Investor Presentaiton
120
FINANCIAL CAPITAL
2021 INTEGRATED ANNUAL REPORT
EBITDA AND NET
INCOME
The Company ended 2021 with
R$ 683.9 million EBITDA (8.8%
of net revenue), a 29.8% decline
as compared to 2020. Net income
decreased 33.9%, reaching R$
505 million in 2021.
The result was impacted by the
increase in commodity prices
in US dollars, depreciation of
Brazilian real, drop in volumes,
and non-recurring effects, as
already highlighted. In total non-
ADDED VALUE
In 2021, the wealth produced
by the Company was R$ 2.5
billion. The amount allocated to
personnel and payroll totaled R$
1.1 billion, representing the most
significant portion, followed by
taxes, fees and contributions in
the amount of R$ 550.0 million,
interest on equity of R$ 505.0
million and remuneration of
third-party capital of R$ 348
million. The distribution is
shown in the graph:
CAPITALIZATION,
DEBT AND CASH
The Company closed 2021 with
gross debt of R$ 1.8 billion (R$
1.6 billion in 2020) and cash and
cash equivalents of R$ 1.6 billion
(R$ 1.2 billion in 2020), resulting
in a leverage (net debt-to-EBITDA
LTM) of 0.2x (0.4x in 2020).
Of note is the Company's 3rd
issue of simple debentures, on
recurring effects, R$ 19.9 million
were recognized in 2021 versus
R$ 276.3 million in 2020, both
related to the recognition of tax
credits.
EBITDA Reconciliation (R$ million)
Net Income
Income tax and social contribution
irpj Incentive
Financial revenues
Financial expenses
EBITDA
n/a
Thus, the Company ended
2021 with a debt-to-asset ratio
of 16.6%, 0.3 p.p. higher as
compared to the final position in
2020, influenced by the 11.2%
increase in total debt, in contrast
to the 9.5% asset growth, with
the increase in cash and the
acquisition of Latinex.
It is worth mentioning the
decrease in net debt, from
Capitalization (in R$ million)
R$ 350.7 million in 2020 to
R$ 140.4 million in 2021, as
the increase in cash and cash
equivalents was higher than
the increase in indebtedness.
Leverage (net debt-to-EBITDA
for the last 12 months) was 0.2x
(0.4x in 2020), indicating the
Company's ability to settle its
debts in the short term.
In 2021, net cash generated from
operating activities amounted
to R$ 959.7 million, and the net
flow of financing was R$ 16.1
million. This change was mainly
influenced by the issuance of
debentures, as opposed to the
payment of financing in the
period, contributing to the result
of cash and equivalents recorded:
Debt-to-asset ratio
(280.2)
2021 2020
505.0 763.8
125.8
64.6
(2.0) (32.8)
(335.2)
Change
-33.9%
300.0 254.2
Depreciation and amortization on cogs
184.5
176.6
-93.9%
-16.4%
18.0%
4.5%
Depreciation and amortization on
102.4
83.1
expenses
683.9 974.3
8.8% 13.4%
23.2%
-29.8%
-4.6 p.p.
Cash
Short-term financial investments
Long-term financial investments
2021
1,555.9
16.6
2.1
2020 Change
1,213.0 28.3%
16.4
3.3
(%)
20.4%
1.2%
-36.4%
18.1%
16.3%
17.5% 16.6%
Total debt
(1,767.5) (1,589.1)
11.2%
(-) Short-term
(116.0)
(776.1)
-85.1%
4Q20 1Q21 2Q21 3Q21 4Q21
(-) Long-term
(1,651.5)
(813.0)
Financial instruments receivable (payable)
52.5
(=) Net cash (net debt)
(140.4)
Shareholder's equity
Capitalization
5.7
(350.7)
7,032.4 6,645.6
8,799.9 8,234.7
N/a
N/a
-60.0%
5.8%
6.9%
350.7 385.0 361.5
Financial indicators
0.4
0.5
0.5
140.4
0.1
0.2
EBITDA Margin
Distribution of value added
2020
39.4%
2021
43.1%
Personnel and payroll
23.4%
27.3%
10.0%
Taxes, fees and contributions
Interest on equity
Remuneration of third-party capital
22.3%
20.5%
14.1%
2021
Net Cash (Debt) / EBITDA
(0.2)
(last 12 months)
Net Cash (Debt) / PL
-2.0%
-5.3%
Debt/ total assets
16.6%
16.3%
2020 Change
(0.4) -50.0%
-3.3 p.p.
3.3 p.p.
March 15, 2021, which were used
as guarantee for the issuance of
CRAS (Agribusiness Receivables
Certificates), in the total amount
of R$ 811.6 million. The first
and second series debentures
are entitled to semi-annual
payment of conventional
Interest of 3.7992% p.a. and
4.1369% p.a., respectively,
based on 252 business days, in
addition to adjustment by IPCA
(adjustment only together with
amortization).
Proceeds raised are intended
to promote and encourage
sustainable agriculture at the
Company's suppliers, ensuring
the continuous improvement
of the food and nutritional
safety of the products offered
to consumers. On December 31,
2021, the value of the debentures
was represented by an amount
of R$ 811.7 million, net of the
balance to be amortized of
transaction costs in the amount
of R$ 41.3 million.
R$ million
12.3% of
Net revenue
1,213.0
Cash and cash
equivalents as
of Dec/20
959.7
Net Cash
generated
from operating
activities
16.1
-196.6
fixed assets
and software
Net (Cash) debt (R$
million) and leverage
(103.0)
4Q20 1Q21 2Q21 3Q21 4Q21
Net (Cash) Debt
Leverage
1.3
-222.1
1,555.9
-69.9
-132.7
-12.9
Payment of
Net flow from
financing-
third-party
Profit
distribution
(IoE)
Payment of
equity
interest
Acquisition of
equity
Investments
interest,
cash acquired
licenses
capital
net of
Acquisition of Cash and cash
shares issued by equivalents as
the company of Dec/21View entire presentation