May 6, 2011

Minerva posts increase in gross revenue for Q1

Minerva S.A. recorded gross revenues of BRL938.6 million (US$579 million) in the first quarter of 2011, 21% higher than the first quarter last year and slightly better than the fourth quarter of 2010.

The company reached 25% of market share in the export of fresh beef in March 2011, reaffirming its commercial strategy for efficient allocation of sales.

Minerva expanded its presence in the internal market with the inauguration of one more distribution centre in the metropolitan region of Belo Horizonte.

Minerva acquired the Frigorifico Pul in Uruguay, one of the most mordern slaughtering facilities in the world, acknowledged internationally for its operational excellence and quality of products.

The company was able to increase its utilisation rate to 72.5%, a growth of 1.5 p.p. even with the addition of production capacity deriving from the investments in greenfield and brownfield projects.

Minerva posted an adjusted EBITDA of BRL60.2 million (US$37.1 million) in the first quarter of 2011, accumulating a 12-month pro-forma EBITDA of BRL299 million (US$184 million), a record for the company. The adjustment considers the Frigorifico Pul operating for a period of 12 months.