Minerva Foods - new CFO in place

Minerva Foods - new CFO in place

Brazilian meat heavyweight Minerva Foods has announced it has a new chief financial officer (CFO).

Edison Ticle de Andrade Melo e Souza Filho, known as Edison Ticle, has also become the company's investor relations officer, a position previously held by Eduardo Pirani Puzziello.

Pirani Puzziello is to join the company's Chilean arm Athena Foods, which Minerva is planning to take public via an IPO.

Ticle joined Minerva in 2009. He takes up the new role as Minerva announced its results for 2018 which revealed net revenue of BRL16.2bn (US$4.23bn), up 16% on 2017. In 2019, Minerva is expecting net revenue to be between BRL16.5bn and BRL17.5bn.

Minerva's EBITDA dropped 19.3% to BRL915.1m. The company reported an adjusted EBITDA figure for 2018 of BRL1.55bn, compared to BRL1.26bn a year earlier. However, Minerva's reported losses deepened, with the company booking a net loss of BRL1.26bn, versus BRL280.7m in 2017, amid pressure from exchange rates.

CEO Fernando Galletti de Queiroz described 2018 as "another challenging year" but highlighted Minerva had "completed the integration of the plants acquired in South America in 2017, implemented a plan to accelerate the company's financial deleveraging and established a new vehicle for growth and value creation, Athena Foods, which was born as the leading producer of beef exports in South America".

Minerva accounts for more than 21% of South America's beef exports and is said to be responsible for approximately 7% of the global beef trade.