Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Significant accounting policies (Tables)

v3.23.1
Significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2022
Significant Accounting Policies [Abstract]  
Schedule of consolidated statement of financial position
Assets   Adjusted     Previously Presented     Difference     Reference
Current assets:                      
Trade accounts receivable, net   $ 745,593       778,054       (32,461 )   a
Inventories     1,286,155       1,339,378       (53,223 )   a, b
Prepaid expenses     35,596       69,224       (33,628 )   c
Total current assets     3,352,747       3,472,059       (119,312 )    
Total assets   $ 5,185,229       5,304,541       (119,312 )    
                             
Liabilities and stockholders’ equity                            
Current liabilities:                            
Accrued expenses   $ 159,354       142,169       17,185     b
Provisions     118,468       115,192       3,276     d
Income tax payable     97,634       88,679       8,955     f
Total current liabilities   $ 2,449,919       2,420,503       29,416      
                             
Non-current liabilities:                            
Deferred income tax   $ 38,975       80,907       (41,932 )   a, b, c, d
Total non-current liabilities     1,535,107       1,577,039       (41,932 )    
Total liabilities   $ 3,985,026       3,997,542       (12,516 )    
                             
Stockholder’s equity                            
Capital stock   $ 321,312       294,999       26,313     e
Retained earnings (deficit)     856,994       990,103       (133,109 )   a, b, c, d, e, f
Equity attributable to owners of the Group     1,185,548       1,292,344       (106,796 )    
Total stockholders’ equity     1,200,203       1,306,999       (106,796 )    
Total liabilities and stockholders’ equity   $ 5,185,229       5,304,541       (119,312 )    

 

Assets     Adjusted     Previously Presented     Difference     Reference
Current assets:                      
Trade accounts receivable, net   $ 735,026       757,806       (22,780 )   a
Inventories, net     1,284,672       1,274,026       10,646     a
Prepaid expenses     52,581       94,501       (41,920 )   c
Total current assets     2,852,516       2,906,570       (54,054 )    
Total assets   $ 4,359,706       4,413,760       (54,054 )    
                             
Liabilities and stockholders’ equity                            
Current liabilities:                            
Provisions     153,978       151,008       2,970     d
Total current liabilities   $ 2,870,367       2,867,397       2,970      
                             
Non-current liabilities:                            
Deferred income tax   $ 39,852       56,959       (17,107 )   a, b, c, d
Total non-current liabilities     607,363       624,470       (17,107 )    
Total liabilities   $ 3,477,730       3,491,867       (14,137 )    
                             
Stockholder’s equity                            
Capital stock     308,035       281,722       26,313      
Retained earnings (deficit)   $ (334,769 )     (268,539 )     (66,230 )   a, b, c, d, e
Equity attributable to owners of the Group     881,976       921,893       (39,917 )    
Total stockholders’ equity     881,976       921,893       (39,917 )    
Total liabilities and stockholders’ equity   $ 4,359,706       4,413,760       (54,054 )    

 
Schedule of consolidated statement of profit or loss and other comprehensive income
    Adjusted     Previously Presented     Difference     Reference
Net revenue   $ 10,067,683       10,039,668       28,015     a
                             
Cost of sales     4,498,008       4,399,164       98,844     a, b
                             
Gross profit     5,569,675       5,640,504       (70,829 )    
                             
Administrative expenses     1,247,742       1,247,436       306     d
Selling expenses     1,256,289       1,264,581       (8,292 )   c
Distribution expenses     463,779       463,779      
-
      
      2,967,810       2,975,796       (7,986 )    
                             
Operating income     2,601,865       2,664,708       (62,843 )    
                             
Income before income taxes     2,562,495       2,625,338       (62,843 )    
                             
Current income tax     791,856       782,901       8,955     f
Deferred income tax     22,700       41,553       (18,853 )   a,b,c,d
                             
Net income for the year   $ 1,747,939       1,800,884       (52,945 )    

 

    Adjusted     Previously Presented     Difference     Reference  
                         
Net revenue   $ 7,237,628       7,260,408       (22,780 )     a  
                                 
Cost of sales     3,280,348       3,290,994       (10,646 )     a  
                                 
Gross profit     3,957,280       3,969,414       (12,134 )        
                                 
Administrative expenses     667,647       664,677       2,970       d  
Selling expenses     895,275       853,355       41,920       c  
Distribution expenses     331,023       331,023      
-
          
      1,893,945       1,849,055       44,890          
                                 
Operating income     2,063,335       2,120,359       (57,024 )        
                                 
Income before income taxes     824,105       881,129       (57,024 )        
                                 
Deferred income tax     (51,173 )     (34,066 )     (17,107 )        
                                 
Net income for the year   $ 298,444       338,361       (39,917 )        

 
Schedule of percentage of participation
    Operating    Functional    % Participation  
The Group’s companies:   Country   currency   2022     2021     2020  
Home organization (“Betterware”):                                
Betterware de México, S.A.P.I. de C.V.   Mexico   Peso     100 %     100 %     100 %
BLSM Latino América Servicios, S.A. de C.V.   Mexico   Peso     99 %     99 %     99 %
Betterware de Guatemala, S.A.   Guatemala   Quetzal     70 %     70 %    
-
  
Programa Lazos, S.A. de C.V.   Mexico   Peso     70 %     70 %    
-
  
GurúComm, S.A.P.I. de C.V. (1)   Mexico   Peso    
-
       60 %    
-
  
Innova Catálogos, S.A. de C.V.  (2)   Mexico   Peso    
-
        70 %    
-
  
Betterware Ningbo Trading Co, LTD.   China   Yuan     100 %     100 %    
-
  
Finayo, S.A.P.I. de C.V. SOFOM ENR   Mexico   Peso     100 %     -    
-
  
                                 
Beauty and personal care (B&PC) (“JAFRA”):                                
Jafra México Holding Company, B.V.  

Holanda

   Euro     100 %    
-
      
-
  
Distribuidora Comercial JAFRA, S.A. de C.V.   Mexico   Peso     100 %    
-
      
-
  
Jafra Cosmetics International, S.A. de C.V.   Mexico   Peso     100 %    
-
      
-
  
Jafra Cosmetics, S.A. de C.V.   Mexico   Peso     100 %    
-
      
-
  
Serviday, S.A. de C.V.   Mexico   Peso     100 %    
-
      
-
  
Jafrafin, S.A. de C.V.   Mexico   Peso     100 %    
-
      
-
  
Distribuidora Venus, S.A. de C.V.   Mexico   Peso     100 %    
-
      
-
  
Jafra Cosmetics International, Inc.   United States   Dollar     100 %    
-
      
-
  

 

(1) GurúComm was part of the Group until March 28, 2022.
(2) Innova Catálogos was part of the Group until November 18, 2022.

 
Schedule of useful lives are used in the calculation of depreciation
Buildings 5 – 50 years
Molds and machinery 3 – 15 years
Vehicles 4 years
Computers and equipment 3 – 10 years
Leasehold improvements 3 – 5 years  

 
Schedule of lives of intangible assets with a defined useful life
Intangibles:     Betterware       JAFRA  
Customer relationships     10 years       12 years  
Software     3 years       -  
Brands and logo rights     10 – 30 years       -