MINERVA FOODS POSTS RECORD CONSOLIDATED GROSS REVENUE AND EBITDA IN THE FIRST QUARTER OF 2022

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May 11, 2022, 19:14 ET

Gross revenue totaled R$7.6 billion in the period, up 25% over 1Q21. EBITDA came to R$646 million, a first-quarter all-time high for the Company.

SÃO PAULO, May 11, 2022 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the South American leader in the export of fresh beef and cattle byproducts, which also operates in the processed foods segment, announces to the market the financial results for the first quarter of 2022 (1Q22).

The Company's consolidated gross revenue totaled R$7.6 billion in 1Q22, up by 25% over 1Q21. In the 12 months ended March 2022 (LTM1Q22), consolidated gross revenue reached R$30.1 billion, a 35% increase over LTM1Q21.

In 1Q22, exports accounted for 70% of Minerva Foods' gross revenue, consolidating the Company's position as the leading beef exporter in South America, with a market share of about 20% on the continent.

EBITDA totaled R$646 million in 1Q22, up 33% year on year and a first-quarter all-time high, with an EBITDA margin of 8.9%. In LTM1Q22, EBITDA was R$2.6 billion, a growth of 15% compared to the same period of 2021, with an EBITDA margin of 9.1%.

In 1Q22, the Company recorded net income of R$114.6 million. In the 12 months ended March, net income was around R$454 million.

In 1Q22, net leverage measured by the Net Debt/LTM EBITDA ratio remained flat at 2.5x, confirming the Company's healthy capital structure and its commitment to capital discipline.

We also highlight the payment of additional dividends in the amount of R$200 million, or R$0.34/share. For the 2021 fiscal year, Minerva Foods distributed a total of R$400.0 million in dividends, or R$0.69/share, corresponding to a dividend yield of 6.5% and a payout of around 70%.

About Minerva Foods
Minerva Foods is the South American leader in beef exports, which also operates in the processed foods segment, selling its products to over 100 countries. In addition to Brazil, Minerva Foods is present in Paraguay, Argentina, Uruguay, Colombia and Chile. The Company supplies five continents with beef and its cattle byproducts and currently operate 25 slaughter and deboning plants, 16 international offices, 14 distribution centers and 3 processing plants.

SOURCE Minerva Foods