The indicators were R$28.6 billion and R$2.4 billion, respectively. The company reported free cash flow of 1 billion reais Last year

SAO PAULO, February 23, 2022 /PRNewswire/ — Minerva Foods (Minerva SA – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a leading exporter of fresh beef and its by-products in South Americaand which also operates in the transformed segment, communicates its 2021 results to the market.

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

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

Free cash flow generation also stood out 1 billion reais. It should be noted that since 2018, the Company’s free cash flow generation amounts to approximately R$4.5 billion. In 4Q21, after Financial Expenses, Capex, Working Capital Requirement and cash effect of currency hedging, the indicator reached 213 million reaisremaining positive for 16and consecutive time.

Net profit since the beginning of the year amounts to R$598.9 million in 2021 and R$150.3 million in 4Q21. During the biennium 2020 – 2021, the cumulative indicator totaled R$1.3 billions. In 2021, exports accounted for 68% of Minerva Foods’ consolidated gross sales, helping the company maintain its leadership position in beef exports in South Americawith approximately 23% market share in the region.

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


Minerva Foods Management proposes to the General Meeting of shareholders the payment of additional dividends of 200 million reaisis around R$0.34 per share, in line with its shareholder value creation strategy and with its income allocation policy which plans to distribute at least 50% of the net income as soon as the net leverage is less than or equal to 2.5x. Thus, and after approval by the Meeting, the Company must total 400 million reais distributed in the form of dividends and from financial year 2021, thus achieving a distribution of 67% of the annual net result 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 in over 100 countries. In addition to BrazilMinerva Foods operates in Paraguay, Argentina, Uruguay, Colombia and Chile. The company serves five continents with beef and its by-products and currently operates 25 slaughter and deboning plants, 16 international offices, 14 distribution centers and three processing plants.

SOURCE Minerva Foods


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