Overview Key strengths Key risks Historically consistent margins that are above those of peers. Exposed to trade barriers in its exports, as recently occurred with China. Business diversification in South America, with exports representing more than 75% of revenues. Ten percent of revenues are exposed to Argentina, which recurrently imposes export restrictions. High volume demand and prices, mostly from Asia. Record high cattle costs in Brazil, which represents about 50% of revenues. Historically has mostly grown internally and through smaller acquisitions when compared to peers. High dollar-denominated nominal debt and interest payments, weakening cash generation. Constant liability management, supporting strong liquidity. Increasing environmental concerns over cattle sources in biodiversity areas, leading Minerva to add capital expenditures (capex) to certify supply.
