Minerva Foods Reached Net Income of R$116.7 Million in the Second Quarter of 2021
Free cash flow remains positive for the 14th consecutive quarter, reaching R$425 million.
In the 12 months ended June 2021, free cash flow totaled R$1.4 billion.
SÃO PAULO, Aug. 9, 2021 /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 second quarter of 2021 (2Q21).
Net income reached R$116.7 million in the period and R$548.7 million in the last 12 months ended June 2021.
Net revenue was R$6.3 billion in 2Q21, up 43% year on year and 8% quarter on quarter. Net revenue reached R$22.9 billion, up 28% year on year in the last 12 months ended June 2021 (LTM2Q21). Consolidated gross revenue came to R$24.3 billion in LTM2Q21, a 28% rise over to the same period of 2020.
Free cash generation was positive for the 14th consecutive time in the quarterly historical series, being one of the highlights of this quarter. This indicator reached R$647 million on a recurring basis and R$425 million after the cash effect of FX hedge. In the last 12 months ended June 2021, free cash flow totaled approximately R$1.4 billion.
EBITDA was R$544.9 million in 2Q21, a 12% increase quarter on quarter. In LTM2Q21, EBITDA totaled R$2.2 billion, up 8% over LTM2Q20, with a margin of 9.6%.
In 2Q21, exports accounted for 70% of Minerva Foods’ gross revenue, maintaining the Company’s position as the leading beef exporter in South America, with a market share of about 20% on the continent.
Net leverage in 2Q21, measured by the net debt/EBITDA ratio in the last 12 months ended June, was 2.4x, flat compared to 1Q21, and down 0.2x from 2Q20.
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, through its subsidiary Athena Foods, a company that was born a leader in global exports of South American beef. Minerva Foods and Athena Foods supply 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
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