Release - 3Q21
3Q21 Results
Main Highlights
Rio de Janeiro, November 10, 2021 - MRS Logística S.A. announces its results for the third quarter of 2021. The Company's Financial Statements, duly reviewed by the independent auditors, are presented in reais (R$), in accordance with the international accounting standard - IFRS (International Financial Reporting Standards) - and according to the accounting practices adopted in Brazil.
Volume Transported
Mining
30.8
- of Tons +10.5%*
Leverage Ratio
0.72x
-0.29x*
Volume Transported
In millions of TU
45.2 46.0 47.2
Operating Net Revenue
R$ 1,227.4MM
+21.4%*
EBITDA
R$ 637.9MM
+15.4%*
EBITDA1
In millions of reals
2,559.8 2,645.0
1,742.1
3Q20 | 2Q21 | 3Q21 | 3Q20 | 2Q21 | 3Q21 |
¹ accumulated 12 months |
*Comparisons refer to 3Q20 results
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3Q21 Results
Summary | |
Mining ..................................................................................................................................................................................... | 6 |
General Cargo ........................................................................................................................................................................ | 7 |
ECONOMIC-FINANCIAL PERFORMANCE ....................................................................................................................................... | 11 |
EBITDA.................................................................................................................................................................................... | 12 |
Net Profit............................................................................................................................................................................... | 12 |
Indebtedness ....................................................................................................................................................................... | 13 |
Covenants............................................................................................................................................................................. | 13 |
CASH FLOW STATEMENT............................................................................................................................................................... | 14 |
ESG AGENDA................................................................................................................................................................................... | 15 |
INVESTOR RELATIONS ................................................................................................................................................................... | 18 |
CONSOLIDATED TABLES ................................................................................................................................................................ | 19 |
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3Q21 Results
HIGHLIGHTS
Financial and Operational Results | 3Q21 | 3Q20 | 3Q21 x | 2Q21 | 3Q21 x 2Q21 | 9M21 | 9M20 | 9M21 x 9M20 |
3Q20 | ||||||||
Transported Volume (thousands tons) | 47,234 | 45,165 | 4.6% | 46,020.2 | 2.6% | 131,778 | 115,424 | 14.2% |
Gross Revenues (R$ million) | 1,321.1 | 1,081.8 | 22.1% | 1,254.7 | 5.3% | 3,625.3 | 2,826.1 | 28.3% |
Net Revenues (R$ million) | 1,227.4 | 1,011.4 | 21.4% | 1,163.3 | 5.5% | 3,355.8 | 2,614.6 | 28.3% |
EBITDA (R$ million) | 637.9 | 552.7 | 15.4% | 838.6 | -23.9% | 1,965.0 | 1,333 | 47.4% |
EBITDA Margin ¹ (%) | 52.0% | 54.6% | -2.6pp | 72.1% | -20.1pp | 58.6% | 51.0% | 7.6pp |
Net Income ¹ (R$ million) | 137.4 | 148.6 | -7.5% | 420.4 | -67.3% | 633.4 | 203 | 211.3% |
Gross Debt (R$ million) | 3,964.9 | 3,038.8 | 30.5% | 2,449.2 | 61.9% | 3,964.9 | 3,038.8 | 30.5% |
Net Debt (R$ million) | 1,903.3 | 1,758.3 | 8.2% | 1,497.4 | 27.1% | 1,903.3 | 1,758 | 8.2% |
Net Debt/EBITDA ¹ (x) | 0.72x | 1.01x | -0.29x | 0.58x | 0.14x | 0.72x | 1.01x | -0.29x |
¹ Last 12 months (unadjusted result, that is, considering the non-recurring events). |
The year 2021 has proved to be a scenario of economic recovery, with the advance of vaccination against Covid-19. The international market remains favorable to the mining and steel industry, which although the price of iron ore has declined at the end of this last quarter, it remains at a high level when compared to recent years.
MRS ended the third quarter of 2021 with Net Revenue of R$ 1,227.4 million, an increase of R$ 216.1 million compared to 3Q20. The transport segment that contributed the most to the increase in revenue was Iron Ore, reaching the mark of 30.8 Mt, an increase of 10.5% when compared to 3Q20 and 8.1% compared to 2Q21. The General Cargo segment deserves to be highlighted in 2021, with a record in the nine-month period, reaching the mark of 47.4 Mt.
The Company's EBITDA presented a result of R$ 637.9 million, a 15.4% increase compared to the third quarter of 2020.
Reiterating discipline in cash management and increased EBITDA generation, the Net Debt/EBITDA indicator, presented by MRS, reached 0.72x in 3Q21, highlighting the raising of funds in the amount of R$ 1.5 billion, through the 10th issue of debentures.
4
3Q21 Results
OPERATING PERFORMANCE
MRS Logística operates mainly in the transport of inputs and products related to the steel industry, such as iron ore, coal and coke, to serve the domestic and export markets, and in the transport of General Cargo, which includes agricultural commodities, steel products, containers, among others, in a railway network with more than 1,600 km, in the states of Minas Gerais, Rio de Janeiro and São Paulo.
In 3Q21, total cargo transportation reached 47.2 Mt, an increase of 4.6% compared to 3Q20, the best result since 3Q18. Highlighting the segments of mining and steel products, which grew by 10.5% and 36.4%, respectively.
In the comparison of 9M21 with the same period in 2020, MRS presented a 14.2% growth in the total volume transported, which represents 16.4 million tons (Mt).
Transported Volume | 3Q21 | 3Q20 | 3Q21 x | 2Q21 | 3Q21 x 2Q21 9M21 | 9M20 | 9M21 x 9M20 |
Thousand tons | 3Q20 | ||||||
Mining | 30,846 | 27,908 | 10.5% | 28,546 | 8.1% | 84,332 | 69,536 | 21.3% |
Iron One | 30,158 | 27,354 | 10.3% | 27,915 | 8.0% | 82,310 | 67,571 | 21.8% |
Export | 26,348 | 24,683 | 6.7% | 24,086 | 9.4% | 71,032 | 58,863 | 20.7% |
Domestic Market | 3,811 | 2,671 | 42.7% | 3,829 | -0.5% | 11,278 | 8,708 | 29.5% |
Coal and Coke | 688 | 554 | 24.2% | 630 | 9.1% | 2,022 | 1,965 | 2.9% |
General Cargo | 16,387 | 17,257 | -5.0% | 17,475 | -6.2% | 47,446 | 45,887 | 3.4% |
Agricultural Products | 10,077 | 11,915 | -15.4% | 12,026 | -16.2% | 30,470 | 30,774 | -1.0% |
Steel Products | 2,026 | 1,486 | 36.4% | 1,816 | 11.6% | 5,648 | 4,418 | 27.9% |
Container | 583 | 528 | 10.3% | 609 | -4.4% | 1,732 | 1,606 | 7.8% |
Construction | 502 | 566 | -11.4% | 473 | 6.1% | 1,477 | 1,537 | -3.9% |
Others | 3,200 | 2,761 | 15.9% | 2,550 | 25.5% | 8,118 | 7,552 | 7.5% |
Total | 47,234 | 45,165 | 4.6% | 46,020 | 2.6% | 131,778 | 115,425 | 14.2% |
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MRS Logística SA published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 23:26:09 UTC.