mediante a condio de cancelamento de 50% das opes outorgadas nos planos, e foi fixado o prazo mximo de quatro anos para o exerccio das opes aps o trmino do quarto ano de elegibilidade. No mbito desse novo modelo do programa, foram outorgadas 1.491.780 opes em 23 de maro de 2011, pelo preo de exerccio de R$42,39. As variaes na quantidade de opes de compra de aes em circulao e seus correspondentes preos mdios ponderados do exerccio esto apresentados a seguir: 2010 2011 Preo mdio de Preo mdio de exerccio por Opes exerccio por Opes ao - R$ (milhares) ao - R$ (milhares) Saldo no incio do exerccio Concedidas Canceladas Exercidas Saldo no fim do exerccio 28,10 42,39 29,35 25,33 32,84 6.839 1.492 (563) (405) 7.363 23,22 34,17 22,80 22,74 28,10 5.538 2.176 (268) (607) 6.839
Das 7.363 mil opes existentes em 31 de dezembro de 2011 (6.839 mil opes em 31 de dezembro de 2010), 1.214 mil opes (822 mil opes em 31 de dezembro de 2010) so exercveis. As opes exercidas em 2011 resultaram na emisso de 405 mil aes (607 mil aes no exerccio findo em 31 de dezembro de 2010) e na utilizao de 45 mil aes do saldo de aes em tesouraria.
71
A despesa referente ao valor justo das opes concedidas reconhecida no resultado do exerccio findo em 31 de dezembro de 2011, de acordo com o prazo transcorrido para aquisio do direito ao exerccio das opes, foi de R$6.359 e R$13.369 na controladora e no consolidado, respectivamente (R$4.081 e R$11.288, respectivamente, na controladora e no consolidado em 31 de dezembro de 2010). As opes de compra de aes em circulao no fim do exerccio tm as seguintes datas de vencimento e preos de exerccio: Em 31 de dezembro de 2011 Preo de exerccio - R$ 31,97 30,24 23,48 25,61 37,58 43,85 Vida remanescente Opes contratual Opes existentes (anos) exercveis 319.317 470.274 848.250 2.249.793 2.004.244 1.470.940 7.362.818 0,21 1,33 2,34 5,39 6,31 7,31 319.317 470.274 424.125 1.213.716
Data da outorga 29 de maro de 2006 24 de abril de 2007 22 de abril de 2008 22 de abril de 2009 19 de maro de 2010 21 de maro de 2011 Em 31 de dezembro de 2010
Data da outorga 16 de maro de 2005 29 de maro de 2006 24 de abril de 2007 22 de abril de 2008 22 de abril de 2009 19 de maro de 2010
Vida Preo de remanescente exerccio Opes contratual Opes - R$ existentes (anos) exercveis 20,25 30,17 28,53 22,16 24,17 35,46 82.981 414.120 650.333 1.128.902 2.436.105 2.126.372 6.838.813 0,21 1,23 2,35 3,36 6,40 7,32 82.981 414.120 325.167 822.268
Em 31 de dezembro de 2011, o preo de mercado era de R$36,26 (R$47,69 em 31 de dezembro de 2010) por ao. As opes foram mensuradas ao valor justo na data da outorga com base na norma IFRS 2 - Pagamento Baseado em Aes. A mdia ponderada do valor justo das opes em 31 de dezembro de 2011 era de R$32,84. As opes foram precificadas com base no modelo Binomial e os dados significativos includos no modelo para precificao do valor justo das opes concedidas em 2011 foram: Volatilidade de 36% (37% em 31 de dezembro de 2010). 72
Rendimento de dividendos de 5,3% (5,3% em 31 de dezembro de 2010). Vida esperada da opo correspondente a trs e quatro anos. Taxa de juros livre de risco anual de 10,9% (10,8% em 31 de dezembro de 2010). 23.3. Plano de previdncia complementar A Sociedade e suas controladas patrocinam dois planos de benefcios a colaboradores, sendo um de complementao de benefcios de aposentadoria, por intermdio de um plano de previdncia complementar administrado pela Brasilprev Seguros e Previdncia S.A., e um de extenso de assistncia mdica para ex-funcionrios aposentados. O plano de previdncia complementar estabelecido na forma de contribuio definida, criado em 1 de agosto de 2004 e elegvel para todos os colaboradores admitidos a partir daquela data. Nos termos do regulamento desse plano, o custeio paritrio, de modo que a parcela da Sociedade equivale a 60% daquela efetuada pelo colaborador de acordo com uma escala de contribuio embasada em faixas salariais, que variam de 1% a 5% da remunerao do colaborador aposentado. Em 31 de dezembro de 2011, no existiam passivos atuariais em nome da Sociedade e de suas controladas decorrentes do plano de previdncia complementar. As contribuies realizadas pela Sociedade e por suas controladas totalizaram R$2.553 na controladora e R$4.300 no consolidado, no exerccio findo em 31 de dezembro de 2011 (R$2.167 na controladora e R$2.528 no consolidado em 31 de dezembro de 2010), as quais foram registradas como despesa do exerccio. 24. RECEITAS (DESPESAS) FINANCEIRAS
Controladora 2011 2010 Receitas financeiras: Juros com aplicaes financeiras Ganhos com variaes monetrias e cambiais (a) Ganhos com operaes de swap e forward Outras receitas financeiras Despesas financeiras: Juros com financiamentos Perdas com variaes monetrias e cambiais (a) Perdas com operaes de swap e forward Ganhos (perdas) no ajuste a valor de mercado de derivativos swap e forward Outras despesas financeiras Receitas (despesas) financeiras 21.707 40.438 24.357 86.502 13.171 2.403 1.941 17.515 Consolidado 2011 2010 55.463 3.218 39.469 24.548 122.698 (92.044) (38.266) (27.688) 35.809 34 3.901 13.895 53.639 (58.457) (7.130) (12.218)
(72.487) (39.896) (36.496) (3.757) (26.359) (9.491)
(1.171) 416 (1.040) 142 (26.735) (5.509) (40.999) (25.712) (163.248) (58.237) (200.037) (103.375) (76.746) (40.722) (77.340) (49.736)
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As aberturas a seguir tm o objetivo de explicar melhor os resultados das operaes de proteo cambial contratadas pela Sociedade, bem como as respectivas contrapartidas registradas no resultado financeiro demonstrado no quadro anterior: Consolidado 2011 2010 (a) Ganhos com variaes monetrias e cambiais Perdas com variaes monetrias e cambiais (a) Abertura Variaes cambiais dos emprstimos e financiamentos Variaes monetrias dos financiamentos Variaes cambiais das importaes Variaes cambiais das contas a pagar nas controladas no exterior Variao cambial dos recebveis de exportao 3.218 34 (38.266) (7.130) (35.048) (7.096) (32.104) (55) (2.256) (3.852) 3.218 (35.048) (2.781) 34 (1.089) (1.399) (1.861) (7.096)
25. OUTRAS RECEITAS (DESPESAS) OPERACIONAIS, LQUIDAS Controladora 2011 2010 Resultado na venda de imobilizado Crditos tributrios de PIS e COFINS (*) Crditos extemporneos de PIS e COFINS Outras receitas (despesas) operacionais Outras receitas (despesas) operacionais, lquidas 918 11.887 15.461 15.313 43.579 106 350 456 Consolidado 2011 2010 (1.125) (9.044) 16.852 40.378 6.973 (8.424) 63.078 (17.468)
(*) O saldo demonstrado inclui os crditos tributrios reconhecidos de PIS e COFINS, oriundos de ganho de processo judicial que questionava a inconstitucionalidade e ilegalidade da majorao da base de clculo das contribuies citadas, institudas pela Lei n 9.718/98. Vide mais detalhes na nota explicativa n 17 (a) (ativos contingentes). 26. LUCRO POR AO 26.1. Bsico O lucro bsico por ao calculado mediante a diviso do lucro atribuvel aos acionistas da Sociedade pela quantidade mdia ponderada de aes ordinrias emitidas durante o exerccio, excluindo as aes ordinrias compradas pela Sociedade e mantidas como aes em tesouraria.
74
2011 Lucro atribuvel aos acionistas da Sociedade Mdia ponderada da quantidade de aes ordinrias emitidas Mdia ponderada das aes em tesouraria Mdia ponderada da quantidade de aes ordinrias em circulao Lucro bsico por ao - R$ 26.2. Diludo 830.901
2010 744.050
431.129.772 430.548.910 (1.059.330) (655) 430.070.442 430.548.255 1,9320 1,7281
O lucro por ao diludo calculado ajustando-se a mdia ponderada da quantidade de aes ordinrias em circulao supondo a converso de todas as aes ordinrias potenciais que provocariam diluio. A Sociedade tem apenas uma categoria de aes ordinrias potenciais que provocariam diluio: as opes de compra de aes. 2011 Lucro atribuvel aos acionistas da Sociedade Mdia ponderada da quantidade de aes ordinrias em circulao Ajuste por opes de compra de aes Quantidade mdia ponderada de aes ordinrias para o lucro diludo por ao Lucro diludo por ao - R$ 27. TRANSAES COM PARTES RELACIONADAS 27.1. Saldos e transaes com partes relacionadas Os saldos a receber e a pagar por transaes com partes relacionadas esto demonstrados a seguir: Controladora 2011 2010 Ativo circulante: Natura Inovao e Tecnologia de Produtos Ltda. (a) Natura Logstica e Servios Ltda. (b) Indstria e Comrcio de Cosmticos Natura Ltda. (c) Passivo circulante: Fornecedores: Indstria e Comrcio de Cosmticos Natura Ltda. (c) Natura Logstica e Servios Ltda. (d) Natura Inovao e Tecnologia de Produtos Ltda. (e) 12.531 20.809 4.568 37.908 13.143 12.218 25.361 830.901 2010 744.050
430.070.442 430.548.255 930.348 1.564.844 431.000.790 432.113.098 1,9279 1,7219
163.146 114.737 15.141 293.024
153.597 47.356 45.636 246.589
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As transaes efetuadas com partes relacionadas esto demonstradas a seguir: Controladora Venda de produtos Compra de produtos 2011 2010 2011 2010 Indstria e Comrcio de Cosmticos Natura Ltda. Natura Cosmticos S.A. - Brasil Natura Cosmticos S.A. - Peru Natura Cosmticos S.A. - Argentina Natura Cosmticos S.A. - Chile Natura Cosmticos S.A. - Mxico Natura Cosmticos Ltda. - Colmbia Natura Europa SAS - Frana Natura Inovao e Tecnologia de Produtos Ltda. Natura Logstica e Servios Ltda. 3.155.905 3.006.596 - 2.972.918 2.837.687 35.382 34.104 49.852 42.693 33.211 32.971 38.715 35.533 19.989 18.514 5.365 4.672 431 388 42 34 3.155.905 3.006.596 3.155.905 3.006.596 Venda de servios 2011 2010 Estrutura administrativa: (f) Natura Logstica e Servios Ltda. Natura Cosmticos S.A. - Brasil Indstria e Comrcio de Cosmticos Natura Ltda. Natura Inovao e Tecnologia de Produtos Ltda. Pesquisa e desenvolvimento de produtos e tecnologias: (g) Natura Inovao e Tecnologia de Produtos Ltda. Natura Cosmticos S.A. - Brasil Pesquisas e testes in vitro: (h) Natura Innovation et Technologie de Produits SAS - Frana Natura Inovao e Tecnologia de Produtos Ltda. 433.192 433.192 438.095 438.095 Contratao de servios 2011 2010 323.715 67.694 41.783 433.192 328.183 67.810 42.102 438.095
235.877 235.877
266.959 266.959
235.877 235.877
266.959 266.959
2.790 2.790
3.538 3.538
2.790 2.790
3.538 3.538
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Venda de servios 2011 2010 Locao de imveis e encargos comuns: (i) Indstria e Comrcio de Cosmticos Natura Ltda. Natura Logstica e Servios Ltda. Natura Inovao e Tecnologia de Produtos Ltda. Natura Cosmticos S.A. - Brasil Total da venda ou compra de produtos e servios
Contratao de servios 2011 2010
7.296 7.296
6.728 6.728
4.227 1.699 1.370 7.296
3.899 1.567 1.262 6.728
3.835.060 3.721.916 3.835.060 3.721.916
(a) Adiantamentos concedidos para a prestao de servios de desenvolvimento de produtos e tecnologias e pesquisa de mercado. (b) Adiantamentos concedidos para a prestao de servios de logstica e administrativos em geral. (c) Valores a pagar pela compra de produtos. (d) Contas a pagar pela prestao dos servios descritos no item (f). (e) Contas a pagar pela prestao dos servios descritos no item (g). (f) Prestao de servios logsticos e administrativos em geral. (g) Prestao de servios de desenvolvimento de produtos e tecnologias e pesquisa de mercado. (h) Prestao de servios de pesquisas e testes in vitro. (i) Locao de parte do complexo industrial situado no municpio de Cajamar - SP e de prdios localizados no municpio de Itapecerica da Serra - SP. Os principais saldos de ativos e passivos em 31 de dezembro de 2011 e de 2010, bem como as transaes que influenciaram os resultados dos exerccio findos naquelas datas, relativos s operaes com partes relacionadas decorrem de transaes entre a Sociedade e suas controladas. Devido ao modelo das operaes mantido pela Sociedade e por suas controladas, bem como ao formato do canal de distribuio dos produtos, a qual efetuada por meio de vendas diretas por Consultores(as) Natura, parte substancial das vendas da controlada Indstria e Comrcio de Cosmticos Natura Ltda. realizada para a controladora Natura Cosmticos S.A. no Brasil e para as suas controladas no exterior. As vendas para partes no relacionadas totalizaram R$5.341 no exerccio findo em 31 de dezembro de 2011 (R$5.650 em 31 de dezembro de 2010). 77
Sobre os saldos a receber entre as empresas Natura em 31 de dezembro de 2011 e de 2010 no h proviso registrada para crditos de liquidao duvidosa, devido ausncia de ttulos em atraso com risco de realizao. Conforme detalhes mencionados na nota explicativa n 14, tem sido prtica entre as empresas Natura conceder entre si avais e garantias para suportar operaes de emprstimos e financiamentos bancrios. 27.2. Remunerao do pessoal-chave da Administrao A remunerao total do pessoal-chave da Administrao da Sociedade est assim composta: 2011 Remunerao Varivel Fixa (*) Total Conselho de Administrao Diretores estatutrios Diretores no estatutrios 3.786 5.657 9.443 30.587 3.786 5.657 9.443 2010 Remunerao Varivel Fixa (*) Total 3.348 5.051 8.399 1.985 5.333 4.033 9.084 6.018 14.417 14.917 40.111
2.390 32.977 25.194
(*) Refere-se participao nos resultados registrados no exerccio. Os valores contemplam eventuais complementos e/ou reverses proviso efetuada no exerccio anterior, em virtude da apurao final das metas estabelecidas aos conselheiros e diretores, estatutrios e no estatutrios. 27.3. Ganhos baseados em aes Os ganhos de executivos da Sociedade esto assim compostos: 2011 2010 Outorga de opes Outorga de opes Preo mdio Preo mdio Saldo das opes de exerccio - Saldo das opes de exerccio (quantidade) (a) R$ (b) (quantidade) (a) R$ (b) Diretores estatutrios Diretores no estatutrios 1.700.155 3.173.327 32,84 32,84 1.512.569 2.961.042 28,10 28,10
(a) Refere-se ao saldo das opes maduras (vested) e no maduras (nonvested), no exercidas, nas datas dos balanos. (b) Refere-se ao preo mdio ponderado de exerccio da opo poca dos planos de outorga, atualizado pela variao da inflao apurada pelo ndice de Preos ao Consumidor Ampliado - IPCA, at as datas dos balanos. 78
28. COMPROMISSOS ASSUMIDOS 28.1. Contratos de fornecimento de insumos A controlada Indstria e Comrcio de Cosmticos Natura Ltda. possui compromisso decorrente de contrato de fornecimento de energia eltrica para suprimento de suas atividades de manufatura, vigente at 2015, devendo ser adquirido o volume mnimo mensal de 3,6 Megawatts, equivalente a R$363. Em 31 de dezembro de 2011, a controlada estava adimplente com o compromisso desse contrato. Os valores esto demonstrados por meio das estimativas de consumo de energia de acordo com o prazo de vigncia do contrato, cujos preos esto baseados nos volumes, tambm estimados, resultantes das operaes contnuas da controlada. Os pagamentos totais mnimos de fornecimento, mensurados a valor nominal, segundo o contrato, so: 2011 Menos de um ano Mais de um ano e menos de cinco anos Mais de cinco anos 28.2. Obrigaes por arrendamentos operacionais A Sociedade e suas controladas mantm compromissos decorrentes de contratos de arrendamentos operacionais de imveis onde esto localizadas algumas de suas controladas no exterior, bem como a sua sede administrativa no Brasil, e imveis onde se localizam as Casas Natura no Brasil e no exterior. Os contratos tm prazos de arrendamento entre um e dez anos e no possuem clusula de opo de compra no respectivo trmino, porm permitem renovaes tempestivas de acordo com as condies de mercado em que eles so celebrados, sendo em mdia de dois anos. Em 31 de dezembro de 2011, o compromisso assumido com as contraprestaes futuras desses arrendamentos operacionais possua os seguintes prazos para pagamento: Controladora Consolidado 2012 2013 2014 em diante 1.217 1.119 2.687 5.023 6.011 4.940 6.618 17.569 2010
3.983 3.899 9.842 9.591 - 2.578 13.825 16.068
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29. COBERTURA DE SEGUROS A Sociedade e suas controladas adotam uma poltica de seguros que considera, principalmente, a concentrao de riscos e sua relevncia, contratados por montantes considerados suficientes pela Administrao, levando em considerao a natureza de suas atividades e a orientao de seus consultores de seguros. A cobertura dos seguros, em valores de 31 de dezembro de 2011, assim demonstrada: Item Tipo de cobertura Importncia segurada 916.659 52.242 1.615.685
Complexo industrial/ Quaisquer danos materiais a edificaes, instalaes e estoques mquinas e equipamentos Veculos Incndio, roubo e coliso para 1.337 veculos Lucros cessantes No realizao de lucros decorrentes de danos materiais em instalaes, edificaes e mquinas e equipamentos de produo 30. APROVAO PARA EMISSO DAS DEMONSTRAES CONTBEIS
As presentes demonstraes contbeis individuais e consolidadas da Sociedade foram aprovadas para publicao pelo Conselho de Administrao em reunio realizada em 15 de fevereiro de 2012.
2011-2000
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(Convenience Translation into English from the Original Previously Issued in Portuguese)

Individual and Consolidated Financial Statements for the Year Ended December 31, 2011 and Independent Auditors Report on Financial Statements
Deloitte Touche Tohmatsu Auditores Independentes
RELATRIO DE ADMINISTRAO NATURA 2011 - VERSO 12

MENSAGEM DA PRESIDNCIA DO CONSELHO DE ADMINISTRAO
O desafio tico do nosso tempo A Natura provavelmente o exemplo mais evoludo que vimos at o momento de empresa que gerencia o seu mundo em todas as suas cores e maximiza o valor agregado de sua ecologia.
Christopher Meyer, Standing on the Sun: How explosion of capitalism abroad will change business everywhere.
Vivemos
em
2011
confirmao
de
que
nosso
mundo
insustentvel, se mantidos o atual padro de produo e consumo global e os desequilbrios socioambientais. A onda de acontecimentos dos ltimos anos eloquente: em 2006, emergiu a conscincia dos riscos do aquecimento global provocado pelo homem; dois anos depois, vivenciamos a crise econmica, que ora se aprofunda na Comunidade Europeia. Por fim, desde 2010, acompanhamos com perplexidade as convulses sociais da Primavera rabe, de diferentes matizes, mas que tm um aspecto comum: a busca pelos
fundamentos de uma sociedade mais justa e igualitria. Acreditamos que somente uma profunda transformao baseada na tica da vida, na qual prevaleam uma nova lgica de desenvolvimento e uma revigorada governana global, acima de interesses de regies, pases, grupos econmicos, ser fonte de esperana para as geraes futuras e para a continuidade da existncia humana na Terra.
Se, por um lado, esse cenrio nos preocupa, por outro, reafirma nossa determinao de investir os melhores esforos emocionais e intelectuais para que a Natura cada vez mais atue como agente da necessria transformao social. Sempre gerida segundo os princpios da sustentabilidade, na busca pelos melhores resultados - de forma integrada - nas dimenses econmica, social e ambiental. Esse comportamento empresarial em sintonia com as aspiraes da sociedade nos impe a levar a Natura e sua proposta de valor para novas fronteiras e geografias. Atualmente, o Brasil e a Amrica Latina, nossos principais mercados de atuao, encontram-se em posio privilegiada. Mesmo no estando imunes aos efeitos de um ambiente internacional mais difcil, tendemos a ser menos impactados pelos desequilbrios globais. A ascenso econmica de um importante contingente populacional, com destaque participao feminina, parece ter uma envergadura que poder promover um longo e promissor ciclo de desenvolvimento, ainda que distante de um projeto de desenvolvimento sustentvel, que permita a plena incluso social, a ampliao da distribuio de riqueza e a mitigao de impactos ambientais. Os expressivos investimentos de grandes companhias de higiene pessoal, perfumaria e cosmticos na Amrica Latina comprovam esse cenrio ainda muito promissor. Em pouco tempo o Brasil ser o segundo maior mercado mundial em nosso setor. Iniciamos nossa mensagem com uma passagem da recm-publicada obra de Christopher Meyer, professor da Universidade de Harvard, que descreve, de maneira inspiradora, a forma como procuramos empreender o nosso negcio. Somos muito gratos por sua generosa interpretao, que a um s tempo reala nossos traos distintivos e nos estimula a participar de um novo projeto de capitalismo, mais solidrio, justo e inclusivo. Acreditamos que nossa trajetria de sucesso reside no fato de historicamente buscarmos o
aperfeioamento contnuo e solues inovadoras para os dilemas do tempo presente e do porvir, apreendendo o esprito da poca e projetando-o para o futuro. Nesse novo contexto, nosso maior desafio ser o de unir as novas tecnologias com coraes engajados em uma mesma causa. Dessa forma, vislumbramos a possibilidade de expandir o poder transformador de nossa rede de relaes. O exerccio cada vez mais pleno de nossa Razo de Ser, que promover o bemestarbem, nos levar a aperfeioar e aprofundar os laos que nos unem s nossas consultoras, colaboradores, parceiros de negcios e consumidores. Movida por sonhos e pela busca de realizao profissional e pessoal, estamos convencidos de que essa comunidade est determinada a promover valores como
solidariedade, criatividade e altrusmo, com respeito e reverncia vida. Assim, reafirmamos o nosso compromisso histrico de estar ao lado de todos aqueles que queiram participar dessa urgente construo coletiva da humanidade.
Com a amizade de, Antonio Luiz da Cunha Seabra Guilherme Peiro Leal Pedro Luiz Barreiros Passos Copresidentes do Conselho de Administrao
MENSAGEM DO COMIT EXECUTIVO
AS BASES DA NATURA DO FUTURO

Nos ltimos cinco anos, promovemos uma profunda transformao na Natura. Praticamente dobramos de tamanho entre 2007 e 2011 e os resultados alcanados demonstram a consistncia de nossa
estratgia: as consultoras e consultores passaram de 718 mil para 1,4 milho, elevando os pedidos de produtos de 9 milhes para expressivos 17 milhes ao ano; j o Ebitda saltou de R$ 700 milhes para R$ 1,4 bilho e a receita lquida avanou de R$ 3 bilhes para R$ 5 bilhes. A participao das Operaes Internacionais, por sua vez, saiu de 4,4% e alcanou 9%. Para dar suporte a esse ciclo de crescimento, realizamos uma grande evoluo em nosso modelo logstico, desenvolvemos e atramos novas lideranas cada vez mais identificadas com nossa cultura e comportamento empresarial, implantamos um sistema de gesto estruturado em Unidades de Negcios e Unidades Regionais, e prosseguimos investindo em inovao, seja na concepo dos produtos, na gesto dos impactos ambientais e em nosso modelo comercial. Em 2011, realizamos o maior investimento de nossa histria, destinando cerca de R$ 350 milhes para ampliao de produo, evoluo do modelo logstico e maior e melhor uso da tecnologia da informao, indispensveis para a sustentao do nosso crescimento. Trabalhamos na mudana de patamar de nossa infraestrutura para que nossos produtos cheguem cada vez mais rpido s mos das nossas consultoras, com reduo do custo do pedido e das emisses dos gases causadores do aquecimento global. Devemos reconhecer que a implementao simultnea de novos sistemas de captao de pedidos e a evoluo no nosso modelo
logstico, com a abertura de novos CDs, provocou instabilidade em nossas operaes, afetando a prestao dos servios e a qualidade das relaes. Ao mesmo tempo enfrentamos uma reduo na eficincia comercial e mercadolgica. A combinao desses dois fatores repercutiu nos resultados, que ficaram abaixo das nossas expectativas, exigindo ajustes no plano durante o ano. Estamos empenhados em assegurar uma maior assertividade de nossas promoes, equilibrando melhor a parcela feita de forma centralizada e a gerida regionalmente. E temos a certeza de que as mesmas evolues na infraestrutura permitiro que alcancemos um padro de servios que amplie os diferenciais competitivos de nossa marca. O ano tambm nos trouxe novas oportunidades. Passado um perodo de significativa expanso do nosso negcio por meio do crescimento do canal de vendas, que possibilitou um aumento de penetrao de nossos produtos nos lares brasileiros de 40% para 60%,
identificamos espao para evoluir em nossa estratgia, que passa a privilegiar o ganho de produtividade de nossas consultoras pelo aumento da frequncia de compra dos consumidores e da variedade de produtos adquiridos. Afinal, temos a marca preferida do mercado e nossas consultoras j se relacionam com 100 milhes de
consumidores no Brasil. Seguimos entusiasmados com a expanso de nossas Operaes Internacionais, fruto do trabalho de um time de liderana de alta qualidade, combinando colaboradores com vivncia na Natura e com conhecimento dos mercados locais. Na Argentina, Chile e Peru, pases em que nossas operaes esto no estgio de consolidao,
crescemos a um ritmo de 36% ao ano em moeda local ponderada, melhoramos significativamente nossa rentabilidade e estamos entre as marcas preferidas do nosso setor. Em 2011, demos continuidade
com a implementao da manufatura local, com o incio da produo na Colmbia, duplicamos o Centro de Distribuio no Mxico e comeamos a colher os primeiros resultados da Red de Relaciones Sustentables (Rede de Relaes Sustentveis), inovao de nosso modelo comercial, desenvolvida especialmente para atender ao mercado mexicano, estimulando o empreendedorismo
socioambiental, uma novidade na indstria da venda direta. No plano econmico, nossa receita lquida avanou 8,9% e o Ebitda cresceu 13,4%. No mbito social, ampliamos a distribuio de riqueza para os nossos principais pblicos de relacionamento. Os ajustes da ao longo do ano impactaram o clima organizacional e as
instabilidades no nvel de servios afetaram a satisfao de nossas consultoras. J na dimenso ambiental, alcanamos as metas de reduo de emisses e de uso de recursos naturais, como gua e energia. Ao mesmo tempo em que promovemos evolues em mltiplas frentes, avanamos na direo de uma nova perspectiva para os negcios. Estamos especialmente motivados com o futuro da venda direta. Desde sempre, acreditamos na capacidade empreendedora e transformadora de pessoas, engajadas em propsitos comuns. Num mundo cada vez mais conectado digitalmente, onde o tratamento personalizado para cada consumidor ganha relevncia, a venda direta tem uma grande oportunidade de continuada expanso.
Vislumbramos um futuro no qual a relao entre consultoras e consumidores ser apoiada por alta tecnologia de informao e pelas redes sociais, campo onde os servios podem evoluir muito e, ao mesmo tempo, ampliar a gerao de valor para todos os envolvidos. Inspirados pelo contnuo desejo de ver nossa marca alcanar novos espaos, reafirmamos nosso entusiasmo em prosseguir com todos
aqueles que fazem parte da comunidade Natura, dando cada vez mais significado rede de relaes que construmos.
Alessandro Giuseppe Carlucci Diretor-presidente Joo Paulo Ferreira Vice-presidente de Operaes e Logstica Jos Vicente Marino Vice-presidente de Negcios Marcelo Cardoso Vice-presidente de Desenvolvimento Organizacional e Sustentabilidade Roberto Pedote Vice-presidente de Finanas, Jurdico e Tecnologia da Informao
RELATRIO DE ADMINISTRAO NATURA 2011

Contexto do mercado
De acordo com os dados mais recentes da Associao Brasileira da Indstria de Higiene Pessoal (Abihpec/Sipatesp2), o mercado alvo de Higiene Pessoal, Perfumaria e Cosmticos no Pas avanou 7,7% em termos nominais nos dez primeiros meses de 2011, abaixo das projees dos especialistas. Nesse contexto, a Natura manteve a liderana do setor, com participao de 23,2%, com queda de 0,4 ponto percentual sobre o mesmo perodo do ano anterior.
Avanos em infraestrutura
Os investimentos em infraestrutura iro oferecer a base para o novo ciclo de crescimento da Natura. Desde 2009, nossa estrutura logstica passa por uma expressiva transformao. Buscamos garantir que os nossos produtos cheguem mais rapidamente s mos das nossas consultoras, com reduo do custo do pedido e das emisses de Gases do Efeito Estufa (GEE). Em 2011, inauguramos um Centro de Distribuio (CD) e outros trs CDs tiveram a capacidade ampliada, com suas linhas substitudas. Equipados com alta tecnologia de separao dos produtos (picking), grande automatizao e baixo consumo de energia, esto preparados para atender um nmero maior de pedidos, incluindo aqueles com menos itens, o que viabiliza o maior fracionamento das entregas. Contribuem, assim, para que tenhamos ganhos de produtividade e reduo no custo do pedido. Em 2012, daremos continuidade expanso com a inaugurao de um Centro de Distribuio e um hub, em So Paulo. Com os investimentos realizados, antecipamos em quase dois anos o planejamento para reviso da malha logstica. Nosso objetivo reduzir significativamente o tempo de atendimento a nossas consultoras. Em nossas operaes internacionais, alcanamos tambm ganhos de eficincia logstica, com o novo planejamento de distribuio na Amrica Latina, que centralizou o atendimento na Colmbia e no Mxico. Consolidamos a operao de envase de perfumes na Argentina, iniciada em 2010, e passamos a produzir sabonetes na Colmbia. Com isso, esperamos aumentar significativamente a parcela de produtos fabricados localmente.
Governana corporativa e mercado de capitais

O Conselho de Administrao passou por um processo de renovao com a substituio de dois de seus membros. Depois de contriburem por mais de uma dcada para o crescimento e o fortalecimento da Natura, Edson Vaz Musa e Jos Guimares Monforte anunciaram sua sada. Para ocupar seus lugares, foram aprovados, na Assembleia Geral Ordinria (AGO) de abril de 2011, os nomes de Marcos Lisboa e Adlson Primo como conselheiros externos e independentes Primo renunciou ao cargo em novembro e sua vaga ainda no foi preenchida. Na mesma AGO, Guilherme Peiro Leal reassumiu o cargo de Copresidente no Conselho de Administrao, aps um perodo de afastamento para participar das eleies presidenciais de 2010. Desde 2010, estamos mobilizados para atrair o maior nmero possvel dos nossos 10 mil acionistas AGO, principalmente nossos pequenos investidores. Acreditamos que essa uma forma de reafirmar nosso envolvimento e a postura de transparncia no relacionamento. Em 2011, preparamos um evento no qual estimulamos o dilogo dos acionistas com todos os membros do Conselho de Administrao e do Comit Executivo, o diretor-presidente, os fundadores da Natura e as reas de Relaes com Investidores e de Governana Corporativa. Outro ponto de destaque foi a realizao conjunta da reunio pblica com a participao da Apimec-SP (Associao dos Analistas e Profissionais de Investimento do Mercado de Capitais), o que se repetir na AGO de 2012, marcada para o dia 13 de abril.
Perfil dos acionistas

2009 2010 7.838 560 850 9.248 2011 8.722 659 867 10.248
Pessoas fsicas Pessoas jurdicas Brasil Pessoas jurdicas exterior Total
7.699 560 668 8.927
Desempenho das aes Em 2011, as aes Natura sofreram uma desvalorizao de 20,4%, pouco abaixo da desvalorizao anual de 18,1% do Ibovespa, principal ndice da BM&FBOVESPA.
Volume mdio dirio negociado de aes (R$ milhes) 2009 25.983 2010 33.182 2011
43.696
Fonte: Economtica
A Natura faz parte dos principais ndices do mercado de aes brasileiro: Ibovespa, IBrX-50 (no qual esto listadas as aes com mais liquidez da BM&FBOVESPA), ISE (ndice de Sustentabilidade Empresarial), ndice de Governana Corporativa, ndice de Aes com Tag Along, ndice do Morgan Stanley Composite Index e ICO2 (ndice Carbono Eficiente, da BM&FBOVESPA). Desde a abertura de capital, em 2004, mantemos um desempenho bastante superior ao ndice, conforme grfico abaixo:
1.000 NATU3 29/12/2011 R$36,21 900
ndice Bovespa
800
NATU3
Follow On 31/07/2009
588,0%
700
Base 100 = 25/05/2004
600
500
400
NATU3 25/05/2004 R$5,27
200,9%
300
200
100
2004
2005
+37.9% +28.3%
2006
+51.1% +29.1%
2007
-41.4% +47.4%
2008
+18.0% -41.4%
2009
+101.6% +82.7%
2010
+37.0% +1.3%
2011
-20.4% -18.1%
NATU3: +87.2% Ibov: +33.0%
Desempenho econmico
A receita lquida consolidada da Natura em 2011 foi de R$ 5.591 milhes, evoluo de 8,9% em relao a 2010, com Ebitda (sigla em ingls para lucro antes dos juros, imposto de renda, depreciao e amortizao) de R$ 1.425 milhes, margem Ebitda de 25,5%; e lucro lquido de R$ 830 milhes, margem de 14,9%.
Evoluo (R$ milhes) Receita lquida consolidada Ebitda consolidado Lucro lquido consolidado
2009
2010
2011
4.242,1 1.008,5
5.136,7 1.256,8
5.591,4 1.425,0
683,9
744,1
830,9
Na operao Brasil, a receita lquida cresceu 6,8%, alcanando R$ 5.087 milhes. As operaes internacionais, por sua vez, apresentaram crescimento vigoroso de 40% em moeda local ponderada (35,4% em reais), somando R$ 503 milhes, ou 9,0% da receita lquida consolidada da Natura, a maior participao histrica. A gerao de caixa livre no ano foi de R$ 411 milhes contra R$ 716 milhes em 2010, uma reduo de 42,7%. Em 2011, houve um aumento no capital de giro, concentrado principalmente na ampliao da cobertura de estoques e no aumento de impostos a recuperar. Em 2011, investimos R$ 346 milhes em imobilizado, sobretudo, em tecnologia da informao, capacidade de manufatura e infraestrutura logstica.
Desempenho socioambiental
Seguimos ampliando a gerao de valor para os principais pblicos da Natura, como mostra a tabela a seguir:
Distribuio de riqueza (R$ milhes) 2009 Acionistas1 Consultoras Colaboradores Fornecedores Governo 551,9 2.302,5 643,0 3.087,5 1.147,4 2010 646,9 2.738,2 769,2 3.707,4 1.476,5 2011 762,9 2.906,1 634,3 4.362,8 1.472,3
1. Os valores de distribuio de riqueza aos acionistas referem-se aos dividendos e juros sobre capital prprio efetivamente pagos aos acionistas, ou seja, consideram o regime de caixa.
Distribuio de dividendos Em 15 de fevereiro de 2012, o Conselho de Administrao aprovou proposta a ser submetida AGO, que ser realizada em 13 de abril de 2012, para pagamento de dividendos e juros sobre capital prprio referentes aos resultados auferidos no exerccio de 2011, no montante de R$ 762,6 milhes e R$ 61,1 milhes (R$ 51,9 milhes lquidos de imposto de renda na fonte), respectivamente. Em 20 de julho de 2011, foram pagos, ad referendum da Assembleia Geral Ordinria, dividendos no montante de R$ 295,3 milhes e juros sob o capital prprio no valor de R$ 31,9 milhes (lquidos de imposto de renda na fonte). O saldo remanescente a ser pago em 18 de abril de 2012, aps ratificao pela Assembleia Geral Ordinria, ser de R$ 467,3 milhes na forma de dividendos e R$ 20,1 milhes na forma de juros sobre o capital prprio (lquidos de imposto de renda na fonte). Esses dividendos e juros sobre capital prprio somados, referentes ao resultado do exerccio de 2011 representaro uma remunerao lquida de R$ 1,89 por ao (R$ 1,65 por ao em 2010), correspondendo a e 99% do lucro lquido de 2011.
Resultado final da somatria de todas as receitas e despesas no exerccio.
Temas prioritrios de sustentabilidade Antes de mais nada, olhar para os desafios da sustentabilidade uma grande fonte de inovao para a Natura. Trabalhamos continuamente para integrar os aspectos econmico, social e ambiental em toda a gesto da Natura. Nossa proposta de valor passa pela construo de um modelo de desenvolvimento sustentvel, que considere os riscos e oportunidades nas trs dimenses do chamado triple bottom line, gerando valor para a sociedade e os negcios. A sustentabilidade , portanto, um princpio que perpassa nossos processos, integra o Planejamento Estratgico e acompanhado pela alta gesto. A definio das prioridades de atuao ocorre em conjunto com nossos stakeholders. Em 2011, conclumos a reviso bianual desses focos de ao, aqueles que consideramos crticos para o futuro da Natura, reportados mensalmente pelo Comit de Sustentabilidade Diretoria Executiva. Conhea abaixo as principais evolues nesses temas:
gua Ao longo dos anos, temos aprimorado nossos processos produtivos e conquistado eficincia no uso da gua em nossas operaes. Em 2011, reduzimos nosso consumo, que no ano anterior foi de 0,42, para 0,40 litro por unidade produzida. Sabemos, no entanto, que nosso impacto vai alm do consumo na produo. Para aprofundar nosso conhecimento, iniciamos h dois anos um amplo estudo, que resultou em nosso primeiro inventrio hdrico, desenvolvido de acordo com a metodologia da Water Footprint Network (WFN), organizao internacional de referncia na promoo do uso sustentvel, equitativo e eficiente de gua. A Natura foi a primeira empresa do setor de cosmticos a aplicar essa tecnologia e a nica companhia do mundo a contemplar nesse inventrio a fase de uso dos produtos pelos consumidores.
Consumo de gua (litros/unidade produzida)1 2009 0,42

1
2010 0,42
2011 0,40
Mtrica alterada de consumo de gua de unidade faturada por unidade produzida para permitir a antecipao da
identificao de oportunidades de melhoria em nossos processos.
Educao Em 2011, evolumos para uma nova arquitetura de educao para a Natura, baseada na disseminao da sustentabilidade, que vai alm da capacitao dos nossos colaboradores, incluindo fornecedores, consultoras e comunidades do entorno, entre outros pblicos. Outro pilar fundamental da nossa estratgia de educao o Instituto Natura. Criado em 2010, a organizao sem fins lucrativos responsvel por nosso investimento social privado e est focada na promoo da educao de qualidade. Uma importante expresso desse compromisso o programa Crer para Ver, cujos recursos so obtidos por meio da venda de uma linha especial de produtos, na qual tanto a Natura quanto os consultores e consultoras abrem mo dos ganhos para que sejam aplicados em projetos de melhoria da educao pblica no Brasil e na Amrica Latina. Em 2011, foram arrecadados R$ 8,4 milhes. O Instituto Natura est empenhado em oferecer tecnologias educativas que promovam transformaes em larga escala na sociedade, o que j se tornou realidade com o Projeto Trilhas, de estmulo leitura e escrita na Educao Infantil, que se tornou uma poltica pblica do Governo Federal: a partir de 2012, alcanar 2 mil municpios e 3 milhes de estudantes em parceria com o Ministrio da Educao.
Empreendedorismo sustentvel Nosso canal de vendas representa uma oportunidade valiosa de incentivar aes de empreendedorismo socioambiental. Algumas iniciativas j comeam a explorar esse potencial, como o Programa Acolher, que apoia projetos socioambientais desenvolvidos por CNs e CNOs. Outra inovao a Rede de Relaes Sustentveis, que criamos no Mxico. Nesse modelo, lanado em meados de 2011, as consultoras tm nveis de envolvimento com a Natura e vo ascendendo no apenas conforme seu resultado comercial, mas tambm com seu engajamento em projetos e iniciativas socioambientais nas comunidades onde vivem. Aps os primeiros nove ciclos de atuao em 2011, o modelo apresenta resultados que nos deixam entusiasmados, ao mesmo tempo em que est gerando importantes aprendizados.
Mudanas climticas Nosso compromisso com a reduo de emisses de Gases do Efeito Estufa (GEE) teve incio em 2007, quando lanamos o Programa Carbono Neutro e nos comprometemos em reduzir em 33% das emisses relativas em toda a nossa cadeia estendida, da extrao da matria-prima ao consumo. At o final de 2011, alcanamos a reduo relativa de 25,4% em comparao com 2007. Temos tambm o objetivo adicional de cortar em 10% nossas emisses absolutas (geradas em nosso processo produtivo) at o fim de 2012. Em 2011 as emisses absolutas cresceram 11% em relao 2008, mas mantivemos o compromisso em funo de projetos que devem ser implementados ao longo deste ano.
Emisses Relativas (kg CO2e / kg produto faturado)
2009 3,55
1.
2010 3,30
2011 3,12
CO2e (ou CO2 equivalente): medida utilizada para expressar as emisses dos gases de efeito estufa, baseada no potencial de aquecimento global de cada um.
As emisses que ainda no podemos evitar so compensadas pela compra de crditos de

carbono de projetos, reflorestamento, eficincia energtica e substituio de combustvel, reduzindo o impacto de nossa operao e promovendo a economia verde. Em 2011,
contratamos o primeiro projeto de compensao fora do Brasil, na cidade de Cceres, na Colmbia.
Resduos slidos Estamos engajados com a Associao Brasileira da Indstria de Higiene, Perfumaria e Cosmticos (Abihpec) na formulao de propostas que permitam o cumprimento da Poltica Nacional de Resduos Slidos, em vigor desde 2010. A exemplo do que fazemos com emisses de carbono e consumo de gua, desenvolvemos em 2011 a metodologia que permite a construo de nosso primeiro inventrio de gerao de resduos. Acreditamos que a gesto de resduos pode ser uma alavanca de valor para a gerao de negcios por meio de um processo contnuo de inovao. Hoje, conseguimos medir e gerir apenas os resduos que esto dentro de nossas unidades operacionais. Em 2011, alcanamos a reduo de 13%, com a gerao de 20,01 gramas por unidade produzida contra 23,09 do ano anterior.
Sociobiodiversidade Procuramos fomentar as discusses sobre o uso da sociobiodiversidade e defendemos o estabelecimento de um novo marco legal para o acesso biodiversidade que favorea o uso sustentvel do patrimnio gentico nacional e das manifestaes tradicionais associadas. Queremos que essa relao estimule a pesquisa, produo e conservao da diversidade biolgica. Por isso, lanamos o Programa Amaznia, que nasce para gerar novos negcios e atuar como um catalisador de conhecimentos, ideias e iniciativas. O desafio da Natura contribuir para o desenvolvimento sustentvel da Regio Amaznica por meio de cincia, tecnologia e inovao e adensamento das cadeias produtivas da regio. Um movimento que integra os diversos pblicos e conhecimentos em uma grande rede de trocas que possa buscar solues a partir dos produtos e servios da sociobiodiversidade e revelar o grande potencial de negcios existente na Amaznia. Em 2011, medimos pela primeira vez nosso volume de negcios na Regio Amaznica e chegamos ao valor de R$ 64,8 milhes.
Qualidade das relaes Acreditamos que o desenvolvimento da Natura depende do nosso potencial de buscar respostas aos desafios atuais de forma ampla e coletiva e dos laos que estabelecemos com os diversos pblicos com os quais nos relacionamos. Para transformar essa crena em aes, contamos com uma gesto estruturada de relacionamentos desde 2009, que incluem canais de interao permanentes com nossos stakeholders. Para a Natura, esse um meio de cocriao, de encontrar as melhores solues, com mais profundidade e qualidade tcnica e relacional. Veja a seguir os resultados que alcanamos com os pblicos mais prximos de nossa atividade:
Consultoras e consultores (CNs) e Consultoras Natura Orientadoras (CNOs) Nosso principal desafio de relacionamento com o canal de vendas em 2011 foi a qualidade do servio prestado s consultoras e consultores. Trabalhamos intensamente ao longo do ano para reverter os desequilbrios na disponibilidade de produtos e chegamos aos quatro ltimos ciclos de 2011 com uma plataforma de captao e faturamento de pedidos mais estvel, indicando a tendncia de melhora significativa nos nveis de servio. Durante o perodo de instabilidade em nossas operaes, procuramos manter um dilogo franco e aberto com a fora de vendas.
Utilizamos os encontros Natura, realizados regularmente a cada ciclo, para informar sobre nossas dificuldades e as medidas adotadas. Em decorrncia, o indicador de lealdade de nossas consultoras e consultores passou de 21% de 2010 para 19%, no mercado brasileiro. Vamos reforar nossa atuao, pois entendemos que estamos longe do que queremos, porm entusiasmados com o que podemos e o que faremos.
Colaboradores medida que expandimos nossa atuao, tanto no Brasil como nas Operaes Internacionais, aumenta o nosso desafio de compor, manter e desenvolver nossas equipes, de maneira que, alm das competncias funcionais, tambm estejam aderentes nossa Essncia. Por isso, temos trabalhado para fortalecer os instrumentos de desenvolvimento dos nossos profissionais, que teve em 2011 o refinamento de nossa proposta de educao, condio indispensvel para uma organizao que rene 6,7 mil pessoas. Buscamos manter um ambiente de trabalho, ao mesmo tempo, acolhedor e estimulante. Nossa expectativa tem sido sempre a de elevar a satisfao dos colaboradores, medida na pesquisa de clima organizacional, que engloba todas as operaes. O cenrio adverso e diferente das nossas expectativas gerou muito retrabalho de nossas equipes e foi um importante fator para que esse indicador atingisse a marca de 70% de favorabilidade, trs pontos percentuais abaixo do ano anterior. Vamos ampliar nossos esforos para reverter essa situao e coloca-lo no patamar de excelncia que almejamos.
Pesquisa de clima Favorabilidade (%)1 Natura
2009 74
2010 73
2011 70
1. Equivale a porcentagem de colaboradores que classificaram 4 e 5 (top 2 box) em uma escala de 0 a 5 pontos.
Consumidores O momento atual marcado por alteraes profundas na forma como as empresas se relacionam com os seus consumidores. A Natura considera que est diante de uma grande oportunidade para transformar e aprimorar a qualidade desse relacionamento. Vale destacar que, em 2011, a penetrao da Natura nos domiclios brasileiros ampliou-se de maneira considervel, passando de 54,8% para 61,9%. Isso significa que atingimos aproximadamente 100 milhes de pessoas. Tendo em vista sermos a marca preferida em cosmticos, temos uma grande oportunidade de aumentar a frequncia de compra desses consumidores que j tm contato com nossas consultoras. Fornecedores Com nossa expanso na Amrica Latina, ampliamos a participao de fornecedores da regio, por meio de uma nova estrutura regional de compras para as Operaes Internacionais. Essa ao trouxe-nos ganhos de eficincia em servios e na compra de materiais indiretos. Em 2011, aprimoramos tambm nossa base de suprimentos em parceria com os prprios fornecedores, com a definio de novos critrios para compras baseados em aspectos mais amplos considerando, inclusive, seu impacto socioambiental. Acompanhamos a satisfao dos fornecedores a partir do indicador de lealdade, que mensura a satisfao geral e a inteno de continuar a se relacionar com a Natura e de recomendar a companhia a outros fornecedores. Em 2011, a lealdade de nossos parceiros no Brasil manteve-se em um patamar que consideramos estvel: 26,5% contra 27,7% do ano anterior.
Comunidades fornecedoras Em 2011, trabalhamos com 32 comunidades fornecedoras, envolvendo 3.235 famlias. Esses nmeros apontam crescimento de 40% no nmero de famlias envolvidas, o que tambm se refletiu em aumento de 15% no repasse de recursos a essas comunidades e resultados significativos no desenvolvimento local.
Comunidades fornecedoras1 Comunidades com as quais a Natura se relaciona Famlias beneficiadas nas comunidades fornecedoras
2009 25 2.012
2010 25 2.301
2011 32 3.235
Seguindo os anos anteriores, ampliamos nossos negcios com as comunidades fornecedoras dentro da estratgia de expandir o benefcio social gerado pelo acesso aos ativos da biodiversidade e do conhecimento tradicional associado. Vale destacar que o principal movimento impulsionador foi o aumento da vegetalizao de nossos produtos especialmente da linha Ekos, relanada em 2011. Desta forma, repassamos R$ 10 milhes s comunidades fornecedoras em 2011. A quantia representa a soma paga por fornecimento de insumos, contratos de repartio de benefcios, acesso ao patrimnio gentico ou ao conhecimento tradicional associado, uso de imagem e investimentos para o desenvolvimento local.
Recursos destinados (R$ milhares) Fornecimento1 Repartio de benefcios por acesso ao patrimnio gentico ou conhecimento tradicional associado2 Fundos e apoios3 Uso de imagem4 Capacitao5 Certificao e manejo6 Estudos e assessorias7 TOTAL
2009 2.767,1
2010 4.373,6
2011 6.749,1
1.056,2
1.480,1
1.597,4
1.087,6 14,5 151,7 27,8 435,1 5.540,3
1.551,7 76,5 184,5 212,2 827,7 8.706,4
1.002,2 22,0 133,0 21,5 512,0 10.037,2
1. Consiste no valor pago pelos beneficiadores ou pela Unidade Industrial de Benevides pelas compras de matria-prima utilizadas em nossos produtos. 2. Corresponde aos valores pagos pela Natura a ttulo de Repartio de Benefcios s comunidades em que foram acessados patrimnio gentico e/ou conhecimento tradicional associado de uma espcie da biodiversidade brasileira. 3. Fundos e convnios de desenvolvimento sustentvel voluntrios da Natura, cujo desembolso est atrelado realizao de projetos ou patrocnios de melhorias de infraestrutura. 4. Valores pagos pela Natura para uso de
imagem dos membros das comunidades em materiais de divulgao institucional ou de marketing. 5. Contempla oficinas e cursos pagos pela Natura s comunidades para aperfeioar suas tcnicas de produo sustentvel. 6. Valores investidos em certificao e planos de manejo em reas de cultivo. 7. Inclui todos os estudos de antroplogos, advogados, economistas, ONGs e demais contrataes feitas pela Natura. Tambm inclui estudos tcnicos contratados pela rea de Bioagricultura para a estruturao de cadeias produtivas.
Perspectivas
O Brasil segue como um dos mais prsperos mercados de higiene pessoal, perfumaria e cosmticos do mundo. Embora tenha crescido em 2011 menos do que em anos anteriores, certamente continuar a se expandir a taxas superiores s da indstria global. Nesse ambiente em expanso, estamos empenhados em assegurar que os servios para nossas consultoras e consumidores finais alcancem um patamar de excelncia, ampliando os diferenciais competitivos da marca Natura. Tendo em vista a alta penetrao de nossos produtos, presentes nos lares de cerca de 100 milhes de brasileiros, e a liderana da marca Natura na preferncia dos consumidores, com mais do que o dobro da segunda colocada, temos a oportunidade ampliar a frequncia de compra dos consumidores e a variedade de produtos adquiridos. Com isso, impulsionaremos os ganhos de produtividade de nossas consultoras. Para tanto, vamos redirecionar nosso marketing mix e promover inovaes para ocupar os espaos onde nossa marca ainda no est presente, entre outras iniciativas. Seguimos confiantes e entusiasmados com a expanso de nossas Operaes Internacionais, que se afirmam como uma plataforma de negcios relevante, lucrativa e capaz de expressar os valores da Natura na regio. Nos pases latino-americanos, estamos ampliando o canal de vendas e avanando com a manufatura local, o que nos abre a perspectiva de acelerar o crescimento em um mercado to expressivo e no qual ainda temos muito espao de desenvolvimento. Temos observado atentamente as transformaes do ambiente de negcios, com um consumidor mais exigente, o avano das tecnologias digitais e a conectividade das redes sociais. Pretendemos utilizar essas ferramentas para seguirmos ampliando nossos negcios, gerando renda para as consultoras e consultores e propiciando a melhor experincia de compra aos consumidores. Confiantes no esprito inovador de nossas equipes, acreditamos que esse momento de grande transformao permitir que a Natura leve sua proposta de valor para novas
geografias, ampliando assim o alcance de sua rede de relaes e seu potencial de contribuir para a construo do modelo de negcios do futuro.
Aderncia Cmara de Arbitragem do Mercado A Companhia, seus acionistas, Administradores e os membros do Conselho Fiscal obrigam-se a resolver, por meio de arbitragem, perante a Cmara de Arbitragem do Mercado, toda e qualquer disputa ou controvrsia que possa surgir entre eles, relacionada ou oriunda, em especial, da aplicao, validade, eficcia, interpretao, violao e seus efeitos, das disposies contidas na Lei n. 6.404/76, no estatuto social da Companhia, nas normas editadas pelo Conselho Monetrio Nacional, pelo Banco Central do Brasil e pela Comisso de Valores Mobilirios, bem como nas demais normas aplicveis ao funcionamento do mercado de capitais em geral, alm daquelas constantes do Regulamento do Novo Mercado, do Regulamento de Arbitragem, do Regulamento de Sanes e do Contrato de Participao no Novo Mercado.
Relacionamento com os auditores independentes Em conformidade com a Instruo CVM n 381/03, informamos que a Sociedade e suas controladas adotam como procedimento formal consultar os auditores independentes Deloitte Touche Tohmatsu, no sentido de assegurar-se de que a realizao da prestao destes outros servios no venha afetar sua independncia e objetividade necessria ao desempenho dos servios de auditoria independente, bem como obter a devida aprovao de seu Comit de Auditoria. A poltica da empresa na contratao de servios de auditores independentes assegura que no haja conflito de interesses, perda de independncia ou objetividade. Durante o exerccio de 2011 no houve nenhuma contratao de servios desta natureza. Adicionalmente, em conformidade com a Instruo CVM n 308/99, a Sociedade e suas controladas informam a contratao da auditoria independente Ernst & Young Terco Auditores Independentes S.S. para auditar as demonstraes financeiras da Companhia relativas ao exerccio findo em 31 de dezembro de 2012, em substituio Deloitte Touche Tohmatsu Auditores Independentes (Deloitte), que realizou a verificao do exerccio que apresentamos nesse Relatrio de Administrao. A deciso ocorreu na reunio do Conselho de Administrao do dia 10 de janeiro de 2012, conforme recomendao do Comit de Auditoria da Companhia.
Diretrizes para a comunicao da sustentabilidade Para retratar com fidelidade e transparncia nossos desempenhos nos planos econmico, ambiental e social, adotamos as diretrizes da Global Reporting Initiative (GRI-G3.1), cujos critrios sero extensivamente desenvolvidos em nosso Relatrio Anual 2011. Todos os dados socioambientais contidos nos indicadores GRI passam pela verificao externa de auditores independentes da companhia Ernst & Young Terco Auditores Independentes S.S.. No caso das emisses de GEE, foi realizada uma verificao especfica (assegurao limitada) dos dados do inventrio GEE de 2011 pela KPMG.
So Paulo, 15 de fevereiro de 2012 A Natura Cosmticos S.A. (BM&FBOVESPA:

NATU3) anuncia hoje os resultados do quarto trimestre (4T11) e do exerccio de 2011. As informaes financeiras e operacionais a seguir, exceto onde indicado o contrrio, so apresentadas em base consolidada, de acordo com as normas internacionais de relatrio financeiro IFRS.
INTRODUO INTRODUO
A receita lquida consolidada no ano de 2011 foi de R$ 5.591,4 milhes, com crescimento de 8,9% em relao a 2010. O EBITDA alcanou R$ 1.425,0 milhes o que representa uma ampliao de 13,4% e margem de 25,5% (24,5% em 2010). O lucro lquido em 2011 atingiu R$ 830,9 milhes, um aumento de 11,7% e margem lquida de 14,9% (14,5% em 2010). No quarto trimestre de 2011 (4T11) a receita lquida consolidada foi de R$ 1.670,5 milhes, com crescimento de 7,3% em relao ao ano anterior. O EBITDA somou R$ 500,4 milhes, avano de 39,8%, com margem de 30,0% e o lucro lquido de R$ 290,7 milhes, evoluo de 32,5% e margem lquida de 17,4%. Na operao Brasil a receita lquida no ano foi de R$ 5.087,6 milhes, evoluo de 6,8%. A margem EBITDA atingiu 29,0% em 2011 em comparao a 28,0% em 2010. Nas operaes internacionais, a receita lquida em 2011 foi de R$ 503,8 milhes, evoluo de 40,0% em moeda local ponderada. O EBITDA1 do ano mostrou um prejuzo de R$ 51,1 milhes, melhora de R$ 27,3 milhes em relao ao ano anterior (R$ 78,4 milhes em 2010). A seguir os principais destaques de 2011: Nossa base total de consultoras alcanou 1.421 mil, crescimento de 16,4% em relao a 2010. No Brasil, encerramos 2011 com 1.175 mil consultoras - expanso de 14,3% - e 13.250 CNOs (Consultora Natura Orientadora). Nas operaes internacionais, totalizamos no ano 246 mil consultoras, com crescimento de 27,1%. No Brasil, segundo pesquisa da Brand Essence/Ipsos, nossa marca permanece no topo com 47% da preferncia (49%, em 2010). Nas operaes internacionais avanamos significativamente no conhecimento de nossa marca e nos nveis de preferncia. Na
Considera EBITDA pro forma
Argentina e no Peru, estamos entre as trs marcas preferidas pelos consumidores no mercado de higiene pessoal, perfumaria e cosmticos (HPPC). No Brasil, segundo dados da Sipatesp/Abihpec2, nosso mercado alvo cresceu 7,7% no acumulado de 10 meses do ano. O market share da Natura no perodo foi de 23,2%, uma queda de 0,4 pontos percentuais. No quadro a seguir apresentamos a evoluo do mercado e a participao da Natura nos segmentos de higiene pessoal, perfumaria e cosmticos (HPPC).
Mercado Alvo (R$ milhes) Market Share - Natura (%)
10M11
Cosmticos e Fragrncias Higiene Pessoal Total
Fonte: SIPATESP
10M10
7.686,1 7.910,0 15.596,1
Var. %
6,8% 8,5% 7,7%
10M11
33,7% 13,1% 23,2%
10M10
34,3% 13,1% 23,5%
Var. pp
(0,6) 0,0 (0,4)
8.209,9 8.579,5 16.789,4
O ndice de inovao3 foi de 64,8% (65,7% em 2010), mantendo o patamar dos ltimos anos. Lanamos 168 produtos em 2011, com destaque para o relanamento da linha Natura EKOS e as novas linhas Higeia e VV. Investimos consistentemente em projetos de infraestrutura que visam: melhorar a qualidade dos servios prestados s nossas consultoras, capacitar a empresa para o crescimento e trazer ganhos de eficincia. Principais projetos: o Extenso do SAP4 para os processos relacionados ao faturamento e captao de pedidos, em substituio a 28 sistemas legados; o Inaugurao de um novo Centro de Distribuio (CD) no Paran e ampliao de outros trs j existentes, totalizando oito centros de distribuio no Brasil; o Reformulao dos processos e sistemas de planejamento de demanda; e o Incio da ampliao de nossa capacidade de produo e da construo de um novo Centro de Distribuio e Logstica em So Paulo, a ser concludo nos prximos 15 meses. A alta complexidade desses projetos e a simultaneidade de sua implantao contribuiu para a queda no nvel de servios prestados s nossas consultoras e consumidores finais, impactando negativamente as vendas no Brasil do 2 semestre de 2011.
Sipatesp/Abihpec:Sindicato da Indstria de Perfumarias de Artigos de Toucador no Estado de So Paulo / Associao Brasileira da Indstria de Higiene Pessoal, Perfumaria e Cosmticos. 3 O ndice de inovao medido por meio da receita dos ltimos 12 meses proveniente de produtos lanados nos ltimos 24 meses. 4 SAP: Sistema que oferece um conjunto integrado de mdulos para gesto do negcio, so eles: manufatura, finanas, vendas, distribuio e recursos humanos
2
As operaes internacionais, por outro lado, apresentaram resultados de destaque e j representam 9,0% da receita lquida consolidada (9,5% no 4T11). As operaes em consolidao (Argentina, Chile e Peru) apresentaram crescimento de 36,1% na receita lquida em moeda local ponderada em 2011. O resultado operacional foi positivo em R$ 43,0 milhes, margem EBITDA de 12,8% (R$13,1 milhes em 2010 e margem de 5,1%). Nas operaes em implantao (Mxico e Colmbia), a receita apresentou crescimento de 55,6% no ano, tambm em moeda local. Ainda nas operaes internacionais, seguimos com a implementao de nossa estratgia de atuao adaptada realidade local. No Mxico, implementamos um novo modelo comercial (Rede de Relaes Sustentveis) e, no Peru e na Colmbia, introduzimos o modelo CNO. O modelo de produo local com terceiros, que j acontece na Argentina desde 2010, foi estendido para a produo de sabonetes na Colmbia. Ao final do exerccio, o saldo em caixa era de R$ 515,6 milhes e o total das dvidas era de R$ 1.130,0 milhes, com endividamento lquido correspondente a 0,4 vezes o EBITDA. A gerao de caixa livre5 no ano foi de R$ 410,6 milhes, queda de 42,7% em relao a 2010. Essa reduo deve-se ampliao dos investimentos em projetos de infraestrutura (ativo imobilizado) e ao maior consumo de capital de giro, em especial na maior cobertura de estoques e no aumento de impostos a recuperar. Em 2011, lanamos o Programa Amaznia, com o objetivo de contribuir para o desenvolvimento sustentvel da regio, criando uma grande rede que favorece a valorizao da sociobiodiversidade e a captura do potencial de negcios, contribuindo para o desenvolvimento socioeconmico e conservao da biodiversidade. Reduzimos nossas emisses relativas de gases do efeito estufa (GEE) em 5,3%, totalizando 25,4% de reduo no acumulado do perodo entre 2007 e 2011. Lanamos um novo edital para neutralizar as emisses em 2011 e 2012 e contratamos o primeiro projeto de compensao fora do Brasil, na Colmbia. Em nosso investimento social, realizado por meio do Instituto Natura, estamos empenhados em oferecer metodologias educacionais que promovam transformaes em larga escala na sociedade, de maneira a contribuir para a concretizao de polticas pblicas de educao. Um exemplo o Projeto Trilhas, que estimula a leitura e a escrita na Educao Infantil, e foi adotado pelo Ministrio da Educao. Por meio do Programa Crer para Ver arrecadamos R$ 8,4 milhes de recursos e atingimos 345 municpios brasileiros, chegando a 4,9 mil escolas e envolvendo mais de 940 mil pessoas entre alunos, professores, coordenadores e diretores.
Caixa Livre: (Gerao interna de caixa) +/- (variaes no capital de giro e realizvel e exigvel a longo prazo) (aquisies de ativo imobilizado)
O quadro a seguir demonstra o resultado final dos indicadores com suas respectivas metas de 2011:
Indicador
Resultado 2010
Compromisso 2011 Reduzir at 2013 em 33% as nossas emisses relativas de GEE, levando em considerao o inventrio que realizamos em 2006. Reduzir em 4,8% o consumo total de gua por unidade produzida Arrecadar R$ 13 milhes com a venda dos produtos do Crer Para Ver.
Resultado 2011
Gases de efeito estufa
-7,3% (21,2% acumulado)
-5,3% (25,4% acumulado)
Consumo de gua *
0,42 litro/unidade produzida
0,40 litro/ unidade produzida (4,8% reduo)
Arrecadao CPV
R$ 10,0 milhes
R$ 8,4 milhes
* Mtrica alterada de consumo de gua de unidade faturada por unidade produzida para permitir adequar a mtrica aos estoques.
Aes NATU3 Em 2011, as aes da Natura tiveram uma desvalorizao de 20,4%, enquanto o Ibovespa desvalorizou-se 18,1%. O volume mdio dirio negociado foi de R$ 43 milhes. O grfico abaixo demonstra o desempenho das aes Natura desde o seu lanamento (IPO):
1.000 NATU3 29/12/2011 R$36,21 900
ndice Bovespa
800
NATU3
588,0%
700
Base 100 = 25/05/2004
600
500
400
NATU3 25/05/2004 R$5,27
200,9%
300
200
100
2004
2005
+37.9% +28.3%
2006
+51.1% +29.1%
2007
-41.4% +47.4%
2008
+18.0% -41.4%
2009
+101.6% +82.7%
2010
+37.0% +1.3%
2011
-20.4% -18.1%
NATU3: +87.2% Ibov: +33.0%
Reconhecimentos Em 2011, a Natura recebeu importantes prmios pelo seu reconhecido comportamento empresarial. Abaixo os principais: 8 Empresa Mais Inovadora do Mundo Forbes Magazine Empresa Mais Admirada no Brasil pelo 3 ano consecutivo Carta Capital Empresas Mais ticas do Mundo, 1 na categoria Sade e Beleza Ethisphere 2 Empresa Mais Sustentvel do Mundo - Corporate Knights Inc., Innovest Strategic Value Advisors, Asset 4 e Bloomberg As Top Companhias para os Acionistas, Valor de mercado superior a R$ 15 bilhes, 1 lugar pelo segundo ano consecutivo - Revista Capital Aberto Perspectivas O Brasil segue como um dos mais prsperos mercados de higiene pessoal, perfumaria e cosmticos do mundo. Embora tenha crescido em 2011 menos do que em anos anteriores, certamente continuar a se expandir a taxas superiores s da indstria global. Em 2011, realizamos o maior investimento de nossa histria, destinando cerca de R$ 350 milhes (Capex) em projetos de produo, logstica e tecnologia, indispensveis para a sustentao do nosso crescimento. Devemos reconhecer que a implementao simultnea de novos sistemas de captao de pedidos e a evoluo no nosso modelo logstico, com a abertura de novos CDs, provocou instabilidade em nossas operaes, afetando a prestao dos servios e a qualidade das relaes. Ao mesmo tempo enfrentamos uma reduo na eficincia comercial e mercadolgica. A combinao desses dois fatores repercutiu nos resultados, exigindo ajustes na estratgia durante o ano. Estamos empenhados em assegurar uma maior assertividade de nossas promoes, equilibrando melhor a parcela feita de forma centralizada e a gerida regionalmente. Continuamos focados em ganhos de eficincia nos diversos processos da empresa, que nos geram recursos para atuarmos em um mercado cada vez mais competitivo. Trabalhamos convictos de que a mudana de patamar da infraestrutura, para que nossos produtos cheguem cada vez mais rpido s mos das nossas consultoras, com reduo do custo do pedido, permitiro que alcancemos um padro de servios que amplie os diferenciais competitivos de nossa marca. Tendo em vista a alta penetrao de nossos produtos, presentes nos lares de cerca de 100 milhes de brasileiros, e a liderana da marca Natura na preferncia dos consumidores, com mais do que o dobro da segunda colocada, temos a oportunidade ampliar a frequncia de
compra dos consumidores e a variedade de produtos adquiridos. Com isso, impulsionaremos os ganhos de produtividade de nossas consultoras. Para tanto, vamos redirecionar nosso marketing mix e promover inovaes para ocupar os espaos onde nossa marca ainda no est presente, entre outras iniciativas. Seguimos confiantes e entusiasmados com a expanso de nossas Operaes Internacionais, que se afirmam como uma plataforma de negcios relevante e capaz de expressar os valores da Natura na regio. Nos pases latino-americanos, estamos ampliando o canal de vendas e avanando com a manufatura, o que nos abre a perspectiva de acelerar a expanso em um mercado to expressivo quanto o brasileiro e no qual ainda temos muito espao de desenvolvimento. Ao mesmo tempo em que promovemos evolues em mltiplas frentes, avanamos na direo de uma nova perspectiva para os negcios. Estamos especialmente motivados com o futuro da venda direta. Desde sempre, acreditamos na capacidade empreendedora e transformadora de pessoas, engajadas em propsitos comuns. Num mundo cada vez mais conectado digitalmente, onde o tratamento personalizado para cada consumidor ganha relevncia, a venda direta tem uma grande oportunidade de continuada expanso. Vislumbramos um futuro no qual a relao entre consultoras e consumidores ser apoiada por alta tecnologia de informao e pelas redes sociais, campo onde os servios podem evoluir muito e, ao mesmo tempo, ampliar a gerao de valor para todos os envolvidos. Inspirados pelo contnuo desejo de ver nossa marca alcanar novos espaos, reafirmamos nosso entusiasmo em prosseguir com todos aqueles que fazem parte da comunidade Natura, dando cada vez mais significado rede de relaes que construmos.
1. resultado consolidado
(R$ milhes) Total de Consultoras - final do perodo* (em milhares) Unidades de produtos para revenda (em milhes) Receita Bruta Receita Lquida Lucro Bruto Despesas com Vendas Despesas Administrativas e Gerais Participao dos Colaboradores nos Resultados Remunerao dos Administradores Outras Receitas / (Despesas) Operacionais, lquidas Receitas / (Despesas) Financeiras, lquidas Lucro antes do IR/CSLL Lucro Lquido 4T11 4T10 Var % 2011 2010 Var % 1.421,1 131,1 2.232,6 1.670,5 1.174,2 (543,2) (198,8) (5,1) 0,3 42,1 (41,6) 427,8 290,7 1.220,5 120,2 2.111,1 1.557,5 1.076,9 (500,7) (216,6) (17,5) (4,2) (3,4) (14,9) 319,6 219,3 16,4 9,1 5,8 7,3 9,0 8,5 (8,2) (70,7) n/d n/d 179,6 33,9 32,5 1.421,1 445,5 7.535,8 5.591,4 3.925,1 (1.952,7) (680,7) (30,2) (9,4) 63,1 (77,3) 1.237,7 830,9 1.220,5 404,7 6.959,8 5.136,7 3.579,9 (1.704,3) (605,4) (70,4) (14,4) (17,5) (49,7) 1118,2 744,1 16,4 10,1 8,3 8,9 9,6 14,6 12,4 (57,1) -34,5 n/d 55,5 10,7 11,7
EBITDA**
500,4
357,9
39,8
1.425,0
1.256,8
13,4
Margem Bruta Despesas com Vendas/Receita Lquida Despesas Administrativas e Gerais/Receita Lquida Margem Lquida Margem EBITDA
70,3% 32,5% 11,9% 17,4% 30,0%
69,1% 32,2% 13,9% 14,1% 23,0%
1,1pp 0,4pp (2,0pp) 3,3pp 7,0pp
70,2% 34,9% 12,2% 14,9% 25,5%
69,7% 33,2% 11,8% 14,5% 24,5%
0,5pp 1,7pp 0,4pp 0,4pp 1,0pp
(*) Posio ao final do ciclo 18 de vendas (**) EBITDA = Lucro operacional antes dos efeitos financeiros, impostos, depreciao e amortizao.
A receita lquida consolidada no 4T11 alcanou R$ 1.670,5 milhes, apresentando crescimento de 7,3% em comparao ao 4T10 (R$ 5.591,4 milhes nos 12M11 com ampliao de 8,9%).
No Brasil, a receita lquida foi de R$ 1.511,0 milhes no 4T11, 4,4% superior a do terceiro trimestre do ano passado. No ano, o crescimento foi de 6,8%, atingindo R$ 5.087,6 milhes. Nas operaes internacionais, a receita lquida no 4T11 foi de R$ 159,5 milhes, com um crescimento de 44,6% sobre o 4T10 em reais e 42,7% em moeda local ponderada. Em 2011 houve uma evoluo de 35,4% em reais, 40,0% em moeda local ponderada, atingindo R$ 503,8 milhes. O Custo dos Produtos Vendidos (CPV) ficou em linha com o observado no acumulado de 9 meses do ano. No 4T11 o CPV representou 29,7% da receita lquida consolidada, uma reduo de 120 pontos base nos custos em relao ao 4T10. Os benefcios do nosso aumento de preo e de uma melhor gesto de custos foram parcialmente compensados por um maior aproveitamento das promoes. No ano, o CPV apresentou uma melhora de 50 pontos bases, atingindo 29,8% da receita lquida. O quadro abaixo exibe o custo aberto em seus principais componentes:
4T11
MP / ME
1
4T10
84,8 10,1 2,3 2,9 100,0
2011
83,2 9,4 2,3 5,0 100,0
2010
82,8 8,6 3,0 5,6 100,0
83,7 11,3 1,9 3,1 100,0
Mo Obra s/PLR Depreciao Outros Total

(1) Matria-prima e material de embalagem
As despesas com vendas, representaram 32,5% da receita lquida no 4T11, aumento de 30 pontos base em relao ao 4T10. Conforme observado nos trimestres anteriores, houve uma menor diluio dos custos fixos logsticos e de fora de vendas. As operaes internacionais seguiram aumentando os investimentos em marketing, conforme estratgia. Em comparao com o mercado, nossos investimentos em marketing no Brasil continuam competitivos. No acumulado do ano, as despesas com vendas passaram de 33,2% em 2010 para 34,9% em 2011. As despesas administrativas e gerais representaram 11,9% em relao a receita lquida no 4T11 (13,9% no 4T10). Em 2011 representou 12,2%, versus 11,8% no ano anterior Seguimos investindo em inovao de produtos e comercial e em 2011 aumentamos os investimentos em
projetos. No 4T11, intensificamos a busca de eficincia e a priorizao em despesas, sem comprometer a estratgia de crescimento para o futuro. Participao dos colaboradores no lucro reduziu 57,1% em relao a 2010, em funo do no atingimento interno de metas no ano. Outras receitas e despesas operacionais apresentaram resultado de R$ 42,1 milhes no trimestre, impacto do efeito no recorrente do reconhecimento de crdito de Pis e Cofins extemporneo sobre servios e da negociao da MVA6 no estado do Paran e no Distrito Federal. No acumulado, a receita de R$ 63,1 milhes contempla, alm disso, o efeito no recorrente do reconhecimento de um ativo contingente de Pis e Cofins, crdito sobre tributao de receitas financeiras e sobre armazenagem. O lucro lquido consolidado foi de R$ 290,7 milhes no 4T11, margem lquida de 17,4% e incremento de 32,5% em relao ao 4T10. No acumulado, o lucro atingiu R$ 830,9 milhes, margem lquida de 14,9% e evoluo de 11,7% em relao a 2010. O EBITDA consolidado no 4T11 foi de R$ 500,4 milhes (R$ 357,9 milhes no 4T10), com crescimento de 39,8%. A margem EBITDA passou de 23,0% no 4T10 para 30,0% no 4T11. No ano, o EBITDA alcanou R$ 1.425,0 milhes, com ampliao de 13,4% em relao a 2010. A margem foi de 25,5%, versus 24,5% em 2010. Excluindo outras despesas e receitas operacionais no 4 trimestre e no ano, a margem seria 27,4% e 24,4%, respectivamente.
> EBITDA (R$ milhes) 4T11
Receita Lquida (-) Custos e Despesas EBIT (+) Depreciao / amortizao EBITDA 1.670,5 1.201,0 469,4 30,9 500,4
4T10
1.557,5 1.223,0 334,5 23,5 358,0
Var %
7,3 (1,8) 40,4 31,5 39,8
2011
5.591,4 4.276,3 1.315,1 109,9 1425,0
2010
5.136,7 3.968,7 1168,0 88,8 1256,8
Var %
8,9 7,7 12,6 23,7 13,4
MVA: Margem de Valor Agregado
> EBITDA pr-forma por bloco de operaes (R$ milhes) 4T11

Brasil Argentina, Chile e Peru Mxico, Colmbia Outros Investimentos Total 499,4 24,2 (3,6) (19,7) 500,4
4T10
376,6 8,5 (7,9) (19,3) 357,9
Var %
32,6 184,7 (54,6) 1,8 39,8
2011
1.476,1 43,0 (24,2) (69,9) 1.425,0
2010
1.335,2 13,1 (32,5) (59,1) 1.256,8
Var %
10,5 227,2 (25,6) 18,3 13,4
2. fluxo de caixa (pr-forma)

> Fluxo de caixa Pr-forma - (R$ milhes) (R$ milhes)
Lucro lquido (+) Depreciaes e amortizaes Gerao interna de caixa (Aumento) / Reduo do Capital de Giro Itens no caixa (variao cambial) Gerao operacional de caixa Adies do imobilizado intangvel Gerao de caixa livre*
2011
830,9 109,9 940,8 (207,2) 23,3 756,9 (346,4) 410,6
2010
744,1 88,8 833,0 99,6 20,7 953,2 (236,9) 716,4
Var %
11,7 23,7 13,0 na 12,6 (20,6) 46,2 (42,7)
(*) (Gerao interna de caixa) +/- (variaes no capital de giro e realizvel e exigvel a longo prazo) (aquisies de ativo imobilizado).
A gerao interna de caixa no ano foi de R$ 940,8 milhes, uma evoluo de 13,0%, em linha com o crescimento do lucro lquido, de 11,7%. Deste total, houve um investimento de R$ 207,2 milhes no capital de giro e uma aplicao de R$ 346,4 milhes em imobilizado. Com isso, gerao de caixa livre foi de R$ 410,6 milhes, reduo de 42,7% em relao a 2010. Seguimos observando um aumento na cobertura de estoque, influenciado principalmente por uma quebra na expectativa de vendas. Alm disso observamos um aumento dos impostos a recuperar devido a reviso dos crditos de pis e cofins sobre servios, receitas financeiras e fretes, os quais sero convertidos em caixa no primeiro semestre de 2012.
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Acreditamos que o modelo de planejamento que adotamos nos permitir reduzir a cobertura de estoques ao longo do ano. Esta iniciativa bem como a converso de impostos a recuperar em caixa permitiro um capital de giro significativamente melhor em 2012. O investimento em ativo imobilizado atingiu R$ 346,4 milhes ao final do ano, 15% acima do guidance inicial. Seguimos investindo em logstica, manufatura e tecnologia da informao. Os investimentos em imobilizado para o ano de 2012 esto estimados em R$ 420 milhes e concentrados na contnua evoluo da nossa plataforma de tecnologia da informao, na ltima etapa da evoluo do modelo logstico e em capacidade industrial . Trabalhamos na mudana de patamar de nossa infraestrutura para que nossos produtos cheguem cada vez mais rpido s mos de nossas consultoras, com reduo do custo do pedido e das emisses dos gases causadores do aquecimento global.
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3. DREs pr-forma
A margem de lucro alcanada nas exportaes do Brasil para as operaes internacionais foi subtrada do CPV das respectivas operaes, demonstrando o real impacto dessas subsidirias no resultado consolidado da empresa. Desta forma, a Demonstrao de Resultados pr-forma Brasil apresenta somente o resultado das vendas realizadas no mercado interno.
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3.1 OPERAO BRASIL (DRE pr-forma)

(R$ milhes) Total de Consultoras - final do perodo* (em milhares) Unidades de produtos para revenda (em milhes) Receita Bruta Receita Lquida Lucro Bruto Despesas com Vendas Despesas Administrativas e Gerais Participao dos Colaboradores nos Resultados Remunerao dos Administradores Outras Receitas / (Despesas) Operacionais, lquidas Receitas / (Despesas) Financeiras, lquidas Lucro antes do IR/CSLL Lucro Lquido EBITDA 4T11 4T10 Var % 2011 2010 Var % 1.175,5 117,7 2.030,8 1.511,0 1.072,3 (468,7) (170,7) (5,1) 0,3 42,2 (40,0) 430,4 293,2 499,4 1.028,7 110,3 1.971,6 1.447,2 1.009,6 (440,2) (190,3) (17,5) (4,2) (2,7) (14,3) 340,4 239,4 376,6 14,3 6,8 3,0 4,4 6,2 6,5 (10,3) (70,7) n/d n/d 179,2 26,4 22,5 32,6 1.175,5 410,5 6.898,9 5.087,6 3.611,3 (1.686,5) (577,9) (30,2) (9,4) 65,7 (73,5) 1.299,4 901,1 1.476,1 1.028,7 378,7 6.489,6 4.764,6 3.356,4 (1.487,4) (516,2) (70,4) (14,4) (15,7) (47,9) 1204,4 836,0 1.335,2 14,3 8,4 6,3 6,8 7,6 13,4 12,0 (57,1) (34,5) n/d 53,3 7,9 7,8 10,5
Margem Bruta Despesas com Vendas/Receita Lquida Despesas Administrativas e Gerais/Receita Lquida Margem Lquida Margem EBITDA (*) Posio ao final do ciclo 18 de vendas
71,0% 31,0% 11,3% 19,4% 33,1%
69,8% 30,4% 13,1% 16,5% 26,0%
1,2pp 0,6pp (1,9pp) 2,9pp 7,0pp
71,0% 33,1% 11,4% 17,7% 29,0%
70,4% 31,2% 10,8% 17,5% 28,0%
0,5pp 1,9pp 0,5pp 0,2pp 1,0pp
O canal de vendas continua crescendo de forma saudvel, tendo apresentado uma expanso de 14,3% com 1.175 mil consultoras no Brasil A produtividade7 acumulada de nossas consultoras reduziu-se em 7,9% (R$ 8.808 em 2011 versus R$ 9.559 no ano anterior).
Produtividade medida a preos de varejo.
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3.2 OPERAES EM CONSOLIDAO (Argentina, Chile e

Peru) DRE Pr-Forma
(R$ milhes) Total de Consultoras - final do perodo (em milhares) Unidades de produtos para revenda (em milhes) Receita Bruta Receita Lquida Lucro Bruto Despesas com Vendas Despesas Administrativas e Gerais Outras Receitas / (Despesas) Operacionais, lquidas Resultado Financeiro Lquido Lucro / (Prejuzo) antes do IR/CSLL Lucro / (Prejuzo) Lquido EBITDA 4T11 4T10 Var % 2011 2010 Var % 157,3 9,1 141,1 107,2 69,5 (40,6) (6,4) 0,6 (1,8) 21,3 22,7 24,2 130,5 5,0 97,3 73,8 46,3 (33,7) (4,2) (0,9) (0,7) 6,8 6,4 8,5 20,5 80,2 45,0 45,2 50,2 20,4 51,8 n/d 159,9 214,1 254,9 184,7 157,3 32,9 441,5 335,1 212,5 (148,8) (23,2) (1,1) (2,6) 36,6 31,9 43,0 130,5 23,6 335,9 255,7 157,3 (124,4) (21,5) (1,7) (0,8) 8,9 3,7 13,1 20,5 39,3 31,5 31,0 35,1 19,7 7,9 (34,3) 211,8 n/d n/d 227,2
64,8% 37,9% 5,9% 21,2% 22,6%
62,7% 45,7% 5,7% 8,7% 11,5%
2,2pp (7,8pp) 0,3pp 12,5pp 11,1pp
63,4% 44,4% 6,9% 9,5% 12,8%
61,5% 48,6% 8,4% 1,5% 5,1%
1,9pp (4,2pp) (1,5pp) 8,1pp 7,7pp
Nas operaes em consolidao, a receita lquida no 4T11 foi de R$ 107,2 milhes com um crescimento de 42,0% em moeda local ponderada (45,2% em reais) em relao ao 4T10. No ano, a receita lquida atingiu R$ 335,1 milhes, crescimento de 36,1% e 31,0% respectivamente. O nmero de consultoras cresceu 20,5%, alcanando 157,3 mil ao final de 2011. Essas operaes apresentaram um EBITDA favorvel de R$ 24,2 milhes no 4T11 e de R$ 43,0 milhes no acumulado. O maior investimento em marketing foi compensado pela diluio das despesas com fora de vendas e administrativas e por uma maior eficincia logstica.
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3.3 OPERAES EM IMPLANTAO (Mxico e Colmbia)

DRE Pr-Forma
(R$ milhes) Total de Consultoras - final do perodo (em milhares) Unidades de produtos para revenda (em milhes) Receita Bruta Receita Lquida Lucro Bruto 4T11 4T10 Var % 2011 2010 Var % 85,6 4,5 52,9 45,6 29,9 60,2 2,3 34,8 30,0 17,8 42,1 94,5 51,9 52,0 67,9 85,6 14,9 172,9 149,2 92,2 60,2 9,3 114,0 98,3 56,3 42,1 60,7 51,7 51,8 63,8
Despesas com Vendas Despesas Administrativas e Gerais Outras Receitas / (Despesas) Operacionais, lquidas Resultado Financeiro Lquido Lucro / (Prejuzo) antes do IR/CSLL Lucro / (Prejuzo) Lquido EBITDA
(28,1) (5,5) (0,4) 0,2 (3,9) (5,1) (3,6)
(21,9) (4,4) 0,2 0,1 (8,2) (7,0) (7,9)
28,3 24,1 n/d 50,0 (52,0) (26,4) (54,6)
(99,8) (17,6) (1,1) (1,2) (27,6) (31,0) (24,2)
(76,0) (14,8) (0,1) (1,0) (35,6) (36,0) (32,5)
31,3 19,0 n/d 27,6 -22,4 -13,9 -25,6
65,5% 61,6% 12,1% n/d n/d
59,3% 73,0% 14,8% n/d n/d
6,2pp (11,4pp) (2,7pp) -
61,8% 66,9% 11,8% n/d n/d
57,3% 77,3% 15,1% n/d n/d
4,5pp (10,4pp) (3,3pp) -
Nas operaes em implantao, a receita lquida no 4T11 foi de R$ 45,6 milhes, crescimento de 54,0% em moeda local ponderada (52,0% em reais). No ano, a receita lquida foi de R$ 149,2 milhes, evoluo de 55,6% e 51,8% respectivamente. O nmero de consultoras ampliou-se em 42,1%, alcanando 85,6 mil ao final de 2011. Estas operaes continuaram apresentando EBITDA negativo de R$ 3,6 milhes no 4T11 e de R$ R$ 24,2 milhes no acumulado do ano, resultado dos investimentos que esto sendo feitos.
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Os outros investimentos internacionais, que dizem respeito a nossa operao na Frana e aos gastos com projetos e estrutura corporativa dedicada a rea internacional, registraram prejuzo (EBITDA) de R$ 19,7 milhes no 4T11, R$ 69,9 milhes no ano (R$ 19,3 milhes e R$ 59,1 milhes em 2010 respectivamente). Em 2011, as despesas no recorrentes relacionadas ao novo modelo comercial no Mxico, aqui alocadas, totalizaram R$ 8,6 milhes.
4. DIVIDENDOS E JUROS SOBRE CAPITAL PROPRIO

Em 15 de fevereiro de 2012, o Conselho de Administrao aprovou proposta a ser submetida AGO, que ser realizada em 13 de abril de 2012, para pagamento de dividendos e juros sobre capital prprio referentes aos resultados auferidos no exerccio de 2011, no montante de R$ 762,6 milhes e R$ 61,1 milhes (R$ 51,9 milhes lquidos de imposto de renda na fonte), respectivamente. Em 20 de julho de 2011 foram pagos, ad referendum da Assemblia Geral Ordinria, dividendos no montante de R$ 295,3 milhes e juros sob o capital prprio no valor de R$ 31,9 milhes lquidos de imposto de renda na fonte. O saldo remanescente a ser pago em 18 de abril de 2012, aps ratificao pela Assembleia Geral Ordinria, ser de R$ 467,3 milhes na forma de dividendos e R$ 20,1 milhes na forma de juros sobre o capital prprio lquidos de imposto de renda na fonte. Esses dividendos e juros sobre capital prprio somados, referentes ao resultado do exerccio de 2011 representaro uma remunerao lquida de R$ 1,89 por ao (R$ 1,65 por ao em 2010), correspondendo a 99% do lucro lquido de 2011.
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TELECONFERNCIA & WEBCAST

Portugus: Sexta-feira, 17 de fevereiro de 2012 10h00 horrio de Braslia Ingls: Sexta-feira, 17 de fevereiro de 2012 12h00 horrio de Braslia Participantes do Brasil: +55 11 4688-6341 Participantes dos EUA: Toll Free +1 800 700 0802 Participantes de outros pases: +1 412 824-6977 Senha para os participantes: Natura Transmisso ao vivo pela internet: www.natura.net/investidor
RELAES COM INVESTIDORES

Telefone: (11) 4196-1421 Helmut Bossert, helmutbossert@natura.net Fabio Cefaly, fabiocefaly@natura.net Patrcia Anson, patriciaanson@natura.net Tasa Hernandez, taisahernandez@natura.net
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> BALANOS PATRIMONIAIS EM 31 DE DEZEMBRO DE 2011

(Em milhares de reais - R$)
ATIVO 2011 2010 PASSIVO E PATRIMNIO LQUIDO 2011 2010
CIRCULANTE Caixa e equivalentes de caixa Contas a receber de clientes Estoques Impostos a recuperar Instrumentos financeiros derivativos Outros ativos circulantes Total do ativo circulante NO CIRCULANTE Realizvel a longo prazo Impostos a recuperar Imposto de renda e contribuio social diferidos Depsitos judiciais Outros ativos no circulantes Imobilizado Intangvel Total do ativo no circulante 111,2 189,6 295,8 29,9 800,4 162,8 1.589,8 109,3 180,3 337,0 44,9 560,5 120,1 1.352,0 515,6 641,9 688,7 201,6 28,6 126,8 2.203,3 560,2 570,3 571,5 101,5 66,4 1.869,9
CIRCULANTE Emprstimos e financiamentos Fornecedores e outras contas a pagar Salrios, participaes nos resultados e encargos sociais Obrigaes tributrias Instrumentos financeiros derivativos Outras obrigaes Total do passivo circulante NO CIRCULANTE Emprstimos e financiamentos Obrigaes tributrias Proviso para riscos tributrios, cveis e trabalhistas Outras Provises Total do passivo no circulante PATRIMNIO LQUIDO Capital social Reservas de capital Reservas de lucros Aes em tesouraria Dividendo adicional proposto Outros resultados abrangentes Total do patrimnio lquido dos acionistas controladores 427,1 160,3 292,5 (102,8) 490,9 (17,6) 1.250,2 418,1 149,6 282,9 (0,0) 430,1 (23,2) 1.257,5 1.017,7 140,5 65,0 44,8 1.268,0 465,1 215,1 73,8 32,4 786,4 169,0 489,0 132,0 446,8 37,9 1.274,7 226,6 366,5 162,7 366,0 4,1 52,1 1.178,0
TOTAL DO ATIVO
3.793,0
3.221,9
TOTAL DO PASSIVO E PATRIMNIO LQUIDO
3.793,0
3.221,9
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> DEMONSTRAES DO RESULTADO PARA EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011

em R$ milhes 2011 2010
RECEITA LQUIDA Custo dos produtos vendidos LUCRO BRUTO (DESPESAS) RECEITAS OPERACIONAIS
Com vendas Administrativas e gerais Participao dos colaboradores nos resultados Remunerao dos administradores Outras receitas (despesas) operacionais, lquidas
5.591,4 (1.666,3) 3.925,1
5.136,7 (1.556,8) 3.579,9
(1.952,7) (680,7) (30,2) (9,4) 63,1 1.315,1 122,7 (200,0)
(1.704,3) (605,4) (70,4) (14,4) (17,5) 1.167,9 53,6 (103,4)
LUCRO OPERACIONAL ANTES DO RESULTADO FINANCEIRO

Receitas financeiras Despesas financeiras
LUCRO ANTES DO IMPOSTO DE RENDA E DA CONTRIBUIO SOCIAL Imposto de renda e contribuio social LUCRO LQUIDO 1.237,7 (406,8) 830,9 1.118,2 (374,1) 744,0
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> DEMONSTRAES DOS FLUXOS DE CAIXA PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2011(Em milhares de reais - R$)
em R$ milhes 2011 2010
FLUXO DE CAIXA DAS ATIVIDADES OPERACIONAIS Lucro lquido do exerccio Ajustes para reconciliar o lucro lquido do exerccio com o caixa lquido gerado pelas atividades operacionais: Depreciaes e amortizaes Proviso decorrente dos contratos de operaes com derivativos "swap" e "forward" Provises para riscos tributrios, cveis e trabalhistas Atualizao monetria de depsitos judiciais Imposto de renda e contribuio social Resultado na venda e baixa de ativo imobilizado e intangvel Juros e variao cambial sobre emprstimos e financiamentos Variao cambial sobre outros ativos e passivos Despesas com planos de outorga de opes de compra de aes Proviso para desgio na alienao de crditos de ICMS Proviso para crditos de liquidao duvidosa Proviso para perdas nos estoques Proviso com plano de assistncia mdica e crditos carbono Reconhecimento de crdito tributrio de processo judicial Reconhecimento de crdito tributrio extemporneo 109,9 (14,3) (8,0) (51,2) 406,8 13,5 121,7 (7,8) 13,4 0,3 (0,7) 19,7 12,4 (16,9) (40,4) 1.389,4 (AUMENTO) REDUO DOS ATIVOS Contas a receber de clientes Estoques Impostos a recuperar Outros ativos Subtotal AUMENTO (REDUO) DOS PASSIVOS Fornecedores nacionais e estrangeiros Salrios, participaes nos resultados e encargos sociais, lquidos Obrigaes tributrias Outros passivos Proviso para riscos tributrios, cveis e trabalhistas Subtotal CAIXA GERADO PELAS ATIVIDADES OPERACIONAIS OUTROS FLUXOS DE CAIXA DAS ATIVIDADES OPERACIONAIS Pagamentos de imposto de renda e contribuio social Pagamentos de recursos por liquidao de operaes com derivativos Pagamento de juros sobre emprstimos e financiamentos CAIXA LQUIDO GERADO PELAS ATIVIDADES OPERACIONAIS (319,6) (18,4) (76,7) 663,8 (269,0) (13,4) (44,9) 973,8 121,8 (30,7) 24,1 (14,1) (0,8) 100,1 1.078,5 111,2 32,0 50,8 34,5 (2,7) 225,9 1.301,1 (70,9) (136,9) (45,2) (158,0) (411,0) (126,6) (92,1) 45,1 (41,4) (215,0) 88,8 8,8 3,5 (18,1) 374,1 32,6 (5,1) 11,3 0,5 9,1 30,1 10,4 1.290,1 830,9 744,0
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FLUXO DE CAIXA DAS ATIVIDADES DE INVESTIMENTO Adies de imobilizado e intangvel Recebimento pela venda de ativo imobilizado e intangvel Levantamento (pagamento) de depsitos judiciais CAIXA LQUIDO UTILIZADO NAS ATIVIDADES DE INVESTIMENTO FLUXO DE CAIXA DAS ATIVIDADES DE FINANCIAMENTO Amortizao de emprstimos e financiamentos - principal Captaes de emprstimos e financiamentos Pagamento de dividendos e juros sobre o capital prprio referentes ao exerccio anterior Antecipao de dividendos e juros sobre o capital prprio referentes ao exerccio corrente Compra de aes em tesouraria Utilizao de aes em tesouraria pelo exerccio de opes de compra de aes Aumento de capital por subscrio (353.289 aes ordinrias ao preo mdio de R$39,69) CAIXA LQUIDO UTILIZADO NAS ATIVIDADES DE FINANCIAMENTO Efeito de variao cambial sobre o caixa e equivalentes de caixa (648,7) 1.045,7 (430,1) (332,8) (104,5) 1,2 9,0 (460,1) 1,9 (781,9) 819,3 (357,6) (289,4) 13,8 (595,8) (4,5) (346,4) 3,7 92,3 (250,3) (236,9) 9,9 (86,5) (313,5)
AUMENTO (REDUO) LQUIDO(A) NO CAIXA E EQUIVALENTES DE CAIXA Saldo inicial do caixa e equivalentes de caixa Saldo final do caixa e equivalentes de caixa AUMENTO (REDUO) LQUIDO(A) NO CAIXA E EQUIVALENTES DE CAIXA
(44,6) 560,2 515,6 (44,6)
59,9 500,3 560,2 59,9
ITENS QUE NO AFETAM O CAIXA: Financiamento (leasing) de ativo imobilizado Compensao de passivo tributrio com depsito judicial Informaes adicionais s demonstraes dos fluxos de caixa: Numerrios com utilizao restrita Limites de contas garantidas sem utilizao As notas explicativas so parte integrante das demonstraes contbeis consolidadas condensadas. 6,8 235,5 6,2 265,5 56,7 114,3 -
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O EBITDA no uma medida utilizada nas prticas contbeis adotadas no Brasil, no representado o fluxo de caixa para os perodos apresentados. Tambm no deve ser considerado como uma alternativa ao lucro lquido na qualidade de indicador do desempenho operacional ou uma alternativa ao fluxo de caixa na qualidade de indicador de liquidez. O EBITDA no tem um significado padronizado e sua definio na Sociedade, eventualmente, pode no ser comparvel ao LAJIDA ou EBITDA definido por outras companhias. Ainda que o EBITDA no fornea, de acordo com as prticas contbeis adotadas no Brasil, uma medida do fluxo de caixa, a Administrao o utiliza para mensurar o desempenho operacional da Sociedade. Adicionalmente, entendemos que determinados investidores e analistas financeiros utilizam o EBITDA como indicador do desempenho operacional de uma companhia e/ou de seu fluxo de caixa. Este relatrio contm informaes futuras. Tais informaes no so apenas fatos histricos, mas refletem os desejos e as expectativas da direo da Natura. As palavras "antecipa", "deseja", "espera", "prev", "pretende", "planeja", "prediz", "projeta", "almeja" e similares, pretendem identificar afirmaes que, necessariamente, envolvem riscos conhecidos e desconhecidos. Riscos conhecidos incluem incertezas, que no so limitadas ao impacto da competitividade dos preos e produtos, aceitao dos produtos no mercado, transies de produto da Companhia e seus competidores, aprovao regulamentar, moeda, flutuao da moeda, dificuldades de fornecimento e produo e mudanas na venda de produtos, dentre outros riscos. Este relatrio tambm contm algumas informaes proforma, elaboradas pela Companhia a ttulo exclusivo de informao e referncia, portanto, so grandezas no auditadas. Este relatrio est atualizado at a presente data e a Natura no se obriga a atualiz-lo mediante novas informaes e/ou acontecimentos futuros
22
(Convenience Translation into English from the Original Previously Issued in Portuguese) NATURA COSMTICOS S.A. BALANCE SHEETS AS OF DECEMBER 31, 2011 (In thousands of Brazilian reais - R$)
Company (BR GAAP) ASSETS CURRENT ASSETS Cash and cash equivalents Trade receivables Inventories Recoverable taxes Related parties Derivatives Other receivables Total current assets NONCURRENT ASSETS Long-term assets: Recoverable taxes Deferred income tax and social contribution Escrow deposits Other noncurrent assets Investments Property, plant and equipment Intangible assets Total noncurrent assets Note 2011 2010
Consolidated (BR GAAP and IFRS) 2011 2010 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Borrowings and financing Trade and other payables Suppliers - related parties Payroll, profit sharing and related taxes Taxes payable Derivatives Other payables Total current liabilities NONCURRENT LIABILITIES Borrowings and financing Taxes payable Provision for tax, civil and labor risks Others provisions Total noncurrent liabilities SHAREHOLDERS' EQUITY Capital Capital reserves Earnings reserves Treasury shares Proposed additional dividend Other comprehensive losses Total equity attributable to owners of the Company Noncontrolling interests Total shareholders' equity 19.a) Note
Company (BR GAAP) 2011 2010
Consolidated (BR GAAP and IFRS) 2011 2010
5 6 7 8 27.1. 4.2. 11
166,007 535,309 217,906 69,417 37,908 28,184 115,328 1,170,059
206,125 493,692 185,092 34,799 25,361 52,470 997,539
515,610 641,872 688,748 201,620 28,626 126,783 2,203,259
560,229 570,280 571,525 101,464 66,399 1,869,897
14 15 27.1. 16 4.2.
66,424 183,317 293,024 58,551 260,027 29,359 890,702
60,086 113,232 246,589 63,769 199,698 3,340 41,788 728,502
168,962 488,980 132,045 446,800 37,932 1,274,719
226,595 366,494 162,747 366,006 4,061 52,064 1,177,967
8 9.a) 10 11 12 13 13
12,299 80,145 244,938 4,562 1,253,721 332,215 78,929 2,006,809
4,921 87,491 289,070 20,052 1,099,188 92,175 18,586 1,611,483
111,239 189,552 295,839 29,935 800,434 162,754 1,589,753
109,264 180,259 337,007 44,904 560,467 120,073 1,351,974
14 16 17 18
852,549 97,955 49,600 35,818 1,035,922
368,356 175,575 53,282 25,806 623,019
1,017,737 140,545 64,957 44,809 1,268,048
465,068 215,125 73,784 32,425 786,402
427,073 160,313 292,457 (102,849) 490,885 (17,635) 1,250,244 1,250,244 3,176,868
418,061 149,627 282,944 (14) 430,079 (23,196) 1,257,501 1,257,501 2,609,022
427,073 160,313 292,457 (102,849) 490,885 (17,635) 1,250,244 1 1,250,245 3,793,012
418,061 149,627 282,944 (14) 430,079 (23,196) 1,257,501 1 1,257,502 3,221,871
19.c) 19.b)
TOTAL ASSETS
3,176,868
2,609,022
3,793,012
3,221,871
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
The accompanying notes are an integral part of these financial statements.
(Convenience Translation into English from the Original Previously Issued in Portuguese) NATURA COSMTICOS S.A. INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011 (In thousands of Brazilian reais - R$, except earnings per share)
Company (BR GAAP) Note NET REVENUE Cost of sales GROSS PROFIT OPERATING (EXPENSES) INCOME Selling expenses Administrative and general expenses Employee profit sharing Management compensation Equity in investees Other operating income (expenses), net INCOME FROM OPERATIONS BEFORE FINANCIAL INCOME (EXPENSES) Financial income Financial expenses INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION Income tax and social contribution NET INCOME ATTRIBUTABLE TO Owners of the Company Noncontrolling interests EARNINGS PER SHARE - R$ Basic Diluted 26.1. 26.2. 1.9320 1.9279 1.7281 1.7219 830,901 744,050 9.b) 1,161,791 (330,890) 830,901 1,053,123 (309,073) 744,050 24 24 1,238,536 86,502 (163,247) 1,093,845 17,515 (58,237) 21 22 2011 2010
Consolidated (BR GAAP and IFRS) 2011 5,591,374 (1,666,300) 3,925,074 2010 5,136,712 (1,556,806) 3,579,906
5,848,777 5,514,315 (2,375,514) (2,283,926) 3,473,263 3,230,389
22 22 22 27 12 25
(1,503,069) (1,292,365) (816,818) (837,808) (3,765) (18,174) (9,443) (14,417) 54,789 25,764 43,579 456
(1,952,740) (680,730) (30,168) (9,443) 63,077
(1,704,322) (605,442) (70,351) (14,417) (17,468)
1,315,070 122,698 (200,038)
1,167,905 53,639 (103,375)
1,237,730 (406,829) 830,901
1,118,169 (374,120) 744,050
830,901 -
744,050 -
1.9320 1.9279
1.7281 1.7219
(Convenience Translation into English from the Original Previously Issued in Portuguese) NATURA COSMTICOS S.A. STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2011 (In thousands of Brazilian reais - R$)
Company (BR GAAP) Note 2011 2010
Consolidated (BR GAAP and IFRS) 2011 2010
NET INCOME Other comprehensive income (losses) Gains (losses) arising on translating the financial statements of foreign subsidiaries TOTAL COMPREHENSIVE INCOME
830,901
744,050
830,901
744,050
12
5,561 836,462
(4,473) 739,577
5,561 836,462
(4,473) 739,577
ATTRIBUTABLE TO Owners of the Company Noncontrolling interests 836,462 739,577 836,462 739,577 -
(Convenience Translation into English from the Original Previously Issued in Portuguese) NATURA COSMTICOS S.A. STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEAR ENDED DECEMBER 31, 2011 (In thousands of Brazilian reais - R$, except for dividends per share)
Note BALANCE AS OF DECEMBER 31, 2009 Net income Other comprehensive income Total comprehensive income 2009 dividends and interest on capital approved at the Annual Shareholders' Meeting of April 6, 2010 Capital increase through subscription of shares Changes in stock option plans: Grant of stock options Exercise of stock options Allocation of net income: Recognition of tax incentive reserve Interim dividends and interest on capital Dividends declared on February 23, 2011 Interest on capital declared on February 23, 2011 Retained earnings reserve BALANCE AS OF DECEMBER 31, 2010 Net income Other comprehensive income Total comprehensive income 2010 dividends and interest on capital approved at the Annual Shareholders' Meeting of April 8, 2011 Capital increase through subscription of shares Acquisition of treasury shares Sale of treasury shares due to exercise of stock options Changes in stock option plans: Grant of stock options Exercise of stock options Allocation of net income: Recognition of tax incentive reserve Interim dividends and interest on capital Dividends declared on February 14, 2012 Interest on capital declared on February 14, 2012 Retained earnings reserve BALANCE AS OF DECEMBER 31, 2011 19.b) 19.b) 19.b) 19.f) 23.2 23.2 19.a) 19.c) 19.c) 12
Capital 404,261 13,800 418,061 9,012 427,073
Share premium 103,620 103,620 (377) 103,243
Capital reserves Tax incentive reserve Investment grants 17,378 17,378 17,378
Additional paid-in capital 21,995 11,288 (4,654) 28,629 13,369 (2,306) 39,692
Legal 18,650 18,650 18,650
Earnings reserves Tax Retained incentives earnings 4,961 5,973 10,934 3,677 14,611 230,082 4,654 18,624 253,360 2,306 3,530 259,196
Treasury shares (14) (14) (104,452) 1,617 (102,849)
Proposed additional dividend 357,611 (357,611) 405,623 24,456 430,079 (430,079) 467,261 23,624 490,885
Equity Noncontrolling Other attributable to interests Total Retained comprehensive owners of the in subsidiaries' shareholders' earnings income (losses) Company equity equity 744,050 744,050 (5,973) (289,374) (405,623) (24,456) (18,624) 830,901 830,901 (3,677) (332,809) (467,261) (23,624) (3,530) (18,723) (4,473) (4,473) (23,196) 5,561 5,561 (17,635) 1,139,821 744,050 (4,473) 739,577 (357,611) 13,800 11,288 (289,374) 1,257,501 830,901 5,561 836,462 (430,079) 9,012 (104,452) 1,240 13,369 (332,809) 1,250,244 1 1 1 1,139,822 744,050 (4,473) 739,577 (357,611) 13,800 11,288 (289,374) 1,257,502 830,901 5,561 836,462 (430,079) 9,012 (104,452) 1,240 13,369 (332,809) 1,250,245
12
19.a) 22.2. 22.2.
19.b) 19.b) 19.b) 19.f)
(Convenience Translation into English from the Original Previously Issued in Portuguese) NATURA COSMTICOS S.A. STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2011 (In thousands of Brazilian reais - R$) Company (BR GAAP) Note CASH FLOW FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Provision for losses on swap and forward transactions Provision for tax, civil and labor contingencies Interest and inflation adjustment of escrow deposits Income tax and social contribution (Gain) loss on sale on property, plant and equipment and intangible assets Equity in investees Interest and exchange rate changes on borrowings and financing and other liabilities Exchange rate changes on other assets and other liabilities Stock options plans expenses Provision for discount on assignment of ICMS credits Allowance for doubtful accounts Allowance for inventory losses Provision for healthcare plan and carbon credits Recognition of untimely used tax credits Recognition of tax credits related to lawsuit 2011 2010 Consolidated (BR GAAP and IFRS) 2011 2010
830,901 13 17 9.a) 27,565 (16,442) (2,866) (28,841) 330,890 1,559 (54,789) 94,985 22 6,359 (492) 9,801 10,012 (11,887) (15,461) 1,181,316
744,050 15,305 5,477 106 (15,318) 309,073 (468) (25,764) (4,668) 4,081 9,005 3,981 10,739 1,055,598
830,901 109,921 (14,305) (7,998) (51,173) 406,829 13,457 121,674 (7,767) 13,369 323 (674) 19,725 12,384 (16,852) (40,378) 1,389,436
744,050 88,848 8,787 3,545 (18,129) 374,120 32,620 (5,137) 11,288 465 9,149 30,132 10,400 1,290,137
24
6 7 18 25 25
(INCREASE) DECREASE IN ASSETS Trade receivables Inventories Recoverable taxes Other receivables Subtotal INCREASE (DECREASE) IN LIABILITIES Domestic and foreign suppliers Payroll, profit sharing and related taxes, net Taxes payable Other payables Provision for tax, civil and labor contingencies Subtotal CASH GENERATED BY OPERATING ACTIVITIES OTHER CASH FLOWS FROM OPERATING ACTIVITIES Payments of income tax and social contribution Payments of derivatives Payment of interest on borrowings and financing NET CASH GENERATED BY OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Withdrawal (payment) of escrow deposits Dividends received from subsidiaries Investments in subsidiaries NET CASH USED IN INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES Repayments of borrowings and financing - principal Proceeds from borrowings and financing Payment of dividends and interest on capital Interim dividends and interest on capital Repurchase of treasury shares Sale of treasury shares due to exercise of stock options Capital increase through subscription of shares (353,289 common shares at average price of R$39.69) NET CASH USED IN FINANCING ACTIVITIES Gains (losses) arising on translating foreign currency cash and cash equivalents INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS NON-CASH TRANSACTIONS: Capital lease of property, plant and equipment Offseting of tax liability and escrow deposit ADDITIONAL INFORMATION TO THE STATEMENTS OF CASH FLOWS Restricted cash Bank overdrafts - unused
(41,125) (42,615) (14,648) (171,952) (270,340)
(88,052) (77,360) 97,664 (43,394) (111,142)
(70,918) (136,948) (45,224) (157,950) (411,040)
(126,561) (92,106) 45,134 (41,418) (214,951)
69,443 (5,218) 28,692 34,006 (816) 126,107 1,037,083
28,761 7,019 74,726 62,565 (2,673) 170,398 1,114,854
121,752 (30,702) 24,060 (14,132) (829) 100,149 1,078,545
111,212 31,955 50,844 34,528 (2,658) 225,881 1,301,067
(255,182) (15,082) (57,812) 709,007
(221,535) (9,006) (35,405) 848,908
(319,623) (18,382) (76,700) 663,840
(269,001) (13,378) (44,902) 973,785
13
12
(277,036) 2,535 72,973 34,000 (121,173) (288,701)
(66,870) 3,174 (86,096) 30,000 (117,486) (237,278)
(346,367) 3,726 92,341 (250,300)
(236,876) 9,864 (86,524) (313,536)
19.b)
(425,383) 822,047 (430,079) (332,809) (104,452) 1,240 9,012 (460,424) (40,118) 206,125 166,007 (40,118)
(592,075) 565,293 (357,611) (289,375) 13,800 (659,968) (48,338) 254,463 206,125 (48,338)
(648,687) 1,045,702 (430,079) (332,809) (104,452) 1,240 9,012 (460,073) 1,914 (44,619) 560,229 515,610 (44,619)
(781,931) 819,275 (357,611) (289,375) 13,800 (595,841) (4,473) 59,935 500,294 560,229 59,935
13 17
56,694 114,345
56,694 114,345
11
117,900
147,900
6,757 235,500
6,155 265,500
(Convenience Translation into English from the Original Previously Issued in Portuguese) NATURA COSMTICOS S.A.
STATEMENTS OF VALUE ADDED FOR THE YEAR ENDED DECEMBER 31, 2011 (In thousands of Brazilian reais - R$, except additional information)
Company (BR GAAP) Note 2011 2010
Consolidated (BR GAAP) 2011 2010
REVENUES Sales of goods and services
6,847,933 25 6 6,887,213 43,580 (82,860) (4,538,955) (2,610,197) (1,928,758) 2,308,978 (27,565) 13 (27,565) 2,281,413 141,291 54,789 86,502 2,422,704
6,394,783 6,477,739 456 (83,412) (4,278,970) (2,488,991) (1,789,979) 2,115,813 (15,305) (15,305) 2,100,508 43,279 25,764 17,515 2,143,786
7,499,050 7,524,250 63,078 (88,278) (4,362,838) (2,624,578) (1,738,260) 3,136,212 (109,921) (109,921) 3,026,291 122,698 122,698 3,148,989
6,850,225 6,951,106 (17,468) (83,412) (3,707,385) (2,355,631) (1,351,754) 3,142,841 (88,848) (88,848) 3,053,993 53,639 53,639 3,107,632
Other operating income (expenses), net Allowance for doubtful accounts

INPUTS PURCHASED FROM THIRD PARTIES Cost of sales and services Materials, electricity, outside services and other GROSS VALUE ADDED RETENTIONS Depreciation and amortization WEALTH CREATED BY THE COMPANY TRANSFERRED VALUE ADDED
Equity in investees 12 Financial income - includes inflation adjustments and exchange differences 24 TOTAL WEALTH FOR DISTRIBUTION DISTRIBUTION OF WEALTH: Employees and payroll taxes Taxes and fees Financial expenses and rentals Dividends Interest on capital Retained earnings
(2,422,704) 100% (2,143,786) 100% (250,870) 10% (222,957) (1,182,449) 49% (1,111,331) (158,485) 7% (65,448) (762,563) 31% (659,570) (61,130) 3% (59,883) (7,207) 0% (24,597) 10% 51% 4% 31% 3% 1%
(3,148,989) 100% (3,107,632) 100% (634,261) (1,472,345) (211,483) (762,563) (61,130) (7,207) 20% (769,245) 47% (1,476,512) 7% (117,825) 24% (659,570) 2% (59,883) 0% (24,597) 25% 47% 4% 21% 2% 1%
Additional information to the statements of value added R$442,063 and R$454,114 of the amounts recorded in line item 'Taxes and fees' in 2011 and 2010, respectively, refer to reverse charge State VAT (ICMS) levied on the estimated profit margin set by the State Departments of Finance based on sales made by Natura consultants to final customers. To analyze this tax impact on the statement of value added, these amounts should be deducted from those recorded in 'Sales of goods and services' and 'Taxes and fees' since sales revenue does not include the estimated profit attributable to Natura consultants on the sale of products, in the amounts of R$2,906,137 and R$2,738,227 in 2011 and 2010, respectively, considering an estimated profit margin of 30%.
(Convenience Translation into English from the Original Previously Issued in Portuguese) NATURA COSMTICOS S.A. NOTES TO THE INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2011 (Amounts in thousands of Brazilian reais - R$, unless otherwise stated) 1. GENERAL INFORMATION Natura Cosmticos S.A. (Company) is a publicly-traded company, registered in the special trading segment called Novo Mercado in the So Paulo Stock Exchange (BM&FBOVESPA), under the ticker NATU3, and headquartered in Itapecerica da Serra, State of So Paulo. The Companys and its subsidiaries activities (Natura Group or Group) include the development, production, distribution and sale of cosmetics, fragrances, and hygiene products, substantially through direct sales by Natura Beauty Consultants. The Company also holds equity interests in other companies in Brazil and abroad. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1. Statement of compliance and basis of preparation The Companys financial statements include: The consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board (IASB), and the accounting practices adopted in Brazil, identified as Consolidated - IFRS and BR GAAP. The Parents individual financial statements prepared in accordance accounting practices adopted in Brazil, identified as Company - BR GAAP. The accounting practices adopted in Brazil include those established in the Brazilian Corporate Law as well as the Pronouncements, Instructions and Interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM). The individual financial statements present the valuation of investments in subsidiaries, joint ventures and associates which are measured by the equity method, as required by legislation prevailing in Brazil. Therefore, these individual financial statements are not fully compliant with IFRS, which requires that these investments be carried at fair value or acquisition cost.
Since there is no difference between the consolidated shareholders equity and the consolidated net income attributable to owners of the Company recorded in the consolidated financial statements prepared in accordance with IFRSs and accounting practices adopted in Brazil and the Companys shareholders equity and net income disclosed in the individual financial statements prepared in accordance with accounting practices adopted in Brazil, the Company elected to present the individual and the consolidated financial statements as a single set, placed side-by-side. The financial statements have been prepared based on the historical cost basis except for certain financial instruments that are measured at their fair values, as described in the accounting policies below. The historical cost is generally based on the fair value of the consideration paid in exchange for an asset. The significant accounting practices applied to the preparation of these consolidated financial statements are presented below. These policies have been consistently applied in the previous annual reporting period presented, except as otherwise indicated. 2.2. Consolidation a) Subsidiaries and joint-controlled entities Subsidiaries are all entities over which the Company has the power to govern the financial and operating policies so as to obtain benefits from their activities and in which generally holds more than 50% of the equity interest. In the applicable cases, the existence and the effect of potential voting rights, currently exercisable or convertible, are taken into consideration to determine if the company control another entity. Subsidiaries are fully consolidated from the date in which control is transferred to the Company and cease to be consolidated, when applicable, when control no longer exists. In the cases control is jointly held, the consolidation of the financial statements is made proportionately to the interest percentage. b) Companies include in the consolidated financial statements Equity interest - % 2011 2010 Direct interest: Indstria e Comrcio de Cosmticos Natura Ltda. Natura Cosmticos S.A. - Chile Natura Cosmticos S.A. - Peru Natura Cosmticos S.A. - Argentina Natura Inovao e Tecnologia de Produtos Ltda. Natura Cosmticos y Servicios de Mxico, S.A. de C.V. Natura Cosmticos de Mxico, S.A. de C.V. Natura Distribuidora de Mxico, S.A. de C.V. Natura Cosmticos Ltda. - Colombia Natura Cosmticos Espaa S.L. - Spain Natura (Brasil) International B.V. - The Netherlands 99.99 99.99 99.94 99.97 99.99 99.99 99.99 99.99 99.99 100.00 100.00 99.99 99.99 99.94 99.97 99.99 99.99 99.99 99.99 99.99 100.00 100.00
10
Equity interest - % 2011 2010 Indirect interest: Via Indstria e Comrcio de Cosmticos Natura Ltda.Natura Logstica e Servios Ltda. Via Natura Inovao e Tecnologia de Produtos Ltda.: Ybios S.A. (proportionate consolidation - joint control) Natura Innovation et Technologie de Produits SAS - France Via Natura (Brasil) International B.V. - The Netherlands: Natura Brasil Inc. - USA - Delaware Natura International Inc. - USA - New York Natura Worldwide Trading Company - Costa Rica Natura Brasil SAS - France Natura Brasil Inc. - USA - Nevada Natura Europa SAS - France
99.99 43.33 100.00 100.00 100.00 100.00 100.00 100.00 100.00
99.99 42.11 100.00 100.00 100.00 100.00 100.00 100.00 100.00
The consolidated financial statements have been prepared based on the financial statements as of the same date and consistent with the Companys accounting policies. Investments in subsidiaries have been eliminated proportionately to the investors interests in the subsidiaries shareholders equity and net income or loss, intergroup balances and transactions and unrealized profits, net of taxes. The operations of the direct and indirect subsidiaries are as follows: Indstria e Comrcio de Cosmticos Natura Ltda.: engaged principally in the production and sale of Natura products to Natura Cosmticos S.A. - Brasil, Natura Cosmticos S.A. - Chile, Natura Cosmticos S.A. - Peru, Natura Cosmticos S.A. Argentina, Natura Cosmticos Ltda. - Colombia, Natura Europa SAS - France, and Natura Cosmticos de Mexico S.A. de C.V.. Natura Cosmticos S.A. - Chile, Natura Cosmticos S.A. - Peru, Natura Cosmticos S.A. - Argentina, Natura Cosmticos Ltda. - Colombia and Natura Distribuidora de Mexico, S.A. de C.V.: their activities are an extension of the activities conducted by the parent company Natura Cosmticos S.A. - Brazil. Natura Inovao e Tecnologia de Produtos Ltda.: it is engaged in product and technology development and market research. It is the only owner of Natura Innovation et Technologie de Products SAS - France, a research and technology satellite center opened in 2007 in Paris. Natura Europa SAS - France: engaged in the purchase, sale, import, export and distribution of cosmetics, fragrances in general, and hygiene products. Natura Cosmticos de Mexico, S.A. de C.V.: engaged in the import and sale of cosmetics, fragrances in general, and hygiene products to Natura Distribuidora de Mexico, S.A. de C.V.
11
Natura Cosmticos y Servicios de Mexico, S.A. de C.V.: engaged in the provision of administrative and logistics services to Natura Cosmticos de Mexico, S.A. de C.V. and Natura Distribuidora de Mexico, S.A. de C.V. Natura Cosmticos Espaa S.L.: company in start-up stage and its activities will be an extension of the activities carried out by its parent company Natura Cosmticos S.A. - Brazil. Natura Logstica e Servios Ltda.: engaged in the provision of administrative and logistics services to Natura Group companies based in Brazil. Natura Innovation et Technologie de Produits SAS - France: engaged mainly in research activities developed for in vitro testing as an alternative to animals testing, for to the safety and efficiency of test active compounds, skincare products and new packaging materials. Ybios S.A.: engaged in biotechnology research, management and development of projects, products and services, and may also enter into agreements and/or partnerships with universities, foundations, companies, cooperatives, associations and other public and private entities, provide services in the biotechnology area, and holding of equity interest in other companies. As Ybios S.A. is a jointly controlled entity whose financial statements were proportionately included in the Companys consolidated financial statements, the main assets, liabilities and income statement accounts, which were included in the consolidated financial statements at the ratio of 43.33% of interest (42.11% as of December 31, 2010) after equity interest elimination adjustments, are stated below: 2011 Current assets Property, plant and equipment Current liabilities Net revenue for the year Loss for the year 567 56 30 128 (1,086) 2010 630 98 87 1,098 (682)
Natura Europa SAS and Natura Cosmetics USA Co.: in January 2009 the shares of these subsidiaries were assigned as a capital contribution to the holding company Natura (Brasil) International B.V. - The Netherlands, and the Company became the indirect holder of such interests through this company headquartered in The Netherlands. c) Discontinuation of subsidiaries operations At the meetings held in July and October 2009, the Board of Directors approved the discontinuation of the operations of subsidiary Natura Cosmticos C.A. - Venezuela, which resulted in the need to recognize an allowance for asset impairment losses.
12
As of December 31, 2011, the net assets balance of Natura Cosmticos C.A. Venezuela, recorded in the Companys consolidated financial statements, less allowances for asset impairment losses and collection of liabilities during the operation termination process, was R$306. 2.3. Segment reporting Information per operating segments is consistent with the internal report provided to the chief operating decision maker. The chief operating decision maker, responsible for allocating resources to the operating segments and assessing their performance, is the Companys Executive Committee. 2.4. Translation of foreign currency a) Functional currency Items included in the financial statements of the Company and each one of the subsidiaries included in the consolidated financial statements are measured using the currency of the main economic environment in which the companies operate (functional currency). b) Foreign currency transactions and balances Foreign currency-denominated transactions are translated into the Companys functional currency - Brazilian reais - at the exchange rates prevailing on the dates of the transactions. Balance sheet accounts are translated at the exchange rates prevailing at the end of the reporting period. Foreign exchange gains and losses arising on the settlement of such transactions and the translation of monetary assets and monetary liabilities denominated in foreign currency are recognized in profit or loss, in line items Financial income and Financial expenses. c) Presentation currency and translation of financial statements The financial statements are presented in Brazilian reais (R$), which corresponds to the Groups presentation currency. In preparing the consolidated financial statements, the statements income statement and the statement of cash flows, and all other changes in foreign subsidiaries assets and liabilities, whose functional currency is the local currency, are translated into Brazilian reais at the average monthly exchange rate, which approximates the exchange rate prevailing at the date of the underlying transactions. Balance sheets are translated into Brazilian reais at the exchange rates prevailing at yearend. The effects of exchange differences resulting from these translations are presented in line item Other comprehensive income and in shareholders equity. In case of disposal or partial disposal of interest in a Group company, through sale or as a result of capital payment, the cumulative exchange difference is recognized in the income statement as part of the gain or loss on the disposal of the investment.
13
2.5. Cash and cash equivalents Include cash, demand deposits and short-term investments redeemable within up to 90 days from the investment date, highly liquid or convertible to a known cash amount and subject to immaterial change in value, which are recorded at cost plus income earned through the end of the reporting period and do not exceed their fair or realizable values. 2.6. Financial instruments 2.6.1. Categories The category depends on the purpose for which financial assets and financial liabilities were acquired or contracted and is determined on the initial recognition of the financial instruments. Financial assets held by the Company are classified into the following categories: Financial assets measured at fair value through profit or loss Consist of financial assets held for trading, when acquired for such purpose, principally in the short term. These assets are measured at fair value at the end of the reporting period and any differences are recognized in profit or loss. Derivative financial instruments are also classified in this category. Assets in this category are classified in current assets. In the case of the Company, this category includes only derivative financial instruments. The balances of outstanding derivatives are measured at their fair values at the end of the reporting period and classified in current assets or current liabilities, and changes in fair value are recorded in Financial income or Financial expenses, respectively. Held-to-maturity financial assets Comprise investments in certain financial assets classified by treasury at their origination as held to maturity, and are measured at amortized cost using the effective interest method. Available-for-sale financial assets When applicable, this category includes non-derivative financial assets that either designated as available for sale or are not classified into any of the other categories, such as (a) loans and receivables; (b) held-to-maturity investments; or (c) financial assets at fair value through profit and loss. As of December 31, 2011 and 2010, the Company did not have financial assets recorded in its financial statements under this classification. Loans and receivables Include non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recorded in current assets, except for maturities greater than 12 months after the end of the reporting period, when applicable, which are classified as noncurrent assets. As of December 31, 2011 and 2010, in the case of the Company, comprise cash and cash equivalents (note 5) and the balances of trade receivables (note 6). 14
Financial liabilities held by the Company are classified into the following categories: Financial liabilities at fair value through profit or loss They are classified as fair value through profit or loss when the financial liability is either held for trading or it is designated as fair value through profit or loss. Other financial liabilities They are measured at the amortized cost using the effective interest method. As of December 31, 2011 and 2010, in the case of the Company, comprise borrowings and financing (note 14) and domestic and foreign trade payables. 2.6.2. Measurement Regular purchases and sales of financial assets are recognized on the transaction date, i.e., on the date the Company agrees to buy or sell the asset. Loans and receivables and held-to-maturity financial assets are measured at amortized cost. Financial assets at fair value through profit or loss are initially recognized at their fair value and transaction costs are recognized in the income statement. Gains or losses resulting from changes in the fair value of financial assets at fair value through profit or loss are recognized in the income statement, in Finance income or Finance costs, respectively, for the period in which they occur. Changes in financial assets classified as Available for sale, when applicable, are recorded in Other comprehensive income and shareholders equity until the financial assets are settled, when they are ultimately reclassified to profit or loss for the year. 2.6.3. Offsetting financial instruments Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when there is a legally enforceable right to set off recognized amounts and the intent to either settle them on a net basis, or to recognize the asset and settle the liability simultaneously. 2.6.4. Derivative instruments and hedge accounting Derivative transactions contracted by the Group consist of swaps and nondeliverable forwards (NDFs) intended exclusively to hedge against the foreign exchange risks related to the positions in balance sheets and projected cash outflows in foreign currency for capital increases in foreign subsidiaries. They are measured at fair value, and changes in fair value are recognized through profit or loss, except when they are designated as cash flow hedges, to which changes in fair value are recorded in Other comprehensive income within shareholders' equity.
15
The fair value of derivatives are measured by the Companys treasury department based on information on each contracted transaction and related market inputs at the end of the reporting period, such as interest rates and exchange coupon. When applicable, these inputs are compared with the positions reported by the trading desks of each involved financial institution. Even though the Group uses derivatives for hedging purposes, it does not apply hedge accounting. The fair values of derivatives are disclosed in note 4. 2.6.5. Effective interest method Used to calculate the amortized cost of a debt instrument and allocate its interest income over the related period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Income is recognized on an effective interest basis for debt instruments other than those financial assets classified as fair value through profit or loss. 2.7. Trade receivables and allowance for doubtful debts Trade receivables are stated at their nominal amount, less the allowance for doubtful debts, which is recognized based on the history of losses using an aging list, in an amount considered sufficient by management to cover possible losses, as described in note 6. 2.8. Inventories Carried at the lower of average cost of purchase or production and net realizable value. Details are disclosed in note 7. 2.9. Investments in subsidiaries, associates and jointly controlled entities The Group holds interest in subsidiaries, associates and joint controlled entities (shared control). Subsidiaries are the companies over which the Company has control. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities, which in general consists of the ability to exercise the majority of the voting rights. Potential voting rights considered when assessing the control exercised by the Company over the other entity, when they can be exercised at the time of the assessment. An associate is an entity over which the Company has significant influence and that does not qualify as a subsidiary or a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
16
The investees under shared control are jointly controlled entities where the venturers have a contractual agreement which establishes joint control on its economic activities. Investments in subsidiaries, associates and jointly controlled entities are accounted for by the equity method of accounting. The financial statements of subsidiaries, associates and jointly controlled entities are prepared for the same reporting date of the Company. Adjustments are made, if necessary, to conform their accounting policies to those adopted by the Company. Under the equity method of accounting, the share attributable to the Company of the profit or loss for the period of such investments is accounted for in the income statement, in line item Equity in investees. Unrealized gains and losses arising on transactions between the Company and the investees are eliminated based in the percentage interest held in such investees. The other comprehensive income of subsidiaries, associates and jointly controlled entities is recorded directly in the Companys shareholders equity, in line item Other comprehensive income. 2.10. Property, plant and equipment Stated at cost of purchase or construction, plus interest capitalized during construction period, when applicable, for the case of eligible assets, and reduced by accumulated depreciation and impairment losses, if applicable. Rights in tangible assets that are maintained or used in the operations of the Group, originated from finance leases, are recorded as purchase financing, and a fixed asset and a financing liability are recognized at the beginning of each transaction, where assets are also submitted to depreciation calculated based on the estimated useful lives of the assets. Land is not depreciated. Depreciation of the other assets is calculated under the straightline method to distribute their cost over their useful lives, as follows: Years Buildings Machinery and equipment Molds Facilities and leasehold improvements Furniture and fixtures Vehicles The useful lives are reviewed annually. Gains and losses on disposals are calculated by comparing the proceeds from the sale with the carrying amount, and are recognized in the income statement. 2.11. Intangible assets 2.11.1 Software Software and ERP systems licenses purchased are also capitalized and amortized at the rates also described in note 13, and expenses on the software maintenance are recognized as expenses when incurred. 17 25 13 3 5 - 13 14 3
The ERP system purchase and implementation costs are capitalized as intangible assets when there is evidence that future economic benefits will flow into the Company, taking into consideration its economic and technologic viability. Expenses on software development recognized as assets are amortized under the straight-line method over its estimated useful life. The expenses related to software maintenance are expensed when incurred. 2.11.2 Trademarks and patents Separately purchased trademarks and patents are stated at their historic cost. Trademarks and patents acquired in a business combination are recognized at fair value on the acquisition date. Amortization is calculated on a straight-line basis at the annual rates described in note 13. 2.11.3 Carbon credits - Carbon Neutral Program In 2007 the Company assumed to its employees, customers, suppliers and shareholders the commitment to become a Carbon Neutral company, which consists of offsetting all the emissions of Greenhouse Gases (GHGs) by its entire production chain, from raw material extraction to post-consumption. Even though this commitment is not a legal obligation, since Brazil did not adopt the Kyoto Protocol requirements, it is considered a constructive obligation, under CPC 25 Provisions, Contingent Liabilities and Contingent Assets, which required the recognition of a provision in the financial statements if it can result in a disbursement and be realizably measured. The liability is estimated using audited carbon emission inventories taken on an annual basis and valued based in the average price per ton of carbon of outstanding contracts and the estimated prices of future carbon purchases. As of December 31, 2011, the liabilitys balance recognized in line item Other provisions (see note 18) refers to total carbon emissions in 2007-2011 that were not fully offset through the related projects, thus preventing the awarding of a carbon neutral certificate. In line with its beliefs and principles, the Company elected not to directly purchase any carbon credits and invested, instead, in socio-environmental projects in communities. Accordingly, the expenses incurred will produce carbon credits as these projects are completed or mature. During this period, these expenses are recognized at cost as intangible assets (see note 13) as they represent a right for future use. As of December 31, 2011, the balance recognized in intangible assets refers to expenses incurred in socio-environmental projects that will result in future carbon neutral company certificates. The obligation to become a carbon neutral company will be met when the related carbon neutral company certificates are actually awarded to the Company, and thus these assets will be offset against said liabilities. The difference between the assets and liabilities as of December 31, 2011 refers to the cash amounts that the Company will still disburse on other socio-environmental projects to ensure the future issuance of carbon neutral company certificates.
18
The accounting methodology was designed in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which prescribes that in the absence of a standard, interpretation or guideline that specifically applies to a transaction, management shall use its judgment in developing and applying an accounting policy that results in information that is relevant to the economic decision-making needs of users and reliable, in that the financial statements represent faithfully the financial position, financial performance and cash flows of the entity. 2.12. Research and product development expenses In view of the high level of innovation and the turnover rate of the products in the Companys sales portfolio, the Company adopts the accounting policy of recognizing product research and development expenditure as expenses for the year, when incurred. Details are disclosed in note 22. 2.13. Leases Lease classification is made at the inception of the lease. Leases where the lessor does not retain substantially all the risks and rewards incidental to ownership are classified as operating leases. Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term. Leases where the Group retains substantially all the risks and rewards incidental to ownership are classified as finance leases. These leases are capitalized in balance sheet at the commencement of the lease term at the lower fair value of the leased asset and the present value of minimum lease payments. Each lease payment is apportioned between liabilities and the finance charges so as to permit obtaining a constant effective interest rate on the outstanding liability. The corresponding obligations, less the finance charge, are classified in current liabilities and noncurrent liabilities, according to the lease term. Property, plant and equipment items purchased through finance leases are depreciated over their useful lives, as described in note 2.10, or over the lease term, when it is shorter. 2.14. Impairment assessment Property, plant and equipment, intangible assets and, when applicable, other noncurrent assets are annually tested to identify evidences of impairment, or also significant events or changes in circumstances that indicate the carrying value of an asset may not be recoverable. Where applicable, when there is a loss, arising from situations where the carrying amount of an asset exceeds its recoverable amount, defined as the higher of its value in use and its fair value less costs to sell, this loss is recognized in the income statement. For impairment assessment purposes, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units, or CGUs).
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2.15. Trade payables These are initially recognized at their nominal amounts, plus interest, inflation adjustments and exchange differences through the end of the reporting period, when applicable. 2.16. Borrowings and financing Initially recognized at fair value of proceeds received less transaction costs, plus charges, interest, adjustments and exchange differences incurred through the end of the reporting period, as shown in note 14. 2.17. Provision for tax, civil, and labor contingencies The provisions for contingent liabilities are recognized when the Group has a legal or constructive obligation as a result of past events, and it is probable that disbursements will be required to settle the obligation, and its value can be reliably estimated. Provisions are quantified at the present value of the expected disbursement to settle the obligation using the appropriate discount rate, according to related risks. Adjusted for inflation through the end of the reporting period to cover probable losses, based on the nature of contingencies and the opinion of the Companys legal counsel. The bases for and nature of the provisions for tax, civil, and labor contingencies are described in note 17. 2.18. Current and deferred income tax and social contribution Recognized in the income statement, except, when applicable, in the proportion related to items recognized directly in shareholders equity. In this case, taxes are recognized directly in shareholders equity, in line item Other comprehensive income. Except for the foreign subsidiaries, which apply the tax rates prevailing in each one of the countries where they are located, income tax and social contribution on the Companys and its Brazilian subsidiaries profits are calculated at the tax rates of 25% and 9%, respectively. Current income tax and social contribution expenses are calculated using the laws and regulations enacted by the end of the reporting period, pursuant to Brazilian tax regulations. Management periodically measures the positions assumed in the income tax return regarding the situations where applicable tax law is subject to possibly different interpretations and, when appropriate, recognizes provisions based on the amounts it expects to pay tax authorities. Deferred income tax and social contribution are calculated on temporary differences between the tax base of assets and liabilities and their carrying amounts. Deferred income tax and social contribution are calculated using the tax rates enacted on the end of the reporting period and that must be applied when the corresponding deferred income tax and social contribution assets are realized or deferred income tax and social contribution liabilities are settled.
20
Deferred income tax and social contribution assets are recognized only to the extent that there is a reasonable certainty that future taxable income will be available and against which temporary differences can be offset. The amounts of deferred income tax and social contribution assets and liabilities are only utilized when there is a legally enforceable right to offset current tax assets against tax liabilities and/or when current deferred income tax and social contribution assets and liabilities are related to the income tax and social contribution levied by the same tax authorities on the taxable entity or different taxable entities, where there is intention to settle the net balances. Details are disclosed in note 9. 2.19. Stock option plan The Company offers equity-settled share-based compensation plans to its executives. The stock option plan is measured at fair value on grant date and is expensed during the vesting period as a balancing item to Additional paid-in capital, in shareholders equity. At the end of the reporting period, the Companys management reviews its estimates on the number of options vesting based on the conditions fulfilled and, when applicable, recognizes in the income statement the effect arising from the revision of the initial estimates as a balancing item to shareholders equity. The details are disclosed in note 23.2.. 2.20. Profit sharing The Company recognizes a profit sharing liability and an expense based on a formula that takes into consideration the net income attributable to the owners of the Company after certain adjustments, which is linked to the achievement of operational goals and specific objectives, established and approved at the beginning of each year. 2.21. Dividends and interest on capital The proposed distribution of dividends and interest on capital made by the Companys management included in the portion equivalent to the mandatory minimum dividends is recognized in line item Other payables in current liabilities, as it is considered as a legal obligation provided for by the Companys bylaws; however, the portion of dividends exceeding minimum dividends declared by management after the reporting period but before the authorization date for issuance of these financial statements is recognized in line item Proposed additional dividends and their effects are disclosed in note 18.(b). For corporate and accounting purposes, interest on capital is stated as allocation of income directly in shareholders equity. 2.22. Actuarial gains and losses of healthcare plan and other costs related to employees benefit plans The costs related to the contributions made by the Group to defined-contribution retirement plans are recognized on the accrual basis. Actuarial gains and losses recorded in the retirees healthcare expansion plan are recorded in the income statement in accordance with IAS 19 and CPC 33 Employee Benefits, based on the actuarial calculation prepared by an independent actuary, as detailed in note 18. 21
2.23. Revenue and expense recognition Revenue and expenses are recognized on an accrual basis. Sales revenue is recognized when all risks and rewards of ownership of the product are transferred to the customers. Income from tax incentives, received in the form of a monetary asset, is recognized in the income statement when received as a balancing item to costs and investment already incurred by the Company in the jurisdiction where the tax incentive is granted. There are no established conditions to be met by the Company that might affect the recognition of tax incentives. The portion of tax incentives recognized in the income statement is allocated to the tax incentive reserves, in the Earnings reserves, in shareholders equity. 2.24. Statement of value added The purpose of this statement is to disclose the wealth created by the Company and its distribution during a certain reporting period, and is presented by the Company, as required by the Brazilian Corporate Law, as an integral part of its individual financial statements, and as additional disclosure of the consolidated financial statements, since this statement is not required by IFRSs. The statement of value added was prepared using information obtained in the same accounting records used to prepare the financial statements and pursuant to the provisions of CPC 09 - Statement of Value Added. The first part of this statement includes the wealth created by the Company, represented by revenue (gross sales revenue, including taxes levied thereon, other income, and the effects of the allowance for doubtful accounts), inputs acquired from third parties (cost of sales and purchase of materials, electricity, and services from third parties, including taxes levied at the time of the acquisition, the effects of impairment losses, and depreciation and amortization), and the value added received from third parties (equity in investees, financial income, and other income). The second part of the statement of value added presents the distribution of wealth among personnel, taxes, fees and contributions, lenders and lessors, and shareholders. 2.25. New and revised standards and interpretations a) Standards, interpretations and revised standards in effect on December 31, 2011 which did not have a material impact on the Companys financial statements The following interpretations and revised standards were issued and were in effect on December 31, 2011. However, they did not have a material impact on the Companys financial statements:
Standard Improvements to IFRSs 2010 Amendments to IFRS 1 Amendments to IAS 24 Main requirements Amendments to several standards. Limited exemption from comparative IFRS 7 disclosures for first-time adopters Related-party disclosures Effective date Effective for annual periods beginning on or after January 1, 2011 Effective for annual periods beginning on or after July 1, 2010 Effective for annual periods beginning on or after January 1, 2011
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Standard Amendments to IFRIC 14 Amendments to IAS 32 IFRIC 19
Main requirements Prepayments of minimum funding requirements Classification of issue rights Extinguishing financial liabilities with equity instruments
Effective date Effective for annual periods beginning on or after January 1, 2011 Effective for annual periods beginning on or after February 1, 2010 Effective for annual periods beginning on or after July 1, 2010
b) Standards, interpretations and revised standards not yet effective and which were not early adopted by the Company The following standards and revised standards have been issued and are mandatory for the Companys annual periods beginning on or after December 31, 2011. However, the Company did not early adopt these standards and revised standards.
Standard Main requirements Effective date Effective for annual periods beginning on or after January 1, 2013 Effective for annual periods beginning on or after July 1, 2011
IFRS 9 (as amended in 2010) Financial instruments Amendments to IFRS 1 Amendments to IFRS 7 Amendments to IAS 12 Removal of fixed dates for first-time adopters
Disclosures - transfers of financial assets Effective for annual periods beginning on or after July 1, 2011 Deferred taxes - recovery of the underlying assets when an asset is measured using the fair value model in IAS 40 Revision of IAS 28 to include the changes introduced by IFRSs 10, 11 and 12. IAS 27 requirements related to consolidated financial statements are replaced by IFRS 10. The requirements for separate financial statements are maintained. Effective for annual periods beginning on or after January 1, 2012
IAS 28 (Revised in 2011) Investments in Associates and Joint Ventures IAS 27 (Revised in 2011) Separate Financial Statements
Effective for annual periods beginning on or after January 1, 2013. Effective for annual periods beginning on or after January 1, 2013.
IFRS 10 - Consolidated Financial Statements
Replaces the IAS 27 requirements Effective for annual periods beginning on or after January 1, 2013. applicable to consolidated financial statements and SIC 12. IFRS 10 provides a single consolidation model that identifies control as the basis for consolidation for all types of entities.
IFRS 11 - Joint Arrangements Eliminated the proportionate Effective for annual periods beginning consolidation model for jointly on or after January 1, 2013. controlled entities and maintained equity method model only. It also eliminates the concept to jointly controlled assets and maintains only jointly controlled operations and jointly controlled entities. IFRS 12 - Disclosure of Interests in Other Entities Expands the current disclosure requirements in respect of entities, whether or not consolidated, where the entities have influence. Effective for annual periods beginning on or after January 1, 2013.
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Standard IFRS 13 - Fair Value Measurement
Main requirements
Effective date
Replaces and consolidates in a single Effective for annual periods beginning standard all the guidance and on or after January 1, 2013. requirements in respect of fair value measurement contained in other IFRSs. IFRS 13 defines fair value and provides guidance on how to measure fair value and requirements for disclosure relating to fair value measurement. However, it does not introduce any new requirement or amendment with respect to items to be measured at fair value, which remain as originally issued. Eliminates the corridor approach and Effective for annual periods beginning requires recognition of actuarial gains on or after January 1, 2013. and losses as other comprehensive income for pension plans and other longterm benefits in profit or loss, when earned or incurred, among other changes. Introduces the requirement that all items Effective for annual periods beginning recognized in other comprehensive on or after January 1, 2013. income be separated into and totaled as items that are and items that are no subsequently reclassified to profit or loss.
Amendments to IAS 19 Employee Benefits
Amendments to IAS 1 Presentation of Financial Statements
Considering the current operations of the Group, management does not expect these new rules, interpretations and changes to have a material impact on the financial statements as from their adoption. The CPC has not yet issued the pronouncements and amendments related to the new and revised IFRSs presented above. Because of the CPCs and the CVMs commitment to keep the set of standards issued updated according to the changes made by the IASB, we expect that such pronouncements and amendments be issued by the CPC and approved by the CVM by the date they become effective. 3. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires the use of certain critical accounting estimates and the exercise of judgment by the Companys management in the process of application of accounting policies. The accounting estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered to be relevant in the circumstances. Actual results may differ from those estimates. The effects resulting from the revision of accounting estimates are recognized in the revision period. These significant assumptions and accounting estimates are follows: a) Income tax, social contribution, and other taxes The Company recognizes deferred tax assets and liabilities based on differences between the carrying amount stated in the financial statements and the tax base assets and liabilities using statutory tax rates. The Company reviews regularly deferred tax assets in terms of possible recovery, considering the history of earnings generated and projected future taxable income, based on a technical feasibility study. 24
b) Provision for tax, civil, and labor contingencies The Company is a party to several lawsuits and administrative proceedings, as described in note 17. Provisions are recognized for all contingent liabilities arising from lawsuits that represent probable losses and can be reliably estimated. The probability assessment includes assessing available evidences, the hierarchy of laws, available previous decisions, most recent court decisions and their relevance within the legal system, and the assessment of the outside legal counsel. Management believes that these provisions for tax, civil and labor contingencies are fairly presented in the financial statements. c) Healthcare plan The current amount of the healthcare plan is contingent to a series of factors determined based on actuarial calculations that update a series of assumptions, for example, the discount and other rates, which are disclosed in note 23.2. The change in one of these estimates could impact the results presented. 4. FINANCIAL RISK MANAGEMENT 4.1 General considerations and policies Risks and the financial instruments are managed through the definition of policies and strategies and implementation of control systems, defined by the Companys Treasury Committee and approved by the Board of Directors. The compliance of the treasury areas positions in financial instruments, including derivatives, in relation to these policies, is presented and assessed on a monthly basis by the Treasury Committee and subsequently submitted to the analysis of the Audit Committee, the Executive Committee and the Board of Directors. Risk management is performed by the Companys general treasury function, which is also responsible for approving the short-term investments and loan transactions conducted by the Groups subsidiaries. 4.2 Financial risk factors The Groups activities expose them to several financial risks: market risk (including currency and interest risks), credit risk and liquidity risk. The Companys overall risk management program is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance, using derivatives to protect certain risk exposures. a) Market risks The Group is exposed to market risks arising from their business activities. These risks mainly comprise possible changes in exchange and interest rates. i) Foreign exchange risk The Group is exposed to the foreign exchange risk arising from financial instruments denominated in currencies different from their functional currencies. To reduce this exposure, the Group implanted a policy to hedge against the foreign exchange risk that establishes exposure limits linked to this risk (Foreign Exchange Hedging Policy). 25
The treasury areas procedures defined by the current policy include monthly projection and assessment of the Companys and its subsidiaries foreign exchange exposure, on which managements decision-making is based. The Foreign Exchange Hedging Policy considers foreign currency-denominated amounts from receivables and payables related to commitments already assumed and recorded in the interim financial information based on the Companys operations. As of December 31, 2011 and 2010, the Group is basically exposed to risks of fluctuations in the U.S. dollar. To hedge against foreign exchange exposures, the Group contracts derivative (swaps) and non-deliverable forward (NDF) transactions. The Foreign Exchange Hedging Policy establishes that the derivatives contracted by the Group should limit loss due to exchange rate depreciation related to the net income estimated for the current year considering the expected depreciation of the Brazilian real against the U.S. dollar. This limit sets the cap on the maximum foreign exchange exposure that the Group can undertake in relation to the U.S. dollar. As of December 31, 2011, the Companys and the consolidated balance sheets include accounts denominated in foreign currency which, in the aggregate, represent net liabilities of R$438,667 and R$444,894, respectively (R$52,567 and R$58,675 as of December 31, 2010, respectively). These accounts are substantially represented by borrowings and financing which, as of December 31, 2011, are hedged by swap arrangements. Derivatives to hedge foreign exchange risk The Company classifies derivatives into financial and operating. Financial derivatives include swaps or forwards contracted to hedge against the foreign exchange risk associated with foreign-currency-denominated borrowings and financing. Operating derivatives (usually forwards) include derivatives contracted to hedge against the foreign exchange risk on the businesss operating cash flows. As of December 31, 2011, outstanding swap and forward contracts, with maturities between January 2013 and January 2018, were entered into the counterparties represented by the banks Bradesco (25%), Banco do Brasil (12%), Bank of America (62%) and HSBC (1%), broken down as follows:
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Financial swaps - Company

Principal Type of transaction Swap contracts (1) Asset position: Long position - U.S. dollar Liability position: CDI floating rate: Short position in CDI
2011 2010
Fair value
2011 2010
Gain (loss) for the year

2011 2010
396,938 396,938
53,534 53,534
435,094 435,094
52,121 52,121
28,184 28,184
(2,110) (2,110)
396,938 396,938
53,534 53,534
406,910 406,910
54,231 54,231
Financial swaps - consolidated

Principal Type of transaction Swap contracts (1) Asset position: Long position - U.S. dollar Liability position: CDI floating rate: Short position in CDI
2011 2010
Fair value
2011 2010

2011 2010
404,662 404,662
59,817 59,817
442,574 442,574
57,367 57,367
28,626 28,626
(2,830) (2,830)
404,662 404,662
59,817 59,817
413,947 413,947
60,197 60,197
Operating forwards - Company and consolidated

Notional amount Type of transaction Forward contracts (2): Asset position: Long position - U.S. dollar Liability position: Fixed rates: Short position in fixed rate
2011 2010
Fair value
2011 2010

2011 2010
34,542
34,555
(1,231)
34,542
35,786
(1) Swap transactions consist of swapping the exchange rate fluctuation for a percentage of the floating rate Interbank Deposit Rate (CDI). (2) Forward transactions establish a future parity between the Brazilian real and the foreign currency based on their equivalence when contracted, adjusted by a fixed interest rate. The notional amount represents the amounts of the contracted derivatives. Fair value refers to the value of outstanding contracted derivatives recognized in balance sheets. For derivatives maintained by the Group as of December 31, 2011 and 2010, due to the fact contracts are directly entered into with the financial institutions and not through a Mercantile and Futures Exchange, there are no margin calls deposited as guarantee of the related transactions. 27
Sensitivity analysis For the sensitivity analysis of derivatives, the Companys management understands it is necessary to take into consideration corresponding assets and liabilities with exposure to exchange rates recorded in the balance sheet, as follows: Company Consolidated Total borrowings and financing in foreign currency (*) Receivables in foreign currency Payables in foreign currency Notional amounts of financial derivatives Net asset (liability) exposure 438,667 15,043 (435,543) 18,168 444,894 (5,231) 18,765 (439,742) 18,685
(*) The stated amount does not take into account the loan of the Companys Peruvian subsidiary totaling R$36,483. Management understands that there is no foreign exchange exposure on this liability since it will be settled by the subsidiary with proceeds from transactions in this country, therefore in the same currency the debt was raised. The tables below show the gain (loss) that would have been recognized in profit or loss for the year ended December 31, 2011 based on the following scenarios: Companys risk Us dollar appreciation Companys risk Us dollar appreciation Company Probable Scenario scenario II (322) (4,542) Scenario III (9,084) Scenario III (9,342)
Description Net liability exposure
Description Net liability exposure
Consolidated Probable Scenario scenario II (331) (4,671)
The probable scenario considers future U.S. dollar rates obtained at BM&FBOVESPA for the maturity dates of the financial instruments exposed to foreign exchange risks. Scenarios II and III consider a 25% (R$2.34/US$1.00) and 50% (R$2.81/US$1.00) appreciation of U.S. dollar, respectively. Probable scenarios II and III are presented as required by CVM Instruction 475/08. In assessing possible changes in exchange rates, management uses the probable scenario, which is being presented for compliance with IFRS 7 Financial Instruments: Disclosures. The Group does not use derivatives for speculative purposes.
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ii) Interest rate risk The interest rate risk arises from short-term investments and loans. Financial instruments issued at floating rates expose the Group to cash flow risks associated with the interest rate. Financial instruments issued at fixed rates expose the Group to fair value risks associated with the interest rate. The Companys cash flow risk associated with the interest rate arises from shortterm investments and short- and long-term loans and financing issued at floating rates. The Companys management adopts the policy of maintaining its rates of exposure to asset and liability interest rates pegged to floating rates. Short-term investments are adjusted by the Interbank Deposit Rate (CDI) whereas borrowings and financing are adjusted based on the Long-term Interest Rate (TJLP), CDI and fixed rates, according to the contracts made with the related financial institutions, and trading securities with investors in this market. Management believes that the risk of significant changes in the CDI and TJLP in the next 12 months is low taking into consideration the stability achieved with the current monetary policy implemented by the Federal Government, in addition to the history of increases in Brazilian policy rate over the past years. For this reason, the Company has not conduct derivative transactions to hedge against this risk. The Group contracts swap transactions to mitigate risks on borrowing and financing transactions subject to an index other than CDI, TJLP or fixed rates. However, as of December 31, 2011 and 2010, the Group did not have this type of derivative as they assessed the related risk as very low, as described below. Sensitivity analysis As described in the foreign exchange risk section above, as of December 31, 2011 almost all foreign-currency-denominated borrowings and financing are hedged by swap arrangements that exchange the foreign-currency liability index for the CDI rate fluctuation, in light of the Companys policy to hedge such risks. The Company is, therefore, exposed to CDI fluctuation. The table below presents the exposure to interest rate risks of transactions pegged to CDI and TJLP, including derivative transactions: Company Total borrowings and financing - in local currency (note 14) Derivatives pegged to CDI/TJLP Short-term investments (note 5) Net liability exposure (480,305) (438,667) 138,078 (780,895) Consolidated (705,322) (444,894) 424,159 (726,057)
The sensitivity analysis considers the exposure of borrowings and financing pegged to CDI and TJLP rates, net of short-term investments, also pegged to the CDI rate (note 5). The tables below show the loss (gain) that would have been recognized in profit or loss for the year ended December 31, 2011 based on the following scenarios:
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Description Net liabilities
Companys risk Interest rate increase Companys risk Interest rate increase
Company Probable Scenario scenario II 1,328 (19,561)
Scenario III (40,450) Scenario III (37,610)
Description Net liabilities
Consolidated Probable Scenario scenario II 1,234 (18,188)
The probable scenario considers future interest rates obtained at BM&FBOVESPA for the maturity dates of the financial instruments exposed to interest rate risks. Scenarios II and III consider an increase in the interest rate of 25% (13.4% per year) and 50% (16.1% per year), respectively. b) Credit risk Credit risk refers to risk of a counterparty not complying with its contract obligations, which would result in financial losses for the Company. Sales of the Group are made to a great number of sales representatives (Natura Beauty Consultants) and this risk is managed through a strict credit granting process. The result of this management is reflected in the Allowance for doubtful accounts, as explained in note 6. The Group is also subject to credit risks related to financial instruments contracted for the management of its business, primarily represented by cash and cash equivalents, short-term investments and derivative instruments. The Company believes that the credit risk of transactions with financial institutions is low, as these are considered by the market as prime banks. The Policy for Short-term Investments adopted by the Companys management establishes the financial institutions with which the Group can do business and defines fund allocation limits and the amounts that may be invested in each of these financial institutions. c) Liquidity risk Effectively managing liquidity risk implies to maintain enough cash and marketable securities, funds available through credit facilities used and the ability to settle market positions. Management monitors the Companys consolidated liquidity level considering the expected cash flows against unused credit facilities.
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The carrying amounts of financial liabilities is measured at amortized cost, and their corresponding maturities are as follows:
Company as of December 31, 2011 Current: Borrowings and financing Trade payables Derivatives Noncurrent: Borrowings and financing Consolidated as of December 31, 2011 Borrowings and financing Trade payables Derivatives Noncurrent: Borrowings and financing
Less than one year One to two years Two to five years More than five years Fair value 2011 Discount effect Carrying amount 2011
118,949 148,805 29,555
118,949 148,805 29,555
(52,525) (1,371)
66,424 148,805 28,184
Less than one year
810,404
One to two years
53,284
Two to five years
80,154
More than five years
943,842
Fair value 2011
(91,293)
Discount effect
852,549
Carrying amount 2011
199,515 454,093 29,948 -
890,243
146,652
94,300
199,515 454,093 29,948 1,131,19 5
(30,553) (1,322) (113,458)
168,962 454,093 28,626 1,017,737
4.3. Capital management The Companys objectives in managing its capital are to ensure that the Company is continuously capable of offering return to its shareholders and benefits to other stakeholders, and maintain an optimal capital structure to reduce this cost. The Company monitors capital based on the financial leverage ratios. This ratio corresponds to the net debt divided by the total capital. The net debt corresponds to total borrowings and financings (including short- and long-term borrowings, as shown in the consolidated balance sheet), deducted from cash and cash equivalents. The net debt shown below does not take into consideration the adjustments to derivatives contracted to mitigate the foreign exchange risk. The consolidated financial leverage ratios as of December 31, 2011 and 2010 are as follows: Company 2011 2010 Short- and long-term borrowings and financing Cash and cash equivalents Net debt Shareholders equity Financial leverage ratio Consolidated 2011 2010 691,663 (560,229) 131,434
918,973 428,442 1,186,699 (166,007) (206,125) (515,610) 752,966 222,317 671,089
1,238,553 1,257,501 1,238,554 1,257,502 60.79% 17.68% 54.18% 10.45%
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4.4. Fair value estimate Financial instruments are measured at fair value at the end of the reporting period as prescribed by CPC 40 Financial Instruments: Disclosures and according to the following hierarchy: Level 1: Prices quoted (unadjusted) in active markets for identical assets or liabilities. A market is considered active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an armslength basis. Level 2: Used for financial instruments that are not traded in active markets (for example, over-the-counter derivatives) and whose fair value is determined using valuation techniques that, in addition to the quoted prices, included in Level 1, use other inputs adopted by the market for assets or liabilities, whether directly (i.e., prices) or indirectly (i.e., derived from prices). Level 3: Inputs for assets or liabilities that are not based on the data adopted by the market (i.e., unobservable inputs). As of December 31, 2011 and 2010, the measurement of all the Companys and its subsidiaries derivatives falls under the Level 2 characteristics. The fair value of exchange rate derivatives (swap and forwards) is determined based on the exchange rate at the end of the reporting period, with the resulting amount being discounted to present value. Fair value of financial instruments at amortized cost Short-term investments The carrying amounts of the short-term investments approximate their fair values as transactions are conducted at floating interest rates and can be immediately redeemable. Borrowings and financing The carrying amounts of borrowings and financing, except those pegged to a fixed rate, approximate their fair values as they are pegged to a floating rate, the CDI fluctuation. The carrying amounts of financing pegged to TJLP approximate their fair values as the TJLP is also pegged to CDI and is a floating rate. The fair value of borrowings and financing contracted at fixed interest rates does not have significant variation related to the book value disclosed in note 14. Trade and other payables It is estimated that the carrying amounts of trade receivables and trade payables approximate their fair values in view of the short term of the transactions conducted.
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5.
CASH AND CASH EQUIVALENTS Company 2011 2010 Cash and banks Floating rate Bank certificates of deposit (CDBs) Consolidated 2011 2010
27,929 9,688 98,208 38,314 138,078 196,437 417,402 521,915 166,007 206,125 515,610 560,229
As of December 31, 2011, the CDBs yield interest ranging from 100.0% to 101.5% of CDI (100.0% to 101.5% as of December 31, 2010). 6. TRADE RECEIVABLES Company 2011 2010 Trade receivables Allowance for doubtful accounts The aging list of trade receivables is as follows: Company 2011 2010 Current Past due: Up to 30 days 31 to 60 days 61 to 90 days 91 to 180 days Consolidated 2011 2010 Consolidated 2011 2010
591,480 550,355 706,861 635,944 (56,171) (56,663) (64,989) (65,664) 535,309 493,692 641,872 570,280
452,392 432,703 543,472 492,947 102,107 79,136 117,560 93,967 14,029 10,897 16,254 16,777 9,950 8,072 13,306 9,406 13,002 19,547 16,269 22,847 591,480 550,355 706,861 635,944
The balance of trade receivables in consolidated is basically denominated in Brazilian reais, and approximately 89% of the outstanding balance as of December 31, 2011 refers to realdenominated transactions (91% as of December 31, 2010). The remaining balance is denominated in several currencies and refers to sales of foreign subsidiaries. The changes in the allowance for doubtful accounts for the period ended December 31, 2011 are as follows:
Balance at 2010 (56,663) (a) (b) Company Additions Reversals (a) (b) (82,860) 83,352 Balance at 2011 (56,171) Balance at 2010 (65,664) Consolidated Additions Reversals (a) (b) (88,277) 88,952 Balance at 2011 (64,989)
Allowance recognized according to note 2.7.. Refers to accounts that are over 180 days past due that were written off due to uncollectible amounts .
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The expense on the recognition of the allowance for doubtful accounts was recorded in Selling expenses in the income statement. When recovery of additional cash is less than probable, the amounts credited to line item Allowance for doubtful accounts are in general reversed against the definite write-off of the receivable and is recorded in net income or loss. Maximum exposure to credit risk at the reporting date is the carrying amount of each aging range, net of the allowance for doubtful accounts, as shown in the aging list above. The Group does not have any guarantee for past-due receivables. 7. INVENTORIES Company 2011 2010 Finished products Raw materials and packaging Promotional material Work in progress Allowance for losses 219,626 181,188 18,560 14,383 (20,280) (10,479) 217,906 185,092 Consolidated 2011 2010 565,739 149,806 52,288 16,314 (95,399) 688,748 465,027 127,305 37,576 17,290 (75,673) 571,525
The changes in the allowance for inventory losses for the year ended December 31, 2011 are as follows:
Balance at 2010 (10,479) (a) Company Additions Reversals (a) (b) (20,741) 10,940 Balance at 2011 (20,280) Balance at 2010 (75,673) Consolidated Additions Reversals (a) (b) (66,900) 47,175 Balance at 2011 (95,398)
Refer basically to the recognition of the allowance for losses due to discontinuation, expiration and quality, to cover expected losses on the realization of inventories, pursuant to the Groups policy.
(b) Consist of write-offs of products discarded by the Company.
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8.
RECOVERABLE TAXES
Company 2011 2010 ICMS on purchases of goods Refundable ICMS - ST on interstate sales, RS Refundable ICMS - ST on interstate sales, SP (a) Refundable ICMS - ST - voluntary reporting proceeding, SP (b) Taxes - foreign subsidiaries ICMS on purchases of fixed assets PIS and COFINS on purchases of fixed assets PIS and COFINS on purchase of goods PIS and COFINS resulting from win on a lawsuit (c) IRPJ and CSLL on freight PIS, COFINS and CSLL - withheld at source Other Provision for discount on sale of ICMS credits Current Noncurrent (a) 8,296 15,428 45,012 11,887 728 365 81,716 69,417 12,299 3,022 7,120 6,825 19,743 10 3,000 39,720 34,799 4,921 Consolidated 2011 2010 154,942 97,888 3,022 8,296 7,120 16,421 22,170 21,567 24,318 16,136 7,376 11,826 68,187 20,025 16,852 3,236 1,746 2,024 5,574 8,834 12,282 (3,376) (2,879) 312,859 210,728 201,620 111,239 101,464 109,264
Refers to the State Reverse Charge System VAT (ICMS - ST) amount that has been separately disclosed and withheld on a monthly basis on the Companys and its subsidiary Indstria e Comrcio de Cosmticos Natura Ltda.s products sold and shipped to customers located in the Federal District and States other than the State of So Paulo, pursuant to So Paulo State tax legislation in effect since February 2008. In 2010, So Paulo State Department of Finance (SeFaz - SP) granted the Company a special regime that allows it to offset the credits through the Fast Track, in which the credits are offset in the month following its computation, through a bank guarantee.
(b) On September 24, 2008, the Tax Administration Coordinator of the SeFaz - SP accepted the voluntary reporting request filed by the subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. where, after internal verifications made by its management, this company evidenced undue withholdings of ICMS ST in the period February-May 2008 due to a different interpretation of the provisions of article 264, IV, 313-E and 313-G of ICMS Regulation (RICMS/2000). Said voluntary reporting request clarified and permitted the application of the procedures necessary to regularize the transactions carried out by this subsidiary during the referred period. The requirements were met and the credit was fully offset in 2011. (c) The stated amount refers to the recognition of PIS and COFINS tax credits as a result of the favorable outcome in a lawsuit claiming the unconstitutionality and illegality of the PIS and COFINS taxable basis broadening established by Law 9718/98. See details on note 17 (a) (contingent assets).
9.
INCOME TAX AND SOCIAL CONTRIBUTION a) Deferred Deferred Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL) result from temporary differences in the Company and in its subsidiaries. These credits are kept recorded in noncurrent assets, as prescribed by CPC 26 (R1) Presentation of Financial Statements. The amounts are as follows:
35
Company 2011 2010 Allowance for doubtful accounts (note 6) Allowance for losses on inventories realization (note 7) Reserve for tax, civil and labor contingencies (note 17) Non-inclusion of ICMS in the PIS and COFINS basis (note 17) Actuarial liability - healthcare plan (note 23.2) Allowance for losses on swap and forward contracts (note 24) Provision for ICMS ST, PR, DF, MS, MT and RJ States (note 16) Allowances for losses on advances to suppliers Accrued contractual obligations Provision for discount on assignment of ICMS credits Accrued benefits sharing and partnerships Temporary differences of foreign subsidiaries Provision for profit sharing Depreciation rate adjustments to useful lives (RTT) Other temporary differences 19,098 6,895 17,743 620 6,573 (9,583) 8,247 1,992 1,439 6,178 3,955 1,420 15,568 80,145 19,266 3,563 18,884 573 4,462 1,136 13,672 3,879 1,947 6,874 13,235 87,491
Consolidated 2011 2010 19,098 28,219 36,896 39,173 9,565 (9,733) 19,266 21,725 40,375 28,869 6,702 1,381
8,247 13,672 2,137 4,432 2,713 2,777 1,148 979 6,178 6,874 9,681 6,562 10,947 (6,989) 32,272 26,645 189,552 180,259
Management, based on projections of future taxable income, estimates that the recorded tax credits will be fully realized within five years. Tax credits will be realized as follows: Company 2012 2013 2014 2015 and thereafter 42,679 11,753 4,633 21,080 80,145 Consolidated 83,230 18,180 59,240 28,902 189,552
With respect to the Companys foreign subsidiaries, except for the operation in Argentina which reports taxable income, the other subsidiaries do not record tax credits on tax loss carryforwards and temporary differences in their financial statements due to the absence of a history of taxable income and taxable income projections for the coming fiscal years. As of December 31, 2011, tax credits calculated at the prevailing tax rates in the countries where the subsidiaries are located, are as follows: Total temporary differences: Tax loss carryforwards: Argentina Chile Mexico Colombia France
9,533 82,379 110,771 73,980 110,678
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Tax credits on tax loss carryforwards generated by the subsidiaries can be carried forward indefinitely, except for those of the subsidiaries in Argentina and Mexico, which expire as follows: Argentina 2012 2013 2014 2015 2016 and thereafter b) Reconciliation of income tax and social contribution
Company 2011 2010 Income before income tax and social contribution Income tax and social contribution at the rate of 34% Technological research and innovation benefit - Law 11196/05 (*) Tax incentives - donations Equity in investees (note 12) Unrecognized deferred taxes on tax losses generated by foreign subsidiaries Tax Transition Regime (RTT) - Provisional Act 449/08 Law 11,638/07 adjustments Write-off of goodwill liquidation of Flora Medicinal Interest on capital tax benefit Other permanent differences Income tax and social contribution expenses Income tax and social contribution - current Income tax and social contribution - deferred Effective rate - % 1,161,791 1,053,123 (395,009) (358,062) 22,386 19,035 6,582 5,820 18,628 8,760 (774) 21,067 (3,770) (330,890) (323,543) (7,347) 28.5 649 8,332 18,242 (11,849) (309,073) (313,612) 4,539 30.5 Consolidated 2011 2010 1,237,730 1,118,169 (420,828) (380,177) 22,386 19,035 9,668 8,296 (28,915) (3,242) 21,067 (6,965) (406,829) (416,123) 9,294 32.9 (31,459) (1,623) 8,332 18,242 (14,766) (374,120) (408,233) 34,113 33.5
Mexico
3,060 4,564 11 1,909 7,434 - 103,326 9,533 110,771
(*) Refers to the tax benefit established by Law 11196/05, which allows for the direct deduction from the calculation of taxable income and the social contribution tax basis of the amount corresponding to 60% of the total expenses on technological research and innovation, observing the rules established in said Law.
The changes in income tax and social contribution for the year were as follows:
Balance at 2010 Company Charged / (credit) to profit or loss Balance at 2011 Balance at 2010 Consolidated Charged / (credit) to profit or loss Balance at 2011
87,491
7,346
80,145
180,259
(9,293)
189,552
10. ESCROW DEPOSITS Represent Groups restricted assets related to amounts deposited and held by the courts until the litigation to which they are linked is resolved. The Groups escrow deposits as of December 31, 2011 and 2010 are as follows:
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Company 2011 2010 ICMS - ST (note 17.(a)) ICMS - ST suspended collection (*) (note 16 (b)) Other accrued tax obligations (note 16 (e) and (g)) Other suspended tax obligations (note 16 (c)) Unaccrued tax lawsuits Accrued tax lawsuits (note 17) Unaccrued civil lawsuits Accrued civil lawsuits (note 17) Unaccrued labor lawsuits Accrued labor lawsuits (note 17)
Consolidated 2011 2010
80,304 53,809 80,304 53,809 88,521 167,019 88,521 167,019 9,434 8,556 52,024 48,106 10,955 10,426 10,955 10,426 34,373 30,676 38,254 36,034 9,952 9,600 11,515 10,754 1,016 938 1,108 1,343 1,886 1,874 1,992 1,976 5,844 4,410 6,999 5,130 2,653 1,762 4,167 2,410 244,938 289,070 295,839 337,007
11. OTHER CURRENT AND NONCURRENT ASSETS Company 2011 2010 Advances to advertisement services Asset held for sale Insurance Restricted cash - CDBs (*) Others Current Noncurrent 111,690 1,829 6,371 119,890 115,328 4,562 Consolidated 2011 2010
64,886 112,666 66,246 - 17,752 17,752 1,565 2,464 2,224 6,757 6,155 6,071 17,079 18,926 72,522 156,718 111,303 52,470 126,783 20,052 29,935 66,399 44,904
(*) Refers to a blocked account pledged as guarantee related to the court collection of Federal VAT (IPI) for July 1989 when wholesale units were held equivalent to manufacturing establishments under Law 7798/89. The lawsuit is pending a decision on the appeal from the defendant at the Federal Regional Court of the 3rd region (So Paulo). Based on the Companys legal counsel assessment the likelihood of loss in this lawsuit is possible. 12. INVESTMENTS Company 2011 2010 Investments in subsidiaries and jointly controlled entities 1,253,721 1,099,188
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Information and changes in the balances for the year ended December 31, 2011
Indstria e Comrcio de Cosmticos Natura Ltda. Share capital Equity interest Subsidiaries' shareholders equity Interest in shareholders equity Subsidiaries' net income (loss) for the year Carrying amount of investments Balance as of December 31, 2010 Equity in investees Exchange rate change and other adjustments on the translation of investments in foreign subsidiaries Companys contribution to the stock options plan of subsidiaries executives and other reserves Profit distribution Capital increases Balance as of December 31, 2011 930,614 124,881 4,839 1,060,334 23,246 (3,535) 672 20,383 (891) (4,725) 357 6,744 1,485 56,902 7,683 2,431 5,809 72,825 273 (1) 34 306 45,021 15,527 89 2,171 (34,000) 28,809 26,950 (46,019) (384) 67,049 47,596 8,782 (20,970) 1,893 23,729 13,434 8,208 (18,052) 468 17,819 8,444 83 1,099,188 54,789 5,561 526,155 99.99% 1,060,440 1,060,334 124,882 Natura Natura Natura Natura Inovao e Natura Natura (Brasil) Natura Cosmticos Cosmticos Tecnologia Cosmticos de Cosmticos International Natura Cosmticos S.A. C.A. de Produtos Mexico S.A. Ltda. B.V. - The Cosmticos S.A. - Peru Argentina Venezuela Ltda. (*) Colombia Netherlands (*) Espaa S.L. 13,903 99.94% 1,486 1,485 (4,728) 106,116 99.97% 72,847 72,825 7,685 6,609 99.99% 306 306 (1) 5,008 99.99% 28,812 28,809 15,527 192,975 99.99% 47,601 47,596 (46,023) 72,948 99.99% 13,435 13,434 (20,973) 85,847 100.00% 8,444 8,444 (18,052)
Natura Cosmticos S.A. - Chile 101,336 99.99% 20,385 20,383 (3,535)
Total
73 1,110,970 100.00% 106 1,253,861 106 1,253,721 54,782
7,010 (34,000) 23 121,173 106 1,253,721
(*) Consolidated information of the following companies: Natura Cosmticos de Mxico S.A.: Natura Cosmticos y Servicios de Mxico, S.A. de C.V., Natura Cosmticos de Mxico, S.A. de C.V. and Natura Distribuidora de Mxico, S.A. de C.V. Natura (Brasil) International B.V. - The Netherlands: Natura (Brasil) International B.V. (The Netherlands), Natura Brasil Inc. (USA - Delaware), Natura International Inc. (USA - New York), Natura International Inc. (USA - Nevada), Natura Worldwide Trading Company (Costa Rica), Natura Europa SAS (France) and Natura Brasil SAS (France) Natura Inovao e Tecnologia de Produtos Ltda.: Ybios S.A. and Natura Innovation et Technologie Produits S.A.S. - France
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13. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

Weighted average annual depreciation rate -% 21 15 4 7 18 Company 2011
Adjusted cost Accumulated depreciation Residual amount Adjusted cost
2010
Accumulated depreciation Residual amount
PROPERTY, PLANT AND EQUIPMENT Vehicles Leasehold improvements (a) Machinery and equipment Buildings Furniture and fixtures IT equipment Projects in progress Advances to suppliers
39,010 35,419 114,844 56,694 11,633 50,867 67,843 2,191 378,501
(16,991) (11,844)
22,019 23,575
34,234 23,486 27,668 6,264 6,614 11,699 15,159 125,124 Company
(14,491) (9,053) (3,018) (2,584) (3,803) (32,949)
19,743 14,433 24,650 3,680 2,811 11,699 15,159 92,175
(7,421) 107,423 - 56,694 (3,006) 8,627 (7,024) 43,843 67,843 2,191 (46,286) 332,215
INTANGIBLE ASSETS Software and other Carbon credits (c) Software and other
Weighted average annual amortization rate - % 17 17 Weighted average annual depreciation rate -%
2011
Adjusted cost Accumulated
2010
Residual amount Adjusted cost Accumulated
amortization (17,356) (17,356)
amortization (10,604) (10,604)
Residual amount
88,848 7,437 96,285
71,492 7,437 78,929
23,852 5,338 29,190
13,248 5,338 18,586
Consolidated 2011
Adjusted cost Accumulated depreciation Residual amount Adjusted cost
2010
Accumulated depreciation Residual amount
PROPERTY, PLANT AND EQUIPMENT Machinery and equipment Buildings Installations Land Molds Vehicles IT equipment Furniture and fixtures Leasehold improvements (a) Projects in progress Advances to suppliers Other
6 4 9 30 21 19 11 15 3
410,901 207,836 132,919 27,214 116,068 59,490 76,305 32,976 50,599 80,563 47,724 4,196 1,246,791
(145,342) (60,400) (73,512) (87,966) (22,430) (23,933) (11,937) (18,581) (2,256) (446,357)
265,559 147,436 59,407 27,214 28,102 37,060 52,372 21,039 32,018 80,563 47,724 1,940 800,434
308,262 151,161 120,440 27,180 105,362 56,361 75,749 27,164 44,273 35,489 28,648 3,897 983,986
(124,315) (54,305) (65,066) (79,921) (21,181) (45,969) (11,926) (18,725) (2,111) (423,519)
183,947 96,856 55,374 27,180 25,441 35,180 29,780 15,238 25,548 35,489 28,648 1,786 560,467
INTANGIBLE ASSETS Software Carbon credits (c) Business lease - Natura Europa SAS France (b) Trademarks and patents (a)
Weighted average annual amortization rate - % 18
Consolidated 2011
Adjusted cost 182,890 7,437 Accumulated
2010
Residual amount 150,214 7,437 Adjusted cost 183,322 5,338 Accumulated
amortization
(32,676) -
amortization
(73,376) -
Residual amount 109,946 5,338
10
5,074 1,652 197,053
(1,623) (34,299)
5,074 29 162,754
4,629 1,573 194,862
(1,413) (74,789)
4,629 160 120,073
The amortization rates take into consideration the lease terms of leased properties, which range from three to five years.
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(b)
The business lease generated on the purchase of a commercial location where Natura Europa SAS - France operates is supported by an appraisal report issued by independent appraisers, attributable to the fact that it is an intangible, marketable asset, the value of which does not decrease over time. The change in the balance between December 31, 2011 and December 31, 2010 is basically due to the effects of the exchange fluctuation for the period. Carbon Neutral Program (note 2.11.3).
(c)
The Company reviewed the remaining useful lives of the property, plant and equipment items and intangible assets and recorded the resulting effects beginning January 1, 2010. As a result of the revision of this accounting estimated, which had the purpose of aligning the remaining useful lives of the assets and, consequently, the remaining depreciation with the residual lives of the assets, the Company recorded an impact, credited to depreciation in 2011, as compared to depreciation recorded in the previous year, totaling R$11,482. Additional information on property, plant and equipment: a) Assets pledged as collateral As of December 30, 2011, the Group has property, plant and equipment items pledged as collateral of bank financing and loan transactions, as well as items attached to the defense of lawsuits, as shown below: Company Vehicles IT equipment Machinery and equipment Balances at yearend b) Leases In 2011 the Company entered into finance lease transactions to purchase property, plant and equipment totaling R$56,694, recognized in line item Buildings and sale leaseback transactions totaling R$24,537, recognized in line item Machinery and equipment . As of December 31, 2011, the balance of lease payables, classified in line item Borrowings and financing (note 14) totals R$79,673. c) Balance of capitalized interest Consolidated 2011 2010 Buildings 1,427 1,479 4,229 3,477 3,171 10,877 Consolidated 4,229 4,063 3,171 11,463
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Changes in property, plant and equipment Company 2011 2010 Balance at beginning of year Additions (less transfers from projects in progress when terminated): Machinery and equipment Projects in progress/advances to suppliers Vehicles Molds Facilities IT equipment Furniture and fixtures Other Leases Depreciation Transfers and disposals, net Balance at yearend Changes in intangible assets Company 2011 2010 Balance at beginning of year Additions: Software (includes implementation costs) Carbon credits Transfers and disposals, net Amortization Balance at yearend 18,586 64,993 4,135 69,128 (2,034) (6,751) 78,929 11,527 4,411 5,338 9,749 Consolidated 2011 2010 120,073 66,402 4,135 70,537 82,740 56,310 5,338 61,648 92,175 Consolidated 2011 2010 492,256
50,375 560,467
28,373 114,902 15,069 40,611 4,176 4,777 207,908
8,884 45,037 29,669 32,389 165,726 84,555 13,498 21,031 24,193 - 15,344 16,986 6,112 7,208 769 11,377 7,304 545 5,679 1,618 1,036 5,524 3,696 57,121 275,830 175,228
56,694 56,694 (20,814) (12,615) (84,108) (69,412) (3,748) (2,706) (8,449) (37,605) 332,215 92,175 800,434 560,467
- (2,043) (4,879) (2,690) (25,813) (19,436) 18,586 162,754 120,073
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14. BORROWINGS AND FINANCING Company 2011 2010 Local currency BNDES - EXIM FINEP (Financing Agency for Studies and Projects) Debentures BNDES Guaranteed account Working capital BNDES FINAME Banco do Brasil - FAT Fomentar (Workers Assistance Fund) Finance leases FINEP - grant Total local currency Foreign currency BNDES - EXIM BNDES Resolution 4131/62 International operation - Peru Machinery financing Total foreign currency Grand total Current Noncurrent 4,486 2,479 411,237 50,088 22,944 438,667 52,567 918,973 428,442 66,424 60,086 852,549 368,356 1,229 10,713 7,358 411,238 50,088 36,483 9,861 22,944 481,377 68,536 1,186,699 691,663 168,962 226,595 1,017,737 465,068 K L M N O 67,607 116,388 27,106 27,633 353,256 352,669 141,689 110,996 2,001 48,613 7,336 6,506 2,697 3,908 56,729 940 289 2,086 705,322 623,127 A B C D E F G H I J Consolidated 2011 2010 Reference
353,256 352,669 21,708 23,206 48,613 -
56,729 480,306 375,875
44
Reference
A B C D E F G H I J K L M N O
Currency
Real Real Real Real Real Real Real Real Real Real Dollar Dollar Dollar Novo sol Dollar
Maturity
March 2014 March 2013 and May 2019 May 2013 January 2018 April 2011 January 2012 September 2016 February 2014 Through August 2026 December 2012 February 2011 January 2018 October 2013 December 2012 December 2016
Charges Interest of 2.5% p.a. + TJLP (462)

TJLP (b) for the installment maturing in 2013 and interest of 5% for the installment maturing in May 2019 Interest of 108% of CDI (c) TJLP (b) for the installment maturing in March 2016 + interest of 0.7% to 2.8% p.a. 123.9% of CDI (c) p.a. + IOF (b) 105.5% of CDI (c) p.a. + IOF (b) Interest of 4.5% p.a. + TJLP
Collaterals
Guarantee of Natura Cosmticos S.A. Guarantee of Natura Cosmticos S.A. and bank guarantee N/A Bank guarantee Guarantee of Natura Cosmticos S.A. Guarantee of Natura Cosmticos S.A.
Interest of 4.4% p.a. + TJLP Interest of 108.0% of DI - CETIP (c)

N/A
Chattel mortgage, guarantee of Natura Cosmticos S.A. and promissory notes Chattel mortgage, guarantee of Natura Cosmticos S.A. and promissory notes Leases are collateralized by the underlying assets
None Guarantee of Natura Cosmticos S.A. Guarantee of Natura Cosmticos S.A. and bank guarantee
Exchange fluctuation + 8.31% p.a. (a) Exchange fluctuation + 1.8% p.a. + Resolution n 635 (a) Exchange fluctuation + interest of 1.87% to 3.89% p.a. (a) Interest of 5.20% p.a. Exchange fluctuation + interest of 3.87% p.a. (a)
Guarantee of subsidiary Indstria e Comrcio de Cosmticos Ltda.

Bank guarantee
Leases are collateralized by the underlying assets
(a) (b) (c)
Loans and financing for which swap contracts (CDI) were entered into.
IOF - Tax on Financial Transactions. DI - CETIP - daily index calculated based on the average DI, disclosed by Cetip S.A. (Brazilian clearinghouse and over-the-counter market).
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Maturities of noncurrent liabilities are as follows: Company 2011 2010 2012 2013 2014 2015 2016 and thereafter Consolidated 2011 2010
6,530 - 39,425 771,468 355,820 840,496 379,440 11,067 4,450 48,132 22,963 8,364 1,539 38,413 19,001 61,650 17 90,696 4,239 852,549 368,356 1,017,737 465,068
A description of the outstanding bank loan agreements is as follows: a) Description of bank loans 1. BNDES - EXIM Pr-Embarque and BNDES - EXIM Pr-Embarque Especial Programs The subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. benefits from BNDES financing programs for the pre-shipment stage of goods and services exports. As a rule, the requirements for participation in said programs are: (i) to have credit approved by the financial institution that will enter into the financing agreement; and (ii) to manufacture products using at least 60% of locally sourced materials. 2. Financing agreements with the BNDES The Company and its subsidiaries Indstria e Comrcio de Cosmticos Natura Ltda. and Natura Inovao e Tecnologia de Produtos Ltda. have credit facility agreements with the BNDES to facilitate direct investments in the Company and its subsidiaries in order to improve certain product lines, train research and development employees, optimize operation product separation lines in the Cajamar, SP industrial facilities, build new distribution centers, and restructure the administration of the Itapecerica da Serra, SP unit and purchase the equipment necessary for these purposes 3. Financing agreement with the FINEP The subsidiary Natura Inovao e Tecnologia de Produtos Ltda. has innovation programs aimed at the development and acquisition of new technologies by means of partnerships with universities and research centers in Brazil and abroad. These innovation programs have the support of FINEPs research and technological development incentive programs, which facilitates and/or co-finances equipment, scientific grants and research material for the participating universities. These funds were used to partially fund the investments made in the drafting of the Technology Platforms for New Cosmetics and Nutritional Supplements and the Research and Innovation for the Development of New Cosmetics projects.
47
4.
Machinery and Equipment Financing - FINAME The Company benefits from a credit facility with the BNDES, related to FINAME onlendings, intended to finance the purchase of new machinery and equipment manufactured in Brazil. Said onlending is carried out by granting credit to subsidiary Indstria e Comrcio de Cosmticos Natura Ltda., granting rights to receivables to the financial institution accredited as a financing agent, usually Banco Votorantim S.A., Banco Ita Unibanco S.A., Banco do Brasil S.A., HSBC Bank Brasil S.A. or Banco Santander Brasil S.A., which enters into such said financing with Indstria e Comrcio de Cosmticos Natura Ltda. These agreements are collateralized by assigning the fiduciary ownership of the assets described in the related agreements. The subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. is the trustee and the Company is the guarantor of these assets. In addition, the Group is required to meet the Provisions Applicable to BNDES Agreements and the General Regulatory Terms and Conditions of FINAME-related Transactions.
5.
Resolution 4131/62 Bank Credit Note - Onlending of funds raised abroad under Resolution 4131/62, through financial institutions.
6.
Debentures First issuance of simple debentures, nonconvertible into shares, totaling R$350,000, in single series, without guarantee and without financial covenants, with face value of R$1,000, in conformity with CVM Instruction 476/09, issued on May 26, 2010 and subscribed and paid in May 28, with the payment of semiannual interest in May and November, and principal maturing on May 26, 2013.
b) Finance lease obligations Financial obligations are broken down as follows: 2011 Gross finance lease obligations - minimum lease payments: Less than one year More than one year and less than five years More than five years Future financing charges on finance leases Financial lease obligations - accounting balance c) Restrictive covenants As of December 31, 2011 and 2010, most financing and loan agreements entered into by the Group subsidiaries do not contain restrictive covenants establishing obligations regarding the maintenance of financial ratios by the Company or its subsidiaries. 2010
12,633 642 54,102 78,800 377 145,535 1,019 (65,862) (79) 79,673 940
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Only the agreement entered into with BNDES contains restrictive covenants requiring maintenance of certain financial ratios. As of December 31, 2011, the Company was in compliance with all the restrictive clauses. The agreement entered into with BNDES in July 2011 contains restrictive covenants requiring maintenance of the following financial ratios: - EBITDA margin equal or higher than 15%; and - Net debt/EBITDA equal or lower than 2.5 (two wholes and five tenths). As at December 31, 2011, the Company was fully compliant with such restrictive covenants. 15. TRADE AND OTHER PAYABLES Company 2011 2010 Domestic trade payables Foreign trade payables (*) Freight payable (*) Refer mostly to US dollar-denominated amounts. 16. TAXES PAYABLE Company 2011 2010 Taxes on revenue (PIS/COFINS) (injunction) (a) Ordinary ICMS Regular and reverse charge ICMS (b) IRPJ and CSLL IRPJ and CSLL (injunction) (c) IRPJ and CSLL (injunction - PAT) Withholding income tax (IRRF) IPI - exempt and zero-taxed products (d) UFIR adjustment to federal taxes (e) IPI credit on purchase of property, plant and equipment and supplies for own use and consumption (f) Action for annulment of INSS debt (g) Withholding PIS/COFINS/CSLL PIS/COFINS Taxes - foreign subsidiaries Service tax (ISS) 1,823 59,894 89,301 127,458 56,941 2,656 7,621 6,361 3,073 2,490 364 357,982 1,686 50,807 167,019 99,347 33,472 7,901 6,216 2,893 5,319 613 375,273 Consolidated 2011 2010 115,214 81,687 89,301 150,639 56,941 6,029 11,974 42,432 6,519 3,073 3,324 1,110 17,888 1,214 587,345 84,908 75,657 167,019 125,816 33,472 2,261 13,203 39,404 6,360 3,768 2,893 7,554 6,663 9,354 2,799 581,131 49 Consolidated 2011 2010
133,762 77,805 435,328 326,945 15,043 842 18,765 4,964 34,512 34,585 34,887 34,585 183,317 113,232 488,980 366,494
Company 2011 2010 Escrow deposits ((b) and (g)) (note 10) Current Noncurrent
Consolidated 2011 2010
(97,955) (175,575) (140,545) (215,125) 260,027 97,955 199,698 175,575 446,800 140,545 366,006 215,125
(a) The Company and its subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. are challenging in court the inclusion of ICMS in the tax basis of Integration Program Tax on Revenue (PIS) and Social Security Funding Tax on Revenue (COFINS). In June 2007, the Company and its subsidiary were authorized by the court to pay PIS and COFINS without the inclusion of ICMS in their tax basis, starting April 2007. The balances recognized as of December 31, 2011 refer to the unpaid amounts of PIS and COFINS, from April 2007 to December 2011 adjusted using the SELIC (Central Banks policy rate), the collection of which is on hold. Part of the balance, in the adjusted amount of R$3,065, is deposited in escrow.
(b) As of December 31, 2011, R$12,669, R$52,305, R$23,274, R$273 and R$780 of the total amount recognized refer to the ICMS - ST of State of Paran, Federal District, State of Mato Grosso do Sul, State of Mato Grosso and State of Rio de Janeiro, respectively (R$119,371, R$34,969 and R$12,679 Federal District and State of Mato Grosso do Sul, respectively as of December 31, 2010), which is being challenged in court, as also mentioned in note 17 Contingent tax liabilities - possible risk, (a). The Company has made monthly escrow deposits for the unpaid amounts. On November 26, 2011, the Company entered into an arrangement, to be enforced after the end of the current reporting period, with the State of Paran to set the Value Added Margin (MVA) applicable to the calculation of ICMS-ST due on transactions conducted by consultants. Accordingly, Natura Cosmticos recognized the MVA application (up to the cap determined by the technical study) for taxable events prior to November 2011 and dropped part of the lawsuits on this matter, resulting in (i) the transfer of R$114,345 to the State of Paran as ICMS-ST and (ii) the withdrawal of the deposited R$16,930 excess because of the retrospective extension of the tax benefit. The MVA applicable to taxable events prior to November 2011 is still being discussed in courts and is currently at court expert review stage. (c) On February 4, 2009, the Company was granted an injunction, subsequently confirmed by court decision, that suspended the collection of income tax and social contribution on any amounts received as arrears interest, paid on late payment of contractual obligations receivables to the Natura Beauty Consultants. The appeal filed by the Federal Government is awaiting judgment. (d) Refers to Federal VAT (IPI) on zero-taxed, untaxed or exempt raw materials and packaging materials. Subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. filed a writ of mandamus and obtained an injunction granting the right to the credit. On September 25, 2006, the injunction was revoked by a decision that considered the request invalid. The Company filed an appeal for reconsideration of merits and reinstatement of 50
the injunction. To suspend the payment of tax, in October 2006, the Company made an escrow deposit in the amount offset under the injunction, whose adjusted balance totals R$42,432 as of December 31, 2011 (R$39,404 as of December 31, 2010). In the fourth quarter of 2009, in order to utilize the benefits granted under Provisional Act 470/09, which creates a program for the payment and payment in installments of tax debts, the subsidiary filed a motion partially withdrawing the claims made in the injunction filed that maintains only the claim of tax credits on tax-exempt products, thus dropping the lawsuits claiming IPI credits of zero-taxed and untaxed products (see details in topic Tax installment plans created under Provisional Act 470/09). On this date, after having met the requirements to join the tax installment plan introduced by Provisional Act 470/09, the subsidiary awaits the tax authorities approval to write off the suspended collection amounts and the corresponding escrow deposits. Subsequently, in December de 2011, the subsidiary filed a motion to also drop the lawsuit claiming tax credits on tax-exempt products, which are deposited in escrow. Thus, the subsidiary awaits the transfer to the State of the escrow deposits after a final and unappealable decision is issued. (e) Refers to the inflation adjustment of 1991 federal taxes on income (IRPJ/CSLL/ILL) based on the UFIR (fiscal reference unit), discussed in a writ of mandamus. The amount involved is deposited in escrow. On February 26, 2010, the Company filed a motion dropping this lawsuit to be able to utilize the benefits granted under Law 11941/09, which creates a program for the payment and payment in installments of tax debts and awaits the issue of a final and unappealable decision. (f) Subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. discusses, through writs of mandamus, the right to IPI credit on the purchase of property, plant and equipment items and consumables. On February 26, 2010, this subsidiary filed a motion for the withdrawal of this lawsuit to be able to utilize the benefits granted under Law 11941/09, which creates a program for the payment and payment in installments of tax debts. (g) Refers to the social security contribution required by tax assessments issued by the National Institute of Social Security as a result of an inspection, which claims that the Company, as a taxpayer having joint liability for tax payment, is required to pay INSS on services provided by third parties. The amounts are being challenged in court through a tax debt annulment action and are deposited in escrow. The amounts required in the tax assessment notice cover the period from January 1990 to October 1999. In 2007, the Company reversed the amount of R$1,903, relating to the expiration of part of the amount involved in the lawsuit for the period from January 1990 to October 1994, as recently instructed under Case Law Decision 08 of the Federal Supreme Court (STF). On March 1, 2010, the Company filed a motion dropping part of the claims made and partially waiving its right to utilize the benefits granted under Law 11941/09 regarding the social security contributions due by the companies that provided services to the Company (joint liability) during the period from November 1994 to December 1998. Tax installment program established by Law 11941/09 On May 27, 2009, Federal Government enacted Law 11941, as a result of the conversion of Provisional Act 449/08, which, among other changes to tax law, established the possibility of a tax debt installment plan managed by the Federal Revenue Service, the National Social Security Institute and the National Treasury Attorney General (PGFN), including the remaining balance of consolidated debts in the REFIS (Law 9964/00), Special Installment Plan (PAES) (Law 10684/03) and the Exceptional Installment Plan (PAEX) (Provisional Act 303/06), in addition to the regular payments in installments provided for by article 38 of Law 8212/91 and 51
article 10 of Law 10522/02. The entities that opted for paying or dividing into installments the debts under this Law, in the applicable cases, may settle the amounts corresponding to default and automatic fines and latepayment interest, including those related to legally enforceable debts to the Government, using tax loss carryforwards, and will benefit from reduced fines, interest and legal charges whose reduction percentage depends on the installment plan chosen. Pursuant to the established rules, for compliance with the first stage of installment payments, the Company and its subsidiaries, after having filed motions at Court formalizing the withdrawal of lawsuits whose taxes would be paid in installments, applied for installment payments, choosing installment plans and indicating the generic nature of tax debts, paying the respective initial installments, pursuant to the provisions of Federal Revenue Service (SRF) and National Treasury Attorney General (PGFN) Joint Administrative Rule. The tax debts recorded for payment in installments by the Company and its subsidiaries, pursuant to Law 11941/09, are as follows:
Company 2010 Action for annulment of INSS debt (a) IRPJ/CSLL/ILL debts (b) 2,893 6,216 9,109 Additions 186 186 Reversals (521) (521) Consolidated 2010 INSS debt - action for annulment (a) IRPJ/CSLL/ILL debts (b) IPI on acquisition of property, plant and equipment and materials for own use and consumption (c) (a) (b) (c) See item (g) on this note for details. See item (e) on this note for details. See item (f) on this note for details. 2,893 6,360 3,768 13,021 Additions 186 186 Reversals (521) (3,654) (4,175) Payments (223) (223) Inflation adjustment 180 494 109 783 2011 3,073 6,519 9,592 Payments Inflation adjustment 180 480 660 2011 3,073 6,361 9,434
Due to the lack of tax loss carryforwards, the Company will not offset them against the remaining balance of the interest on installments. In the second half of 2011, after the consolidation of the debts, the administrative proceedings were settled in one single payment, which led to a reversal of the provision. The next steps of the Companys and its subsidiaries tax installment plans, which are being discussed in courts, depend on a decision about the consolidation of the related debts, which is expected in order to settle such debts by transferring existing escrow deposits to the Federal Government.
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Tax installment plans created under Provisional Act 470/09 On October 13, 2009, Provisional Act 470 was enacted introducing the tax debt payment and installment plans arising from the undue use of an industry tax incentive, introduced by Article 1 of Law Decree 491, of March 5, 1969, and the undue use of IPI credits, regulated by the Attorney General of the National Treasury (PGFN) and Federal Revenue Service (RFB). On November 3, 2009, the PGFN and the Federal Revenue Service published in the Federal Official Gazette (DOU) Joint Administrative Rule 9, which establishes the debt payment and installment plan addressed in Article 3 of Provisional Act 470/09. The debts arising from the undue utilization of industry tax incentives introduced by Article 1 of Decree Law 491/69, and those arising from the undue utilization of IPI credits challenged by the PGFN and Federal Revenue Service may be exceptionally paid at sight or in installments to each agency by November 30, 2009. As mentioned in item (d) above, subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. filed a motion partially withdrawing from the injunction filed related to IPI credits claimed on products purchased at zero tax rate or tax exempt. As of December 31, 2011, the Company awaits a decision of the 3rd Region Federal Court, based on the PGFNs and Federal Revenue Services position, to complete the stage related to the consolidation of tax debts and write off the balances of suspended liabilities against escrow deposits made until this date at the inflation adjusted amounts. As there are escrow deposits made in the past and in light of the option made by the subsidiary to pay tax debts at sight, no gain was recognized in profit or loss from the reversal of late payment fine and interest. 17. PROVISION FOR TAX, CIVIL AND LABOR CONTINGENCIES The Company and its subsidiaries are parties to tax, labor and civil lawsuits and administrative tax proceedings. Management believes, based on the opinion and estimates of its legal counsel, that the provision for tax, civil, and labor contingencies are sufficient to cover potential losses. This provision is broken down as follows: Company 2011 2010 Tax Civil Labor Consolidated 2011 2010
27,612 29,867 33,850 42,970 12,234 9,284 16,986 14,137 9,754 14,131 14,219 16,677 49,600 53,282 65,055 73,784
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Tax contingencies The provision for tax contingencies is broken down as follows:
Company 2010 Late payment fines on federal taxes paid in arrears (a) CSLL deductibility (Law 9316/96) (b) IRPJ and CSLL tax assessment - attorney fees (c) Tax assessment - 1990 IRPJ (d) Failure to include ICMS in PIS and COFINS tax bases - attorney fees (e) Attorney and other fees (g) Total provision for tax contingencies Escrow deposits (note 10) 999 7,562 4,452 3,342 951 12,561 29,867 (9,600) Additions Reversals Payments Inflation adjustment 2011 794 7,885 4,968 3,514 10,451 27,612 (9,952)
424 424 -
(666) (635) (3,137) (4,438) -
(683) (683) -
54 323 1,182 172 (316) 1,027 2,442 (352)
Consolidated 2010 Late payment fines on federal taxes paid in arrears (a) CSLL deductibility (Law 9316/96) (b) IRPJ and CSLL tax assessment - attorney fees (c) Tax assessment annulment action - 1990 IRPJ (d) Failure to include ICMS in PIS and COFINS tax bases - attorney fees (e) Semiannual PIS - Decree Laws 2445/88 and 2449/88 (f) Attorney and other fees (g) Total provision for tax contingencies Escrow deposits (note 10) (a) Refer to fine for late payment of federal taxes. (b) Refers to CSLL that was addressed by an injunction that questions the constitutionality of Law 9316/96, which prohibited the deduction of CSLL from its own tax basis and the IRPJ basis. A portion of this provision, in the adjusted amount of R$5,905 (R$5,559 as of December 31, 2010), is deposited in escrow. The lawsuit is stayed waiting a decision of the STF on the subject and will be decided under established case law. (c) Refers to attorney fees for the defense in the tax assessment notices issued against the Company in December 2006 and December 2007 by the Federal Revenue Service, claiming the payment of income tax and social contribution on the deductibility of the yield of debentures issued by the Company for fiscal years 2001 and 2002, respectively. The legal counsels opinion is that the likelihood of unfavorable outcome in these tax assessment notices is remote. A final and unappealable administrative decision on the tax assessment notice issued against the Company in August 2003 challenging the deductibility, in fiscal year 1999, was issued on January 2010 that maintains part of the income tax assessed and the whole of the social contribution. After this decision, on April 7, 2010, the Company filed a lawsuit to cancel the remaining installment of IRPJ and CSLL. The legal counsel considers that the likelihood of an unfavorable outcome is remote. (d) Refers to a tax assessment notice issued by the Federal Revenue Service claiming the payment of income tax on the earnings obtained on exports entitled to tax benefits carried out in fiscal year 1989, at the rate of 18% (Law 7988, of December 29, 1989) and not 3%, as set out in article 1 of Decree Law 2413/88, used by the Company at the time to pay its taxes. The Company has filed a lawsuit to cancel the tax assessment. The lawsuit is stayed waiting a STF decision on the subject. (e) Refers to attorney fees for filing and handling the lawsuits challenging the inclusion of ICMS in the PIS and COFINS tax basis in the period from February 1998 to December 2011. The provision for attorney fees was reversed in the second half of 2011 as the risk of loss assessed by the legal counsel was reviewed and changed from remote to possible loss, based on the progress of the leading case (ADC-18) which is with the Federal Supreme Court and the changes in this Courts 1,505 7,562 4,452 3,342 6,063 2,191 17,855 42,970 (10,754) Additions Reversals Payments Inflation adjustment 2011 865 7,885 4,968 3,514 2,320 14,298 33,850
424 700 1,124 -
(453) (666) (5,588) (6,571) (13,278) -
(683) (683) -
72 323 1,182 172 (475) 129 2,314 3,717
(761) (11,515)
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composition. (f) Refers to the offset of PIS paid as per Decree Laws 2445/88 and 2449/88, in the period from 1988 to 1995, against Federal taxes due in 2003 and 2004. The reversal made by the Company in 2007 in the amount of R$14,910 is due to the final decision favorable to the Company, rendered in August 2007. The remaining reserve refers to the subsidiary Indstria e Comrcio de Cosmticos Natura Ltda., which is awaiting the appreciation of the lawsuit by the Board of Tax Appeals. (g) The balance refers to lawyer fees to defend the Companys and its subsidiaries interests in tax lawsuits. The amount of (i) R$4,000, accrued in 2009, refers to lawyers fees to prepare the defense against an IRPJ and CSLL infringement notification against the Company, issued on June 30, 2009, which challenges the tax deductibility of goodwill amortization carried out resulting from the merger of Natura Participaes S.A. It is the opinion of the Companys legal counsel that, as structured, the transaction and its tax effects can be upheld in a court of law and thus the risk of loss is classified as remote; (ii) R$700 refers to the lawyers fees to present the defense in the tax assessment by the SeFaz - RS which has identified supposed differences on the ICMS-ST with respect to interstate shipments made to Companys sites located in the Rio Grande do Sul (RS). According to the Companys legal counsel opinion, the risk of an unfavorable outcome is remote.
Civil contingencies
Company 2010 Several civil lawsuits (a) Lawyer fees - environmental civil lawsuit (b) Civil lawsuits and lawyer fees - Nova Flora Participaes Ltda. Total provision for civil contingencies Escrow deposits (note 10) 4,828 1,512 2,944 9,284 (1,874) Additions 10,925 10,925 Reversals (9,052) (64) (3) (9,119) Payments (133) (133) Inflation adjustment 219 87 971 1,277 (12) 2011 6,787 1,535 3,912 12,234 (1,886)
Consolidated 2010 Several civil lawsuits (a) Lawyer fees - environmental civil lawsuit (b) Lawyer fees - IBAMA lawsuit (c) Civil lawsuits and lawyer fees - Nova Flora Participaes Ltda. Total provision for civil contingencies Escrow deposits (note 10) 5,716 1,512 3,965 2,944 14,137 (1,976) Additions Reversals Payments 11,193 11,193 (9,291) (64) (301) (3) (9,659) (146) (146) Inflation adjustment 250 87 152 971 1,460 (16) 2011 7,723 1,535 3,816 3,912 16,986 (1,992)
(a) As of December 31, 2011, the Company and its subsidiaries are parties to 2,491 civil lawsuits and
administrative proceedings (1,211 as of December 31, 2010), of which 2,382 were filed with civil courts, special civil courts and the consumer protection agency (PROCON) by Natura Beauty Consultants, consumers, suppliers and former employees, most of which claiming compensation for damages.
(b) The provision includes R$1,192 with respect to legal fees for the defense of the Companys interests in the
public lawsuit filed by the Federal Public Prosecution Office of Acre against the Company and other institutions for alleged access to the traditional knowledge associated to the asset (murumuru). Our legal counsels opinion is that the risk of losses is remote.
(c) Refers to attorney fees for the defense in the tax assessment notice issued by Instituto Brasileiro do Meio
Ambiente e dos Recursos Naturais Renovveis, or IBAMA (Brazilian environmental agency) against the Company in 2010 for alleged irregular access to biodiversity. Through December 2011, the Company had been imposed 70 fines by IBAMA, totaling R$21,955, and filed administrative defenses for all of them. No decision on the merits has been rendered yet; therefore, such fines cannot be considered as a liability. The Companys management and its legal counsel consider the risk of loss in these fines for the alleged nonsharing of benefits and the fines for the alleged irregular access to biodiversity as remote due to full
55
compliance with all the principles established in the Convention on Biological Diversity (CBD), an international treaty signed during Rio-92 and of the illegality and unconstitutionality of the current legal framework, which incorporates the CBD in the Brazilian legal system. Except for inputs from Federal Government land - which refuses to negotiate - the Company shares benefits in 100% of the accesses in the use of biodiversity; it is the first to share benefits with traditional communities and detains approximately 68% of the requests with the Regulatory Body for authorization to have access to biodiversity.
Labor contingencies As of December 31, 2011, the Company and its subsidiaries are parties to 827 labor lawsuits filed by former employees and third parties (766 as of December 31, 2010), claiming the payment of severance amounts, salary premiums, overtime and other amounts due, as a result of joint liability. The provision is periodically reviewed based on the progress of lawsuits and history of losses on labor claims to reflect the best current estimate.
Company 2010 Total provision for labor contingencies Escrow deposits (note 10) 14,131 (1,762) Additions 4,439 (891) Reversals (9,241) Consolidated 2010 Total provision for labor contingencies Escrow deposits (note 10) 16,677 (2,410) Additions 7,708 (1,757) Reversals (11,096) Inflation adjustment 930 2011 14,219 (4,167) Inflation adjustment 425 2011 9,754 (2,653)
Contingent liabilities - possible risk The Company and its subsidiaries are parties to tax, civil and labor lawsuits, for which there is no reserve for losses recorded, because the risk of loss is considered possible by management and their legal counsel. These lawsuits are as follows:
Company 2011 2010 Tax: Declaratory Action - ICMS - ST (a) Offset of 1/3 of COFINS - Law 9718/98 (b) Action for annulment of INSS debt (c) IPI assessment notice (d) Administrative proceeding - ICMS - ST assessment, DF (e) Administrative proceeding - ICMS - ST assessment, PA (e) Administrative proceeding - tax debt - ICMS - ST, RS (f) Tax assessment notice Rio Grande do Sul State Department of Finance (g) Tax assessment notice - So Paulo State Department of Finance - ICMS audit (h) Tax assessment - transfer pricing on loan agreements with foreign related company (i) Other Civil 80,304 5,357 4,910 5,451 8,815 3,423 9,066 30,184 53,809 5,121 4,567 5,178 25,077 15,919 Consolidated 2011 2010 80,304 5,357 4,910 5,451 8,815 3,423 9,066 30,184 9,837 53,809 5,121 4,567 5,178 25,077 15,919 9,837
1,856 1,779 1,856 1,779 36,837 55,870 43,828 54,355 186,203 167,320 203,031 175,642 2,953 3,315 3,076 4,133
56
Labor
42,792 61,547 73,856 85,899 231,948 232,182 279,963 265,674
(a) As of December 31, 2011, the balance recorded is broken down as follows: 1. ICMS ST, PR - R$49,962 (R$46,768 as of December 31, 2010) - lawsuit filed by the Company challenging the changes in ICMS - ST tax basis introduced by Paran Decree 7018/06. The amount discussed in the lawsuit, related to the period from January 2007 to December 2011, is fully deposited in escrow, as mentioned in notes 10 and 16 (b), and its collection is suspended. 2. ICMS - ST, Federal District - R$15,401 (R$5,574 as of December 31, 2010) - declaratory action filed by the Company to challenge its liability for the payment of ICMS - ST due to the lack of a statute on and statutory criteria for the determination of the tax base of this tax or, subsequently, the need to enter into an Agreement to set out the ICMS - ST tax basis. The amount under litigation, related to the period from February 2009 to December 2011, is fully deposited in escrow, as referred to in notes 10 and 16 (b), and its collection is suspended. 3. ICMS - ST, MS - R$9,734 (R$1,467 as of December 31, 2010) - declaratory action filed by the Company to challenge its liability for the payment of ICMS - ST to the State of Mato Grosso do Sul due to the lack of a statute on and statutory criteria for the determination of the tax base of this tax or, subsequently, the need to enter into an Agreement to set out the ICMS - ST tax basis. The amount under litigation, related to the period from February 2010 to December 2011, is fully deposited in escrow, as referred to in notes 10 and 16 (b), and its collection is suspended. 4. ICMS - ST, MT - R$3,410 as of December 31, 2011 - declaratory action filed by the Company to challenge its liability for the payment of ICMS - ST to the State of Mato Grosso do Sul due to the lack of a statute on and statutory criteria for the determination of the tax base of this tax or, subsequently, the need to enter into an Agreement to set out the ICMS - ST tax basis. The amount under litigation, related to the period from October 2009 to July 2011, is fully deposited in escrow, as referred to in notes 10 and 16 (b), and its collection is suspended. 5. ICMS - ST, SC - R$1,797 as of December 31, 2011 - declaratory action filed by the Company to challenge its liability for the payment of ICMS - ST to the State of Santa Catarina due to the lack of a statute on and statutory criteria for the determination of the tax base of this tax or, subsequently, the need to enter into an Agreement to set out the ICMS - ST tax basis. The amount under litigation, related to the period from July 2011 to August 2011, is fully deposited in escrow, as referred to in notes 10 and 16 (b), and its collection is suspended. (b) Law 9718/98 increased the COFINS rate from 2% to 3%, and allowed this 1% difference to be offset in 1999 against the social contribution tax paid in the same year. However, in 1999, the Company and its subsidiaries filed for an injunction and obtained authorization to suspend the payment of the tax credit (1% rate difference) and to pay COFINS based on Supplementary Law 70/91, prevailing at that time. In December 2000, considering former unfavorable court decisions, the Company and its subsidiaries enrolled in the Tax Debt Refinancing Program (REFIS), for payment in installments of the debt related to the COFINS not paid in the period. With the payment of the tax, the Company and its subsidiaries gained the right to offset 1% of COFINS against social contribution tax, which was made in the first half of 2001. However, the Federal Revenue Service understands that the period for offset was restricted to base year 1999. On September 11, 2006, the Company was notified that the offsets made were not approved, and timely filed the applicable appeal. This proceeding is awaiting ruling at the lower administrative court. (c) Lawsuit filed by the Company seeking the annulment of the tax demanded by the INSS through a tax assessment notice issued for purposes of collecting the social security contribution on the allowance for vehicle maintenance paid to sales promoters. The amounts are being challenged in court through a tax debt annulment action and are deposited in escrow. The amounts required in the tax assessment notice cover the period from January 1994 to October 1999. (d) Refers to a tax collection lawsuit intended to collect IPI due to alleged nonpayment and incorrect classification of the goods sold. The Company has filed a defense with courts and awaits a final ruling on the matter. (e) Tax assessment notice collecting ICMS - ST, issued by the Federal District, as a result of an alleged underpayment of the Companys own ICMS and ICMS - ST. The Company has filed its defense at the
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administrative level and is awaiting the final judgment. (f) Tax assessment notice issued by the Rio Grande do Sul State Department of Finance against the Company due to its condition of tax substitute, in order to charge allegedly due ICMS, due to the lack of a criterion to determine the correct tax basis, related to subsequent transactions conducted by independent resellers domiciled in the State of Rio Grande, do Sul. The Company filed an annulment action to cancel this collection and awaits a final court decision on the matter.
(g) Tax assessment issued by the Rio Grande do Sul State Department of Finance claiming a tax credit related to ICMS for an alleged incorrect use of the tax basis reduction granted to intrastate transactions and reduction of the intrastate tax rate to calculate the tax rate differences. We have filed administrative defense, which awaits a final decision. (h) Tax assessment notice issued by So Paulo State Department of Finance for alleged credits claimed on the purchase of property, plant and equipment items which were transferred to other units on purchase date, and goods purchased that allegedly are not directly related to production and sales activities. The Company filed an administrative defense, whereby it claims the possibility of claiming such tax credits, the expiration of tax debt, and illegality of charging interest equivalent to one-tenth percent per day, and awaits a final decision thereon. (i) Refers to a tax assessment notice whereby the Federal Revenue Service is demanding the payment of IRPJ and CSLL on the difference of interest on loan agreements with a foreign related party. On July 12, 2004, an administrative defense was filed and is still being judged. In June 2008, the Company filed a discretionary appeal against the unfavorable decision with the Board of Tax Appeals, which is awaiting judgment.
Contingent assets The Company and its subsidiaries material contingent assets are as follows: a) The Company and its subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. are challenging in court the unconstitutionality and illegality of the increase in the tax basis for PIS and COFINS established by Article 3, Paragraph 1, of Law 9718/98. The amounts involved in the lawsuits, updated to December 31, 2011, are R$21,935 (R$20,920 as of December 31, 2010). In the first quarter of 2011, the 3rd Region Federal Court published a court decision, on a Motion for Clarification of Judgment filed by the companies, favorable to the Company and that allows the offset of the tax credits (i) against any federal taxes payable by Natura Cosmticos and (ii) limited to PIS and COFINS debts of Indstria e Comrcio de Cosmticos Natura Ltda. As a result, the Company has recognized PIS and COFINS credits in the amount of R$16,852 in line item Recoverable taxes related to undue payments made in the five years prior to the date the lawsuits were filed, as a balancing item to line item Other operating income (expenses) for the period. b) The Company and its subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. have filed special and extraordinary appeals with the Superior Court of Justice and the Federal Supreme Court claiming the recognition of their right to offset unduly paid taxes during the ten-year period prior to date both lawsuits were filed and, with respect to Indstria e Comrcio de Cosmticos Natura Ltda., the right to offset such credits against any federal taxes managed by the subsidiary. The Company has filed a request for the recognition and awaits the approval of the related credits to be able to offset them against federal taxes. c) The Company and its subsidiaries Indstria e Comrcio de Cosmticos Natura Ltda., Natura Inovao e Tecnologia de Produtos Ltda. and Natura Logstica e Servios Ltda. are requesting the refund of ICMS and ISS included in the PIS and COFINS tax basis and paid in the period from April 1999 to March 2007. The amounts of the refund requests as of December 31, 2011 are R$135,305 (R$120,808 as of December 31, 2010). The legal counsel believes that the likelihood of a favorable outcome is probable. 58
18. OTHER PROVISIONS Company 2011 2010 Retirees healthcare plan Carbon credit (note 2.11.3) Other provisions 19,332 16,486 35,818 13,123 12,683 25,806 Consolidated 2011 2010 28,132 16,486 191 44,809 19,713 12,683 29 32,425
The Group has a postemployment healthcare plan for a group of former employees and their spouses that is governed by specific rules. As of December 31, 2011, the plan had 1,073 (Company) and 2,144 (Consolidated) participants. As of December 31, 2011, the Group had a provision for the actuarial liability arising from this plan, totaling R$19,332 (Company) and R$28,132 (Consolidated) (R$13,123, Company and R$19,713, Consolidated as of December 31, 2010). During the year, the impact of this plan on profit or loss is related to the service cost totaling R$1,192, interest expenses totaling R$2,823, and changes in actuarial assumptions totaling R$4,499. The carried liability was calculated by an independent actuary taking into consideration the following main assumptions: Annual percentage (in nominal terms) 2011 Financial discount rate Increase in medical expenses (reduced by 0.5% p.a.) Long-term inflation rate General mortality table 19. SHAREHOLDERS EQUITY a) Issued capital As of December 31, 2010, the Companys capital was R$418,061. In the first quarter of 2011, 153,230 common shares without par value were subscribed at the average price of R$24,78, totaling R$3,797, and, therefore, at March 31, 2011 the Companys capital was represented by 431,034,646 subscribed and paid-in registered common shares without par value, totaling R$421,858. Authorized capital decreased from 10,428,709 to 10,275,479 registered common shares. In the second quarter of 2011, 200,059 common shares without par value were subscribed at the average price of R$25,51, totaling R$5,104, and, therefore, the Companys capital at June 30, 2011 was represented by 431,234,705 subscribed and paid-in registered common shares without par value, totaling R$426,962. Authorized capital decreased from 10,275,479 to 10,075,420 registered common shares. 59 10.5 10.5 to 5.5 4.5 RP2000
In the third quarter of 2011, 4,559 common shares without par value were subscribed at the average price of R$24.71, totaling R$111, and, therefore, the Companys capital was represented by 431,239,264 subscribed and paid-in registered common shares without par value, totaling R$427,073. Authorized capital decreased from 10,075,420 to 10,070,861 registered common shares In the fourth quarter of 2011 there was no change in capital. Therefore, the shareholders equity stated as of December 31, 2011 is equal to the capital detailed above. b) Dividend and interest on capital payment policy The shareholders are entitled to receive every year a mandatory minimum dividend of 30% of net income, considering principally the following adjustments: Increase in the amounts resulting from the reversal of previously recognized reserves for contingencies. Decrease in the amounts intended for the recognition of the legal reserve and reserve for contingencies. The bylaws allow the Company to prepare semiannual and interim balance sheets and, based on these balance sheets, authorize the payment of dividends upon approval by the Board of Directors. On April 14, 2011, dividends paid totaled R$405,623 (R$0.9414 per share) and gross interest on capital paid totaled R$24,456 (R$0.0567 gross per share), in accordance with the 2010 net income distribution approved by the Board of Directors on February 23, 2011 and confirmed by the Annual Shareholders Meeting held on April 8, 2011, which added to the R$253,947 in dividends and the R$35,427 in interest on capital paid in August 2010, totals a distribution of approximately 95% of the net income for the year ended December 31, 2010. On July 20, 2011, the Board of Directors approved, for confirmation at the Annual Shareholders Meeting that will resolve on the approval of the financial statements for the year ending December 31, 2011, a proposal for the payment of interim dividends and interest on capital on income recorded in the first half of 2011, in the amount of R$295,302 (R$0.68 per share) and R$37,507, gross of withholding income tax (R$0.087 gross per share), respectively. The total amount of interim dividends and interest on capital corresponds to 98% of net income recorded in the first half of 2011. In addition, on February 15, 2012, the Board of Directors approved a proposal to be submitted to the Annual Shareholders Meeting to be held on April 13, 2012, for the payment of dividends and gross interest on capital totaling R$467,261 and R$23,624 (R$20,080, net of IRRF), respectively, related to income for 2011, which added to the R$295,302 in dividends and the R$37,506 in interest on capital paid in August 2010 correspond to a distribution of approximately 99% of net income for 2011.
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Dividends were calculated as follows: Company 2011 2010 Net income for the year Tax incentive reserve - investment grant Calculation basis for minimum dividends Mandatory minimum dividends Annual minimum dividend Proposed dividends Interest on capital IRRF on interest on capital Total dividends and interest on capital, net of IRRF Amount exceeding mandatory minimum dividend Dividends per share - R$ Interest on capital per share, net - R$ Total dividends and interest on capital per share, net - R$ 830,901 744,050 (3,677) (5,973) 827,224 738,077 30% 30% 248,167 221,423 762,563 659,570 61,130 59,883 (9,170) (8,983) 814,523 710,470 566,356 489,047 1.7760 0.1208 1.8968 1.5312 0.1182 1.6494
As referred to in note 2.21, the portion of dividends exceeding minimum dividends, declared by management after the reporting period but before the authorization date for issuance of these financial statements, is not be recorded as a liability in the related financial statements and the effects of such supplementary dividends must be disclosed in a note. As a result, as of December 31, 2011 and 2010, the following portions of dividends exceeding mandatory minimum dividends were recorded in shareholders equity as Proposed additional dividends: Company 2011 2010 Dividends Interest on capital c) Treasury shares The Company repurchased during the period 3,066,300 common shares, at the average price of R$34.06, in order to meet the exercise of options granted to the Companys and its direct and indirect subsidiaries management and employees. In addition to the repurchase of shares in the period, a total of R$895, at an average unit cost of R$32.92, was used in the exercise of options. 467,261 405,623 23,624 24,456 490,885 430,079
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As of December 31, 2011, line item Treasury shares is broken down as follows: Number of shares Balance at beginning of year Repurchased Used Balance at yearend d) Share premium Refers to the premium generated on the issuance of 3,299 common shares resulting from the capitalization of debentures totaling R$100,000, occurred on March 2, 2004. e) Legal reserve Since the balance of legal reserve plus capital reserves, addressed by article 182, paragraph 1, of Law 6404/76, exceeded 30% of the capital, the Company decided, in accordance with article 193 of the same Law, not to recognize a legal reserve on net income earned in fiscal years 2006, 2007, 2008, 2009, 2010 and 2011. f) Reserve for retained earnings As of December 31, 2011, the reserve for retained earnings was recognized pursuant to article 196 of Law 6404/76 for use in future investments, and amounts to R$3,530 (R$23,421 recognized as of December 31, 2010). The retention for 2011, prepared by management and approved by the Board of Directors on February 15, 2012, will be submitted to and approved by the Annual Shareholders Meeting on April 13, 2012. g) Other comprehensive income The Company records in this line item the effects of exchange differences arising on translating investments in foreign subsidiaries. The accumulated effect will be reversed to income as a gain or loss only in case of sale or write-off of the investment. 20. SEGMENT INFORMATION Segment reporting is consistent with management reports provided by the main operating decision-maker to assess the performance of each segment and the allocation of funds. Although the main decision-maker analyzes the information on revenue at its different levels, according to the reports used by management to make decisions, the Companys business is mainly segmented based on the sales of cosmetics by geography, which are as follows: Brazil, Latin America (LATAM) and other countries. In addition, LATAM is divided into two groups for analysis: (i) Argentina, Chile and Peru (Consolidating Operations); and (ii) Mexico and Colombia ( ). The segments business features are similar and each segment offers similar products through the same consumer access method. 2011 Average price per share - R$ 21.37 34.06 26.58 34.04
R$000
655 14 3,066,300 104,452 (45,198) (1,617) 3,021,757 102,849
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Net revenue by geography is as follows in 2011: Brazil: 91.0% Consolidating Operations: 6.0% Operations under Implementation: 2.7% Other: (0.3%) Although the international segments do not represent more than 10% of the information required to aggregate a segment, pursuant to the aggregation criteria described in IFRS 8 Operating Segments, management has substantial evidence that its foreign business share will increase considerably against consolidated financial balances and, thus, management opted to report them separately. The accounting practices for each segment are the same as those described in note 2, description of Naturas business and significant accounting policies. The performance of the Companys segments was assessed based on the net operating income, net income and noncurrent assets. This measurement basis excludes the effects of interest, income tax and social contribution, depreciation and amortization. The financial information related to the segments as of December 31, 2011 and 2010 is summarized in the tables below. The amounts provided to the Executive Committee related to net income and total assets are consistent with the balances recorded in the financial statements and with the accounting policies applied.
Depreciation and amortization
(102,938) (4,226) (2,183) (574) (109,921)
Net revenue Brasil Argentina, Chile and Peru Mxico and Colombia Other (*) Consolidated
5,089,533 335,058 149,166 17,617 5,591,374
Net income
916,148 (578) (66,996) (17,673) 830,901
2011 Financial expenses, Income net tax

(73,470) (2,625) (1,245) (77,340) (406,168) 379 (1,040) (406,829)
Noncurrent assets
1,535,676 25,282 11,857 16,938 1,589,753
Total assets
3,482,649 187,016 96,070 27,277 3,793,012
Current liabilities
1,142,356 90,915 34,730 6,718 1,274,719
Net revenue Brazil Argentina, Chile and Peru Mexico and Colombia Other (*) Consolidated (*)
4,767,741 255,702 98,275 14,994 5,136,712
Net income
835,484 (19,822) (45,992) (25,620) 744,050
Depreciation and amortization

(82,692) (3,405) (2,104) (647) (88,848)
2010 Financial expenses, Income net tax

(47,918) (842) (976) (49,736) (374,412) (1,027) 1,319 (374,120)
Noncurrent assets
1,305,450 19,489 10,858 16,177 1,351,974
Total assets
2,970,381 156,666 69,041 25,783 3,221,871
Current liabilities
1,074,101 76,802 33,009 6,738 1,190,650
Includes operations in France and Corporate LATAM.
The Company has only on class of products that is sold to Natura Beauty Consultants which is classified as Cosmetics. As such, disclosure of information by products and services is not applicable. The Company has a diversified customer portfolio, with no concentration of revenue. 63
The revenue from foreign related parties reported to the Executive Committee was measured in accordance with that presented in the income statement. 21. NET REVENUE Company 2011 2010 Gross revenue: Domestic market Foreign market Other sales Returns and cancellations Taxes on sales Net revenue Consolidated 2011 2010
6,898,727 6,486,421 6,896,735 6,487,124 637,593 471,185 1,437 1,479 6,898,727 6,486,421 7,535,765 6,959,788 (11,514) (8,682) (12,212) (8,682) (1,038,436) (963,424) (1,932,179) (1,814,394) 5,848,777 5,514,315 5,591,374 5,136,712
22. OPERATING EXPENSES AND COST OF SALES a) Breakdown of operating expenses and cost of sales by function: Company 2011 2010 Cost of sales Marketing and selling expenses General and administrative expenses Compensation of key management personnel (note 23.1.) Compensation of key management personnel (note 27.2.) Total Consolidated 2011 2010
2,375,514 2,283,926 1,666,300 1,556,806 1,503,069 1,292,365 1,952,740 1,704,322 816,818 837,808 680,731 605,442 3,765 18,174 30,168 70,351
14,417 9,443 14,417 9,443 4,708,609 4,446,690 4,339,382 3,951,338
b) Breakdown of operating expenses and cost of sales by nature: Company 2011 2010 Variable costs and indirect costs of resale materials and products Marketing and selling expenses Freight expenses Services expenses Employee benefits (note 23) Depreciation and amortization charges Compensation of key management personnel (note 27.2.) Others expenses Provision of administrative services (note 27.1) 64 Consolidated 2011 2010
2,375,514 2,283,926 1,385,624 1,319,106 955,713 846,913 1,016,101 910,489 246,563 223,236 265,148 234,066 57,927 65,227 180,332 171,970 263,540 261,441 644,983 628,078 27,565 15,305 109,921 88,848 9,443 103,275 433,192 14,417 141,083 328,183 9,443 727,830 14,417 584,364 -
Provision of research and development services (note 27.1.) Total 23. EMPLOYEE BENEFITS
235,877 266,959 4,708,609 4,446,690 4,339,382 3,951,338 Company 2011 2010 Consolidated 2011 2010
Payroll and bonuses Employee profit sharing Defined contribution de pension plan (note 23.1.) Executives compensation Taxes payable 23.1. Profit sharing
183,741 177,326 439,684 414,167 3,765 18,174 30,168 70,351 2,553 2,167 4,300 2,528 6,359 4,081 13,369 11,288 67,122 59,693 157,462 129,744 263,540 261,441 644,983 628,078
The Company and its subsidiaries pay profit sharing to their employees and officers tied to the achievement of operating targets and specific goals, established and approved at the beginning of each year. As of December 31, 2011 and 2010, the amounts below were recorded as profit sharing: Company 2011 2010 Employees Officers (*) (*) Included in line item Management compensation. 23.2. Share-based payments Once a year the Board of Directors meets in order to choose the directors and managers who will receive the options and the total number to be distributed. Under the format prevailing until 2008, the programs had a four-year vesting period, after which 50% of the options could be exercised at the end of the third year and 50% at the end of the fourth year, and a maximum term of two years for the exercise of options after the end of the fourth year of the vesting period. In 2009, the plan was revised to establish the end of the fourth year as the vesting date of all the options granted, with the possibility of reducing the vesting period to three years through the cancelation of 50% of the options granted and setting the four years as the maximum term for the exercise of the options. On March 23, 2011, 1,491,780 options were granted under this new plan format, with the Exercise price of R$42.39. Consolidated 2011 2010
3,765 18,174 30,168 70,351 - 6,018 - 6,018 3,765 24,192 30,168 76,369
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The changes in the number of outstanding stock options and their related weightedaverage prices are as follows:
2011 Average exercise price Options per share - R$ (thousands) Balance at beginning of year Granted Cancelled Exercised Balance at yearend 28.10 42.39 29.35 25.33 32.84 6,839 1,492 (563) (405) 7,363 2010 Average exercise price Options per share - R$ (thousands) 23.22 34.17 22.80 22.74 28.10 5,538 2,176 (268) (607) 6,839
Out of the 7,363,000 outstanding options as of December 31, 2011 (6,839,000 outstanding options as of December 31, 2010), 1,214,000 outstanding options are vested (822,000 outstanding options as of December 31, 2010). The options exercised in 2011 resulted in the issuance of 405,000 shares (607,000 shares in for the year ended December 31, 2010) and in the use of 45,000 of the shares held in treasury. The expense related to the fair value of the options granted recognized in net income for the year ended December 31, 2011, according to the elapsed vesting period, was R$6,359 and R$13,369, Company and on a consolidated basis, respectively (R$4,081 and R$11,288, Company and on a consolidated basis, respectively, as of December 31, 2010). The stock options outstanding at the end of the year have the following vesting dates and exercise prices: As of December 31, 2011 Exercise price - R$ 31.97 30.24 23.48 25.61 37.58 43.85 Existing options 319,317 470,274 848,250 2,249,793 2,004,244 1,470,940 7,362,818 Remaining contractual life (years) 0.21 1.33 2.34 5.39 6.31 7.31 Vested options 319,317 470,274 424,125 1,213,716
Grant date March 29, 2006 April 24, 2007 April 22, 2008 April 22, 2009 March 19, 2010 March 21, 2011
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As of December 31, 2010 Exercise price - R$ 20.25 30.17 28.53 22.16 24.17 35.46 Existing options 82,981 414,120 650,333 1,128,902 2,436,105 2,126,372 6,838,813 Remaining contractual life (years) 0.21 1.23 2.35 3.36 6.40 7.32 Vested options 82,981 414,120 325,167 822,268
Grant date March 16, 2005 March 29, 2006 April 24, 2007 April 22, 2008 April 22, 2009 March 19, 2010
As of December 31, 2011, market price per share was R$36.26 (R$47.69 as of December 31, 2010). The options were measured at their fair values on grant date, pursuant to IFRS 2 - Shared Based Payments. The weighted average fair value of the options as of December 31, 2011 was R$32.84. The options were priced using the binomial pricing model. The significant data included in the fair value pricing model of the options granted in 2011 was as follows: 36% volatility (37% as of December 31, 2010). Dividend yield of 5.3% (5.3% as of December 31, 2010). Expect option life of three and four years. Risk-free annual interest rate of 10.98% (10.8% as of December 31, 2010). 23.3. Pension plan The Company and its subsidiaries sponsor two employees benefit plans: a pension plan, through a private pension fund managed by Brasilprev Seguros e Previdncia S.A., and an extension of healthcare plans to retired employees. The defined contribution pension plan was created on August 1, 2004 and all employees hired from that date are eligible to it. Under this plan, the cost is shared between the employer and the employees so that the Companys share is equivalent to 60% of the employees contribution according to a contribution scale based on salary ranges from 1% to 5% of the employees monthly compensation. As of December 31, 2011, the Group did not have actuarial liabilities arising from the former employees pension plan. The contributions made by the Company and its subsidiaries totaled R$2,553 (Company) and R$4,300 (Consolidated) in the period ended December 31, 2011 (R$2,167, Company and R$2,528, Consolidated in the period ended December 31, 2010) and were recorded as expenses for the year.
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24. FINANCIAL INCOME (EXPENSES) Company 2011 2010 Financial income: Interest on short-term investments Inflation adjustment and foreign exchange gains (a) Gains on swap and forward transactions Other financial income Financial expenses: Interest on financing Inflation adjustment and foreign exchange losses (a) Losses on swap and forward transactions Gains (losses) on the mark-to-market of swap and forward derivatives Other financial expenses Financial expenses, net 21,707 40,438 24,357 86,502 13,171 2,403 1,941 17,515 Consolidated 2011 2010 55,463 3,218 39,469 24,548 122,698 (92,044) (38,266) (27,688) 35,809 34 3,901 13,895 53,639 (58,457) (7,130) (12,218)
(72,487) (39,896) (36,496) (26,359) (3,757) (9,491)
(1,171) 416 (1,040) 142 (26,735) (5,509) (40,999) (25,712) (163,248) (58,237) (200,037) (103,375) (76,746) (40,722) (77,340) (49,736)
The objective of the breakdowns below is to explain more clearly the foreign exchange hedging transactions contracted by the Company and the related balancing items in the income statement shown in the previous table: Consolidated 2011 2010 (a) Inflation adjustment and foreign exchange gains Inflation adjustment and foreign exchange losses (a) Breakdown: Exchange rate changes on borrowings and financing Adjustment for inflation on financing Exchange rate changes on imports Exchange rate changes on accounts payable in foreign subsidiaries Exchange rate changes on export receivables 3,218 34 (38,266) (7,130) (35,048) (7,096) (32,104) (55) (2,256) (3,852) 3,218 (35,048) (2,781) 34 (1,089) (1,399) (1,861) (7,096)
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25. OTHER OPERATING INCOME (EXPENSES), NET Company 2011 2010 Gain (loss) on sale of property, plant and equipment PIS and COFINS credits (*) Untimely used PIS and COFINS credits Other operating income (expenses) Other operating income (expenses), net 918 11,887 15,461 15,313 43,579 106 350 456 Consolidated 2011 2010 (1,125) 16,852 40,378 6,973 63,078 (9,044) (8,424) (17,468)
(*) The stated amount includes the recognized PIS and COFINS tax credits arising from a favorable outcome in a lawsuit claiming the unconstitutionality and illegality of the PIS and COFINS taxable basis broadening established by Law 9718/98. For further details see note 17 (a), on contingent assets. 26. EARNINGS PER SHARE 26.1. Basic Basic earnings per share are calculated by dividing the net income attributable to the owners of the Company by the weighted average of common shares issued during the year, less common shares bought back by the Company and held as treasury shares. 2011 Net income attributable to owners of the Company Weighted average of common shares issued - thousands Weighted average of treasury shares Weighted average of outstanding common shares Basic earnings per share - R$ 26.2. Diluted Diluted earnings per share is calculated by adjusting the weighted average outstanding common shares supposing that all potential common shares that would cause dilution are converted. The Company has only one category of common shares that would potentially cause dilution: the stock options. 2011 Net income attributable to owners of the Company Weighted average of outstanding common shares Adjustment for stock options Weighted average number of common shares for diluted earnings per share calculation purposes Diluted earnings per share - R$ 2010 2010
830,901 744,050 431,129,772 430,548,910 (1,059,330) (655) 430,070,442 430,548,255 1.9320 1.7281
830,901 744,050 430,070,442 430,548,255 930,348 1,564,844 431,000,790 432,113,098 1.9279 1.7219 69
27. RELATED-PARTY TRANSACTIONS 27.1. Intergroup balances and transactions Receivables from and payables to related parties are as follows: Company 2011 2010 Current assets: Natura Inovao e Tecnologia de Produtos Ltda. (a) Natura Logstica e Servios Ltda. (b) Indstria e Comrcio de Cosmticos Natura Ltda. (c) Current liabilities: Trade payables: Indstria e Comrcio de Cosmticos Natura Ltda. (c) Natura Logstica e Servios Ltda. (d) Natura Inovao e Tecnologia de Produtos Ltda. (e) Related-party transactions are as follows: Company Product purchases Product sales 2011 2010 2011 2010 Indstria e Comrcio de Cosmticos Natura Ltda. Natura Cosmticos S.A. - Brasil Natura Cosmticos S.A. - Peru Natura Cosmticos S.A. - Argentina Natura Cosmticos S.A. - Chile Natura Cosmticos S.A. - Mexico Natura Cosmticos Ltda. - Colombia Natura Europa SAS - France Natura Inovao e Tecnologia de Produtos Ltda. Natura Logstica e Servios Ltda. 3,155,905 3,006,596 - 2,972,918 2,837,687 35,382 34,104 49,852 42,693 33,211 32,971 38,715 35,533 19,989 18,514 5,365 4,672 431 388 42 34 3,155,905 3,006,596 3,155,905 3,006,596 12,531 20,809 4,568 37,908 13,143 12,218 25,361
163,146 153,597 114,737 47,356 15,141 45,636 293,024 246,589
70
Service provided 2011 2010 Administrative structure: (f) Natura Logstica e Servios Ltda. Natura Cosmticos S.A. - Brasil Indstria e Comrcio de Cosmticos Natura Ltda. Natura Inovao e Tecnologia de Produtos Ltda. Product and technology research and development: (g) Natura Inovao e Tecnologia de Produtos Ltda. Natura Cosmticos S.A. - Brazil In vitro research and testing: (h) Natura Innovation et Technologie de Produits SAS - France Natura Inovao e Tecnologia de Produtos Ltda. Lease of properties and shared charges: (i) Indstria e Comrcio de Cosmticos Natura Ltda. Natura Logstica e Servios Ltda. Natura Inovao e Tecnologia de Produtos Ltda. Natura Cosmticos S.A. - Brasil Total of sales or purchases and services 433,192 433,192 438,095 438,095
Services received 2011 2010 323,715 67,694 41,783 433,192 328,183 67,810 42,102 438,095
235,877 235,877
266,959 266,959
235,877 235,877
266,959 266,959
2,790 2,790
3,538 3,538
2,790 2,790
3,538 3,538
7,296 7,296
6,728 6,728
4,227 1,699 1,370 7,296
3,899 1,567 1,262 6,728
3,835,060 3,721,916 3,835,060 3,721,916
(a) Advances granted for provision of product and technology development and market research services. (b) Advances granted for provision of logistics and general administrative services. (c) Payables for the purchase of products. (d) Payables for services described in item (f). (e) Payables for services described in item (g). (f) Logistics and general administrative services.
71
(g) Product and technology development and market research services. (h) Provision of in vitro research and testing services. (i) Lease of part of the industrial complex located in Cajamar, SP and buildings located in the municipality of Itapecerica da Serra, SP. The main intergroup balances as of December 31, 2011 and 2010, as well as intergroup transactions that affected the years then ended, refer to transactions between the Company and its subsidiaries. Because of the Companys and subsidiaries operational model, as well as the channel chosen to distribute products, direct sales via Natura Beauty Consultants, a substantial portion of sales is made by the subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. to the parent company Natura Cosmticos S.A. in Brazil and to its foreign subsidiaries. Sales to unrelated parties amounted to R$5,341 for the period ended December 31, 2011 (R$5,650 for the period ended December 31, 2010). No allowance for doubtful accounts was recognized for intragroup receivables as of December 31, 2011 and 2010 due to the absence of past-due receivables with risk of default. According to note 14, the Group companies usually grant each other pledges and collaterals to guarantee bank loans and financing. 27.2. Key management personnel compensation. The total compensation of the Groups key management personnel is broken down as follows: 2011 Compensation Variable Fixed (*) Total Board of Directors Officers Executives 3,786 5,657 9,443 30,587 3,786 5,657 9,443 2010 Compensation Variable Fixed (*) Total 3,348 5,051 8,399 1,985 5,333 4,033 9,084 6,018 14,417 14,917 40,111
2,390 32,977 25,194
(*) Refers to profit sharing recorded in the year. The amounts include any additions and/or reversals to the provision recorded in the previous year in view of the final assessment of the targets established for directors, officers and executives.
72
27.3. Share-based payments Breakdown of Company officers and executives compensation:

2011 Stock option grant Stock option balance (number) Average exercise (a) price R$ (b) Officers Executives 1,700,155 3,173,327 32.84 32.84 2010 Stock option grant Stock option balance (number) Average exercise (a) price R$ (b) 1,512,569 2,961,042 28.10 28.10
(a) Refers to the balance of unexercised vested and unvested options at the end of the reporting period.
(b) Refers to the weighted-average exercise price of the option at the time of the stock option plans, adjusted for inflation based on the Extended Consumer Price Index (IPCA) through the end of the reporting period.
28. COMMITMENTS 28.1. Inputs supply contracts The subsidiary Indstria e Comrcio de Cosmticos Natura Ltda. entered into a contract for the supply of electric power to its manufacturing activities, in effect through 2015, which provides for the purchase of a minimum monthly volume of 3.6 Megawatts, equivalent to R$363. As of December 31, 2011, the subsidiary was compliant to the contracts commitment. The amounts are carried based on electric power consumption estimates in accordance with the contract period, whose prices are based on volumes, also estimated, resulting from the subsidiarys continuous operations. Total minimum supply payments, measured at nominal value, according to the contract, are: 2011 Less than a year More than one year and less than five years More than five years 28.2. Operating lease transactions The Company and its subsidiaries have commitments arising from operating leases of properties where some of its foreign subsidiaries, the head office in Brazil and Casas Natura in Brazil and abroad are located. Contracts have lease terms of one to ten years and no purchase option clause when terminated; however, renewal is permitted under the market conditions where they are entered into, for an average of two years. 73 2010
3,983 3,899 9,842 9,591 - 2,578 13,825 16,068
As of December 31, 2011, the commitment made for future payments of these operating leases had the following maturities: Company Consolidated 2012 2013 2014 and thereafter 1,217 1,119 2,687 5,023 6,011 4,940 6,618 17,569
29. INSURANCE The Group has an insurance policy that considers principally risk concentration and materiality, and insurance is obtained at amounts considered by management to be sufficient, taking into consideration the nature of its activities and the opinion of its insurance advisors. As of December 31, 2011, insurance coverage is as follows: Item Industrial complex/ inventories Vehicles Loss of profits Type of coverage Any damages to buildings, facilities, and machinery and equipment Fire, theft and collision for 1,337 vehicles Loss of profits due to material damages to facilities, buildings and production machinery and equipment Insured amount 916,659 52,242 1,615,685
30. APPROVAL OF FINANCIAL STATEMENTS The individual and consolidated financial statements were approved by the Board of Directors and authorized for issue at the meeting held on February 15, 2012.
2011-2001 - NOTAS
74
NATURA MANAGEMENT REPORT 2011 VERSION 7
MESSAGE FROM THE CHAIRMEN OF THE BOARD
The ethical challenge of our time Natura may be the most evolved example weve seen thus far of a company managing its world in full color and maximizing value added to its ecology.
Chris Meyer, Standing on the Sun: How explosion of capitalism abroad will change business everywhere
In 2001, we received confirmation that our world is indeed unsustainable, if the current level of production, global consumption and socio-environmental imbalance is maintained. The surge of incidents in recent years speaks volumes: in 2006, there arose an awareness of the risks of man-made global warming; two years later, we had the financial crisis, which is now deepening in the European Community. Finally, since 2010, we have watched with bewilderment as the Arab Spring erupted, in varying degrees of social upheaval, behind a common goal to establish the foundations of a fairer and more equal society. We believe that only a profound transformation based on the ethics of life, in which a new sense of development and a renewed global governance prevail over the interests of regions, countries and economic groups will be a source of hope for future generations and for our continued existence on Earth. If, on the one hand, this scenario concerns us, on the other it reasserts our determination to invest all our emotional and intellectual energy so that Natura can serve, increasingly, as an agent of this much-needed social transformation. Underpinned at all times by the principles of sustainability, in pursuit of the best integrated economic, social and environmental results. This corporate conduct, in
keeping with the values of society, impels us to take Natura and its value proposition to new frontiers and geographic regions. Brazil and Latin America, our primary markets, are currently in a privileged position. While they are not immune from the effects of an international recession, they tend to be impacted less by global imbalances. The economic rise of an important population contingent, particularly the participation of women, seems to have a scope that could drive a long cycle of development, although still far from our aspiration of achieving a sustainable model. The sizable investments being made by large cosmetic, toiletry and fragrance companies in Latin America confirm this highly promising scenario. In a short space of time, Brazil will become the worlds second largest market in our sector. In our message this year, we have quoted a passage from the recently published book by Harvard professor, Chris Meyer, not only because we feel honored by the references to our business model, but also due to the overt exhortation to 21st century capitalism. The value of our model lies in the fact that it is a process undergoing continuous improvement, evolving through the union of technology and hearts engaged in the same cause. Therefore, we envisage the possibility of expanding the transformational power of our relationship network. The ever fuller exercise of our Reason for Being, the promotion of WellBeingWell, will lead us to strengthen our ties and the quality of our relationships with sales consultants, employees, business partners and consumers, all of whom are driven by dreams and the pursuit of personal and professional fulfillment. Determined to see solidarity, creativity and altruism prevail over all other interests, with respect and reverence for life. We reassert our commitment to stand beside all those who want to participate in this essential collective construction of humanity.
Yours in friendship, Antonio Luiz da Cunha Seabra Pedro Luiz Barreiros Passos Guilherme Peiro Leal Co-Chairmen of the Board
MESSAGE FROM THE EXECUTIVE COMMITTEE THE BASIS OF NATURA FOR THE FUTURE
Over the past five years, we have implemented some profound changes at Natura. We practically doubled in size between 2007 and 2011, and the figures demonstrate the consistency of our strategy: the number of sales consultants has risen from 718,000 to 1.4 million, increasing product orders from 9 million to an impressive 17 million per year; Ebitda has grown sharply from R$700 million to R$1.4 billion and net revenue has advanced from R$3 billion to R$5 billion. The participation of our international operations, meanwhile, has climbed from 4.4% to 9%. To provide support for this cycle of growth, we have staged an overhaul of our logistics model, developed and attracted new leadership that increasingly identifies with our business culture and corporate conduct, implemented a management system structured around Business Units and Regional Units, and continued investing in innovative product conception, in environmental impact management and in our business model. In 2011, we made the largest investment of our history, allocating almost R$350 million to expand production, develop the logistics model and improve technology, indispensible for the sustainability of our growth. We have improved the standard of our infrastructure, to allow our products to reach the hands of our sales consultants more quickly, with a reduction in order costs and in the emissions of gases that contribute to global warming. It should be recognized that the simultaneous implementation of new systems for capturing orders and the overhaul of our logistics model, with the opening of new distribution centers, caused some instability in our operations that affected the quality of our service and our relationships. Meanwhile, we also experienced a decline in our commercial and marketing efficiency. The combination of these two factors had repercussions on results, which fell short of our expectations, requiring strategy adjustments over the course of the year. We are determined to improve the assertiveness of our promotions, assuring a better balance between the portion that is centrally planned and the part that is managed regionally. And we are confident that the same changes to the infrastructure will allow us to achieve a standard of service that will sharpen the competitive edge of our brand. The year also came with fresh opportunities. Following a period of strong business expansion through the growth of our sales channel, which has permitted us to raise
the penetration of our products in Brazilian households from 40% to 60%, we decided the time was right to progress with our strategy. The focus has now been placed on the productivity gains of our sales consultants, increasing the frequency of purchases by customers and the variety of the products they buy. After all, we have the most preferred brand on the market and our sales consultants engage with around 100 million consumers in Brazil. We remain enthusiastic with the expansion of our international operations, the result of the work of a high-quality leadership team that comprises professionals with both experience at Natura and a knowledge of local markets. In Argentina, Chile and Peru, countries where our operations are in the stage of consolidation, we grew at a rate of 36% per year in weighted local currency, significantly improved our profitability and are already among the most preferred brands in our sector. In 2011, we gave continuity to the process of increasing local manufacturing, by starting production in Colombia. In Mexico, we doubled the size of our distribution center and began to reap the first benefits of the Sustainable Relationship Network an innovation in our commercial model, developed especially for the Mexican market, that encourages socio-environmental entrepreneurship, unprecedented in the direct selling industry. In the economic arena, our net revenue rose 8.9% and Ebitda grew 13.4%. In the social field, we increased the distribution of wealth to our primary stakeholders. Nevertheless, the adjustments made over the year had an adverse effect on the organizational climate and the satisfaction level of our sales consultants. Environmentally speaking, we achieved our reduction targets for carbon emissions and use of natural resources, such as water and energy. At the same time that we made changes on multiple fronts, we also made progress towards a new perspective for the future of our business. We are particularly excited about the future of the direct selling industry. From the outset, we have believed in the enterprising and transformational capacity of people who are engaged in common purposes. In a world that is increasingly more digitally connected, where personalized service for each customer is growing in importance, there are huge opportunities in direct selling for continued expansion. We envisage a future in which the relationship between sales consultants and customers will be supported by information technology and by social networks, a platform where services can still be developed a great deal and, at the same time, increase the creation of value for everyone involved. Inspired by the continued desire to see our brand reach new heights, we reassert our enthusiasm to proceed with all those who are part of the Natura community, giving increasingly more significance to the relationship network we have built.
Alessandro Giuseppe Carlucci
CEO Joo Paulo Ferreira Senior Vice President of Operations and Logistics Jos Vicente Marino Senior Vice President of Business Marcelo Cardoso Senior Vice President of Organizational Development and Sustainability Roberto Pedote Senior Vice President of Finance, Legal Affairs and Information Technology
NATURA MANAGEMENT REPORT 2011

Market context
According to the latest data from the Brazilian Cosmetic, Toiletry and Fragrance Industry Association (Abihpec/Sipatesp2), the sectors target market in the country grew 7.7% in nominal terms in the first 10 months of 2011, below analysts forecasts. In this context, Natura held on to its leadership of the sector, with a market share of 23.2%, which was 0.4 percentage points lower than the same period last year.
Advances in infrastructure
The investments in infrastructure will provide the basis for the new cycle of growth at Natura. Since 2009, our logistics structure has undergone an extensive overhaul. We intend to guarantee that our products reach the hands of our sales consultants more quickly, with a reduction in order costs and Greenhouse Gas (GHG) emissions. In 2011, we opened one distribution center and expanded the handling capacity of another three centers. Equipped with modern picking technology, as well as being highly automated and energy efficient, they are designed to handle a larger number of orders, including those with fewer items, making it easier to split up deliveries. This helps us make productivity gains and reduce order costs. In 2012, we gave continuity to this expansion by opening a new distribution center and a hub in So Paulo. With these investments, we brought forward by almost two years our plans to overhaul the logistics network. Our goal is to significantly reduce the service time for our sales consultants. In our international operations, we also achieved gains in logistics efficiency, with new distribution planning in Latin America, which centralizes the distribution service in Colombia and Mexico. We have consolidated the perfume bottling operation in Argentina, which began in 2010, and we began producing soap in Colombia. As a result, we expect to significantly increase the percentage of locally manufactured products.
Corporate Governance and the Capital Market

The Board of Directors underwent a process of renewal, with the substitution of two of its members. After contributing to the growth and development of Natura for more
than a decade, Edson Vaz Musa and Jos Guimares Monforte announced their resignation. To serve in their places, the Annual General Meeting (AGM) in April 2011 approved the appointment of Marcos Lisboa and Adlson Primo as external and independent board members Primo resigned in November and his position has yet to be filled. The same AGM approved the return of Guilherme Peiro Leal to the position of co-chairman of the Board of Directors after he took a temporary leave to run in the 2010 presidential elections. Since 2010, we have been working to attract the largest possible number of our 10,000 shareholders to the AGM, primarily our small investors. We believe this is a way to reassert our involvement and the transparency of our relationship with shareholders. In 2011, we organized an event to encourage dialogue between shareholders and the members of the Board of Directors and the Executive Committee, the CEO, the founders of Natura and the Investor Relations and Corporate Governance departments. Another highlight last year was a joint public meeting with the participation of Apimec-SP (So Paulo Association of Capital Market Analysts and Investment Professionals), which will be repeated at the AGM in 2012, scheduled for April 13.
Profile of shareholders
2009 2010 7,838 560 850 9,248 2011 8,722 659 867 10,248
Individuals Brazilian companies Foreign companies Total
7,699 560 668 8,927
Share performance In 2011, Natura shares fell 20.4%, slightly more than the annual loss of 18.3% reported by the Ibovespa, the main index of Brazils BM&FBOVESPA stock exchange.
Average Daily Trading Volume (R$ million) 2009 25,983 2009 25,983 2011
43,696
Source: Economtica
Considering the period since the company went public, in 2004, our shares have performed significantly better than the Ibovespa, as can be seen in the graph below:
1.000 NATU3 29/12/2011 R$36,21 900
ndice Bovespa
800
NATU3
588,0%
700
Base 100 = 25/05/2004
600
500
400
NATU3 25/05/2004 R$5,27
200,9%
300
200
100
2004
2005
+37.9% +28.3%
2006
+51.1% +29.1%
2007
-41.4% +47.4%
2008
+18.0% -41.4%
2009
+101.6% +82.7%
2010
+37.0% +1.3%
2011
-20.4% -18.1%
NATU3: +87.2% Ibov: +33.0%
Natura shares are included in the Brazilian stock markets main indices: Ibovespa, IBrX50 (that lists the 50 most liquid shares on the BM&FBOVESPA), ISE (Corporate Sustainability Index), Corporate Governance Index, Special Tag Along Stock Index, Morgan Stanley Composite Index and ICO2 (the BM&FBOVESPAs Carbon Efficient Index).
Economic Performance
Naturas consolidated net revenue in 2011 was R$5.591 billion, an increase of 8.9% over 2010, with EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of R$1.425 billion and an EBITDA margin of 25.5%. Net income was R$830 million and the net margin was 14.9%.
(R$ Million) Consolidated Net Revenue Consolidated Ebitda
2009
2010
2011
4,242.1 1,008.5
5,136.7 1,256.8
5,591.4 1,425.0
Consolidated Net Income
683.9
744.1
830.9
In the Brazilian operation, net revenue grew 6.8% to R$5.087 billion. The international operations, meanwhile, reported robust growth of 40% in weighted local currency (35.4% in reais), totaling R$503 million, or 9.0% of Naturas consolidated net revenue, the largest share ever. Free cash generation over the year was R$411 million compared to R$716 million in 2010, a reduction of 42.7%. In 2011, there was an increase in working capital, concentrated mainly in the expansion of on-hand inventory and the increase in recoverable taxes. In 2011, we invested R$346 million in property, plant and equipment, primarily in information technology, manufacturing capacity and logistics infrastructure.
Social and Environmental Performance

We continued to increase the creation of value for Naturas main stakeholders, as shown in the table below:
Distribution of wealth (R$ million) 2009 Shareholders1 Consultants Employees Suppliers Government 551.9 2,302.5 643.0 3,087.5 1,147.4 2010 646.9 2,738.2 769.2 3,707.4 1,476.5 2011 551.9 2,302.5 643.0 3,087.5 1,147.4
1. The amounts distributed to shareholders refers to the dividends and interest on capital actually paid to shareholders, i.e. they consider the cash basis.
Payment of dividends On February 15, 2012, the Board of Directors approved a proposal for the payment of R$762.6 million in dividends and R$61.1 million in interest on capital (R$51.9 million net of withholding tax) for the 2011 financial year. This proposal will be submitted to the Annual General Meeting (AGM) to be held on April 13, 2012.
On July 20, 2011, in advance of the AGM, Natura paid dividends in the amount of R$295.3 million and interest on capital in the amount of R$31.9 million (net of withholding tax). The remaining balance of R$467.3 million in dividends and R$20.1 million in interest on capital (net of withholding tax) shall be paid on April 18, 2012, following approval by the AGM. These dividends and interest on capital related to earnings for the 2011 financial year represent net earnings of R$1.89 per share (R$1.65 per share in 2010), corresponding to 99% of net income for 2011. Final result of the sum of all the revenue and expenses for the fiscal year.
High-Priority Sustainability Issues Pursuing the challenges of sustainability is, first and foremost, a major source of innovation for Natura. We work continuously to integrate the economic, social and environmental aspects of our business in Naturas management. Our value proposition involves the construction of a sustainable development model that considers the risks and opportunities in all three dimensions of the triple bottom line, creating value for society and for our business. Sustainability, therefore, is a principle that underpins our business processes, integrates our strategic planning and is monitored by our senior management. The definition of our sustainability priorities is made together with our stakeholders. In 2011, we concluded our biennial review of these priorities, which we consider vital to the future of Natura and are reported on a monthly basis by the Sustainability Committee to the senior management. See below the main achievements in these areas:
Water Over the years, we have streamlined our production processes and acquired efficiency in the use of water in our operations. In 2011, we reduced our consumption from the previous year from 0.42 to 0.40 liters per unit produced. We understand, however, that our impact involves more than just consumption in production. To improve our knowledge, we began a broad study two years ago that resulted in our first water inventory, developed in accordance with the methodology of the Water Footprint Network (WFN), an international organization that promotes the sustainable, fair and efficient use of water. Natura was the first company in the cosmetic sector to use this technology and the only company in the world to apply the water inventory to the use of products by consumers.
Water consumption (liters/unit produced)1 2009 0.42

1
2010 0.42
2011 0.40
Water consumption metric altered from unit billed to unit produced to allow the early identification of
opportunities for improvement in our processes.
Education In 2011, we developed a new education framework for Natura that goes beyond educating just our employees. Based on the dissemination of sustainability, the education will now extend to all our suppliers, sales consultants and surrounding communities, among other stakeholders. Another key pillar of our education strategy is the Natura Institute. Created in 2010, this non-profit institute is responsible for our private social investment and is focused on promoting quality education. An important expression of this commitment is the Crer para Ver (Believing is Seeing) program, which is funded through the sale of a special line of products, the earnings from which are spent on projects to improve public education in Brazil and Latin America. In 2011, the program raised R$8.4 million. The Natura Institute strives to offer educational technologies that promote large-scale transformations in society, which has already been achieved through the Trilhas (Trails) project, which encourages reading and writing in pre-school children. The initiative has now become a federal government policy: in 2012, it will be implemented in 2,000 municipalities for some 3 million pupils in partnership with the Ministry of Education.
Sustainable Entrepreneurship Our sales channel represents a valuable opportunity to incentivize socioenvironmental entrepreneurship actions. Some initiatives have already started to explore this potential, such as the Acolher (Embrace) Program, which supports socioenvironmental projects developed by our sales consultants and consultant advisors. Another innovation is the Sustainable Relationship Network that we have established in Mexico. According to this new business model, launched half way through 2011, sales consultants are awarded engagement points with Natura in accordance with both their sales figures and their engagement in socio-environmental projects in the
communities where they live. After nine cycles of this initiative in 2011, the model is producing results that have filled us with enthusiasm and taught us some important lessons.
Climate change Our commitment to the reduction of Greenhouse Gas (GHG) emissions began in 2007, when we launched the Carbon Neutral Program and made a commitment to reduce relative emissions by 33% throughout our extended production chain, from the extraction of raw materials through to consumption. By the end of 2011, we had managed a relative reduction of 25.4% compared to 2007. We also have an additional goal to cut our absolute emissions (generated in our production process) by 10% by the end of 2012. Although absolute emissions rose 11% in 2011 compared to 2008, we have maintained the same commitment in virtue of the projects that will be implemented throughout this year.
Relative emissions (Kg of CO2e/kg of billed product) 2009 3.55

1.
2010 3.30
2011 3.12
CO2e (or CO2 equivalent): measure used to express greenhouse gas emissions, based on the global warming potential of each one.
The emissions that can still not be avoided are offset by purchasing carbon credits from reforestation, energy efficiency and fuel substitution projects, reducing the impact of our operations and promoting the green economy. In 2011, we contracted our first offsetting project outside Brazil, in the city of Cceres, in Colombia.
Solid waste We are working together with the Brazilian Cosmetic, Toiletry and Fragrance Industry Association (Abihpec) on the formulation of proposals to ensure compliance with the National Solid Waste Policy, which has been in effect since 2010. Just as we do with carbon emissions and water consumption, in 2011 we developed a methodology that allows us to prepare our first waste generation inventory. We
believe that waste management can be a driving force of value for the generation of business through an ongoing process of innovation. Currently, we measure and manage only the waste inside our operating units. In 2011, we achieved a 13% reduction, with the generation of 20.01 grams per unit produced compared to 23.09 the previous year.
Social biodiversity We encourage discussion on the use of social biodiversity and we support the establishment of a new legal framework on access to biodiversity that promotes the sustainable use of Brazils genetic heritage and the traditions associated with it. We want this relationship to encourage research, production and conservation of biological diversity. This is why we launched the Amazon Program, which was created to generate new business and act as a catalyst for knowledge, ideas and initiatives. Naturas challenge is to contribute to the sustainable development of the Amazon region through science, technology and innovation, and through the consolidation of production chains in the region. To establish a movement that integrates the various groups and their knowledge in a large trading network that can find solutions using the products and services from social biodiversity and reveal the huge potential of the business that exists in the Amazon. In 2011, we measured our volume of business in the Amazon region for the first time and came to a figure of R$64.8 million.
Quality of Relationships We believe that the development of Natura depends on our potential to find answers to todays challenges in a broad and collective way, and also on the bonds we establish with our various stakeholder groups. To transform this belief into action, we adopted a structured relationship management in 2009 that includes permanent dialogue channels with our stakeholders. For Natura, this is a means of co-creating, of finding the best and most thorough solutions with technical and relationship quality. See below the results we have achieved with the stakeholders closest to our business:
Sales Consultants and Consultant Advisers
The main challenge in our relationship with the sales channel in 2011 was the quality of the service delivered to the sales consultants. We worked tirelessly over the year to correct the imbalances in product availability and reached the last four cycles of 2011 with a more stable platform for capturing and billing orders, indicating a significant improvement in the level of service. During the period of instability in our operations, we sought to maintain an honest and open dialogue with our sales force. We used the Natura meetings, which are held regularly in each cycle, to inform our sales consultants of the difficulties we were experiencing and the steps we had taken. As a result of the instability, the loyalty indicator of our sales consultants fell from 21% in 2010 to 19% on the Brazilian market. We intend to step up our efforts, since while we acknowledge that we still have a long way to go, we are enthusiastic about what can and will be done.
Employees As we have expanded our business, both in Brazil and abroad, the challenge of recruiting, retaining and developing our staff has grown more acute as, in addition to professional skills, our employees need to adhere to our Essence. We have, therefore, been working to strengthen our staff development programs, and in 2011 we refined our education proposal. This is essential for an organization with 6,700 people. We strive to maintain a working environment that is both receptive and stimulating. And we have always expected to keep improving the satisfaction of our employees, measured in the organizational climate survey that encompasses all our operations. However, the adverse and unexpected conditions in 2011 generated a good deal of extra work for our staff, and this was an important reason why this indicator fell three percentage points, receiving a 70% rate of favorable responses from employees. We are going to expand our efforts to rectify this situation and achieve the standard of excellence to which we aspire.
Climate Survey Favorable Responses (%)1 Natura
2009 74
2010 73
2011 70
1. Equivalent to the percentage of employees who checked 4 and 5 (top 2 boxes) on a scale of 0 to 5 points.
Consumers In the modern business environment, companies are dramatically changing the way they engage with their customers. Natura believes there is a huge opportunity to transform and streamline the quality of this relationship. It is worth pointing out that, in 2011, Naturas penetration into Brazilian households rose significantly, from 54.8% to 61.9%. This means that we reached approximately 100 million people. Considering that we are the preferred brand in cosmetics, we have an excellent opportunity to increase the purchasing frequency of these consumers who already have contact with our sales consultants.
Suppliers Following our expansion in Latin America, we have increased the participation of suppliers from the region by means of a new regional procurement structure for our international operations. This has resulted in efficiency gains in services and in the purchase of indirect materials. In 2011, we also streamlined our supply base in partnership with the suppliers themselves, defining new criteria for purchases based on broader considerations including the socio-environmental impact. We have monitored the satisfaction of our suppliers, using the loyalty indicator that measures overall satisfaction and the intention to continue working with Natura and recommend the company to other suppliers. In 2011, the loyalty of our partners in Brazil remained fairly stable, at 26.5% compared to 27.7% the year before.
Supplier communities In 2011, we worked with 32 supplier communities, involving 3,235 families. These figures represent an increase of 40% in the number of families involved and a 15% rise in the amount of resources allocated to these communities, as well as significant improvements in local development.
Supplier Communities1 Number of communities engaged with Natura Benefited families in the supplier communities
2009 25 2,012
2010 25 2,301
2011 32 3,235
Just like previous years, we expanded our business with surrounding communities as part of a strategy to extend the social benefits generated by access to biodiversity ingredients and the associated traditional knowledge. It is worth pointing out that the main driving force behind this expansion was the increased vegetalization of our products particularly the Ekos line, which was relaunched in 2011. As a result of this, we allocated over R$10 million to supplier communities in 2011. The figure represents the amount paid to input suppliers, benefits sharing contracts, access, access to genetic heritage or to associated traditional knowledge, use of image and investments in local development.
Resources allocated (R$ million) Supply1 Sharing benefits from access to genetic heritage or associated traditional knowledge2 Funding and sponsorship3 Use of image4 Training5 Certification and stewardship6 Studies and advisory services7 TOTAL
2009 2,767.1 1,056.2 1,087.6 14.5 151.7 27.8 435.1 5,540.3
2010 4,373.6 1,480.1 1,551.7 76.5 184.5 212.2 827.7 8,706.4
2011 6,749.1 1,597.4 1,002.2 22.0 133.0 21.5 512.0 10,037.2
1. Consists of the amount paid by the beneficiaries or by the Benevides Industrial Unit for the purchase of raw materials used in our products. 2. Corresponds to the amounts paid by Natura in benefits shared with communities where genetic heritage and/or traditional knowledge associated with a species of Brazilian biodiversity was accessed. 3. Sustainable development funding agreements voluntarily supported by Natura, for which disbursement is contingent on the implementation of projects or sponsorship for infrastructure improvements. 4. Amounts paid by Natura for use of image of community members in its institutional publicity or marketing materials. 5. Includes workshops and courses paid for by Natura for the communities to improve their sustainable production techniques. 6. Amounts invested in certification and stewardship plans for cultivated areas. 7. Includes all studies by anthropologists, lawyers, economists, NGOs and other services commissioned by Natura. It also includes technical studies contracted by the Bioagriculture department for the structuring of production chains.
Outlook Brazil is still one of the worlds most prosperous cosmetic, toiletry and fragrance markets. Although it grew less in 2011 than in previous years, it will no doubt continue to expand faster than the industry as a whole. In this environment in expansion, we are determined to assure that the service to our sales consultants and end consumers achieves a standard of excellence, sharpening the competitive edge of the Natura brand. Given the sizable penetration of our products, which are present in the households of nearly 100 million Brazilians, and the leadership of the Natura brand in consumer preference, nearly double that of the second placed brand, we have the opportunity to increase the frequency of purchases by customers and the variety of the products they buy. This will drive the productivity gains of our sales consultants. To achieve this, we are going to redirect our marketing mix and promote innovations to occupy the spaces where our brand is still not present, among other initiatives. We remain confident and enthusiastic about the expansion of our international operations, which have proven to be a relevant and lucrative business platform, capable of expressing the values of Natura in the region. In Latin American countries, we are expanding the sales channel and increasing our local manufacturing, which will allow us to speed up our growth in an equally large market in which we still have plenty of room for development. We have paid close attention to the changes taking place in the business environment, with more demanding consumers, advances in digital technology and the connectivity of social networks. We intend to use these tools to continue expanding our business, generating income for our sales consultants and providing the best buying experience for our customers. Confident in the innovative spirit of our staff, we believe that these times of major transformation will allow Natura to take its value proposition to new geographic regions, thereby broadening the scope of its relationship network and its potential to contribute to the construction of a business model for the future. Adherence to the Market Arbitration Chamber The company, its shareholders, administrators and members of the Fiscal Council undertake to settle, through arbitration, in the Market Arbitration Chamber, any and all disputes or disagreements that may arise among them, related to or deriving from, in particular, the application, validity, effectiveness, interpretation, violation and its effects,
of the provisions in Law No. 6,404/76, the companys bylaws, the rules issued by the National Monetary Council, the Central Bank of Brazil and the Brazilian Securities Commission (CVM), as well as other rules applicable to the operation of the capital market in general and those contained in the stock exchanges Novo Mercado (New Market) Regulations, Arbitration Regulations, Sanctions Regulations and Listing Agreement.
Relationship with the independent auditors In accordance with CVM Instruction No. 381/03, we confirm that the company and its subsidiaries formally consult with the independent auditors Deloitte Touche Tohmatsu to assure that any additional services it may provide do not affect its independence and objectivity that are required to perform independent auditing services, as well as to obtain the approval of the Audit Committee. The companys policy for contracting the services of independent auditors assures that there is no conflict of interests or loss of independence or objectivity. In 2011, no such services were commissioned. Additionally, in accordance with CVM Instruction No. 308/99, the company and its subsidiaries hereby notify that they have contracted the independent auditors Ernst & Young Terco Auditores Independentes S.S. to audit the companys financial statements for the fiscal year ending on December 31, 2012, replacing Deloitte Touche Tohmatsu Auditores Independentes (Deloitte), which performed the audit that we present in this Management Report. The decision was taken at the meeting of the Board of Directors on January 10, 2012, following the recommendation of the companys Audit Committee.
Guidelines for sustainability reporting In order to accurately and transparently portray our performance in the economic, environmental and social arenas, we have adopted the guidelines of the Global Reporting Initiative (GRI-G3.1), whose criteria will be developed extensively in our 2011 Annual Report. All social and environmental data contained in the GRI indicators are subject to external verification by independent auditors from Ernst & Young Terco Auditores Independentes S.S.. In the case of GHG emissions, a specific verification (limited assurance) of the 2011 inventory data was carried out by KPMG.
So Paulo, February 15, 2012 Natura Cosmticos S.A. (BM&FBovespa: NATU3)

announces today its results for the fourth quarter of 2011 (4Q11). Except where stated otherwise, the financial and operating information in this release is presented on a consolidated basis, in accordance with International Financial Reporting Standards (IFRS).
INTRODUCTION
Consolidated net revenue in fiscal year 2011 was R$ 5,591.4 million, up 8.9% from 2010. EBITDA was R$ 1,425.0 million, representing growth of 13.4% and EBITDA margin of 25.5% (24.5% in 2010). Net income in the year was R$ 830.9 million, for growth of 11.7% and net margin of 14.9% (14.5% in 2010). In the fourth quarter of 2011 (4Q11), consolidated net revenue was R$ 1,670.5 million, representing growth of 7.3% in relation to the year-ago period. EBITDA was R$ 500.4 million in the quarter, rising 39.8% from 4Q10, with EBITDA margin of 24.1%. Net income was R$ 290.7 million, up 32.5% on 4Q10, with net margin of 17.4%. In the Brazilian operations net revenue in the year grew 6.8% to R$ 5,087.6 million. EBITDA margin was 29.0% in 2011, expanding from 28.0% in the previous year. In the international operations net revenue in 2011 was R$ 503.8 million, representing growth of 40.0% in weighted local currency. EBITDA1 in these operations was a loss of R$ 51.1 million, improving by R$ 27.3 million from the loss of R$ 78.4 million in 2010. 2011 highlights: The total consultant base reached 1,421,000 in the year, expanding by 16.3% from 2010. In Brazil, we ended 2011 with 1,175,000 consultants, for growth of 14.3%, and with 13,250 CNOs (Super Consultants). In the international operations, the number of consultants was 246,000, for growth of 27.1% on a year earlier. In Brazil, according to the survey conducted by Brand Essence/Ipsos, the Natura brand remained at the top with 47% of consumer preference (49% in 2010). In the international operations we obtained significant advances in our brand recall and
Based on pro forma EBITDA.
preference levels. In Argentina and Peru, we are among the top three brands in terms of consumer preference in the Cosmetic, Fragrance and Toiletry (CFT) sector.
In Brazil, according to the latest data from Sipatesp/Abihpec2, Naturas target market
grew by 7.7% in the first 10 months of 2011. Naturas market share stood at 23.2% in the year, for a decline of 36 basis points. The following table presents the growth in the CFT industry and Naturas market share. ABIHPEC/SIPATESP target market of cosmetic, fragrance and toiletry products in Brazil and Naturas market share
Core Market (R$ million) Market Share - Natura (%)
10M11
Cosmetics and Fragrances Toiletries Total
Source: SIPATESP
10M10
7,686.1 7,910.0 15,596.1
Change %
6.8% 8.5% 7.7%
10M11
33.7% 13.1% 23.2%
10M10
34.3% 13.1% 23.5%
Change %
(0.6) 0.0 (0.4)
8,209.9 8,579.5 16,789.4
The innovation3 index stood at 64.8% in the year (65.7% in 2010), remaining stable in relation to recent years. We launched 164 products in 2011, with the highlights the relaunch of the Natura EKOS line and the launch of the new lines Higeia and VV. We invested regularly in infrastructure projects aimed at improving the quality of the service provided to our consultants and final consumers in order to prepare the company for growth and to capture efficiency gains. The main projects were: o Expansion of the SAP4 system for billing and ordering processes, which substituted 28 legacy systems; o Inauguration of a new Distribution Center (DC) in the state of Paran and expansion of three existing ones, for a total of 8 DCs in Brazil; o Reformulation of processes and systems for planning demand; and o Launch of the expansion of our production capacity and the construction of a new Distribution and Logistics Center in So Paulo, which will be concluded within the next 15 months. The high complexity of these projects and simultaneously implementing them contributed to a temporary drop in the level of service provided to our consultants and
2
Sipatesp/Abihpec: So Paulo State Perfumery and Toiletry Association / Brazilian Cosmetic, Fragrance and Toiletry Industry Association. 3 The innovation index is based on revenue in the last 12 months from products launched in the last 24 months. 4 SAP: system that offers an integrated set of modules for business management, which include: manufacturing, financial, sales, distribution and human resources.
final consumers, which negatively impacted sales in Brazil in the second half of the year. The international operations, on the other hand, made an important contribution and already account for 9.0% of consolidated net revenue (9.5% in 4Q11). The operations in consolidation (Argentina, Chile and Peru) registered net revenue growth in weighted local currency of 36.1% in 2011. EBITDA was a gain of R$ 43.0 million, for EBITDA margin of 12.8% (R$ 13.1 million and EBITDA margin of 5.1% in 2010). In the operations in implementation (Mexico and Colombia), net revenue in weighted local currency grew by 55.6% in the year. Still in the international operations, we made progress in our strategy of adapting our activities to the local reality. In Mexico, we implemented a new sales model (Sustainable Relations Network) and in Peru and Colombia we launched the CNO Super Consultant model. The model based on local production using third parties, which has been used in Argentina since 2010, was extended to the production of soaps in Colombia. Natura ended the year with a cash balance of R$ 515.6 million and net debt of R$ 1,130.0 million, which corresponds to 0.4x EBITDA. Free cash flow5 was R$ 410.6 million, down 42.7% in relation to 2010. This reduction was due to the higher investments in infrastructure projects (fixed assets) and the higher consumption of working capital, in particular for the increased inventory coverage and higher recoverable taxes. In 2011, we launched the Programa Amaznia (Amazon Program) with the goal of contributing to the regions sustainable development, which involved creating a large network that fosters the valuing of social and biodiversity and captures the business potential that exists in the Amazon, while contributing to social and economic development and the conservation of biodiversity. We reduced our greenhouse gas (GHG) emissions by 5.3%, bringing to 25.4% the cumulative reductions in the period from 2007 to 2011. We launched a new bidding process for selecting emissions-neutralization projects in 2011-2012 and we contracted the first carbon-offset projects outside of Brazil, which are located in Colombia. In our social investments, which are made through the Natura Institute, we are focused on offering educational technologies that promote large-scale transformation in society that contributes to the formulation of new public policies in the area of education. One example is the Projeto Trilhas (Paths Project), which promotes reading and writing in preschool education and was adopted by the Ministry of Education. Through the
Free Cash: (internal cash generation) +/- (variations in working capital and long-term assets and liabilities) (acquisitions of fixed assets).
5
Programa Crer para Ver CPV (Believing is Seeing Project), we raised R$ 8.4 million and reached 345 cities in Brazil, involving 4,900 schools and 940,000 people including students, teachers, coordinators and principals. The following table shows the final results of the indicators with the respective targets for 2011:
Indicator
2010 Result
2011 Commitment Reduce GHG emissions 33% by 2013, based on the inventory we conducted in 2006.
2011 Result
Greenhouse gases
-7.3% (21.2% cumulative)
-5.3% (25.4% cumulative)
Water consumption
0.42 liter/unit produced
Reduce total water 0.40 liter/unit produced consumption per unit produced (4.8% reduction) by 4.8% Raise R$ 13 million from product sales under the Believing is Seeing (CPV) program
Funds raised by CPV program
R$ 10.0 million
R$ 8.4 million
* The water consumption metric was changed from units billed to units produced to allow for adjusting the metric to inventories.
Natura Stock (NATU3) In 2011, the price of Natura stock declined by 20.4%, while the Bovespa Index fell by 18.1%. Average daily trading volume in the period was R$ 43 million. The following chart shows the performance of Natura stock since its IPO:
1.000 NATU3 29/12/2011 R$36,21 900
ndice Bovespa
800
NATU3
588,0%
700
Base 100 = 25/05/2004
600
500
400
NATU3 25/05/2004 R$5,27
200,9%
300
200
100
2004
2005
+37.9% +28.3%
2006
+51.1% +29.1%
2007
-41.4% +47.4%
2008
+18.0% -41.4%
2009
+101.6% +82.7%
2010
+37.0% +1.3%
2011
-20.4% -18.1%
NATU3: +87.2% Ibov: +33.0%
Recognition In 2011, Natura received important awards for its recognized corporate behavior. The main awards are listed below: Worlds 8th Most Innovative Company Forbes Magazine Brazils Most Admired Company for 3rd straight year Carta Capital Worlds Most Ethical Companies, 1st place in Health and Beauty category Ethisphere Worlds 2nd Most Sustainable Company - Corporate Knights Inc., Innovest Strategic Value Advisors, Asset 4 and Bloomberg Top Companies for Shareholders, Market cap over R$ 15 billion, 1st place for second straight year - Capital Aberto Outlook Brazil remains one of the most prosperous cosmetic, fragrance and toiletry markets in the world. Although in 2011 its growth slowed from previous years, Brazils CFT market will most certainly continue to outpace the growth in the global CFT industry. In 2011, we made the largest investment in our history, allocating some R$ 350 million (capex) to production, logistics and technology projects, which are indispensable for supporting our growth. We recognize that simultaneously implementing new systems for capturing orders and developing our logistics model, with the inauguration of new DCs, led to the instability of our operations, which in turn affected the quality of our service and relationships. At the same time, we faced a reduction in the efficiency of our sales and marketing areas. The combination of these two factors impacted our results and required adjustments to our strategy during the year. We are focused on ensuring the success of our promotions, by better balancing the processes conducted in a centralized way and those managed regionally. We remain intently focused on capturing efficiency gains in the companys various processes, which will generate the funds needed to operate effectively in an ever more competitive market. We are certain that the shift to a new level in our infrastructure to ensure products reach consultants as fast as possible, and with a lower cost per order, will allow us to achieve a new standard in service quality that will further boost our brands competitive advantages. Given the high level of penetration Natura products, which are present in around 100 million Brazilian homes, and the Natura brands leadership in consumer preference, which is almost twice as high as the second-ranked brand, we now have an opportunity to increase the frequency with which consumers buy and the variety of products they acquire. And we expect
this new strategy to drive increases in consultant productivity. Therefore, among other initiatives, we are shifting the focus of our marketing mix and working on innovations to fill the spaces where our brand is not yet present. We remain confident and enthusiastic about the expansion of our international operations, which are consolidating their position as a relevant business platform that can express Naturas values in the region. In Latin America countries, we are expanding the sales channel and advancing our manufacturing activities, which pave the way for accelerating our expansion in a market as large as Brazils and in which there is still much room for growth. At the same time in which we are promoting development on multiple fronts, we are advancing towards a new outlook for the business. We are motivated in particular by the future of direct sales. We have always believed in the entrepreneurial and transformational capacity of people who are engaged in a common purpose. In a world ever more connected digitally, in which the personalized treatment of each consumer gains greater relevance, direct sales has an excellent opportunity to continue expanding. We see a future in which the relationship between consultant and consumer will be supported by high technology and social networks, which is an area in which services can evolve dramatically while leveraging the creation of value for all involved. Inspired by the permanent desire to see our brand move into new areas, we reaffirm our enthusiasm with the prospect of moving forward together with all those who are part of the Natura community and giving even more meaning to the network of relations we build.
1. consolidated results
(R$ million) Total Consultants - end of period* (in thousands) Units sold items for resale (in million) Gross Revenues Net Revenues Gross Profit Sales Expenses Administrative Expenses Employee profit sharing Management compensation Other Operating Income / (Expenses), net Financial Income / (Expenses), net Earnings Before Taxes Net Income (Losses) EBITDA** Gross Margin Sales Expenses/Net Revenues General and Admin. Expenses/Net Revenues Net Margin EBITDA Margin
(*) Positon at the end of the 18th sales cycle (**) EBITDA = Income from operations before financial effects + depreciation & amortization.
4Q11
4Q10
Change %
2011
2010
Change %
1,421.1 131.1 2,232.6 1,670.5 1,174.2 (543.2) (198.8) (5.1) 0.3 42.1 (41.6) 427.8 290.7 500.4 70.3% 32.5% 11.9% 17.4% 30.0%
1,220.5 120.2 2,111.1 1,557.5 1,076.9 (500.7) (216.6) (17.5) (4.2) (3.4) (14.9) 319.6 219.3 357.9 69.1% 32.2% 13.9% 14.1% 23.0%
16.4 9.1 5.8 7.3 9.0 8.5 (8.2) (70.7) n/a n/a 179.6 33.9 32.5 39.8 1.1pp 0.4pp (2.0pp) 3.3pp 7.0pp
1,421.1 445.5 7,535.8 5,591.4 3,925.1 (1,952.7) (680.7) (30.2) (9.4) 63.1 (77.3) 1,237.7 830.9 1,425.0 70.2% 34.9% 12.2% 14.9% 25.5%
1,220.5 404.7 6,959.8 5,136.7 3,579.9 (1,704.3) (605.4) (70.4) (14.4) (17.5) (49.7) 1118.2 744.1 1,256.8 69.7% 33.2% 11.8% 14.5% 24.5%
16.4 10.1 8.3 8.9 9.6 14.6 12.4 (57.1) -34.5 n/a 55.5 10.7 11.7 13.4 0.5pp 1.7pp 0.4pp 0.4pp 1.0pp
Consolidated net revenue in 4Q11 reached R$ 1,670.5 million, for growth of 7.3% from 4Q10 (R$ 5,591.4 million in 2011, up 8.9% on 2010). In Brazil, net revenue reached R$ 1,511.0 million in 4Q11, or 4.4% higher than in the same quarter last year. In the year, net revenue in Brazil was R$ 5,087.6 million, for growth of 6.8% on the previous year.
In the international operations, net revenue in 4Q11 was R$ 159.5 million, for growth on the year-ago period of 44.6% in Brazilian real and 42.7% in weighted local currency. Net revenue from these operations was R$ 503.8 million in the year, representing increases of 35.4% in BRL and 40.0% in weighted local currency. Cost of goods sold remained in line with the result observed in the first nine months of the year. In 4Q11, COGS corresponded to 29.7% of consolidated net revenue, for a cost reduction of 120 basis points in relation to 4Q10. The gains from price increases and better cost management were partially offset by the increased use of promotions by consultants and consumers. In the year, COGS improved by 50 basis points on the previous year, corresponding to 29.8% of net revenue. The following table presents the main components of COGS:
4Q11
RM/PM* Labor Depreciation Others Total
(*) Raw material and packaging material
4Q10
84.8 10.1 2.3 2.9 100.0
2011
83.2 9.4 2.3 5.0 100.0
2010
82.8 8.6 3.0 5.6 100.0
83.7 11.3 1.9 3.1 100.0
Selling expenses corresponded to 32.5% of net revenue in 4Q11, for an increase of 30 basis points from 4Q10. As observed in previous quarters, there was lower dilution of fixed costs with logistics and the sales team. The international operations continued to invest more in marketing, in line with the strategy. In comparison with the overall industry, our marketing investments remain competitive. Selling expenses increased in the year, going from 33.2% in 2010 to 34.9% in 2011. General and administrative expenses corresponded to 11.9% of net revenue in 4Q11 (13.9% in 4Q10). In 2011, G&A expenses corresponded to 12.2% of net revenue, versus 11.8% in the previous year. We continue to invest in product and marketing innovation and in 2011 we increased our investments in projects. In 4Q11, we intensified our efforts to capture efficiency gains and prioritize expenses without compromising our growth strategy for the future.
Expenses with profit sharing declined by 57.1% in relation to 2010, since the internal targets for the year were not achieved. Other operating revenue and expenses came to R$ 42.1 million in the quarter, driven by the non-recurring impact from the recognition of PIS and Cofins tax credits on services relative to other periods and by the negotiations to reduce the value added margin (MVA)6 in the state of Paran and in the Federal District. In the year, the R$ 63.1 million in revenue also includes the non-recurring impacts from the recognition of a contingent PIS and Cofins asset (credits from taxes on both financial income and storage operations). Consolidated net income was R$ 290.7 million in 4Q11, for net margin of 17.4% and growth in relation to 4Q10 of 32.5%. In the year, net income was R$ 830.9 million, for net margin of 14.9% and an increase of 11.7% from 2010. Consolidated EBITDA in 4Q11 was R$ 500.4 million, growing by 39.8% from R$ 357.9 million in 4Q10. EBITDA margin expanded from 23.0% in 4Q10 to 30.0% in 4Q11. In 2011, EBITDA stood at R$ 1,425.0 million, expanding by 13.4% from 2010. EBITDA margin was 25.5%, in comparison with 24.5% in 2010. Excluding other operational expenses and revenue, EBITDA margin was 27.4% and 24.4%, respectively.
> EBITDA (R$ million)
(R$ million)
Net Revenues (-) Cost of Sales and Expenses EBIT (+) Depreciation/Amortization EBITDA
4Q11
1,670.5 1,201.0 469.4 30.9 500.4
4Q10
1,557.5 1,223.0 334.5 23.5 358.0
Change %
7.3 -1.8 40.4 31.5 39.8
2011
5,591.4 4,276.3 1,315.1 109.9 1,425.0
2010
5,136.7 3,968.7 1,168.0 88.8 1,256.8
Change %
8.9 7.7 12.6 23.7 13.4
> EBITDA pro-forma by areas of operation (R$ million)
(R$ million)
Brazil Argentina, Chile and Peru Mexico and Colombia Others Investments Total
4Q11
499.4 24.2 (3.6) (19.7) 500.4
4Q10
376.6 8.5 (7.9) (19.3) 357.9
Change %
32.6 184.7 (54.6) 1.8 39.8
2011
1,476.1 43.0 (24.2) (69.9) 1,425.0
2010
1,335.2 13.1 (32.5) (59.1) 1,256.8
Change %
10.5 227.2 (25.6) 18.3 13.4
The value added margin (Margem de Valor Agregado), or MVA, is used in the calculation of ICMS state VAT tax on direct sales.
2. cash flow (pro-forma)

> Consolidated cash flow pro-forma (R$ million)
(R$ million)
Net income (+) Depreciation and amortization Internal cash generation Cashflow (Increase) / Decrease (+) Non-cash Operating cash generation Capex Free cash flow*
2011
830.9 109.9 940.8 (207.2) 23.3 756.9 (346.4) 410.6
2010
744.1 88.8 833.0 99.6 20.7 953.2 (236.9) 716.4
Var %
11.7 23.7 13.0 na 12.6 (20.6) 46.2 (42.7)
(*) (Internal cash generation) +/- (changes in working capital and long-term assets and liabilities) (acquisitions of property, plants, and equipment).
Internal cash flow in the year was R$ 940.8 million, registering growth of 13.0% on 2010, which is in line with the 11.7% growth in net income in the period. Of this sum, R$ 207.2 million was invested in working capital and R$ 346.4 million in fixed assets. As a result, free cash flow was R$ 410.6 million, declining 42.7% in relation to 2010. We continue to observe an increase in inventory coverage, which was impacted mainly by lower-than-expected sales. We also observed an increase in recoverable taxes due to the review of PIS and Cofins taxes on services, financial income and freight, which will be converted into cash in the first half of 2012. We believe the planning model adopted will allow us to reduce inventory coverage over the year. This initiative, as well as the conversion of recoverable taxes into cash, will make possible significantly higher levels of working capital in 2012. Investments in fixed assets reached R$ 346.4 million at the end of the year, surpassing the initial guidance by 15%. We continue to invest in the logistics, manufacturing and information technology areas.
10
Investments in fixed assets in 2012 are estimated at R$ 420 million and are concentrated in continuous improvements in our information technology platform, the last phase of the implementation of the logistics model and expanding industrial capacity. We are working to achieve a new level for our infrastructure to ensure our products reach consultants as fast as possible, accompanied by lower order costs and reductions in the gases that cause global warming.
3. pro-forma income statement
11
The profit margin obtained on exports from Brazil to the international operations was subtracted from the COGS of the respective operations in order to show the actual impact of these subsidiaries on the companys consolidated results. Accordingly, the pro-forma income statement for the Brazilian operations considers only the sales made in the domestic market.
12
3.1 BRAZIL OPERATIONS (pro-forma income statement)

(R$ million) Total Consultants - end of period* (in thousands) Units sold items for resale (in million) Gross Operating Revenues Net Operating Revenues Gross Profit Sales Expenses General and Administrative Expenses Employee profit sharing Management compensation Other Operating Income / (Expenses), net Financial Income / (Expenses), net Earnings Before Taxes Net Income (Losses) EBITDA Gross Margin Sales Expenses/Net Revenues General and Admin. Expenses/Net Revenues Net Margin EBITDA Margin
(*) Number of consultants by the end of the 18th cycle of sales
4Q11
4Q10
Change %
2011
2010
Change %
1,175.5 117.7 2,030.8 1,511.0 1,072.3 (468.7) (170.7) (5.1) 0.3 42.2 (40.0) 430.4 293.2 499.4 71.0% 31.0% 11.3% 19.4% 33.1%
1,028.7 110.3 1,971.6 1,447.2 1,009.6 (440.2) (190.3) (17.5) (4.2) (2.7) (14.3) 340.4 239.4 376.6 69.8% 30.4% 13.1% 16.5% 26.0%
14.3 6.8 3.0 4.4 6.2 6.5 (10.3) (70.7) n/a n/a 179.2 26.4 22.5 32.6 1.2pp 0.6pp (1.9pp) 2.9pp 7.0pp
1,175.5 410.5 6,898.9 5,087.6 3,611.3 (1,686.5) (577.9) (30.2) (9.4) 65.7 (73.5) 1,299.4 901.1 1,476.1 71.0% 33.1% 11.4% 17.7% 29.0%
1,028.7 378.7 6,489.6 4,764.6 3,356.4 (1,487.4) (516.2) (70.4) (14.4) (15.7) (47.9) 1204.4 836.0 1,335.2 70.4% 31.2% 10.8% 17.5% 28.0%
14.3 8.4 6.3 6.8 7.6 13.4 12.0 (57.1) (34.5) n/a 53.3 7.9 7.8 10.5 0.5pp 1.9pp 0.5pp 0.2pp 1.0pp
The sales channel continues to register solid growth, expanding by 14.3% to 1,175,000 consultants in Brazil. The aggregate productivity7 of our consultants declined 7.9% to R$ 8,808 in 2011, versus R$ 9,559 in 2010.
Productivity measured at retail prices.
13
3.2 OPERATIONS IN CONSOLIDATION (Argentina, Chile

and Peru) pro-forma income statement
(R$ million) Total Consultants - end of period (in thousand) Unit sold items for resale (in million) Gross Revenues Net Revenues Gross Profit Sales Expenses General and Administrative Expenses Others Income / (Expenses), net Financial Income / (Expenses), net Earnings Before Taxes Net Income (Losses) EBITDA Gross Margin Sales Expenses/Net Revenues General and Admin. Expenses/Net Revenues Net Margin EBITDA Margin 4Q11 4Q10 Change % 2011 2010 Change % 157.3 9.1 141.1 107.2 69.5 (40.6) (6.4) 0.6 (1.8) 21.3 22.7 24.2 64.8% 37.9% 5.9% 21.2% 22.6% 130.5 5.0 97.3 73.8 46.3 (33.7) (4.2) (0.9) (0.7) 6.8 6.4 8.5 62.7% 45.7% 5.7% 8.7% 11.5% 20.5 80.2 45.0 45.2 50.2 20.4 51.8 n/a 159.9 214.1 254.9 184.7 2.2pp (7.8pp) 0.3pp 12.5pp 11.1pp 157.3 32.9 441.5 335.1 212.5 (148.8) (23.2) (1.1) (2.6) 36.6 31.9 43.0 63.4% 44.4% 6.9% 9.5% 12.8% 130.5 23.6 335.9 255.7 157.3 (124.4) (21.5) (1.7) (0.8) 8.9 3.7 13.1 61.5% 48.6% 8.4% 1.5% 5.1% 20.5 39.3 31.5 31.0 35.1 19.7 7.9 (34.3) 211.8 n/a n/a 227.2 1.9pp (4.2pp) (1.5pp) 8.1pp 7.7pp
In the operations in consolidation, net revenue was R$ 107.2 million in 4Q11, for growth in relation to 4Q10 of 42.0% in weighted local currency and 45.2% in Brazilian real. In 2011, net revenue reached R$ 335.1 million, for growth of 36.1% and 31.0%, respectively. The number of consultants grew by 20.5% to end the year at 157,300. These operations posted positive EBITDA of R$ 24.2 million in the quarter and R$ 43.0 million in the year. The higher investments in marketing were offset by the dilution of expenses with our administrative operations and sales team and by the higher efficiency of our logistics operations.
14
3.3 OPERATIONS IN IMPLEMENTATION (Mexico and

Colombia) pro-forma income statement
(R$ million) Total Consultants - end of period (in thousand) Unit sold items for resale (in million) Gross Revenues Net Revenues Gross Profit Sales Expenses General and Administrative Expenses Others Income / (Expenses), net Financial Income / (Expenses), net Earnings Before Taxes Net Income (Losses) EBITDA Gross Margin Sales Expenses/Net Revenues General and Admin. Expenses/Net Revenues Net Margin EBITDA Margin 4Q11 4Q10 Change % 2011 2010 Change % 85.6 4.5 52.9 45.6 29.9 (28.1) (5.5) (0.4) 0.2 (3.9) (5.1) (3.6) 65.5% 61.6% 12.1% n/a n/a 60.2 2.3 34.8 30.0 17.8 (21.9) (4.4) 0.2 0.1 (8.2) (7.0) (7.9) 59.3% 73.0% 14.8% n/a n/a 42.1 94.5 51.9 52.0 67.9 28.3 24.1 n/a 50.0 (52.0) (26.4) (54.6) 6.2pp (11.4pp) (2.7pp) 85.6 14.9 172.9 149.2 92.2 (99.8) (17.6) (1.1) (1.2) (27.6) (31.0) (24.2) 61.8% 66.9% 11.8% n/a n/a 60.2 9.3 114.0 98.3 56.3 (76.0) (14.8) (0.1) (1.0) (35.6) (36.0) (32.5) 57.3% 77.3% 15.1% n/a n/a 42.1 60.7 51.7 51.8 63.8 31.3 19.0 n/a 27.6 (22.4) (13.9) (25.6) 4.5pp (10.4pp) (3.3pp) -
In the operations in implementation, net revenue in 4Q11 was R$ 45.6 million, for growth of 54.0% in weighted local currency and 52.0% in BRL. In 2011, net revenue was R$ 149.2 million, for increases of 55.6% and 51.8%, respectively. The number of consultants expanded by 42.1% to close the year at 85,600. These operations continued to post EBITDA losses, of R$ 3.6 million in 4Q11 and R$ 24.2 million in the year, reflecting the ongoing investments made.
15
Other international investments, namely our operations in France and expenses with projects and corporate structures dedicated to the international operations, posted EBITDA losses of R$ 19.7 million in 4Q11 and R$ 69.9 million in 2011 (versus R$ 19.3 million in 4Q10 and R$ 59.1 million in 2010). In 2011, the nonrecurring expenses related to the new sales model in Mexico, which are allocated in this line, came to R$ 8.6 million.
4. DIVIDENDS AND INTEREST ON EQUITY

On February 15, 2012, the Board of Directors approved the proposal to be submitted to the Annual General Meeting to be held on April 13, 2012, for the payment of dividends and interest on equity relative to fiscal year 2011, in the amounts of R$ 762.6 million and R$ 61.1 million (R$ 51.9 million net of withholding tax), respectively. On July 20, 2011, dividends of R$ 295.3 million and interest on equity of R$ 31.9 million net of withholding tax were paid, ad referendum the Annual Shareholders Meeting. The balance remaining to be paid on April 18, 2012, following ratification by the Annual General Meeting, is R$ 467.3 million as dividends and R$ 20.1 million as interest on equity net of withholding tax. These dividends and interest on equity relative to fiscal year 2011 represent net remuneration of R$ 1.89 per share (R$ 1.65 per share in 2010) and correspond to 99% of net income in 2011.
16
CONFERENCE CALL & WEBCAST

Portuguese:
Friday, February 17, 2012 10:00 a.m. (Brazil Daylight Time)
English:
Friday, February 17, 2012 12:00 p.m. (Brazil Daylight Time) From Brazil: +55 11 4688-6341
From the U.S.: toll free +1 800 700 0802
From other countries: +1 412 824-6977

Code: Natura
Live webcast: www.natura.net/investidor
INVESTOR RELATIONS
Tel: +55 11 4196-1421 Helmut Bossert, helmutbossert@natura.net Fabio Cefaly, fabiocefaly@natura.net Patrcia Anson, patriciaanson@natura.net Tasa Hernandez, taisahernandez@natura.net
17
> BALANCE SHEET AT DECEMBER 31, 2011

(in thousands of Brazilian real - R$)
ASSETS 2011 2010 LIABILITIES AND SHAREHOLDERS' EQUITY 2011 2010
CURRENT ASSETS Cash and cash equivalents Trade receivables Inventories Recoverable taxes Derivatives Other receivables Total current assets NONCURRENT ASSETS Long-term assets: Recoverable taxes Deferred income tax and social contribution Escrow deposits Other noncurrent assets Property, plant and equipment Intangible assets Total noncurrent assets 111.2 189.6 295.8 29.9 800.4 162.8 1,589.8 109.3 180.3 337.0 44.9 560.5 120.1 1,352.0 515.6 641.9 688.7 201.6 28.6 126.8 2,203.3 560.2 570.3 571.5 101.5 66.4 1,869.9
CURRENT LIABILITIES Borrowings and financing Trade and other payables Payroll, profit sharing and related taxes Taxes payable Derivatives Other payables Total current liabilities NONCURRENT LIABILITIES Borrowings and financing Taxes payable Provision for tax, civil and labor risks Others provisions Total noncurrent liabilities SHAREHOLDERS' EQUITY Capital Capital reserves Earnings reserves Treasury shares Proposed additional dividend Other comprehensive losses Total equity attributable to owners of the Company 427.1 160.3 292.5 (102.8) 490.9 (17.6) 1,250.2 418.1 149.6 282.9 (0.0) 430.1 (23.2) 1,257.5 1,017.7 140.5 65.0 44.8 1,268.0 465.1 215.1 73.8 32.4 786.4 169.0 489.0 132.0 446.8 37.9 1,274.7 226.6 366.5 162.7 366.0 4.1 52.1 1,178.0
TOTAL ASSETS
3,793.0
3,221.9
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
3,793.0
3,221.9
18
> INCOME STATEMENT FOR THE PERIOD ENDED DECEMBER 31, 2011
R$ million 2011 2010
NET REVENUE Cost of sales GROSS PROFIT OPERATING (EXPENSES) INCOME Selling expenses Administrative and general expenses Employee profit sharing Management compensation Other operating income (expenses), net INCOME FROM OPERATIONS BEFORE FINANCIAL (EXPENSES) INCOME Financial income Financial expenses INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION Income tax and social contribution NET INCOME
5,591.4 (1,666.3) 3,925.1
5,136.7 (1,556.8) 3,579.9
(1,952.7) (680.7) (30.2) (9.4) 63.1 1,315.1 122.7 (200.0) 1,237.7 (406.8) 830.9
(1,704.3) (605.4) (70.4) (14.4) (17.5) 1,167.9 53.6 (103.4) 1,118.2 (374.1) 744.0
19
> CASH FLOW STATEMENT FOR THE PERIOD ENDED DECEMBER 31, 2011
(in thousands of Brazilian real - R$)
R$ million CASH FLOW FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Provision for losses on swap and forward transactions Provision for tax, civil and labor contingencies Interest and inflation adjustment of escrow deposits Income tax and social contribution (Gain) loss on sale on property, plant and equipment and intangible assets Interest and exchange rate changes on borrowings and financing and other liabilities Exchange rate changes on other assets and other liabilities Stock options plans expenses Provision for discount on assignment of ICMS credits Allowance for doubtful accounts Allowance for inventory losses Provision for healthcare plan and carbon credits Recognition of untimely used tax credits Recognition of tax credits related to lawsuit 109.9 (14.3) (8.0) (51.2) 406.8 13.5 121.7 (7.8) 13.4 0.3 (0.7) 19.7 12.4 (16.9) (40.4) 1,389.4 (INCREASE) DECREASE IN ASSETS Trade receivables Inventories Recoverable taxes Other receivables Subtotal INCREASE (DECREASE) IN LIABILITIES Domestic and foreign suppliers Payroll, profit sharing and related taxes, net Taxes payable Other payables Provision for tax, civil and labor contingencies Subtotal CASH GENERATED BY OPERATING ACTIVITIES OTHER CASH FLOWS FROM OPERATING ACTIVITIES Payments of income tax and social contribution Payments of derivatives Payment of interest on borrowings and financing NET CASH GENERATED BY OPERATING ACTIVITIES (319.6) (18.4) (76.7) 663.8 (269.0) (13.4) (44.9) 973.8 121.8 (30.7) 24.1 (14.1) (0.8) 100.1 1,078.5 111.2 32.0 50.8 34.5 (2.7) 225.9 1,301.1 (70.9) (136.9) (45.2) (158.0) (411.0) (126.6) (92.1) 45.1 (41.4) (215.0) 88.8 8.8 3.5 (18.1) 374.1 32.6 (5.1) 11.3 0.5 9.1 30.1 10.4 1,290.1 830.9 744.0 2011 2010
20
CASH FLOW FROM FINANCING ACTIVITIES Acquisition of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Withdrawal (payment) of escrow deposits NET CASH USED IN INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES Repayments of borrowings and financing - principal Proceeds from borrowings and financing Payment of dividends and interest on capital Interim dividends and interest on capital Repurchase of treasury shares Sale of treasury shares due to exercise of stock options Capital increase through subscription of shares (353,289 common shares at average price of R$39.69) NET CASH USED IN FINANCING ACTIVITIES Gains (losses) arising on translating foreign currency cash and cash equivalents (648.7) 1,045.7 (430.1) (332.8) (104.5) 1.2 9.0 (781.9) 819.3 (357.6) (289.4) 13.8 (595.8) (4.5) (346.4) 3.7 92.3 (250.3) (236.9) 9.9 (86.5) (313.5)
(460.1) 1.9
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(44.6) 560.2 515.6 (44.6)
59.9 500.3 560.2 59.9
NON-CASH TRANSACTIONS: Capital lease of property, plant and equipment Offseting of tax liability and escrow deposit ADDITIONAL INFORMATION TO THE STATEMENTS OF CASH FLOWS Restricted cash Bank overdrafts - unused The accompanying notes are an integral part of these financial statements. 6.8 235.5 6.2 265.5 56.7 114.3 -
21
EBITDA is not a measure under BR GAAP and does not represent cash flow for the periods presented. EBITDA should not be considered an alternative to net income as an indicator of operating performance or an alternative to cash flow as an indicator of liquidity. EBITDA does not have a standardized meaning and the definition of EBITDA used by Natura may not be comparable with that used by other companies. Although EBITDA does not provide under BR GAAP a measure of cash flow, Management has adopted its use to measure the Companys operating performance. Natura also believes that certain investors and financial analysts use EBITDA as an indicator of performance of its operations and/or its cash flow. This report contains forward-looking statements. These forward-looking statements are not historical fact, but rather reflect the wishes and expectations of Naturas management. Words such as "anticipate", "wish", "expect", "foresee", "intend", "plan", "predict", "project", "desire" and similar terms identify statements that necessarily involve known and unknown risks. Known risks include uncertainties that are not limited to the impact of price and product competitiveness, the acceptance of products by the market, the transitions of the Companys products and those of its competitors, regulatory approval, currency fluctuations, supply and production difficulties and changes in product sales, among other risks. This report also contains certain pro forma data, which are prepared by the Company exclusively for informational and reference purposes and as such are unaudited. This report is up-to-date as of its publication date and Natura is under no obligation to update it in light of new information and/or future events.
22

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Natura Cosmticos S.A.

Deloitte Touche Tohmatsu Auditores Independentes

Controladora (BR GAAP) 2011 2010

Controladora (BR GAAP) 2011 2010

Consolidado (BR GAAP e IFRS) 2011 2010

166.007 535.309 217.906 69.417 37.908 28.184 115.328 1.170.059

206.125 493.692 185.092 34.799 25.361 52.470 997.539

515.610 641.872 688.748 201.620 28.626 126.783 2.203.259

560.229 570.280 571.525 101.464 66.399 1.869.897

66.424 183.317 293.024 58.551 260.027 29.359 890.702

60.086 113.232 246.589 63.769 199.698 3.340 41.788 728.502

168.962 488.980 132.045 446.800 37.932 1.274.719

226.595 366.494 162.747 366.006 4.061 52.064 1.177.967

12.299 80.145 244.938 4.562 1.253.721 332.215 78.929 2.006.809

4.921 87.491 289.070 20.052 1.099.188 92.175 18.586 1.611.483

111.239 189.552 295.839 29.935 800.434 162.754 1.589.753

109.264 180.259 337.007 44.904 560.467 120.073 1.351.974

852.549 97.955 49.600 35.818 1.035.922

368.356 175.575 53.282 25.806 623.019

1.017.737 140.545 64.957 44.809 1.268.048

465.068 215.125 73.784 32.425 786.402

427.073 160.313 292.457 (102.849) 490.885 (17.635) 1.250.244 1.250.244 3.176.868

418.061 149.627 282.944 (14) 430.079 (23.196) 1.257.501 1.257.501 2.609.022

427.073 160.313 292.457 (102.849) 490.885 (17.635) 1.250.244 1 1.250.245 3.793.012

418.061 149.627 282.944 (14) 430.079 (23.196) 1.257.501 1 1.257.502 3.221.871

TOTAL DOS ATIVOS

TOTAL DOS PASSIVOS E PATRIMNIO LQUIDO

As notas explicativas so parte integrante das demonstraes contbeis.

5.848.777 5.514.315 (2.375.514) (2.283.926) 3.473.263 3.230.389

(1.952.740) (680.730) (30.168) (9.443) 63.077 1.315.070

(1.704.322) (605.442) (70.351) (14.417) (17.468) 1.167.905

1.161.791 (330.890) 830.901

1.053.123 (309.073) 744.050

1.237.730 (406.829) 830.901

1.118.169 (374.120) 744.050

As notas explicativas so parte integrante das demonstraes contbeis.

Controladora (BR GAAP) 2011 830.901 2010 744.050

Consolidado (BR GAAP e IFRS) 2011 830.901 2010 744.050

As notas explicativas so parte integrante das demonstraes contbeis.

Capital social 404.261 13.800 418.061 9.012 427.073

Aes em tesouraria (14) (14) (104.452) 1.617 (102.849)

18.650 18.650 18.650

19.a) 23.2. 23.2.

19.b) 19.b) 19.b) 19.f)

As notas explicativas so parte integrante das demonstraes contbeis.

Controladora (BR GAAP) 2011 2010

Consolidado (BR GAAP e IFRS) 2011 2010

(41.125) (42.615) (14.648) (171.952) (270.340)

(88.052) (77.360) 97.664 (43.394) (111.142)

(70.918) (136.948) (45.224) (157.950) (411.040)

(126.561) (92.106) 45.134 (41.418) (214.951)

69.443 (5.218) 28.692 34.006 (816) 126.107 1.037.083

28.761 7.019 74.726 62.565 (2.673) 170.398 1.114.854

121.752 (30.702) 24.060 (14.132) (829) 100.149 1.078.545

111.212 31.955 50.844 34.528 (2.658) 225.881 1.301.067

(255.182) (15.082) (57.812) 709.007

(221.535) (9.006) (35.405) 848.908

(319.623) (18.382) (76.700) 663.840

(269.001) (13.378) (44.902) 973.785

(277.036) 2.535 72.973 34.000 (121.173) (288.701)

(66.870) 3.174 (86.096) 30.000 (117.486) (237.278)

(346.367) 3.726 92.341 (250.300)

(236.876) 9.864 (86.524) (313.536)

As notas explicativas so parte integrante das demonstraes contbeis.