BRF S.A. (BRFS) Q4 2019 Earnings Call Transcript

BRF S.A. (BRFS) Q4 2019 Earnings Call Transcript

We have excelled the margins to historical levels, and we have also now reverted our losses of BRL2 billion.. Gross margin of 24.1% in 2019, an 8 percentage point increase year-on-year.. The EBITDA -- and we are being very clear, so the EBITDA result that tax-related impact was of BRL4 billion, and adjusted EBITDA margin of 13.3%, also above our historical margins.. But when we consider once again the number of 2.5 in net leverage reduction, we had that impact of BRL884 million coming from tax-related proceedings.. And we have also announced late last year, the new processing plant in Saudi Arabia.. 2019 was the year where price stability, especially in the third or fourth quarters of last year.. And then there has been a significant increase, as you can see, of almost 35% until the first quarter of this year -- until the current prices.. And we want to manage it so as to have better working capital in order to assure the correct and the best supply of our production.. We want to build a hedge, but we have the capacity of having good supply in different regions.. But we also saw an increase in the price of