Investor Presentaiton
112
FINANCIAL CAPITAL
ECONOMIC
AND FINANCIAL PERFORMANCE
M. Dias Branco achieved R$ 7.8 billion net revenue in 2021, higher than
R$ 7.3 billion recorded in 2020, with 25.8% increase in average price in
the period, while sales volume declined 14.3%, after the strong increase in
demand experienced during social isolation in 2020.
Net revenue
(R$ million)
Sales volume
(thousand/t)
7,814.0
7,252.5
1,978.6 2,179.8 2,164.5
1,701.6
1,419.1
415.7
450.2 456.4 439.9
356.4
GRI 103-2, 103-3 | 201
Average price
(R$/kg)
1,986.9
4.8
4.9
1,702.9
4.4
4.1
4.2
3.7
4.6
2021 INTEGRATED ANNUAL REPORT
As a result, the Company recorded R$ 683.9 million EBITDA (-29.8% versus 2020), with 8.8% EBITDA
margin (-4.6 p.p. versus 2020) and R$ 505.0 million net income (-33.9% versus 2020). The decline versus
2020 is due to the increase in commodity prices in US dollars, the Brazilian real depreciation, the drop in
volumes and non-recurring tax credits that had a higher positive impact on the result in 2020.
EBITDA
(R$ million)
974.3
EBITDA Margin
(%)
192.2
47.4
286.6
167.2
182.7
683.9
11.3%
3.2%
13.4%
13.1%
8.5%
8.4%
8.8%
Net Income
(R$ million)
209.0
196.6
151.1
142.3
15.0
763.8
505.0
4Q20 1Q21 2Q21 3Q21 4Q21
2020 2021
4Q20 1Q21 2Q21 3Q21 4Q21
2020 2021
4Q20 1Q21 2Q21 3Q21 4Q21
2020 2021
4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021
4Q20 1Q21 2Q21 3Q21 4Q21
2020 2021
4Q20 1Q21 2Q21 3Q21 4Q21 2020 2021
In line with the strategy of
profitable growth and under
a scenario of unfavorable
exchange rate effects and
high prices of commodities,
the Company focused its
efforts throughout the year
on launching higher value-
added products and repricing,
in addition to capturing
productivity gains.
2021 was marked by structural
reductions in sales and
administrative expenses, as a
result of the successful execution
of productivity and efficiency
programs, carried out through
Multiplier Program in 2020 and
the organizational redesign
in 2021.
Selling and administrative
expenses (% NR)
Administrative expenses
Sales expenses
(% NR)
(% NR)
25.7%
23.6% 23.6%
24.3%
21.0%
21.7% 22.1%
17.6%
16.6% 16.8%
With operating cash generation
at R$ 959.7 million in 2021
(+41.3% versus 2020), the
Company ended the period with
R$ 1.6 billion in cash and gross
debt of R$ 1.8 billion, resulting
in a leverage (net debt-to-
EBITDA in the last 12 months)
of 0.2x. A highlight was the AAA
Stable Outlook Ratingreaffirmed
by Fitch for the 4th consecutive
tear.
3.6% 3.8%
3.1%
3.0%
2.7%
Eusébio/CE
2017
2018
2019
2020
2021
4Q20
1Q21 2Q21
3Q21 4Q21
4Q20
1Q21 2Q21 3Q21
4Q21View entire presentation