In the period, net revenue totaled R$ 8.5 billion and EBITDA was R$ 813 million

BARRETOS, Brazil, Nov. 6, 2024 /PRNewswire/ — Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a multinational food company and one of the global leaders in beef production, committed to creating connections between people, food and nature, presents its financial results for the third quarter of 2024 (3Q24) to the market. The following financial and operational information is presented in BRGAAP, in Reais (R$), per International Financial Reporting Standards (IFRS).

Consolidated gross revenue in 3Q24 was R$ 9 billion, up by 11% on 2Q24, and up by 20% year on year, with exports representing 60% of the total. In the twelve months to September 2024, gross revenue totaled R$ 31.4 billion, up by 7% on the period from October 2022 to September 2023, with exports accounting for 62%, reinforcing our leadership in beef exports in South America with a market share of approximately 20%.

Net revenue was R$ 8.5 billion in 3Q24, a quarterly record, and up by 11% on the previous quarter and up by 20% year on year. In the twelve months to September 2024, consolidated net revenue totaled R$ 29.5 billion, up by 7% year on year.

EBITDA in the third quarter of 2024 was R$ 813 million, another quarterly record, with an EBITDA margin of 9.6%, up by 14% year on year and up by 9% on the previous quarter. In the twelve months up to September 2024, EBITDA was R$ 2.8 billion, up by 9% year on year, with an EBITDA margin of 9.5%.

Net profit was R$ 94.1 million in the third quarter of 2024, and R$ 23.2 million in the last 12 months.

Free Cash Flow in 3Q24, after Financial Expenses, Capex, and Working Capital, was R$ 667.3 million and R$ 1.4 billion in the year to date. In the twelve months up to September 2024, free cash flow totaled R$ 1.6 billion, with a free cash flow yield (annualized) of approximately 40% p.a.*. Since 2018, the Company has accumulated around R$ 8 billion in free cash generation.

Net leverage at the end of September, measured using the Net Debt/EBITDA indicator for the last 12 months and adjusted for R$ 1.5 billion related to the prepayment of the acquisition of the assets of Marfrig South America, ended the quarter at 2.6x.

At the end of October, the Company completed the acquisition process of Marfrig South America’s industrial and commercial establishments in Brazil, Argentina, and Chile, so increasing its operational units by 13 production plants and 1 distribution center, totaling 46 industrial units with a daily cattle slaughter capacity of 41,789 head/day and 25,716 sheep/day.

*based on the closing price BEEF3 on 09.30.2024

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Sustainability
As part of its efforts to combat illegal deforestation, Minerva Foods now monitors 100% of its direct supplier farms in Uruguay, one year ahead of its Commitment to Sustainability goal.

About Minerva Foods
Minerva Foods is the largest exporter of beef in South America, and also operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods operates in Paraguay, Argentina, Uruguay, and Colombia, and has specialized sheep plants in Australia and Chile, totaling more than 44,000 employees. The company serves five continents with beef, lamb, and their derivatives and currently operates 46 industrial units, 17 international offices, and 23 distribution centers.

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ABU DHABI, UAE, Nov. 6, 2024 /PRNewswire/ — ADGM, the host of the flagship financial event of the MEASA region, Abu Dhabi Finance Week (ADFW) announced ADQ – an Abu Dhabi-based investment and holding company as the “Headline Partner” for the 2024 and 2025 editions of ADFW.

This strategic partnership with ADQ underscores its dedication and commitment to the growth of Abu Dhabi’s financial sector, emphasising its role in driving innovation and market-leading services. As the “Headline Partner” for the next two editions, ADQ will be instrumental in curating the direction and agenda of ADFW, ensuring the event’s continued success and cementing its position as a leading economic and investment conference.

In addition, ADFW 2024 will be supported by more than 30 global, regional, and local entities. Main partners include the Abu Dhabi Department of Economic Development (ADDED) as the Economic Development Partner, Etihad Airways as the Official Airlines Partner, the Department of Culture and Tourism (DCT) as the Destination and Cultural Partner and Hub71 as the Tech Ecosystem Partner. The list also includes the following group of ‘Strategic Partners’ namely Mubadala, UBS, HSBC, ADCB, FAB, PGIM, and ADX alongside ADIO, ADIB, Circle, Etoro, Further Ventures, Realize, and Smartenergy as ‘Official Partners‘ of ADFW.

Commenting on ADFW and ADQ’s strategic collaboration, Salem Al Darei, CEO of ADGM Authority said, “We are pleased to announce this significant partnership with ADQ as our Headline Partner for the upcoming two editions of ADFW. This partnership solidifies our shared vision for Abu Dhabi’s financial sector and strengthens ADGM and ADQ’s collaboration to deliver an even more impactful event. On this occasion, we would also like to sincerely thank our Strategic and Official Partners for their invaluable support in making ADFW 2024 a truly global platform. We look forward to working closely with all our partners to further enhance Abu Dhabi’s position as a global financial hub.”

Hamad Abdulla Al Hammadi, Deputy Group Chief Executive Officer at ADQ said, “ADQ’s strategic partnership for the 2024 and 2025 editions of ADFW underscores our commitment to fostering a robust financial ecosystem that supports the long-term growth of a competitive, diversified and sustainable economy. Through this partnership, we aim to promote thought leadership and foster industry-wide collaboration, advancing conversations that unlock new investment opportunities across various fields while reinforcing Abu Dhabi’s value proposition, characterised by access to global markets and talent, and supported by an enabling regulatory framework.”

This year, ADFW is set to run from 9^th to 12^th December 2024 and will focus on the various elements that solidify Abu Dhabi’s position as the ‘Capital of Capital, hosting important sessions that address major developments at the intersection of finance, technology and investment. ADFW 2024 is set to feature around 400 international speakers, including CEOs and Chairs from 50 leading global financial institutions.

For more information, visit: www.adfw.com

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MANCHESTER, England, Nov. 6, 2024 /PRNewswire/ — Smartkem (Nasdaq: SMTK), positioned to power the next generation of displays using its disruptive organic thin-film transistors (OTFTs), today announced that it will be giving a presentation at the 6^th National Conference on Organic Field-Effect Transistors in Hangzhou, China on Saturday, November 9^th, 2024.

The presentation will be given by Smartkem Chief Technology Officer, Dr. Simon Ogier, and is titled, “OTFT materials for emissive displays and low temperature logic circuitry on plastic substrates. The presentation will take place at 13:30 local time.

Presenter: Dr. Simon Ogier, CTO
Presentation title: “OTFT materials for emissive displays and low temperature logic circuitry on plastic substrates.”
Time: 13:30-13:50
Date: Saturday, November 9^th, 2024

The conference is hosted by Beihang University and the Institute of Chemistry, Chinese Academy of Sciences (ICCAS), and co-organized by Fudan University. This conference will focus on the two major themes of “Organic Field-Effect Transistors” and “Flexible Printed Optoelectronic Materials and Devices”.

To find out more about the conference, visit: https://www.ofet6.org.cn/

Smartkem’s Nasdaq information can be found on the Nasdaq website: https://www.nasdaq.com/market-activity/stocks/smtk

About Smartkem

Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry.  Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.

Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK, It has a field application office in Taiwan. The company has an extensive IP portfolio including 125 granted patents across 19 patent families and 40 codified trade secrets. For more information, visit: www.Smartkem.com and follow us on LinkedIn www.linkedin.com/company/Smartkem-limited and Twitter @SmartkemOTFT.

About OFET-6 & CFPOE-4

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With the purpose of academic exchanges, OFET-6 and CFPOE-4 will discuss the latest progress and future development of domestic and foreign research, enhance exchanges and cooperation between domestic and foreign colleagues in the field of organic field-effect transistors and flexible printed optoelectronic materials and devices, and jointly promote the industry-university-research cooperation and industrialization development in the field of organic field-effect transistors and flexible printed optoelectronic materials and devices. The organizing committee of the conference sincerely invites experts, scholars, scientific and technological personnel, industry professionals and students in related fields to meet us in Hangzhou, Zhejiang.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Smartkem’s expectations regarding the effect of the Nasdaq listing on its common stock, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

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