MINERVA FOODS REPORTS RECORD CONSOLIDATED GROSS REVENUE AND EBITDA IN 2021

Rhea-AI Summary

Minerva Foods (OTC: MRVSY) announced its record financial performance for 2021, with consolidated gross revenue reaching R$ 28.6 billion, a 39% increase year-on-year. Net revenue hit R$ 26.9 billion, while EBITDA grew to R$ 2.4 billion. The company reported a free cash flow of R$ 1 billion and proposed R$ 200 million in supplementary dividends, resulting in a payout of 67% of annual net income. Minerva remains the leading beef exporter in South America, with a market share of approximately 23%.

Positive

• Consolidated gross revenue reached R$ 28.6 billion, up 39% year-on-year.
• Net revenue increased to R$ 26.9 billion, marking a record for the company.
• EBITDA rose to R$ 2.4 billion, with a 9% EBITDA margin.
• Free cash flow generation of R$ 1 billion, totaling R$ 4.5 billion since 2018.
• Proposed supplementary dividends of R$ 200 million, achieving a total of R$ 400 million for the fiscal year.
• Dividend yield estimated at approximately 6.5%.
• Exports accounted for 68% of gross revenue, maintaining a leading position in the market.

Negative

• Net leverage stood at 2.4x, indicating reliance on debt levels.
• EBITDA margin remained flat year-on-year at 9%.

Indicators were R$ 28.6 billion and R$ 2.4 billion, respectively. Company reported free cash flow of R$ 1 billion last year

SÃO PAULO, Feb. 23, 2022 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a leader in the export of fresh beef and its by-products in South America, and which also operates in the processed segment, reports its 2021 results to the market.

The Company's consolidated gross revenue was R$ 28.6 billion last year, while the net revenue was R$ 26.9 billion in the same period, up 39% year-on-year, for both indicators, and a record level for the company. In the fourth quarter (4Q21), the net revenue was R$ 7.5 billion, up 32% year-on-year and 2% over 3Q21.

The EBITDA, in turn, also hit a record at R$ 2.4 billion for the year, up 13% over 2020, with an EBITDA margin of 9%. For 4Q21, the indicator also hit a record at R$ 735.3 million, up 19% year-on-year, with an ebitda margin of 9.8%.

The free cash flow generation also stood out at R$ 1 billion. It should be noted that, since 2018, the Company's free cash flow generation totals approximately R$ 4.5 billion. In 4Q21, after Financial Expenses, Capex, Working Capital and the cash effect of the currency hedge, the indicator reached R$ 213 million, remaining positive for the 16^th consecutive time.

The year-to-date net income totaled R$ 598.9 million in 2021 and R$ 150.3 million in 4Q21. In the 2020 – 2021 biennium, the year-to-date indicator totaled R$ 1.3 billion. In 2021, exports accounted for 68% of Minerva Foods consolidated gross revenue, keeping the Company's lead in beef exports in South America, with approximately 23% of market share in the region.

Net leverage in 4Q21, measured by the Net Debt/EBITDA of the last 12 months, and adjusted by anticipated dividends, ended the year stable at 2.4x.

DIVIDENDS

Minerva Foods Management proposes to the General Shareholders' Meeting the payment of supplementary dividends of R$ 200 million, or approximately R$ 0.34 per share, in line with its strategy of generating shareholder value and with its income allocation policy, which estimates to distribute at least 50% of net income whenever net leverage is less than or equal to 2.5x. Thus, and after approval by the Meeting, the Company must total R$ 400 million distributed as dividends and from the 2021 fiscal year, thus achieving a payout of 67% of annual net income and a dividend yield of approximately 6.5%.

About Minerva Foods

Minerva Foods is the leader in beef exports in South America and also operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods operates in Paraguay, Argentina, Uruguay, Colombia and Chile. The company serves five continents with beef and its by-products and currently operates 25 slaughtering and deboning plants, 16 international offices, 14 distribution centers and three processing plants.

 

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SOURCE Minerva Foods

FAQ

What were Minerva Foods' financial results for 2021?

Minerva Foods reported a gross revenue of R$ 28.6 billion and a net revenue of R$ 26.9 billion for 2021, both record levels.

What is the proposed dividend by Minerva Foods for 2021?

Minerva Foods proposed supplementary dividends of R$ 200 million, bringing the total to R$ 400 million for fiscal year 2021.

What was the EBITDA for Minerva Foods in 2021?

Minerva Foods achieved an EBITDA of R$ 2.4 billion in 2021, a 13% increase over 2020.

How much free cash flow did Minerva Foods generate in 2021?

Minerva Foods generated R$ 1 billion in free cash flow in 2021.

What percentage of Minerva Foods' revenue comes from exports?

Exports accounted for 68% of Minerva Foods' consolidated gross revenue in 2021.