EARNINGS
PRESENTATION
1st Quarter / 2023
EARNINGS RELEASES
HIGHLIGHTS OF 1Q23
Consolidated Net Revenue
R$ 31.8 billion
Consolidated ADJ EBITDA
R$ 1.5 billion
Mg. ADJ EBITDA
4,7%
FINANCIAL | OPERATIONAL
North America Operation
Net Revenue: US$ 2.6 billion
ADJ EBITDA Margin: 3.9%
BRF
Net Revenue: R$ 13.1 billion
ADJ EBITDA Margin: 4.6%
Operating Cash Flow
R$ 673 million
Financial Leverage
In Real: 3.50x | In Dolar: 3.53x
South America Operation
Net Revenue: R$ 5.2 billion
ADJ EBITDA Margin: 7.8%
Financial Leverage (ex-BRF)
Marfrig repurchased and cancelled a total portion equivalente to U$S 52 million of the main of the outstanding senior notes (bonds) due in 2026, 2029 and 2031.
Revenue by Currency
Dollar: 71% | Real: 27% | Others: 2%
Revenue by Operation
North America South America BRF
43%16%41%
ADJ EBITDA by Operation
North America South America BRF
34%26%40%
Sustainability
CDP - Marfrig is among the 8% of the best evaluated companies for the involvment of suppliers on climate change by the 2022 edition of Disclosure Insight Action
Forest 500 - In 2023, Marfrig took the lead in the slaughterhouse sector in the
global ranking for combating deforestation Forest 500.
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OPERATIONS
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N O R T H A M E R I C A O P E R A T I O N
OPERATIONAL AND FINANCIAL PERFORMANCE - 1Q23
SALES VOLUME | NET REVENUE |
(Thousand tons) | (US$ million) |
-11.0% | -14,6% |
523 | 3,023 |
466 | 2,583 |
800 | |||
88% | 86% | 88% | 600 |
90% | |||
400 | |||
200 | |||
0 | |||
1Q22 | 1Q23 | 1Q22 | 1Q23 |
ADJ EBITDA (US$ million)
- ADJ EBITDA Margin (%)
-11.1 p.p.
15.0%
3.9%
-77.7%
453
101
1Q22 1Q23
Net Revenue
US$ 2.6
Billion
ADJ EBITDA
34 %
of the
consolidated
Exports | Domestic Market | Exports | Domestic Market | ADJEBITDA | ADJEBITDA Margin | |||||
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N O R T H A M E R I C A | |||||||||||
MARKET DATA - USA | |||||||||||
Cattle Price | Drop Credit | Domestic Price | Spread | ||||||||
(USDA KS Steer $/cwt)¹ | ($/cwt) | (USDA Comprehensive Cutout $/cwt) | (Cutout Ratio) | ||||||||
+15,9% | -3,0% | +1,6% | -12.1% | ||||||||
160,5 | 14,62 | 277,9 | 1.98 | ||||||||
151,0 | 13,81 | 13,40 | 273,6 | 253,4 | 1.74 | ||||||
138,5 | 1.69 | ||||||||||
1Q22 | 4Q22 | 1Q23 | 1Q22 | 4Q22 | 1Q23 | 1Q22 | 4Q22 | 1Q23 | 1Q22 | 4Q22 | 1Q23 |
(1) The "hundredweight", abbreviated Cwt, is an unit of measurement for weight used in certain commercial "commodity" contracts. In North America, the "hundredweight" is equal to 100 pounds | 5 |