Message from the Board of Directors
GRI 102-14

South America features a thriving industry outlook possessing the only cattle herd in expansion worldwide and an increased participation in world exports, solidifying itself as the region that is best able to meet the ever increasing global demand. Ever ready to continue to grow, we have prepared strategically in order to take advantage of this opportunity, having acquired the industrial plants in Mercosur in 2017 as well as having finalized the operational integration phase of all units over the last year.

Taking the lead in beef exports from South America, with 21% of the Market share, our revenues for 2018 from export markets increased by 40%, with the primary focus placed on emerging markets as well as operating in niche markets. In order to enable our strategy, we had the support of 13 international offices and we maintained a sales structure organized by means of three channels: Industry, Foodservice, and Retail.

Approach Minerva Foods and Athena Foods
GRI 102-1, GRI 102-2, GRI 102-5, 102-7

Minerva Foods (Minerva S.A.) is a South American leader in the exportation of beef in natura and beef by-products, as well as processed meats. In August of 2018 the Board of Directors by means of a resolution, approved the required contribution necessary, in order to indirectly become a shareholder of the total share capital of Athena Foods S.A. a joint-stock company created in accordance with the regulations of Chile. Athena Foods S.A. has become responsible for the operations and trading of the business units located in Argentina, Colombia, Paraguay and Uruguay and it is responsible for more than 30% of the meat that is consumed in Chile. Athena Foods values the importance of a healthy diet and understands how to meet the most demanding levels of taste and quality demanded by the most sophisticated markets.

Financial performance
GRI 103-2 GRI 103-3

A leader in South America in the exportation of beef in-natura and its by-products, and operations in the segment of processed meats, the Company is listed on the B3 (Brasil, Bolsa, Balcão) and has its American Depositary Receipts (ADR) negotiated in the United States over-the-counter market (OTC), thereby relying on the Nasdaq International program. The following is a presentation of the financial and operational information for 2018 according to the BR GAAP guidelines and the International Financial Reporting Standards (IFRS).

In 2018, the Company recorded free cash flow of R$ 752 million, after financial expenses, capital expenses and working capital. The cash flow from operational activities reached R$ 1.3 billion. The gross income was R$ 17.2 billion, a record revenue of 33% higher than in 2017.


Net Income – R$ Million

  • R$ 16.214,9


  • R$ 12.103,8


  • R$ 14.033,5 (proforma)


EBITDA/Mg.EBITA – R$ Million

  • 1.550,4 / 9,6%


  • 1.265,8 / 9,0%


Capital goods – R$ Million

  • 189,1


  • 1.386,1


Cash – R$ Million

  • 4.397,0


  • 3.807,3


Return on invested capital

Net Debt / Ebitda LTM

Duration of Debt (years)