Earnings Release
3Q23 | 9M23
November 10th, 2023
Eusébio (CE), November 10, 2023 - M. Dias Branco S.A. Indústria e Comércio de Alimentos (B3: MDIA3), leader in Brazil's cookies & crackers, pasta and healthy cookies markets, announces today its results for the third quarter of 2023 (3Q23) and first nine months of 2023 (9M23). The consolidated interim financial information has been developed pursuant to CPC 21 - Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB).
MDIA3
3Q23 WEBINAR RESULTS November 13, 2023
Time:
- Portuguese | English 11h00 (Brasília Time) 09h00 (New York Time
Zoom Meetings registration:
Click Here
Live on Youtube:
Click Here
Share price:
Closing on 11/08/2023 MDIA3: R$ 34.44 per share Market Cap: R$ 11.7 billion
youtube.com/rimdias
IR CONTACT
Gustavo Lopes Theodozio
Vice-President of Investments and Controllership Phone: (85) 4005-5667
Email: gustavo.theodozio@mdiasbranco.com.br
Fabio Cefaly
New Business and Investor Relations Officer
Phone: (11) 3883-9273
Email: fabio.cefaly@mdiasbranco.com.br
Rodrigo Ishiwa
Investor Relations Manager
Phone: (11) 3883-9225
Email: ri@mdiasbranco.com.br
Everlene Pessoa
Investor Relations Analyst
Phone: (85) 4005-5730
Email: ri@mdiasbranco.com.br
Fernanda Castilho and Lucas Laport
Investor Relations Interns
Phone: (85) 4005-5730
Email: ri@mdiasbranco.com.br
ri.mdiasbranco.com.br ri@mdiasbranco.com.br
EARNINGS RELEASE 3Q23 | 9M23
A quarter with recurring and consistent recovery in margins and a record cash generation
- Net income +33% vs. 3Q22;
- EBITDA of R$441 million;
- EBITDA Margin of 16.1%;
- R$973 million in operating cash generation.
In 9M23, we recorded growth in Revenue, Volumes, Average Price, EBITDA, Net Income, Margins, and Operating Cash Generation
Payout ratio increased, from 60% to 80% and fixed quarterly payment from R$0.05 to R$0.06 per share
Net Revenue of R$2.7 billion in 3Q23 and R$8.1 billion in 9M23. In the first nine months of the year, we recorded double digit growth, with higher prices (+7%) and volumes (+2%). The retraction in 3Q23 versus 3Q22 was due to price reductions, with average prices increasing for cookies and pasta but falling for lower added value products, such as wheat flour and margarines & vegetable shortening, in line with the drop in the commodities market, and was also affected by the decline in volumes, in a scenario which retailers operated with lower inventory levels.
Net Revenue (R$ million) | Sales Volume (Thousand tonnes) | Average Price (R$/Kg) | |||||||||||||||||
-8% | -7% | -2% | |||||||||||||||||
-4% | +10% | -1% | +2% | -3% | +7% | ||||||||||||||
2,977 | 2,765 | 2,849 | 2,735 | 8,070 | 482 | 454 | 1,276 | 1,307 | 6.2 | 6.3 | 6.2 | 6.3 | 6.1 | 5.8 | 6.2 | ||||
2,486 | 451 | ||||||||||||||||||
7,364 | 441 | ||||||||||||||||||
403 | |||||||||||||||||||
3Q22 4Q22 1Q23 2Q23 3Q23 | 9M22 | 9M23 | 3Q22 4Q22 1Q23 2Q23 3Q23 | 9M22 | 9M23 | 3Q22 4Q22 1Q23 2Q23 3Q23 | 9M22 | 9M23 |
3
EARNINGS RELEASE 3Q23 | 9M23
The news articles on the side indicate that retailers operated with lower inventory levels, which included lower inventory levels for M. Dias Branco's products at Retail, as shown in the charts below, causing a negative impact on sell- in (sales from the manufacturer to retailers).
Days* in inventory at Retail (Cookies & Crackers - M. Dias Branco)
42 | 45 | |
34 | ||
3Q22 | 2Q23 | 3Q23 |
Days* in inventory at Retail | ||
(Pasta - M. Dias Branco) | ||
44 | 51 | |
39 | ||
3Q22 | 2Q23 | 3Q23 |
*Source: Neogrid Direct/Indirect + Estimate C&C |
*
**
*
- Increase in costs force retailers to reduce inventories, while industries deal with excess products
- Cash and Carry/Retail reduce inventories in view of deflation
MARKET | COOKIES & CRACKERS | PASTA | ||
(Increase %) | YEAR | QUARTER | YEAR | QUARTER |
Value | 9% | 4% | 9% | 2% |
Volume | -1% | 4% | 1% | 2% |
Units | 0% | 4% | 4% | 4% |
Average Price | 10% | 0% | 8% | 0% |
Volume per Units | -1% | 0% | -3% | -1% |
The cookies & crackers and pasta market in Brazil (sell-out | retail sales to consumers) increased in value vs. 3Q22 and grew in value and volume vs. 2Q23, as shown in the table on the side.
Source: Nielsen - Retail Index. Total Brazil. INA+C&C. Cookies and Crackers / Pasta.
The variation in YEAR refers to the period of Jul/Aug 2023 vs. Jul/Aug 2022, and QUARTER refers to the period Jul/Aug 2023 vs. May/Jun 2023.
Increase in Gross margin, reaching out 35.6% in 3Q23 (+2.6 p.p. vs. 2Q23 and +7 p.p. vs. 3Q23), mainly due to the drop in variable costs (wheat and palm oil) and the good performance of higher added value products, such as the Piraquê brand, which accounted for 13% of total net revenue in the quarter (10% in 3Q22).
Gross Mg. (%)
+7.0 p.p. | |
+2.6 p.p. | |
33.0% | 35.6% |
28.6% | 24.8% | 27.1% |
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
4
EARNINGS RELEASE 3Q23 | 9M23
Administrative and Sales Expenses (SG&A as a percentage of Net Revenue) remain under control, at 20.5% of net revenue in 3Q23 (20.4% in 9M23), in line with previous quarters and maintaining the gains captured in the structuring initiatives carried out in recent years, such as the Multiplique Project and the Organizational Redesign.
SG&A (% NR) | |||
+2.1 p.p. | |||
+0.3 p.p. | |||
21.1% | 20.7% | 20.5% | |
20.2% | |||
18.4%
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
We reached a record EBITDA of | EBITDA (R$ million) and EBITDA Mg. (% NR) | Net Profit (R$ million) and Net Mg. (% NR) | |||||||||||||
R$440.7 million in 3Q23, up by | 16.1% | 7.6% | 9.5% | ||||||||||||
32.3% | over | 3Q22 | and | 17.0% | 11.2% | 13.2% | 6.6% | ||||||||
higher than | in | 2Q23. | EBITDA | 4.4% | 7.0% | 2.8% | |||||||||
0.6% | |||||||||||||||
margin | was | 16.1%, | with | ||||||||||||
376.8 | 440.7 | 217.9 | 259.0 | ||||||||||||
consistent | growth since | 4Q22, | 333.1 | 195.0 | |||||||||||
due | to: | a) | the | increase | in | 173.7 | |||||||||
average | price | in the | last | 121.3 | 69.9 | ||||||||||
15.5 | |||||||||||||||
quarters, mainly for cookies; b) | |||||||||||||||
cost | reduction; | c) | control | of | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | |
expenses. | Net | Income | grew |
32.8% YoY and 18.9% QoQ, resulting from the expansion in EBITDA and the improvement in the financial result.
Net cash generated by operating activities reached R$973.3 million, an historic record and 90.2% higher than in 2Q23, also reflecting the EBITDA growth and the releasing of working capital
arising from inventory management, the drop in input prices, and higher supplier payment days.
Net Cash Generated from Operating | Leverage |
Activities (R$ million) | Net Debt / EBITDA last 12 months |
973.3 | ||||||||
1.7x | 1.8x | 1.6x | ||||||
1.2x | ||||||||
511.8 | ||||||||
302.5 | 0.3x | |||||||
56.8 | ||||||||
-90.8 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | |||
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
We recorded, for the third consecutive quarter, a reduction in leverage (net debt/LTM EBITDA), to 0.3x in the quarter (1.2x in 2Q23), due to recurring improvement in the results and a strong cash generation.
5
EARNINGS RELEASE 3Q23 | 9M23
OTHER HIGHLIGHTS:
Piraquê é a terceira marca de alimentos mais escolhida para consumo fora do lar
Piraquê is the third most chosen food brand to be consumed outside the home, according to Kantar Brand Footprint 2023
In the 11th edition of Brand Footprint Brasil, produced by Kantar, which lists the brands most chosen by Brazilians in 2022, Piraquê was third place in the "Sweet Snacks" category for the ranking of the most consumed brands outside of homes1.
AAA
Rating Perspectiva
Estável
Reafirmado
PELO 6º ANO
CONSECUTIVO
Fitch Ratings reaffirmed our AAA National Long-term Rating with a stable outlook
The Fitch Ratings classification agency reaffirmed our 'AAA(bra)' National Long- term Rating with a stable outlook for the sixth consecutive year.
Transparency Trophy Award, by the sixth year, for the Quality of Financial Statements
The award promotes transparency and good business practices and is carried out by the National Association of Finance, Administration and Accounting Executives (ANEFAC).
We are part of IDIVERSA B3 portfolio
We are part of IDIVERSA B3, the first diversity index in Latin America, developed by B3, the Brazilian stock exchange.
Jasmine participates in the International Congress of Functional Nutrition
The Congress, one of the biggest events in this field, took place in São Paulo and had an exclusive stand for the Jasmine brand, offering the audience tastings and healthy novelties from its product portfolio.
See below the key consolidated results indicators for 3Q23 and 9M23, which include the results of Jasmine and Las Acacias as of Sep/22 and Nov/22, respectively.
1 Source: Kantar, Brand Footprint 2023, Brazil
6
EARNINGS RELEASE 3Q23 | 9M23
cial and Operating Results | 3Q23 | 3Q22 | Variation | 2Q23 | Variation | 9M23 | 9M22 | Variation |
Net Revenue (R$ million) | 2,734.9 | 2,976.6 | -8.1% | 2,849.4 | -4.0% | 8,069.8 | 7,364.2 | 9.6% |
Total Sales Volume (thousand tonnes) | 450.5 | 482.2 | -6.6% | 454.1 | -0.8% | 1,307.4 | 1,276.2 | 2.4% |
Cookies and Crackers Sales Volume (thousand tonnes) | 129.7 | 153.2 | -15.3% | 133.1 | -2.6% | 379.6 | 392.9 | -3.4% |
Pasta Sales Volume (thousand tonnes) | 87.6 | 99.4 | -11.9% | 90.1 | -2.8% | 257.0 | 265.4 | -3.2% |
Market Share of Cookies and Crackers (volume)* | 31.3% | 29.9% | 1.4 p.p | 32.0% | -0.7 p.p | 32.1% | 31.3% | 0.8 p.p |
Market Share of Pasta (volume)* | 27.9% | 30.1% | -2.2 p.p | 28.1% | -0.2 p.p | 29.4% | 30.7% | -1.3 p.p |
Net Income (R$ million) | 259.0 | 195.0 | 32.8% | 217.9 | 18.9% | 546.8 | 466.3 | 17.3% |
EBITDA (R$ million) | 440.7 | 333.1 | 32.3% | 376.8 | 17.0% | 991.2 | 779.1 | 27.2% |
EBITDA Margin | 16.1% | 11.2% | 4.9 p.p | 13.2% | 2.9 p.p | 12.3% | 10.6% | 1.7 p.p |
Net Cash (Debt) (R$ million) | -318.2 | -1,659.9 | -80.8% | -1,253.1 | -74.6% | -318.2 | -1,659.9 | -80.8% |
Net Cash (Debt) / EBITDA (last 12 months) | -0.3 | -1.7 | -82.4% | -1.2 | -75.0% | -0.3 | -1.7 | -82.4% |
Capex (R$ million) | 106.3 | 71.3 | 49.1% | 71.9 | 47.8% | 223.4 | 186.3 | 19.9% |
Net Cash generated from operating activities | 973.3 | -90.8 | n/a | 511.8 | 90.2% | 1,541.9 | -219.1 | n/a |
- The values presented in 3Q23 and 3Q22 are from the period of Jul/Aug 2023 and 2022. The values presented in 2Q23 are from the period of May/Jun 2023.
The values presented in 9M23 and 9M22 are from the period of Jan to Aug 2023 and 2022.
MARKET AND OPERATIONAL HIGHLIGHTS
MARKET SHARE
The charts below show the Brazilian market share (in % of sales volume) of M. Dias Branco, the national leader in the cookies & crackers and pasta markets, and its main competitors (from January to August 2023).
Market Share Cookies and Crakers* - Brazil | Market Share Pasta* - Brazil | ||||
(% of volume sold) | (% of volume sold) | ||||
M. Dias | M. Dias | ||||
Others | Branco | Others | |||
32.1% | Branco | ||||
36.6% | 31.1% | ||||
29.4% | |||||
Company A | Company J | Company F | |||
3.3% | |||||
Company E | 8.6% | ||||
Company I | 13.7% | ||||
4.9% | |||||
Company B | |||||
3.5% | |||||
Company D | Company C | ||||
6.5% | Company H | Company G | |||
5.4% | 5.9% | 6.1% | |||
12.9% | |||||
*Source: Nielsen - Retail Index. Total Brazil. INA+C&C. Cookies and Crackers / Pasta.
In the wheat flour category, we expanded our market share value and volume in relation to 3Q22 and 2Q23. In the cookies category, we ended 3Q23 with a growth in market share value and volume vs. 3Q22. In the pasta category, stability vs. 2Q23.
Wheat Flour | Cookies & Crackers | Pasta | |||||||||||||
Market Share | 11.1 | 12.3 | 12.7 | 11.6 | 12.1 | 27.5 | 29.3 | 29.3 | 28.8 | 28.3 | 29.0 | 30.1 | 30.3 | 27.3 | 27.8 |
Value* | |||||||||||||||
Market Share | 9.9 | 10.8 | 11.2 | 10.1 | 11.0 | 32.8 | 32.6 | 32.0 | 31.3 | 30.1 | 31.1 | 31.7 | 28.1 | 27.9 | |
29.9 | |||||||||||||||
Volume* | |||||||||||||||
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | |
* Source: Nielsen - Retail Index. Total Brazil. INA+C&C. |
7
EARNINGS RELEASE 3Q23 | 9M23
SALES CHANNELS
Highlight for the representativeness increase in Cash & Carry.
Client Mix | 3Q23 | 3Q22 | Variation | 2Q23 | Variation | 9M23 | 9M22 | Variation | |||
Key Accounts / Regional Chains | 21.2% | 22.5% | -1.3 p.p | 22.2% | -1 p.p | 21.9% | 22.3% | -0.4 p.p | |||
Cash and Carry | 25.8% | 24.3% | 1.5 p.p | 24.5% | 1.3 p.p | 24.0% | 23.1% | 0.9 p.p | |||
Wholesale | 16.2% | 18.2% | -2 p.p | 16.6% | -0.4 p.p | 17.1% | 18.2% | -1.1 p.p | |||
Small Retail | 18.0% | 17.9% | 0.1 p.p | 17.4% | 0.6 p.p | 18.1% | 19.3% | -1.2 p.p | |||
Distributors | 12.6% | 11.4% | 1.2 p.p | 13.3% | -0.7 p.p | 12.6% | 11.1% | 1.5 p.p | |||
Industry | 3.1% | 2.8% | 0.3 p.p | 2.8% | 0.3 p.p | 3.0% | 3.0% | 0 p.p | |||
Other | 3.1% | 2.9% | 0.2 p.p | 3.2% | -0.1 p.p | 3.3% | 3.0% | 0.3 p.p | |||
TOTAL | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||
Note: Client mix, considering gross revenue excluding discounts and returns. | |||||||||||
Major Clients | Sales 3Q23 | Gross revenue excluding | Sales 9M23 | Gross revenue excluding | |||||||
discounts and returns (%) | discounts and returns (%) | ||||||||||
(R$ million)* | (R$ million)* | ||||||||||
Sequence | Accumulated | Individual | Accumulated | Individual | Accumulated | ||||||
Major Client | 1 | 295.5 | 9.2% | 9.2% | 810.1 | 8.5% | 8.5% | ||||
49 Subsequent | 50 | 1,022.7 | 31.8% | 41.0% | 2,971.8 | 31.3% | 39.8% | ||||
50 Subsequent | 100 | 261.4 | 8.1% | 49.1% | 788.0 | 8.3% | 48.1% | ||||
900 Subsequent | 1,000 | 983.7 | 30.6% | 79.7% | 2,968.6 | 31.3% | 79.4% | ||||
Other Clients | All clients | 650.4 | 20.2% | 99.9% | 1,948.7 | 20.5% | 99.9% | ||||
TOTAL | 3,213.7 | 9,487.2 | |||||||||
*Gross revenue excluding discounts and returns. |
PRODUCTION CAPACITY UTILIZATION RATE
The capacity utilization level decreased in 6.8 p.p. vs. 3Q22 and 4.0 p.p. vs. 2Q23 due to the drop of production volumes of 11.9% e 5.4%, respectively.
Cookies and | Wheat Flour and | Margarine and | Other | ||||||||||||||||
Effective Production / | Pasta | Vegetable | Total | ||||||||||||||||
Crackers | Bran | products** | |||||||||||||||||
Shortening | |||||||||||||||||||
Production Capacity* | |||||||||||||||||||
3Q23 | 3Q22 | 3Q23 | 3Q22 | 3Q23 | 3Q22 | 3Q23 | 3Q22 | 3Q23 | 3Q22 | 3Q23 | 3Q22 | ||||||||
Total Production | 131.3 | 158.4 | 88.1 | 107.4 | 392.3 | 425.9 | 42.2 | 50.8 | 3.9 | 4.5 | 657.8 | 747.0 | |||||||
Total Production Capacity | 220.4 | 237.9 | 131.4 | 141.1 | 631.4 | 631.1 | 90.0 | 90.0 | 14.1 | 10.3 | 1,087.3 | 1,110.4 | |||||||
Capacity Utilization | 59.6% | 66.6% | 67.0% | 76.1% | 62.1% | 67.5% | 46.9% | 56.4% | 27.7% | 43.7% | 60.5% | 67.3% | |||||||
Cookies and | Wheat Flour and | Margarine and | Other | ||||||||||||||||
Effective Production / | Pasta | Vegetable | Total | ||||||||||||||||
Crackers | Bran | products** | |||||||||||||||||
Shortening | |||||||||||||||||||
Production Capacity* | |||||||||||||||||||
3Q23 | 2Q23 | 3Q23 | 2Q23 | 3Q23 | 2Q23 | 3Q23 | 2Q23 | 3Q23 | 2Q23 | 3Q23 | 2Q23 | ||||||||
Total Production | 131.3 | 144.7 | 88.1 | 96.7 | 392.3 | 402.6 | 42.2 | 45.5 | 3.9 | 6.2 | 657.8 | 695.7 | |||||||
Total Production Capacity | 220.4 | 219.5 | 131.4 | 129.8 | 631.4 | 624.5 | 90.0 | 90.0 | 14.1 | 14.4 | 1,087.3 | 1,078.2 | |||||||
Capacity Utilization | 59.6% | 65.9% | 67.0% | 74.5% | 62.1% | 64.5% | 46.9% | 50.6% | 27.7% | 43.1% | 60.5% | 64.5% | |||||||
Cookies and | Wheat Flour and | Margarine and | Other | ||||||||||||||||
Effective Production / | Pasta | Vegetable | Total | ||||||||||||||||
Crackers | Bran | products** | |||||||||||||||||
Shortening | |||||||||||||||||||
Production Capacity* | |||||||||||||||||||
9M23 | 9M22 | 9M23 | 9M22 | 9M23 | 9M22 | 9M23 | 9M22 | 9M23 | 9M22 | 9M23 | 9M22 | ||||||||
Total Production | 388.2 | 417.7 | 270.0 | 284.5 | 1,149.7 | 1,146.0 | 126.1 | 132.7 | 15.7 | 13.5 | 1,949.7 | 1,994.4 | |||||||
Total Production Capacity | 661.5 | 720.8 | 393.4 | 421.3 | 1,873.6 | 1,872.6 | 270.0 | 270.0 | 42.1 | 31.0 | 3,240.6 | 3,315.7 | |||||||
Capacity Utilization | 58.7% | 57.9% | 68.6% | 67.5% | 61.4% | 61.2% | 46.7% | 49.1% | 37.3% | 43.5% | 60.2% | 60.2% |
*Thousand tonnes.
**Cakes, snacks, cake mix, packaged toast, healthy products, sauces and seasonings.
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EARNINGS RELEASE 3Q23 | 9M23
Production Capacity (thousand tonnes) and Utilization Rate - | Production Capacity (thousand tonnes) and Utilization Rate - | ||||||||
Cookies and Crackers (%) | Pasta (%) | ||||||||
237.9 | |||||||||
222.6 | 221.6 | 219.5 | 220.4 | 141.1 | |||||
133.5 | 132.2 | 131.4 | |||||||
129.8 | |||||||||
66.6% | 65.9% | 76.1% | 74.5% | 67.0% | |||||
59.6% | 60.1% | 64.4% | |||||||
56.7% | |||||||||
50.6% | |||||||||
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
Capacity | Utilization Rate | Capacity | Utilization Rate | ||||||
Production Capacity (thousand tonnes) and Utilization Rate - | Production Capacity (thousand tonnes) and Utilization Rate | - | |||||||
Wheat Flour and Bran (%) | Margarine and Vegetable Shortening (%) | ||||||||
631.1 | 631.1 | 617.7 | 624.5 | 631.4 | |||||
90.0 | 90.0 | 90.0 | 90.0 | 90.0 | |||||
67.5% | 56.4% | 47.9% | 50.6% | 46.9% | |||||
64.5% | 62.1% | 42.7% | |||||||
57.5% | 57.4% | ||||||||
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
Capacity | Utilization Rate | Capacity | Utilization Rate |
Note: Total production capacity refers to the maximum yield that can be extracted from the equipment considering the losses caused by maintenance stoppages, setup time, line clean-up, restrictions on the maximum number of shifts in the plants, etc.
VERTICALIZATION
We maintained the high vertical integration level of the two main inputs. In 3Q23, 99.9% of wheat flour and 100.0% of vegetable shortening consumed were internally produced.
Wheat flour | Vegetable shortening | |||||||
3Q23 | 99.9% | 0.1% | 41.1% | 58.9% | 3Q23 | 100.0% | 48.5% | 51.5% |
2Q23 | 99.6% | 0.4% | 37.6% | 62.4% | 2Q23 | 100.0% | 46.3% | 53.7% |
3Q22 | 99.6% | 0.4% | 31.7% | 68.3% | 3Q22 | 100.0% | 44.4% | 55.6% |
Own Production External Source | Sale Internal Consumption | Own Production External Source | Sale Internal Consumption |
9
EARNINGS RELEASE 3Q23 | 9M23
ECONOMIC AND FINANCIAL HIGHLIGHTS
NET REVENUE
Net revenue declined by 8.1% in 3Q23 vs. 3Q22, reflecting the drop in volumes sold and a lower average price, by 6.6% and 1.6%, respectively. The reduction in average price reflects the drop in the wheat flour & bran and the margarine & vegetable shortening categories, which followed the trend for commodity prices.
3Q23 | 3Q22 | Variation | |||||||
Segment | Net | Weight | Average | Net | Weight | Average | Net | Weight | Average |
Revenue | Price | Revenue | Price | Revenue | Price | ||||
Cookies and Crackers | 1,432.4 | 129.7 | 11.04 | 1,560.7 | 153.2 | 10.19 | -8.2% | -15.3% | 8.3% |
Pasta | 564.6 | 87.6 | 6.45 | 606.5 | 99.4 | 6.1 | -6.9% | -11.9% | 5.7% |
Wheat Flour and Bran | 477.8 | 207.7 | 2.3 | 518.4 | 200.7 | 2.58 | -7.8% | 3.5% | -10.9% |
Margarine and Vegetable Shortening | 158.5 | 19.9 | 7.96 | 200.2 | 23.3 | 8.59 | -20.8% | -14.6% | -7.3% |
Other products** | 101.6 | 5.6 | 18.14 | 90.8 | 5.6 | 16.21 | 11.9% | 0.0% | 11.9% |
TOTAL | 2,734.9 | 450.5 | 6.07 | 2,976.6 | 482.2 | 6.17 | -8.1% | -6.6% | -1.6% |
*Net revenue in R$ million, weight excluding sales returns in thousand tonnes and net average price in R$/Kg. | |||||||||
**Cakes, snacks, cake mix, packaged toast, healthy products, sauces and seasonings. |
By region, the decrease in net revenue was due to the drop in volumes, in a context that retailers operated with lower inventory levels, as well as the decline in averages prices in wheat flour
- bran and the margarine & vegetable shortening categories, mainly in the Defense region (North and Northeast).
Variation in Net Revenue by Regions 3Q23 vs. 3Q22 (R$ million)
Var. -8.1% | ||
2,977 | 2,735 | |
Var. -5% | Var. -10% | Var. +12% |
Launches: 17 products, with highlights to healthy options, such as the corn biscuit and gluten-free tapioca bites from the Jasmine brand, the Richester ramen, and cookies and pasta for export.
Investments in marketing and sales: Highlight for the campaigns "Neologio", from Adria, with Claude Troisgros; "Família Maltado", from Piraquê, with Ludmilla; and "Vitarella no São João tem diferença".
10
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M. Dias Branco SA published this content on 10 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 15:26:28 UTC.