MINERVA FOODS ACHIEVES NET PROFIT OF 655 MILLION IN 2022

USA - English

• USA - English

Adjusted EBITDA was R$ 3,1 billion and net leverage was 2,15x

SAO PAULO, Feb. 23, 2023 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a leader in the export of fresh beef and cattle byproducts in South America, and which also operates in the processed segment, informs its annual results related to 2022.

Consolidated gross revenue for the year was R$ 32,9 billion, up by 15% year on year, with exports reaching approximately 70% of revenue, reinforcing Minerva Foods leadership in beef exports in South America with a market share of approximately 20%.

EBITDA, in turn, was R$ 2,8 billion in 2022, up by 17,6% year on year, with an EBITDA margin of 9,2%. Adjusted EBITDA, covering the performance of the Australian Lamb Company (ALC) acquisition at the end of the year, totaled R$ 3,1 billion.

Another highlight was net income, which totaled R$ 655 million in the year, up by approximately 10% on 2021. 

Net leverage, adjusted for the acquisition of ALC (Australian Lamb Company) by 2,15x Net Debt/EBITDA, reached the lowest level since 2007. Cash generation was R$ 647 million in the year. In the last five years, Minerva Foods generated a significant R$ 5 billion in free cash flow.

For the third consecutive year, the company was listed in the 2022/2023 Corporate Sustainability Index (ISE) and the Efficient Carbon Index (ICO2), and for the first year it was listed on the 2022/2023 CDP Brazil Climate Resilience Index (ICDPR70). All three indexes are present in the Brazilian stock exchange, B3.

DIVIDENDS
In 2022, the company once again maintained its commitment to generating value and underpinned by good operational and financial performance, Minerva Foods´ Management will propose to the Shareholders' Meeting the payment of additional dividends of R$ 208,6 million, or R$0,36/share. Considering the fiscal year 2022, the distribution of proceeds will total R$ 336,7 million, or R$ 0,58 per share, making a payout of more than 50%. It is noteworthy that in the last three years (2020 – 2022), the company has distributed R$ 1,3 billion in the form of proceeds, equivalent to R$ 2,30/share, in addition to approximately R$ 2,8 billion in the buying back of shares and bond over the same period, reinforcing the company's commitment to creating shareholder value.

About Minerva Foods
Minerva Foods is a leader in beef exports in South America and 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, and Colombia, and has plants specializing in lamb in Australia, totaling more than 20,000 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.