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EARNINGS RELEASE Barretos , February 25 , 2021 - Minerva S.A. ( BM & FBOVESPA : BEEF3 | OTC - Nasdaq International : MRVSY ) , the South American leader in the export of fresh beef and cattle byproducts , which also operates in the processed foods segment , announces today its results for the fourth quarter ( 4Q20 ) and full year of 2020. The financial and operational information herein is presented in BRGAAP and Brazilian reais ( R $ ) , in accordance with International Financial Reporting Standards ( IFRS ) . 4Q20 AND 2020 HIGHLIGHTS Minerva ( BEEF3 ) Price on 02/24/2021 : R $ 9.78 Market cap : R $ 5,375.2 million 549,615,080 shares Free Float : 44.5 % Conference Call February 26 , 2021 Portuguese 9:00 a.m. ( Brasília ) 7:00 a.m. ( US EST ) Phone : +55 ( 11 ) 3181-8565 Code : Minerva English 9:00 a.m. ( Brasília ) 7:00 a.m. ( US EST ) Phone : +1 ( 844 ) 204-8942 Code : Minerva IR Contact : Edison Ticle Danilo Cabrera Felipe Brindo Luiza Puoli Phone : ( 11 ) 3074-2444 ri@minervafoods.com ■ ■ Minerva Foods ■ In line with our dividend policy , which provides for the distribution of at least 50 % of Net Income whenever net leverage is less than or equal to 2.5x , the Company's Management proposed the payment of additional dividends totaling R $ 384.3 million , or around R $ 0.73 / share . Payout for fiscal year 2020 totaled a hefty R $ 542.0 million , representing 78 % of annual net income - the largest distribution of dividends in the Company's history . Record dividend yield of approximately 11 % in 2020 , one of the highest in the Brazilian market . Net income totaled R $ 114.1 million in 4Q20 . In 2020 , net income stood at R $ 697.1 million , strong growth compared to 2019 . The 4Q20 Free Cash Flow after financial expenses , Capex and Working Capital was positive for the twelfth consecutive quarter , totaling R $ 83.6 million in recurring metric , and R $ 32.1 million after the cash effect of currency hedge . In 2020 , free cash flow totaled R $ 1,908.6 million , which means a free cash flow yield of over 32 % . Free cash generation since 2018 totaled around R $ 3.5 billion . Financial leverage , measured by the net debt / LTM EBITDA ratio , stood at 2.4x in 4Q20 . Adjusting the Company's net debt by repurchasing shares and anticipated dividends , already paid , the leverage ended the year at 2.2x . Minerva's consolidated gross revenue reached R $ 20.6 billion in 2020 , 13 % higher than in 2019. In 2020 , exports accounted for 68 % of gross revenue , maintaining Minerva's position as the leading beef exporter in South America , with a market share of approximately 18 % on the continent . Minerva's net revenue reached R $ 5.7 billion in 4Q20 , an increase of 17 % over 4019 and 11 % over 3Q20 . In 2020 , net revenue reached R $ 19.4 billion , 13 % more than in 2019 . EBITDA totaled R $ 616.9 million in 4Q20 , increasing 2 % over 4Q19 , with an EBITDA margin of 10.8 % . In 2020 , EBITDA hit an all - time high of R $ 2.1 billion , 22 % more than in 2019 , with a margin of 11.0 %