Investor Presentaiton
Historical Financial Statements
Summary Income Statement
DD3
ACQUISITION CORP.
Betterware
Summary Balance Sheet
Income Statement (US$ mm)
Retail Sales
Yoy Growth (%)
Net Company Sales
Yoy Growth (%)
2016A 2017A 2018A
$108.2 $146.3 $233.8
19.3% 35.2% 59.8%
56.9
77.7 124.7
17.6% 36.6% 60.4%
1H2018 1H2019
Balance Sheet (US$ mm)
Assets
2016A
2017A
2018A
1H2018 1H2019
$104.4
NA
$149.4
Cash and Equivalents
$9.9
$12.8
$10.1
$5.0
$6.1
43.1%
Accounts Receivable, net
5.8
7.6
10.1
10.8
14.8
Inventory
5.2
7.2
15.4
12.4
17.3
55.7
78.5
Other Current Assets
2.5
2.4
3.4
2.5
3.3
NA
40.9%
Total Current Assets
$23.4
$30.0
$39.0
$30.8
$41.5
(-) COGS
Gross Profit
% Margin
22.9
29.5
49.8
21.8
31.9
Net PP&E
$2.3
$2.9
$3.1
$2.1
$6.4
34.0
48.2
74.9
33.9
46.6
Deferred Assets
29.6
35.9
35.9
36.3
36.0
59.8% 62.1% 60.0%
60.8%
59.3%
Other Assets
1.0
0.1
0.3
0.5
0.5
Total Assets
$56.2
$68.9
$78.2
$69.7
$84.4
(-) SG&A
20.6
27.8
43.0
18.4
25.6
EBITDA
13.4
20.5
31.9
15.5
21.0
Equity & Liabilities
% of Net Revenue
23.6%
26.4%
25.6%
27.8%
26.8%
Accounts Payable Suppliers
$6.8
$10.7
$22.6
$15.4
$23.0
Expenses Reserves and Provisions
3.3
3.6
2.8
2.7
3.0
D&A
0.7
1.1
1.0
0.6
0.5
Taxes Payable
1.1
5.6
2.7
3.5
3.9
EBIT
12.7
19.4
30.9
14.9
20.5
Accrued Interests
0.0
0.0
0.0
0.5
0.5
Other Income (Expense)
(0.8)
(1.2)
(0.7)
(0.4)
(1.0)
Dividends Payable
0.0
0.0
3.3
0.0
0.0
Revolving Credit Facility
3.2
0.0
0.0
0.0
0.0
Prepayment Commission
0.0
0.0
0.0
0.0
0.0
Total Current Liabilities
$14.5
$19.9
$31.4
$22.1
$30.4
Revolving Credit Interest Expense
0.0
0.0
0.0
0.0
0.0
Long-term Debt Interest Expense
(7.4)
(6.2)
(4.4)
(2.1)
(2.1)
USD Long-term Debt
$38.9
$0.0
$0.0
$0.0
$0.0
MXP Long-term Debt
0.0
32.4
33.1
31.8
35.3
Interest Income
1.2
1.1
0.3
0.3
0.0
Deferred Liabilities
0.0
4.3
4.7
4.2
4.4
FX Gain (Loss)
(7.2)
3.8
(0.3)
(0.3)
(0.3)
Other Long-term Liabilities
0.3
0.3
0.4
0.3
0.3
Total Liabilities
$53.6
$56.9
$69.6
$58.4
$70.4
EBT
(1.6)
16.8
25.9
12.4
17.1
Taxes
(0.3)
5.3
8.6
3.8
5.3
Equity
$2.6
$11.9
$8.6
$11.3
$13.9
% Tax Rate
16.1%
31.7% 33.1%
30.9%
31.0%
Shares Issued for SPAC
0.0
0.0
0.0
0.0
0.0
FX Adjustments
0.0
0.0
0.0
0.0
0.0
Net Income
% Margin
($1.3) $11.5 $17.3
-2.4% 14.8% 13.9%
$8.6
15.4%
$11.8
15.1%
Total Equity
$2.6
$11.9
$8.6
$11.3
$13.9
Total Liabilities & Equity
$56.2
$68.9
$78.2
$69.7
$84.4
Source: Management
Notes: i) Financial information under Mexican GAAP basis; ii) Avg MXN/USD FX Rates: 2016-
18.68, 2017-18.92, 2018 - 19.23, 1H2018-19.23, 1H2019-20.0
20
lii) EOP MXN/USD FX Rates: 2016-20.73, 2017 – 19.66, 2018 – 19.67, 1H2018 – 19.67, 1H2019-
20.0View entire presentation