Adjusted Net Income Attributable to Coty Inc. Also, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of such expenses, may not be indicative of the size, complexity and/or volume of any future acquisitions. In 4Q19, net revenues declined 15.2% as reported and decreased 11.5% LFL, with continuing pressure in Younique. This includes a target leverage at 4x net debt to adjusted EBITDA and the confirmation of our dividend, with the option to receive half of it in shares. Chance nutzen und passende Jobs in Deiner Umgebung anzeigen lassen Individuell und Sicher in Anleihen Investieren - Jetzt anrufen und 100 € Prämie sichern! 212 389 7733 These forward-looking statements reflect Coty’s current views with respect to, among other things, Coty’s Turnaround Plan, strategic planning, targets, segment reporting and outlook for future reporting periods (including the extent and timing of revenue, expense, profit trends and EPS and changes in operating cash flows and cash flows from operating activities and investing activities), its future operations and strategy, ongoing and future cost efficiency and restructuring initiatives and programs, strategic transactions (including their expected timing and impact), investments, licenses and portfolio changes, synergies, savings, performance, cost, timing and integration of acquisitions, future cash flows, liquidity and borrowing capacity, timing and size of cash outflows and debt deleveraging, impact and timing of supply chain disruptions and the resolution thereof, timing and extent of any future impairments, and synergies, savings, impact, cost, timing and implementation of its Turnaround Plan, including operational and organizational structure changes, operational execution and simplification initiatives, the move of Coty’s headquarters, and the priorities of senior management. The Investor Relations website contains information about Costco Wholesale Corporation's business for stockholders, potential investors, and financial analysts. RECONCILIATION OF REPORTED NET REVENUES INCOME TO LIKE-FOR-LIKE NET REVENUES, Three Months Ended June 30, 2019 vs. Three Months Ended June 30, 2018 Net Revenue Change. The Plan focuses on three strategic pillars: rediscover growth, regain operational leadership and build a culture of pride and performance, with the objective to steadily improve gross margin and operating margin, more in line with Coty’s peer group, as well as to drive free cash flow and reduce leverage. Net loss attributable to Coty Inc. per common share: Weighted-average common shares outstanding: RECONCILIATION OF REPORTED TO ADJUSTED RESULTS FOR THE CONSOLIDATED STATEMENTS OF OPERATIONS. In fiscal 2018 we did not incur any asset impairment charges. You must click the activation link in order to complete your subscription. In 4Q19, reported operating loss of $(17.2) million fell from $47.5 million in the prior year period, while adjusted operating income of $106.6 million grew 36% from the prior year period, again supported by net revenue growth and fixed cost management. For individual shareholders of record with questions related to dividends, Form 1099s or general ownership concerns. For additional information about Coty Inc., please visit FY20 will be a first step towards these goals, and building on the delivery of FY19, we are confident in the delivery of our targets for the coming year.". or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. For a reconciliation of organic (LFL) period-over-period, see the table entitled “Reconciliation of Reported Net Revenues to Like-For-Like Net Revenues”. For financial reporting, their fiscal year ends on June 30th. (b) The tax effects of each of the items included in adjusted income are calculated in a manner that results in a corresponding income tax expense/provision for adjusted income. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Investors in Coty, Inc. (Symbol: COTY) saw new options begin trading today, for the February 2021 expiration. Growth in China, Brazil, and Middle East were strong in FY19. Cottage Holdco B.V., an affiliate of JAB, holds 461,299,223 or 60.7% of the outstanding shares of Coty. The following supplier user-manuals, are only applicable if you use E2Open supplier portal. We incurred business structure realignment costs of $76.7 primarily related to our Global Integration Activities. Our Turnaround Plan focuses on reshaping and simplifying our beauty business to generate fuel for growth and leverage the potential of our Consumer Beauty brands, while continuing to improve growth and margins in our Luxury and Professional Beauty divisions. By excluding the referenced expenses from our non-GAAP financial measures, our management is able to further evaluate our ability to utilize existing assets and estimate their long-term value. (a) See “Reconciliation of Reported Operating Income to Adjusted Operated (Loss) Income” for a detailed description of adjusted items. Our plan will deliver gradually, but we expect dynamics to start changing as soon as this upcoming year, as reflected in our targets for FY20.". Mass fragrances accounted for approximately 10% and experienced significant decline. Coty’s products are sold in over 150 countries around the world. (d) In the three months ended June 30, 2019, we did not incur costs related to acquisition activities. She was a member of the federal press conference, founding anchor of Germany’s first digital political talk show, and has written two bestselling political biographies. (e)In fiscal 2018, we sold certain assets relating to two of our fragrance brands and recorded a loss of $28.6 which has been reflected in Loss (Gain) on sale of brand assets in the Consolidated Statements of Operations. The adjusted effective tax rate was 21.0% compared to 19.2% in the prior-year period. Management believes that these measures are useful for investors because it provides them with an important perspective on the cash available for debt repayment and other strategic measures and provides them with the same measures that management uses as the basis for making resource allocation decisions. Investor Relations This page shows the institutions and funds most likely to invest in COTY / Coty, Inc., based on analysis of their current holdings. More information about potential risks and uncertainties that could affect Coty’s business and financial results is included under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Coty’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019 and other periodic reports Coty has filed and may file with the SEC from time to time. © 2019, Coty Inc. All trademarks registered. Coty investor relations. Net (loss) income attributable to Coty Inc. (a) See “Reconciliation of Reported Operating (Loss) Income to Adjusted Operated Income” and “Reconciliation of Reported Net (Loss) Income to Adjusted Net Income” for a detailed description of adjusted items. This impairment total includes $3,391 million of Consumer Beauty goodwill, and $429 million of indefinite-lived trademarks with the majority of the trademark impairment related to several Consumer Beauty brands as well as philosophy and Wella. The Company presents period-over-period comparisons of net revenues on a constant currency basis, as well as on an organic (LFL) basis. Furthermore, our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance. For additional information about Coty Inc., please visit Investor Relations Coty. (b) In fiscal 2019 the Company incurred $16.1 of legal and advisory services rendered in connection with the evaluation of the tender offer initiated by certain of our shareholders, which was partially offset by $5.1 of pension curtailment gains as a result of the Global Integration Activities. The adjusted operating margin declined by 340 bps to 6.2% due to a reduction in net revenues and gross margin decline, partially offset by lower fixed costs and A&CP management. The net debt reduction was the result of $92.5 million of free cash flow in the quarter and approximately $13 million of other cash inflow, partially offset by $63.4 million of cash dividend payment. See “Reconciliation of Reported Net (Loss) Income to Adjusted Net Income” for the description of transactions that have been retrospectively reported outside operating income. PLANNING. In addition, the nature and amount of such charges vary significantly based on the size and timing of the programs. You can reach over 500 investor presentations for your trading. (a) In the three months ended June 30, 2019,, we incurred asset impairment charges of $2,874.2 primarily due to $2,760.4 related to goodwill and other intangible assets in the Consumer Beauty reporting unit, $86.8 related to the philosophy trademark that is part of the Luxury reporting unit and $27.0 related to the professional product line of the Wella trademark that is part of the Professional Beauty reporting unit. The Luxury division delivered reported operating income of $232.8 million in FY19, a decrease of 6% versus FY18, while adjusted operating income was $511.2 million, reflecting significant 30% growth from the prior-year. 2017-07, the curtailment gains and pension settlements are a non-service component of the net periodic benefit cost and have therefore been retrospectively reported outside operating income. In fiscal 2019, we did not incur costs related to acquisition activities. In recent trading, shares of Coty, Inc. (Symbol: COTY) have crossed above the average analyst 12-month target price of $5.53, changing hands for … We incurred restructuring costs of $173.2 primarily related to the Global Integration Activities and 2018 Restructuring Actions, included in the Consolidated Statements of Operations. This sequential increase relative to 3Q19 was driven by a negative FX impact of approximately $59 million, partially offset by net debt reduction of approximately $42 million. FY19 reported operating loss totaled $3,471.5 million, compared to reported operating income of $153.3 million in FY18, and the 4Q19 reported operating loss totaled $2,731.7 million compared to a reported operating loss of $72.1 million in the prior-year period. Asset impairment charges: We have excluded the impact of asset impairments as such non-cash amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. (c)  In the three months ended June 30, 2019, we incurred restructuring and other business structure realignment costs of $28.8. These supplemental schedules provide adjusted Non-GAAP financial information and a quantitative reconciliation of the difference between the Non-GAAP financial measure and the financial measure calculated and reported in accordance with GAAP. The decline is largely related to softness in Consumer Beauty stemming from underlying mass beauty market challenges, market share pressure, and the aforementioned supply chain disruptions. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Our management believes that the adjustment of these items supplements the GAAP information with a measure that can be used to assess the sustainability of our operating performance. Coty Inc is primarely in the business of perfumes, cosmetics & other toilet preparations. The adjusted operating margin in 4Q19 was 14.1%, an increase of 360 bps from the prior-year period. 4Q19 free cash flow of $92.5 million was stable YoY. 2017-07 as the curtailment gains and pension settlements are a non-service component of the net periodic benefit cost and have therefore been retrospectively reported outside operating income. Professional Beauty reported operating income was $122.1 million in FY19, a growth of 2% versus the prior year, while adjusted operating income grew 13% to $219.4 million, fueled by gross margin expansion and fixed cost reduction. Loss on early extinguishment of debt: We have excluded loss on extinguishment of debt as this represents a non-cash charge, and the amount and frequency of such charges is not consistent and is significantly impacted by the timing and size of debt financing transactions. As our valued Business Partner, we are committed to ensuring that we provide you with detailed information about changes to Coty policy, structure and/or ways of working that may impact you. To the extent that the Company provides guidance, it does so only on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for restructuring, integration and acquisition-related expenses, amortization expenses, adjustments to inventory, and other charges reflected in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant. These forward-looking statements are made only as of the date of this release, and Coty does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. By category in FY19, color cosmetics brands continued to account for close to half of the divisional net revenues and declined in the low teens LFL, reflecting the category pressure in mass cosmetics and market share losses. (b) Prior periods have been restated in accordance with the adoption of ASU No. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW, Net cash provided by operating activities, RECONCILIATION OF ADJUSTED OPERATING INCOME TO ADJUSTED EBITDA., Investor Relations In FY19, net cash provided by operating activities was $639.6 million, up $225.9 million from $413.7 million in FY18, benefiting from the impact of working capital management initiatives, including successful cash collection initiatives for receivables and the net contribution of approximately $118 million from a receivables factoring program. 4Q19 operating cash flow totaled $188.2 million from $224.8 million in the prior year period, fueled by approximately $17 million increase in adjusted net income and continued progress on receivables. We incurred restructuring costs of $97.6 primarily related to the Global Integration Activities and 2018 Restructuring Actions, included in the Consolidated Statements of Operations. We are now fully engaged in FY20. The 4Q19 reported operating loss totaled $(2,697.3) million as a result of the impairment charge recorded in the quarter, while the adjusted operating income for the quarter of $94.3 million grew 1%. The adjusted operating margin was 15.5%, growing 320 bps versus FY18, driven by fixed cost reductions and lower non-working media. Find the latest Earnings Report Date for Coty Inc. Class A Common Stock (COTY) at See below for the description of transactions that have been retrospectively reported outside operating income. (c) See "Reconciliation of Reported Net (Loss) Income to Adjusted Net Income.". If you experience any issues with this process, please contact us for further assistance. Olga Levinzon, +1 212 389-7733 On July 1, 2019, we announced an operational plan to drive substantial improvement in Consumer Beauty while also further optimizing Luxury and Professional Beauty. In fiscal 2018, we incurred $76.1 of costs related to acquisition activities. (a) See a description on adjustments under “Reconciliation of Reported Operating (Loss) Income to Adjusted Operating Income”. Europe net revenues of $3,777.8 million, or approximately 44% of the total, decreased 10% as reported and 5% LFL. All rights reserved. The provision for taxes is then calculated based on the jurisdiction in which the adjusted items are incurred, multiplied by the respective statutory rates and offset by the increase or reversal of any valuation allowances commensurate with the non-GAAP measure of profitability. Reconciliations from reported to adjusted results can be found at the end of this release. This dividend will be considered a … Coty and its brands are committed to a range of social causes as well as seeking to minimize its impact on the environment. (e) The amounts represent the after-tax impact of the non-GAAP adjustments included in Net income attributable to noncontrolling interest based on the relevant noncontrolling interest percentage in the Consolidated Statements of Operations. This was partially offset by solid performance in Luxury. Tax: This adjustment represents the impact of the tax effect of the pretax items excluded from Adjusted net income. Costs related to acquisition activities: We have excluded acquisition-related costs and acquisition accounting impacts such as those related to transaction costs and costs associated with the revaluation of acquired inventory in connection with business combinations because these costs are unique to each transaction. Coty’s ability to successfully implement its multi-year Turnaround Plan, including its management headquarters relocation and management realignment, and to develop and achieve its global business strategies, compete effectively in the beauty industry and achieve the benefits contemplated by its strategic initiatives within the expected time frame or at all; Coty’s ability to anticipate, gauge and respond to market trends and consumer preferences, which may change rapidly, and the market acceptance of new products, including any relaunched or rebranded products and the anticipated costs and discounting associated with such relaunches and rebrands, and consumer receptiveness to its current and future marketing philosophy and consumer engagement activities (including digital marketing and media); use of estimates and assumptions in preparing Coty’s financial statements, including with regard to revenue recognition, stock compensation expense, income taxes (including the expected timing and amount of the release of any tax valuation allowance), the assessment of goodwill, other intangible and long-lived assets for impairments, the market value of inventory, pension expense, the fair value of redeemable noncontrolling interests and the fair value of acquired assets and liabilities associated with acquisitions; managerial, transformational, operational, regulatory, legal and financial risks, including diversion of management attention to and management of cash flows, expenses and costs associated with the Turnaround Plan and future strategic initiatives; future acquisitions and the integration thereof with Coty’s business, operations, systems, financial data and culture and the ability to realize synergies, avoid future supply chain and other business disruptions, reduce costs (including through its cash efficiency initiatives) and realize other potential efficiencies and benefits (including through Coty’s restructuring initiatives) at the levels and at the costs and within the time frames contemplated or at all; increased competition, consolidation among retailers, shifts in consumers’ preferred distribution and marketing channels (including to digital and luxury channels), distribution and shelf-space resets or reductions, compression of go-to-market cycles, changes in product and marketing requirements by retailers, reductions in retailer inventory levels and order lead-times or changes in purchasing patterns, and other changes in the retail, e-commerce and wholesale environment in which Coty does business and sells its products and its ability to respond to such changes; Coty and its brand business partners’ and licensors’ abilities to obtain, maintain and protect the intellectual property used in its and their respective businesses, protect our and their respective reputations (including those of its and their executives or influencers) and public goodwill, and defend claims by third parties for infringement of intellectual property rights; any change to Coty’s capital allocation and/or cash management priorities, including any change in its dividend reinvestment program and policy; any unanticipated problems, liabilities or integration or other challenges associated with a past or future acquired business which could result in increased risk or new, unanticipated or unknown liabilities, including with respect to environmental, competition and other regulatory, compliance or legal matters; Coty’s international operations and joint ventures, including enforceability and effectiveness of its joint venture agreements and reputational, compliance, regulatory, economic and foreign political risks, including difficulties and costs associated with maintaining compliance with a broad variety of complex local and international regulations; Coty’s dependence on certain licenses (especially in its Luxury division) and its ability to renew expiring licenses on favorable terms; Coty’s dependence on entities performing outsourced functions, including outsourcing of distribution functions, and third-party manufacturers, logistics and supply-chain suppliers and other suppliers, including third party software providers; administrative, development and other difficulties in meeting the expected timing of market expansions, product launches and marketing efforts; global political and/or economic uncertainties, disruptions or major regulatory or policy changes, and/or the enforcement thereof that affect Coty’s business, financial performance, operations or its products, including the impact of Brexit, the current U.S. administration, changes in the U.S. tax code, and recent changes and future changes in tariffs, retaliatory or trade protection measures, trade policies and other international trade regulations in the U.S., the European Union and Asia and in other regions where Coty operates; currency exchange rate volatility and currency devaluation; the number, type, outcomes (by judgment, order or settlement) and costs of any current or future legal, compliance, tax, regulatory or administrative proceedings, investigations and/or litigation, including litigation relating to the tender offer by Cottage Holdco B.V. (the “Cottage Tender Offer”); Coty’s ability to manage seasonal factors and other variability and to anticipate future business trends and needs; disruptions in operations, sales and in other areas, including due to disruptions in Coty’s supply chain, restructurings and other business alignment activities, the move of Coty’s headquarters to Amsterdam, manufacturing or information technology systems, labor disputes, extreme weather and natural disasters, and the impact of such disruptions on Coty’s ability to generate profits, stabilize or grow revenues or cash flows, comply with its contractual obligations and accurately forecast demand and supply needs and/or future results; restrictions imposed on Coty through its license agreements, credit facilities and senior unsecured bonds, or other material contracts, Coty’s ability to generate cash flow to repay, refinance or recapitalize debt and otherwise comply with its debt instruments, and changes in the manner in which Coty finances its debt and future capital needs; increasing dependency on information technology and Coty’s ability to protect against service interruptions, data corruption, cyber-based attacks or network security breaches, costs and timing of implementation and effectiveness of any upgrades or other changes to information technology systems, and the cost of compliance or its failure to comply with any privacy or data security laws (including the European Union General Data Protection Regulation (the “GDPR”) and the California Consumer Privacy Act) or to protect against theft of customer, employee and corporate sensitive information; Coty’s ability to attract and retain key personnel and the impact of senior management transitions and organizational structure changes, including the co-location of key business leaders and functions in Amsterdam; the distribution and sale by third parties of counterfeit and/or gray market versions of the Coty’s products; the impact of the Cottage Tender Offer and of Coty’s Turnaround Plan on its relationships with key customers and suppliers and certain material contracts; Coty’s relationship with Cottage Holdco B.V., as our majority stockholder, and its affiliates, and any related conflicts of interest or litigation; future sales of a significant number of shares by Coty’s majority stockholder or contractually by certain commercial banks on behalf of Coty’s majority stockholder, as may be required to satisfy obligations under such majority stockholder's credit agreement, or the perception that such sales could occur; and. Amortization expense: We have excluded the impact of amortization of finite-lived intangible assets, as such non-cash amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions.
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