Corporate Presentation. Third Quarter 2017

Transcription

1 Corporate Presentation Third Quarter 2017

2 Sector Overview The Company Financial and Operational Highlights Appendix

3 Sector Overview

4 Global Beef Market ( OOO tons carcass weight equivalent) Others 19% USA 9% EU 9% USA Global Herd China 10% Production 12,448 Import Export 1,320 India 30% Brazil 23% (4) South America (1) Production 15,075 Import 403 Export 2,990 European Union Production 7,900 Import 360 Export 420 India Production 4,300 Import - Export 1,850 Russia Source: USDA Production: (1) South America: Argentina (2,900), Brazil (9,700), Chile (215), Colombia (745), Paraguay (620), Peru (210), Uruguay (570), Venezuela (115) (2) Asia: China (7,110), Japan (465), Hong Kong (6), Taiwan (7), South Korea (285) (3) Oceania: Australia (2,250) and New Zealand (638) (4) 36% of India s herd is comprised of buffalo according to the last country s census Asia (2) Production Import 480 Export 10 Production 7,873 Import 2,970 Export 20 Oceania (3) Production 2,888 Import 24 Export 2,095 4

5 E E E E E E E CANADA (2000-: -11.3%) Herd Size: Players in the World Shrinking Markets Globally RUSSIA (2000-: -34.5%) 16,0 15,0 14,0 13,0 12,0 11,0 10,0 E.U (2000-: -6.3%) 30,0 28,0 26,0 24,0 22,0 20,0 18,0 16,0 100,0 98,0 96,0 94,0 92,0 90,0 88,0 86,0 84,0 82,0 UNITED STATES (2000-: -3.9%) 96,0 94,0 92,0 90,0 88,0 86,0 84,0 82,0 130,0 125,0 120,0 115,0 110,0 105,0 100,0 95,0 90,0 CHINA (2000-: -22.7%) 28,0 26,0 24,0 22,0 20,0 18,0 16,0 14,0 12,0 MEXICO (2000-: -34.2%) 30,0 29,0 28,0 27,0 26,0 25,0 24,0 23,0 22,0 AUSTRALIA (2000-: -7.6%) Source: USDA Cattle Herd: Numbers in mm heads l E: Estimates 5

6 E E E Colombia Herd Size: Players in South America Only Region in Expansion Brazil 24,0 23,0 22,0 21,0 20,0 19,0 18,0 COLOMBIA ( : 12.3%) 58,0 56,0 54,0 52,0 50,0 48,0 46,0 44,0 ARGENTINA (2000-: 7.7%) Paraguay 15,0 14,0 13,0 12,0 11,0 10,0 9,0 8,0 PARAGUAY ( : 39.8%) 13,0 12,5 12,0 11,5 11,0 10,5 10,0 9,5 9,0 URUGUAY (2000-: 11.8%) Argentina Uruguay BRAZIL (2000-: 58.8% ) Source: USDA Cattle Herd: Numbers in mm heads E: Estimates 240,0 220,0 200,0 180,0 160,0 140,0 120,0 6

7 Sector Overview Global Supply AUSTRALIA Herd contraction after three consecutive years of drought Meat & Livestock Australia (MLA) Projections Approximately 4 million heads may be reduced in the herd, a drop of ~15% between 2014 and 2017E 2017: the herd may reach a 24,9 million heads (lowest level since 1990) Exports: drop in 22% between 2015 and UNITED STATES 2008: Farm Bill US government encourages investment in biodiesel production through the use of ethanol Rise in grain prices Livestock farmers migrate to other cultures Lowest herd drop in history American industry become net importers of beef AUSTRALIA HERD PROJECTION UNITED STATES , % 24,971 25, E ( 000 cwe (1) ) E vs 2014 Production 11,075 10,817 11,507 12,109 12, % Import 1,337 1,529 1,367 1,341 1,374 3% Export 1,167 1,028 1,159 1,285 1,320 13% Net Source: Meat & Livestock Australia and USDA (1) cwe = tons of carcass weight equivalent 7

8 Australia Paraguay Brazil Uruguay United States Europian Union Argentina Sector Overview World Demand BEEF CONSUMPTION GROWTH ( X 2000) BEEF IMPORTS (000 TONS) Asia Middle East Americas (ex North Am) Africa Europa North America Oceania CIS -25% -12% -4% -6% 14% 12% 43% 56% China Hong Kong 1, E BEEF EXPORTS VOLUME -21.8% -0.3% 3.2% 15.8% 25.0% 32.0% 50.5% EVOLUTION GLOBAL CLASS AVERAGE (Million of People) 4,884 3,249 3,228 1,845 1, North America Europe Central and South America Asia Pacific Sub-Saharian Africa Middle East and North Africa Sources: USDA e OECD 8

9 Exports more concentrated (2007: 11 major exporters were ~70 % exports 2016 : 3 exporters did ~ 80% of exports) Brazil: Exports Evolution Increased diversification of Brazilian exports Potential opening of new markets (Japan, Canada, Mexico, South Korea and others Reopening of markets in 2015/2016: China Mainland, Saudi Arabia and United States In 2016, Brazil increased its access to roughly 60% of the global Beef demand (not considering USA) from less than 50% until 2014 % OF TOTAL EXPORTS REVENUES Others 36% Russia 28% Others 27% Hong Kong 17% China 16% Source: SECEX Venezuela 4% Germany 4% Iran 4% Egypt 10% Netherland 9% Italy 7% 2007: US$3.5 billion 2016: US$4.3 billion Italy 4% Chile 7% Iran 9% Russia 9% Egypt 12% 9

10 Source: USDA * Million tonnes combining fresh, frozen and chilled beef Brazilian Access to International Market MAIN BEEF IMPORTERS Evolution BRAZIL PENETRATION Rank Country 2016* % of Global Beef Import USA 1, % 2 China % 3 Japan % 4 Russia % 5 South Korea % 1 6 Hong Kong % 7 European Union % 8 Egypt % 9 Canada % 10 Chile % 11 Malaysia % 12 Mexico % 13 Saudi Arabia % 14 Philippines % 15 Iran % 1 Others 1, % TOTAL 7, % 47% 56% 58% 78% 10

11 BEEF EXPORTS* Countries E Δ / 2017E Brazil 1,705 1,698 1,760 1, % Uruguay % Argentina % Paraguay Mercosur 2,645 2,724 2,852 2, % Australia 1,854 1,480 1,450 1, % New Zealand Oceania 2,493 2,067 2,020 2, % USA 1,028 1,159 1,285 1, % Canada Mexico % NAFTA 1,654 1,860 2,040 2, % India 1,806 1,764 1,825 1, % E.U (27) % Others % TOTAL 9,545 9,422 9,791 10, % 2018 USDA ESTIMATES BEEF IMPORTS* Countries E Δ / 2017E USA 1,529 1,367 1,341 1, % China , % Japan % South Korea % Russia % Hong Kong % E.U % Egypt % Chile % Canada % Mexico % Others 1,964 1,879 1,897 1, % TOTAL 7,631 7,691 7,748 7, % HIGHLIGHTS Exports: Global exports: +3% vs 2017E Main exporters: India Brazil Australia USA Mercosur: +4% vs 2017E Brazil (+4%) Argentina (+25%) Main global beef exporter region Imports: Main importers: EUA China Japan South Korea Asia ( vs 2017E): China + Hong Kong: +6% Japan: +4% Source: USDA * 000 tons carcass weight equivalent 11

12 E BRAZIL X WORLD Productivity Brazil PRODUCTIVITY/ ZOOTECHNICAL INDEXES Performance Where (1) Var Indicators Where (1) Var Brazil % Cattle herd ( 000 heads) World 1, , % Brazil 48.0% 50.6% 2,6 pp Birth rate World 69.3% 64.1% -5.2 pp Slaughtering ( 000 heads) Brazil % World % Brazil 20.2% 16.9% -3.3 pp Slaughter rate Brazil % World 22.1% 24.2% 2.0 pp Production ( 000 cwt(4)) World % Brazil % Carcass weight Brazil % World % Exports ( 000 cwt(4)) World / HA / YEAR CONSIDERATIONS 4,5 4,0 3,5 3,0 2,5 2,0 1, Strong productivity increase, but still far from potential Agriculture expansion = opportunity Technologies: feedlot (10% of slaughtering), IATF(2) (10% of herd), ILP- F(3) (potential: 40 mi ha) (1) 2017: Estimates (2) IATF: Artificial insemination on fixed time (3) ILP-F: Integration of farmer-livestock-forest (4) cwt: carcass weight equivalent tonnes Sources: USDA, ABIEC, FAO, IFNP, MAPA and Scot Consultoria 12

13 Jan-07 May-07 Sep-07 Jan-08 Jun-08 Oct-08 Feb-09 Jun-09 Nov-09 Mar-10 Jul-10 Dec-10 Apr-11 Aug-11 Dec-11 May-12 Sep-12 Jan-13 May-13 Oct-13 Feb-14 Jun-14 Oct-14 Mar-15 Jul-15 Nov-15 Apr-16 Aug-16 Dec-16 Apr-17 Sep-17 Jan-07 May-07 Sep-07 Jan-08 Jun-08 Oct-08 Feb-09 Jun-09 Nov-09 Mar-10 Jul-10 Dec-10 Apr-11 Aug-11 Dec-11 May-12 Sep-12 Jan-13 May-13 Oct-13 Feb-14 Jun-14 Oct-14 Mar-15 Jul-15 Nov-15 Apr-16 Aug-16 Dec-16 Apr-17 Sep-17 CATTLEY CYCLE Phase 1: Female Slaughter Decrease in breeding profitability results in an increase in the supply of females for slaughter, creating a market imbalance Phase 1 Calves prices decrease Sector Overview Brazil BREEDING MARGIN X FEMALE SLAUGHTER 50% 45% 40% 35% 30% Female Slaughter (p,m) LTM Moving Average (Female Slaughter) Breeding Margin (p,m) LTM Moving Average (Breeding Margin) 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% -0,5% Rise in cattle prices Female retention Phase 2 Calves prices increase Drop in cattle prices Phase 2: Female Retention Reduction in females results in decreased calf production and reduced cattle supply in the near future 3,50% 3,00% 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% BREEDING MARGIN X LOCAL INTEREST RATE Selic Rate Breending Margin Annual Average Sources: Cepea and IBGE 13

14 02/05/ /08/ /11/ /02/ /05/ /08/ /11/ /02/ /06/ /09/ /12/ /03/ /06/ /09/ /12/ /04/ /07/ /10/ /01/ /04/ /07/2017 Jan-02 Jun-02 Nov-02 May-03 Oct-03 Apr-04 Sep-04 Mar-05 Aug-05 Jan-06 Jul-06 Dec-06 Jun-07 Nov-07 Apr-08 Oct-08 Mar-09 Sep-09 Feb-10 Aug-10 Jan-11 Jun-11 Dec-11 May-12 Nov-12 Apr-13 Sep-13 Mar-14 Aug-14 Feb-15 Jul-15 Jan-16 Jun-16 Nov-16 May % 55% 35% 15% SLAUGHTER COMPOSITION Oxes Cows + Heifers Sector Overview Brazil CALF PRODUCTION AND FEMALE SLAUGHTER Female Slaughter Million heads Calf Production ,0 50,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 AVERAGE CATTLE PRICE (R$/@ - SP ESTATE) BRAZILIAN CATTLE HERD (MILLIONS HEADS) E Sources: Agroconsult, Informa FNP, IBGE, Cepea and USDA 14

15 HIGHLIGHTS 3Q17 slaughter volume: +8.2% yoy e +7.7% qoq 3Q17 average arroba price : R$ 133.9/@ (flat qoq and -11.9% yoy) Industry Overview Brazil EXPORTS AND DOMESTIC MARKET ME: Exported Volume: +30.7% qoq e +32.5% yoy Exports Revenues: +31.4% qoq e +35.5% yoy Average price in US$: +2.3% yoy Atypical quarter with good cattle availability Cattle not slaughtered in the last quarter Strong export performance MI: High consumption in July and August (Father s day) Price and cattle supply reduction in September Outlook for 4Q17 and 2018: Consumption increasing driven by macroeconomics index improvement Others 35% BEEF EXPORTS (% OF REVENUE) Iran 7% Chile 8% 3Q16 Russia 10% Hong Kong 15% Egypt 15% China 10% Sources: Ministry of Agriculture, Livestock and Supply and Secex Others 24% Chile 5% Russia 8% 3Q17 Iran 11% Hong Kong 20% Egypt 15% China 16% SLAUGHTERING AND AVERAGE CATTLE PRICE ,003 5,920 6,183 6,027 6,493 3Q16 4Q16 1Q17 2Q17 3Q17 Slaughter ('000 head) Average Price (US$/100kg) 150,00 100,00 50,00 0,00 15

16 HIGHLIGHTS Slaughter volume 3Q17: +3.5 yoy and +2.3% qoq Average cattle price: +4.1% yoy and flat qoq 3Q17 export volume: +11% qoq and +3% yoy Main destinations: Chile, Russia and Brazil USA approved the beef imports from Paraguay Perspectives: Opening of new markets trend Beef consumption Internal growth Industry Overview Paraguay FRESH BEEF EXPORTS (US$ MILLION) Q16 4Q16 1Q17 2Q17 3Q17 BEEF EXPORTS (% OF REVENUE) SLAUGHTERING AND AVERAGE CATTLE PRICE Lebanon 2% Vietnan 6% Israel 10% Brazil 10% Others 10% 3Q16 Chile 35% Russia 27% Others 22% Vietnan 5% Iran 6% Israel 6% 3Q17 Brazil 8% Chile 36% Russia 17% Q16 4Q16 1Q17 2Q17 3Q17 Slaughter ('000 head) Average Price (US$/100kg) Sources: Minerva and SENACSA 16

17 Industry Overview Uruguay HIGHLIGHTS 3Q17 slaughter volume: -9% yoy and -15% qoq FRESH BEEF EXPORTS (US$ MILLION) 449 3Q17 average cattle price: flat yoy and +7% qoq Q17 export volume: -6% yoy and -10.3% qoq Main destinations: China (+4 pp yoy) and USA Expectation of opening of the Japanese market 3Q16 4Q16 1Q17 2Q17 3Q17 BEEF EXPORTS (% OF REVENUE) Brazil 4% Others 20% Germany 6% Israel 10% 3Q16 Netherlands 11% China 31% United States 18% Others 17% 3Q17 Brazil 4% Germany 6% Israel 9% Netherlands 11% China 35% United States 17% 800,0 700,0 600,0 500,0 400,0 300,0 200,0 100,0 - SLAUGHTERING AND AVERAGE CATTLE PRICE Q16 4Q16 1Q17 2Q17 3Q17 Slaughter ('000 head) Average Price (US$/100kg) Sources: Minerva and INAC 17

18 HIGHLIGHTS Cattle herd: Destabilization by commercial policies Signs of recovering: gradual increasing with government incentive for the sector recover Production: 90% for the domestic consumption Consumption estimates around 58 kg/inhab in 2018 Exports: China: +6 pp 9M17 vs 9M16 EU: 34% of the total 2018 USDA Perspectives for revenues: +30% and +62% than 2016 and 2017, respectively BEEF EXPORTS (% OF REVENUE) 9M16 Others Russia 6% Brazil 1% 5% Israel 12% EU 40% Others Russia 6% 2% Brazil 5% Israel 12% Industry Overview 9M17 EU 34% Argentina CATTLE HERD (In thousand heads) 48, ,5 49,597 FRESH BEEF EXPORTS 53,515 52, ,8 51,095 51, ,9 51,545400,2 376, E 3T16 4T16 1T17 2T17 3T17 (In thousand tons carcass weight equivalent) , Chile 14% China 22% Sources: Instituto de Promoción de la Carne Vacuna Argentina and USDA E: Estimates Chile 13% China 28% E 18

19 The Company

20 Current Geographical Diversification Colombia SLAUGHTERING CAPACITY GROWTH Brazil +52% 26,380 15,880 17,330 17,330 10,480 11,480 11,480 Paraguay CAPACITY BY COUNTRY # OF SLAUGHTERING PLANTS HEADS/DAY % OF TOTAL Argentina Uruguay Slaughter Units Processing Plants Brazil 11 11, % Paraguay 6 5, % Argentina 5 5, % Uruguay 3 3, % Colombia % Total 26 26, % 20

21 Gross Revenues Breakdown Export 61% Domestic Market 39% 1 GROSS REVENUE COMPOSITION (R$ MILLION) 4,537 34% 5,545 33% 6,702 33% 66% 67% 67% 10,422 9,459 34% 32% 11,459 41% 68% 66% 59% LQM3Q12 LQM3Q13 LQM3Q14 LQM3Q15 LQM3Q16 LQM3Q17 Export Domestic Market 21

22 Sales: Domestic Market One Stop Shop DISTRIBUTION CENTERS SALES CHANNELS 2016 Colombia Bogota Brazil: Aparecida de Goiania GO Araraquara SP Brasilia - DF Belo Horizonte MG Cariacica - ES Taboão da Serra - SP Uberlandia MG Fortaleza CE Recife PE Paraguay Assuncion Mid Retailer 19% Others 7% Food Service 53% Chile Santiago Concepcion Argentina Pilar Small Retailer 21% DOMESTIC CUSTOMER BASE ( 000 CLIENTS) FOOD SERVICE - % OF TOTAL SALES % 40% 44% 51% 52% 53%

23 Sales: Exports Market Focus on Emerging Countries HIGHLIGHTS Primary focus: emerging markets (more than 100 countries) Niche markets: organic beef for the USA and Europe (USDA approved) USA Italy UK Lebanon Iran Russia China China Special cuts (including kosher and halal) for the Middle East and Russia Colombia Argelia Egypt Singapore 14 international offices (Americas, Europe, Middle East, Africa, Oceania and Asia) Chile Australia New Zealand Sales through 3 distinct channels: Industry Food Service Retail EXPORTS BY DESTINATION (% REVENUE) International Offices NAFTA 4% Middle East 21% EU 13% LTM3Q16 Africa 16% Americas 13% NAFTA 7% Middle East 22% EU 14% LTM3Q17 Africa 10% Americas 17% Source: Minerva CIS 5% Asia 28% CIS 6% Asia 24% 23

24 Financial and Operational Highlights

25 Risk Management Differentiated Estrategy Cattle Purchase Production Logistics Market Risk Commercial Domestic Commercial Domestic Treasury Choice Meeting Market Research Beef Desk Participants: CEO CFO Commercial Officer Industrial Officer Slaughtering scale Sales Mix DM/EM Basis Arbitrage Carry Arbitrage Long/Short Play Commodities Management Commercial Commercial Strategy PP&C Strategy Inventory Management Cash Flow Management FX Risk Management Financial products Farmers relationship Forward purchase deals Sales Mix DM/EM Mix of products Slaughtering/ deboning Production schedule Quantity of products Quality of products Liquidity cushion Liability management Hedging of flows 25

26 Operating and Financial Results NET REVENUE (R$ MILLION) Δ CAGR: +26.4% EBITDA (R$ MILLION) AND EBITDA MARGIN ADJUSTED (%) 10.4% 9.7% 9.9% 10.9% 9.0% 5,219 7,632 8,898 9,846 13, ,076 1,195 LTM3Q13 LTM3Q14 (1) LTM3Q15 LTM3Q16 LTM3Q17 (2) LTM3Q13 LTM3Q14 (1) LTM3Q15 LTM3Q16 LTM3Q17 (2) SLAUGHTERING CAPACITY GROWTH NET DEBT / EBITDA RATIO (X) 26,380 11,480 15,880 17,330 17, LTM3Q13 LTM3Q14 (1) LTM3Q15 LTM3Q16 LTM3Q17 (2) (1) LTM3Q14 includes pro-forma revenue for the BRF and Carrasco plants (2) LTM3Q17 includes proforma net revenue for the plants of the Mercosur assets acquired on August 1,

27 Free Cash Flow LTM3Q17 (R$ MILLION) 1,036.5 (256.7) (712.6) (1,113.6) (876.3) EBITDA Capex (cash) Financial Result (cash) Working Capital Var Free Cash Flow Acquisition Adjustment Free Cash Flow Adjusted 1 3Q17 (R$ MILLION) (72.4) (189) (1,113.6) (769.9) 1 EBITDA Capex (cash) Financial Result (cash) Working Capital Var Free Cash Flow Acquisition Adjustment Free Cash Flow Adjusted 1 Working capital excludes equity valuation adjustments and accumulated conversion amounts 27

28 Capital Structure HIGHLIGHTS Net Debt/LTM EBITDA ratio: 4.16x Cash Position: R$ 3.2 billion At the end of 3Q17, approximately 75% of total debt was exposed to the dollar variation Debt Duration: 5.4 years DEBT AMORTIZATION SCHEDULE (R$ MILLION) SEP/17 3,199.7 Debt Duration = 5.4 years 3, ,8 Cash 4Q17 1Q18 2Q18 3Q

29 Guidance & Sensitive Analysis FROM JULY 2017 TO JUNE 2018 R$ Million Minerva JBS Mercosur Minimum (-5%) Average Maximum (+5%) Net Revenue 10,500 3,200 13,000 13,700 14,400 (1) Considering average dollar in the period of R$3.20 (2) Considering recognition from JBS Mercosur operations starting from Jul 1 st, 2017 SENSIBILITY ANALYSIS * Net Debt is based on the 1Q17 results Scenarios Consolidated EBITDA Net Debt*/ EBITDA Minimum Average Maximum Minimum Average Maximum Mg. EBITDA 8.0% 1, , , x 3.89 x 3.70 x Mg. EBITDA 9.5% 1, , , x 3.27 x 3.12 x Mg. EBITDA 11.0% 1, , , x 2.83 x 2.69 x * Net Debt is based on the 1Q17 results 29

30 Appendix

31 Corporate Governance SHAREHOLDERS STRUCTURE Shareholders Agreement 20.82% 27.46% 11.31% SALIC UK VDQ Holding Shareholders Agreement BRF S.A 59.59% 40.41% Free Float BOARD OF DIRECTORS BOARD OF DIRECTORS 1) Indicado pela VDQ ; (2) Indicado pela SALIC; (3) Roberto Rodrigues Membro IndependenteMember (3) New Composition of the Board of Directors : 10 members: 5 members appointed by VDQ 3 members appointed by SALIC UK LIMITED 20% independent members (According to Novo Mercado Regulation) TITLE Edivar Vilela de Queiroz Chairman (1) Antonio Vilela de Queiroz Vice-Chairman (1) Abdullah Ali Aldubaikhi Vice-Chairman (2) Ibar Vilela de Queiroz Member (1) Sérgio Carvalho Mandim Fonseca Member (1) Alexandre Mendonça de Barros Member (1) José Luiz Rêgo Glaser Member (3) Salman Abdulrahman Binseaidan Member (2) Abdulaziz Saleh Al-Rebdi Member (2) (1) Appointed by VDQ ; (2) Appointed by SALIC; (3) Independent Member 31

32 Disclaimer This presentation provides general information about Minerva S,A, and its subsidiaries ("Minerva" or "Company") and was prepared on the date of its presentation by Minerva. Information herein is provided in summary form and is not intended to be complete or to be interpreted as advice to potential investors. We do not make any declaration or guarantee, express or implied, regarding the veracity, suitability, impartiality, completeness or scope of the information contained herein. Information obtained from public sources, contained in this presentation, has not been independently verified. This presentation contains forward-looking statements which were carefully prepared by management and are intended to indicate possible future tendencies in relation to Minerva in accordance with management s reasonable expectations. The use of such terms as project", "estimate", "anticipate", "envisage", "plan" and "expect", among others, should not be interpreted as projections or guidance in accordance with the prevailing legislation, but should be regarded as mere tendencies which clearly involve risks and uncertainties. These statements are based on various factors and assumptions, including market conditions, government regulations, pressures from competitors, and the performance of the industry and the global and Brazilian economy, among others, as well as the risks mentioned in the disclosure documents filed by Minerva with the Brazilian Securities and Exchange Commission (CVM). Any alterations to these factors or assumptions may lead actual results to differ from current tendencies. We advise not placing undue trust in these forward-looking statements, the Company s past performance being no indicator of future results. Although Minerva believes that the forward-looking statements contained herein are reasonable and based on data currently available to management, it cannot guarantee future results or events. The information and statements contained in this presentation apply only to the date on which they were prepared and Minerva is in no way obliged to update them in the light of new information or future developments. Neither should this presentation or its contents be considered an offer or invitation to an offer to subscribe to or acquire any securities. The information contained in this presentation should not serve as the basis of any agreement or commitment. Minerva takes no responsibility for transactions or investment decisions based on the information herein. No one is authorized to provide any information or make any representation that is inconsistent and not coherent with this presentation. If any such information has been provided or representation made, it should not be construed as having been authorized by or on behalf of the Company. This presentation is strictly confidential and is presented to a select audience. It may not be reproduced, fully or partially, distributed or transmitted to any other person without prior written consent from Minerva. This presentation is not meant for distribution or use by any person or entity in any jurisdiction or country where such distribution or use is against law or regulations. 32

33 Investor Relations Eduardo Puzziello Kelly Barna Matheus Oliveira Luiza Puoli Phone: