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

Rhea-AI Summary

Minerva Foods reported a strong performance in 1Q22, with consolidated gross revenue of R$7.6 billion, a 25% increase from 1Q21, and EBITDA of R$646 million, a record for the first quarter. Exports made up 70% of gross revenue, solidifying its status as South America's top beef exporter with a 20% market share. Net income reached R$114.6 million, while the company maintained a healthy capital structure with a 2.5x net debt/EBITDA ratio. A dividend of R$200 million was announced for shareholders.

Positive

• Gross revenue increased by 25% year-on-year to R$7.6 billion in 1Q22.
• EBITDA reached a record R$646 million in 1Q22, up 33% year-on-year.
• Exports contributed 70% of total gross revenue.
• Net income for 1Q22 was R$114.6 million.
• Net leverage remained stable at 2.5x, indicating a healthy capital structure.
• Total dividends for FY2021 amounted to R$400 million, with a yield of 6.5%.

Negative

• None.

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. 

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SOURCE Minerva Foods

FAQ

What were Minerva Foods' revenue figures for 1Q22?

In 1Q22, Minerva Foods reported consolidated gross revenue of R$7.6 billion, a 25% increase from 1Q21.

How did Minerva Foods' EBITDA perform in 1Q22?

Minerva Foods' EBITDA totaled R$646 million in 1Q22, marking a 33% increase year-on-year.

What percentage of Minerva Foods' revenue came from exports in 1Q22?

Exports accounted for 70% of Minerva Foods' gross revenue in 1Q22.

What was the net income reported by Minerva Foods in 1Q22?

The net income for Minerva Foods in 1Q22 was R$114.6 million.

What is the net leverage ratio for Minerva Foods as of 1Q22?

Minerva Foods reported a net leverage ratio of 2.5x as of 1Q22.

What dividend was announced by Minerva Foods for its shareholders?

Minerva Foods announced an additional dividend payment of R$200 million, or R$0.34 per share.