EARNINGS
PRESENTATION
2nd Quarter / 2023
EARNINGS RELEASES
HIGHLIGHTS OF 2Q23
Consolidated Net Revenue
R$ 32.5 billion
Consolidated ADJ EBITDA
R$ 2.3 billion
Mg. ADJ EBITDA
7.1%
FINANCIAL | OPERATIONAL
North America Operation
Net Revenue: US$ 2.9 billion
ADJ EBITDA Margin: 5.2%
BRF
Net Revenue: R$ 12.1 billion
ADJ EBITDA Margin: 8.3%
Operating Cash Flow
R$ 2,4 billion
Revenue by Currency
Dollar: 71% | Real: 26% | Others: 3%
South America Operation
Net Revenue: R$ 5.8 billion
ADJ EBITDA Margin: 10.0%
Issuance of Shares - BRF
A follow-on in the amount of R$ 5.4 billion was carried out at BRF, in which Marfrig now holds 33.3% of its capital.
Revenue by Operation
North America South America BRF
45%18%37%
ADJ EBITDA by Operation
North America South America BRF
32%25%43%
Sustainability
100% of direct suppliers monitored by satellite.
82% control of indirect suppliers in the Amazon and 71% in the Cerrado.
2
OPERATIONS
3
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 - 2Q23
SALES VOLUME
(Thousand tons)
-6.4%
NET REVENUE
(US$ million)
-0.4%
ADJ EBITDA (US$ million)
- ADJ EBITDA Margin (%)
-8.0 p.p.
13.2%
Net Revenue
US$ 2.9
516
483
2,949 2,938
800
5.2%
Billion
ADJ EBITDA
87%86%
2Q22 2Q23
400
200
0
2Q22 2Q23
-60.5%
388
153
2Q22 2Q23
32 %
of the
consolidated
Exports | Domestic Market | Exports | Domestic Market | ADJEBITDA | ADJEBITDA Margin | |||||
4
N O R T H A M E R I C A
MARKET DATA - USA
Cattle Price
(USDA KS Steer $/cwt)¹
+26.4%
Drop Credit
($/cwt)
-4.5%
Domestic Price
(USDA Comprehensive Cutout $/cwt)
+14.6% |
Spread
(Cutout Ratio)
-8.4% |
160.5
138.2
174.7
13.48 13.40 12.87
264.2 | 277.9 | 302.9 |
1.91 | 1.74 | 1.75 |
2Q22 | 1Q23 | 2Q23 | 2Q22 | 1Q23 | 2Q23 | 1Q22 | 4Q22 | 1Q23 | 2Q22 | 1Q23 | 2Q23 |
The combination of a 26.4% increase in the cost of cattle and a reduction in the by-products credits resulted in a 8.4% lower spread in the quarter.
(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 |