EBITDA was R$ 711,2 million and net revenue R$ 7,3 billion in the period
SÃO PAULO, Aug. 10, 2023 /PRNewswire/ — Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a leader in the export of fresh beef and its derivatives in South America, and which also operates in the processed segment, disclosed its financial results for the second quarter of 2023 (2Q23) today.
EBITDA in 2Q23 was R$ 711,2 million, making an EBITDA margin of 9,8%. In the last twelve months to June 2023, EBITDA was R$ 2,7 billion, with an EBITDA margin of 9,2%, not including ALC pro forma EBITDA (adjusted for the performance of the acquisition of Australia Lamb Company).
Free Cash Flow in 2Q23, after Financial Expenses, Capex, and Working Capital, totaled R$ 323,3 million in the recurring metric, and R$ 191,3 million after the cash effect of derivatives. In LTM2Q23 ended June 2023, recurring free cash flow, adjusted for the acquisition of ALC, totaled R$ 929,3 million.
In 2Q23, Net Profit was R$ 120,7 million, up by 5,9% on the previous quarter. Year-to-date, net profit was R$ 234,7 million, totaling R$ 350,5 million in the last twelve months ended June 2023.
Consolidated Gross Revenue in 2Q23 was R$ 7,8 billion, and R$ 30,9 billion in the last twelve months ended June 2023.
The company’s Net Revenue totaled R$ 7,3 billion in 2Q23, and in the last twelve months ended June 2023, R$ 28,9 billion.
In the quarter, exports represented 65,8% of the company’s Gross Revenue, confirming its leadership in beef exports in South America, with a market share of approximately 20%.
Net leverage in 2Q23, measured by the Net Debt/EBITDA multiple of the last 12 months, ended the quarter stable at 2,7x, considering pro-forma ALC adjusted EBITDA.
Also noteworthy is the payment of complementary dividends. The company’s Board of Directors approved the distribution of R$ 114 million in the form of interim dividends, amounting to R$ 0,19 per share. Payment will be made on August 23, 2023, and the company’s shares will trade “ex-dividend” as of August 15, 2023, inclusive. Since 2020, the company has distributed approximately R$ 1,4 billion in earnings to its shareholders.
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 is present in Paraguay, Argentina, Uruguay, Colombia, and has plants specialized in lamb in Australia, totaling more than 23,000 employees. The company serves five continents with beef, lamb, and their derivatives, and currently operates 32 industrial units, 12 international offices, and 14 distribution centers.
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