Minerva Foods Reached An All-Time High EBITDA Of R$648 Million, And Has Increased 24% YoY In Net Income, Reaching R$72 Million In 3Q21

Free cash flow remains positive for the 15th consecutive quarter. In the last 12 months ending in September 2021, the indicator was R$ 849 million

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Minerva Foods

Nov 04, 2021, 18:00 ET

SÃO PAULO, Nov. 4, 2021 /PRNewswire/ -- Minerva Foods (Minerva SA – 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 segment, presents its results to the market to the third quarter of 2021 (3Q21).

The Company's net revenue reached a record level of R$7.4 billion in 3Q21, an increase of 43% YoY and 17% when compared to 2Q21. In the last 12 months ended in September 30, 2021 (LTM3Q21), the indicator was R$ 25.2 billion, growth of 36% compared to the same period of the previous year. Consolidated gross revenue reached R$26.6 billion in LTM3Q21, an increase of 36% compared to the same period in 2020.

EBITDA for the third quarter of this year was also a record, reaching R$648.1 million, an increase of 17% YoY and 19% compared to the second quarter of the year. In LTM3Q21, EBITDA totaled R$2.3 billion, an 8% growth year-on-year and reaching the highest level for the 12-month period, with an EBITDA margin of 9.1%.

In the period, net income reached R$72.4 million, while the accumulated in 9M21 totaled R$449 million.

Free cash generation is also one of the highlights of this quarter: positive for the 15th consecutive time in the historical quarterly series. In 3Q21, after Financial Expenses, Capex and Working Capital, the indicator reached R$53 million in the recurring metric and R$83 million after the cash effect of FX hedge. In LTM3Q21, the amount totaled R$849 million.

In the third quarter of this year, exports reached 69% of Minerva Foods' gross revenue, maintaining the Company as the leader in beef exports in South America, with approximately 20% market share in the region.

Net leverage in 3Q21, measured by the Net Debt/EBITDA multiple for the last 12 months ended in September, totaled 2.4x, stable when compared to 2Q21.

The Company also announces the distribution of interim dividends totaling R$200.0 million, or approximately R$0.35/share, which represents 45% of 9M21 net income. Considering the cash earnings paid in 2021, a total of R$603.6 million, or R$1.12/share, Minerva Foods achieves a dividend yield of approximately 12%.

About Minerva Foods

Minerva Foods is the South American leader in beef exports, and also operates in the processed foods segment, selling its products to over 100 countries. Present in Brazil, Paraguay, Argentina, Uruguay, and Colombia, Minerva Foods operates 25 slaughter and deboning plants and three processing plants.

SOURCE Minerva Foods