Minerva’s adjusted EBITDA in the first quarter of 2019 amounted to R$328.8 million (US$81.2 million), up 15% over the same quarter in 2018, with an EBITDA margin of 8.8%, up 70 bps year-on-year. Gross Revenue was R$3,975.3 million (US$982 million), up 6%. Of this total, the Brazilian Industry Division accounted for 44% and Athena Foods 39%, while the remaining 17%, was generated by the Trading Division. In the last twelve months ended March, the Company’s gross revenue totalled R$17.5 billion (US$4.32 billion).

Exports accounted for 61% of gross revenue in the first quarter, consolidating Minerva’s position as the largest beef exporter in South America, with a market share of more than 20% in the continent, according to the meatpacker, which ended the quarter on March 30 with a net debt of R$6.2 billion (US$1.53 billion), down 72.6% compared with the same period in 2018.

In terms of slaughter volume, the Brazilian units recorded 419,300 heads in the quarter, flat over the same quarter in 2018 and totalling 80.1% of capacity utilization rate. Similarly, the slaughter volume of Athena Foods’ units totalled 426,600 heads in the quarter, with the utilisation rate at 71.5%, the same level as in Q1 2018. According to the meatpacker, the slaughter volume was also affected by the heavy rainfall mainly in Paraguay and Argentina.

Minerva also announced that the IPO of its subsidiary Athena Foods at Bolsa de Comercio de Santiago (Santiago Stock Exchange) was postponed “due to the recent adverse market conditions of the global market”. As reported by ILM, the Company expected the transaction to conclude by the end of May, in accordance with the timeline announced to the market on August 7, 2018.