Minerva Foods reports gross revenue of R＄7.8 billion in the second quarter of 2023
EBITDA in 2Q23 reached R＄ 711.2 million, with 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 pro-forma EBITDA from ALC (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 in June 2023, recurring free cash flow, adjusted by the acquisition of ALC, totaled R＄ 929.3 million.
In 2Q23, Net Income was R＄ 120.7 million, an increase of 5.9% compared to the previous quarter. Year-to-date net income was R＄234.7 million, thus totaling R＄350.5 million in the last twelve months ended June 2023.
Consolidated Gross Revenue in 2Q23 reached R＄ 7.8 billion, accumulating R＄ 30.9 billion in the last twelve months ended in June 2023.
The Company's Net Revenue amounted to R＄ 7.3 billion in this 2Q23, and in the last twelve months ended in June 2023, it totaled R＄ 28.9 billion.
In the quarter, exports accounted for 65.8% of the Company's Gross Revenue, confirming its leadership in beef exports in South America, with approximately 20% market share.
The net leverage of 2Q23, measured through the Net Debt/EBITDA multiple of the last 12 months, ended the quarter stable at 2.7x, considering the EBITDA adjusted by pro-forma ALC.
Also noteworthy is the payment of supplementary dividends. The Company's Board of Directors approved the distribution of R＄ 114 million in the form of interim dividends, totaling R＄ 0.19 per share. Since 2020, the Company has already distributed approximately R＄ 1.4 billion in the form of dividends to its shareholders.
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