Fábio Lopes Peres, Executive Finance Manager. This is being recorded and all participants will be listening to teleconference during a presentation of MAHLE Metal Leve. Right after that, we will start the presentation event, all questions and answers when more instructions will be supplied. In case any of you will need any assistance during the teleconference, please require the support of an operator, typing zero. This event is also being webcast simultaneously via webcast and this can be accessed through the website of investors with the company and where we also have the presentation available. The slide selection will be controlled by you. The replay of this event will be available right after the closure. The participants of this webcast can address the questions for MAHLE Metal Leve that will be answered after the end of the conference through the international relations.
Before we move on, we would like to clarify that any declarations or statements that can be done during this conference with regards to the business prospects of MAHLE Metal Leve and other forecasts and other assumptions of the company administrations, as well as information that are currently available for MAHLE Metal Leve. Future considerations are not any guarantees for performance and they involve risks and uncertainties of the assumptions that are referring to future events and therefore depend on events that might or might not happen. Now I would like to yield the floor to Daniel de Oliveira Camargo, who will start the presentation. Please, Mr. Daniel Camargo, you may start with your presentation.
Thank you. Good afternoon and welcome to our conference call. We are going to talk about the second quarter of 2021. Before we start with our agenda, I hope that you're all safe and healthy. As we have reinforced, the company has been following health protocols to ensure the health of its employees and to ensure the continuity of our operations. At the end of this presentation, we will be open for the question- and- answer session. Now let's move to our agenda. Slide number two. Today we will address the highlights of the quarter. We're also going to provide a market overview. We are going to talk about the performance of net revenues, financial management, investments and depreciation. Finally, as I mentioned, we'll move to the Q&A session.
In the next slide number three, you can see some highlights of the company in the second quarter of 2021 and the first half of 2021. The net sales revenues you can see on the chart totaled BRL 889 million in the second quarter of 2021, 146.4% higher than the second quarter of 2020. In the first half of 2021, we had net sales revenue 84.5% higher than the first half of 2020. As to domestic aftermarket, it accounted and totaled BRL 243.5 million in the second quarter of 2021, 115.5% higher year-over-year. When we compare the first half of the year, it was 86.7% higher than the first half of 2020. As to domestic OE, revenues totaled BRL 244.7 million in the second quarter of 2021, 234.7% higher than the second quarter of 2020.
When you compare the half of the year, this first half of the year in 2021 was 99.8% higher year-over-year. Aftermarket exports with a total BRL 70.2 million in the second quarter, 98.3% higher than in the second quarter of 2020. As to the first half of the year, 75.1% higher vis-a-vis, year-over-year. The original equipment export totals BRL 330 million in the second quarter of 2021, 137.2% higher than the second quarter of 2020. In the first half of 2021, results were 74.6% higher than last year.
Here we have the EBITDA that totaled BRL 262.9 million in second quarter of 2021, much higher than the same period last year because of what we experienced last year. Therefore, our adjusted EBITDA had a margin of 19.6% and the adjusted EBITDA margin in the first half of 2021 was 21.7%. Now I would like to turn over to Daniel Brasil and he will talk about the performance in terms of net expenses.
Thank you very much, Daniel Camargo. Good afternoon, everyone. Once again, thank you very much for taking part on MAHLE Metal Leve result sharing. We will start now by slide number four, where we will see the Brazil and Argentina registration and production in the first half of this year, vis-a-vis to last year. In the upper table we can see light vehicles where we have in Brazil in terms of sales we've had 32% growth and in Argentina a growth of 40%. Brazil plus Argentina, 33% altogether. In the production of light vehicles, Brazil presented a growth rate of 55.1%, whilst in Argentina, the growth was 124%. Brazil plus Argentina, 62%. Well, obviously comparing those year-on-year rates where we've obviously experienced the pandemic peak and the prices were really peaking up. However, we still experience some trouble in the production of vehicles and manufacture of vehicles.
I don't know if you've been following this, but at least with the semiconductors, the industry has been presenting some trouble to increase this production. The result of that is the current inventory levels in Brazil. Right now, we have 15 inventory days, whilst the normal would be 30 - 35 days, and altogether 85,000 vehicles. So we have a couple of examples of assemblers that spent five months without producing some specific types of models. Now we are witnessing the resumption. In some other dealers, they have announced downtimes of up to two weeks, precisely because of the semiconductors problem. If we could now talk about the expectation of the full year for 2021, and using the ANFAVEA as a reference. ANFAVEA has, in the light vehicle market, a forecast of 15% growth on sales and 25% growth in the production.
Our view in MAHLE is slightly lower than that for both sales and production, precisely because of this difficulty that the sector has been experiencing. Now, moving to the bottom table of medium heavy vehicles, where we have here the trucks. The growth in sales in Brazil was 52%. In Argentina, the sales growth was 64.5%, and the two countries together, 53.3%. In the production, Brazil experienced 94.6% growth rate, and Argentina, 224.5%, and both countries together, 95.8%. The medium heavy vehicles market is slightly different from the light vehicles, despite the difficulties. The dealers have been able to basically meet the demands of the agribusiness that has been basically spearheading the demand for trucks. The forecast and expectation for the whole year of 2021 using OES as the experience.
ANFAVEA's forecast for sales in terms of growth is 13%, if we compare the year-on-year rates, and 25% in production. The MAHLE perspective for the heavy segment is slightly better than the ANFAVEA. For light vehicles, our perspective is slightly lower, but for the medium heavy vehicles is slightly higher. That will obviously contribute to better rates on the mix numbers if we check. Now, moving to slide number five. Here we can see the vehicle production in Europe and North America. For North America, the light vehicles experienced a 33% growth, medium and heavy vehicles 42%, and altogether 33.6% of growth. In Europe, light vehicles production 32%, and medium and heavy vehicles 34.8%, Europe 32.1%. Both areas together consolidated figures of 32.7% growth.
The rather significant figures, the percentages are slightly lower here if we compare to our own region, where we had the deeper falls if compared to last year. But the external market has been recovering part of the volumes. The global industry has been experiencing the same difficulty with the semiconductors, but accomplishing significant figures in terms of vehicle production. Now, as we proceed to slide number six, what we can see here is the net revenue performance, and that is down broken by market. The upper table is the quarter, and then by halves in the bottom table. The first half of 2021, we have volume price, and then the FX variation. Fourth column, first half 2020, and then the variations.
If we move to the very last column, the original equipment on domestic market, the growth revenue of 99.8%, and that impact on the FX variation was 75%. That was basically a reflex of the, we have a valve plant in Rafaela, in Argentina, so that the sales and business converted to reais, that was the result. The impact in volume price on the original domestic equipment of 102.8%. The performance exceeded the growth in vehicle production, and the main factor for that was the product mix. As we saw from the medium and heavy vehicles with better figures compared to the light vehicles. We also had an increase on OES spare parts and an increased market share.
In the second line, we have the original equipment, but for exports. We can see a growth of 74.6% if we compare the quarter-on-quarter and the FX variation 40.5% and volume price 34.1%, pretty aligned to the market growth that we saw in the vehicle production. The sum up of original equipment, a growth of 84.6%, and the FX impacts 23.2%, volume price 61.4%. The domestic aftermarket, we had a growth of 86.7% and the FX impact was -14.1% and volume price 100.8%.
If we check on Argentina, if we convert pesos into reais, we will see that in this market, we could see a strong demand and, again, the reintegration of the inventories that contributed to this turnover and the market share gain with the devaluing of the reais, with the imports having been less competitive and MAHLE was gaining market share in the aftermarket segment. In the exports aftermarket, they experienced growth of 75%. The FX impacts 14.3%, volume price 60.8%. Here, strong demand inventory, recomposition for this highlight. 72.2% in terms of volume and price. Now moving to slide seven. We have this consolidated based on the region. Comparing the first half of this year versus last year, not major variations. Now, I will turn over back to Daniel, and I will be available at the end of the call for the Q&A session.
Thank you, Daniel Brasil. Now let's move to slide number eight. This is the gross margin, where we can see the gross results in the second quarter of 2021, BRL 889 million. We can see the comparison against the second quarter, 12.2% - 29% of the first quarter. It moved from BRL 205 million from last year to BRL 517.3 million this quarter. From 22% to 30%. The margins reflect an increase in the volume of products that have favored the results of the quarter and of the first half. Heavy vehicles and aftermarket, of course, aligned to improvements in internal efficiencies.
That is something the company has been working on. Now moving to slide nine, we can see the summary of P&L expenses. Selling expenses, for example, we can see an increase in absolute numbers. Talking about the half of the year, we can see how much it has increased. It has increased to BRL 108 million to this first half of the year, especially because of the variable cost increase, especially related to freight. Also, the sales net revenue increased considerably in this quarter. General and administrative expenses were also impacted by the increase we have had, as we can see from BRL 44.7 million to BRL 51.7 million in the first half of this year.
This has to do with increase in expenses and everything. In terms of R&D expenses, there was a reduction in absolute numbers because of the COVID pandemic. The company has maintained its conservative approach with respect to R&D spending. We are focusing on developing products that sell quickly. Now focusing on the other operating income, the main impact we see is that we have a positive result in terms of revenue that has to do with the accounting of an expense from tax credits resulting from the exclusion of ICMS from the PIS and COFINS calculation basis. I would like to turn over to Fábio Peres, who is also going to address this topic.
Good afternoon, everybody. Now proceeding on slide number 10, we can see this table that basically demonstrates the net financial results of the company in the first half of this year vis-à-vis to last year figures. On the net interest line, we can see the accurate figures for the semester. Last year we had expenditures of BRL 4.9 million, and this year is an income of BRL 7.4 million. The difference that are referring to the exclusion of the base in tax and with the reflex of BRL 7.9 million referring to the interest of the amount.
Now moving to the second part of the table where we can see the FX variation. Last year, we had BRL 40.8 million of expenses and this year, BRL 11 million. That is basically referring to the ACC variations, where we had a very heavy BRL devaluation , and this year with slightly more stable rates. The third point here on the table is the net monetary variation where it was basically the same. We can see here quite close, BRL 14.7 million against BRL 14.5 million.
In the other part of the table, we can see the amounts here of the investments and the debts for the period. Last year, we had an average cash of BRL 338 million in the first half of the year, and this year, BRL 155 million. So a reduction of 54%. Now, with regards to the debts, we had something like BRL 589 million this year, BRL 156 million, what demonstrates a reduction on the debts of 73.5%. Now moving to slide number 11. We can see the breaking down on the indebtedness of the company on both short and long term, where we have 43% this year on short term and 57% on the long term.
The long term is basically comprised of the FINAME operations that have been captured last year. The short term are a bit of the FINAME plus the ones that were captured for the cash recomposition. Then on the right, we can see a graph that FINAME represents 73.8%, while NCE, 26%. Above the percentages, we have the corresponding costs with an average cost of FINAME of 4.11%, while the NCEs would represent something like 0.79%. So the average cost of the company today, it would be 3.6% per year. In the bottom tables, we can see the maturities for each operation. We can see on the short term, we have a payment, which is slightly half of BRL 50 million, June 2022, and the rest is distributed along the upcoming months.
For the long run, we have the FINAME operations that, again, will follow the schedule that was adjusted with the institution. Now proceeding to slide number 12, what we see here are the CapEx and the depreciation that we had in the first half of 2020, and that was around BRL 8.6 million. Always bearing in mind that this substantial reduction was obviously given to the pandemic scenario. In 2021, we have 26.9%. That, in terms of percentage of net sales revenue, 1.6%, and the depreciation 52.8% altogether. Bearing in mind, again, that in that meeting that we had recently on August 11, we have approved BRL 76.6 million for investment. They should be invested throughout the second half of the year. That's it for the moment, and now we are moving towards the question -and- answer session where you'll have the chance to clarify your questions.
Ladies and gentlemen, we will now begin the question -and -answer session. If you have a question, please press star one. To remove your question from the queue, press star two. We have a question from Pedro Fontana with Bradesco BBI.
Good afternoon and congratulations on your results. Thank you for taking my question. In the second quarter, there was an expense with environmental liabilities. I would like to understand what this expense is about.
Thank you for your question. This contingency has to do with environmental liability. Actually, it's a continuation of r emediation processes we have implemented in the Mogi Guaçu Metal Leve plant. It's been in this process for years now. Now we had to book that because of the need of soil remediation on that plant located in São Paulo.
Thank you.
Next question comes from Werner Roger with Trígono Capital.
Good afternoon and congratulations on the excellent results in such a challenging environment. I have two questions. First one has to do with the gross margin related to raw materials. Is there any type of transfer of costs to the prices? Or in the second half, you expect this to go back to normal or should we expect improvements or worsening? In terms of tax credits for PIS and COFINS, related to older tax credits, what is the procedure to complete these tax credits?
This is Daniel Brasil. Thank you for your question. Let me answer your first point related to the gross margin related to raw materials. This is a continuous process. MAHLE is in constant pursuit of getting new contracts with customers to be able to transfer any price variation in raw materials, and this is followed up over the year. We constantly take the previous periods into account. This is an ongoing process. We cannot say that there is nothing else to be transferred actually because it's an ongoing process. I don't know whether my answer is clear to you.
But are you experiencing new readjustments? Because we see that some metal prices have decreased, which is the case of steel, but do you foresee stabilization in the prices of raw materials? Because we understand that transfer of prices is not immediate, but do you expect price readjustments to stabilize in raw materials?
There was a significant growth in the prices of raw materials recently. If you consider the past six months or a year, it is more stable than in the past, but we still expect some increases, so it's not totally stable yet.
And about my tax credits question?
Thank you for your question, Werner. Regarding the exclusion of ICMS from the calculation basis for PIS and COFINS, we started this process in 2019, and in our process specifically, it was a legal suit that we won in the first decisions and based on the Supreme Court decision in May of this year, we were able to recognize these gains retroactively until March 2017. So from March 2017 to now, we have been allowed to register that in the books, these gains, until we get the final decision for our specific lawsuit, and then we can complete this.
Thank you.
Next question comes from Marcelo Motta with JP Morgan Bank.
Good afternoon. I have two questions. First, I'd like you to comment about the semiconductors. You even touched on that during your presentation that the semiconductors had an impact on the production of the first half of the year. What is your forecast for the second half of the year also based on the orders you expect to have, because we know that there is a shortage in the supply of semiconductors for some time. I also like to know about the aftermarket. Maybe the exchange rate was reduced a little bit, and maybe for the imported market it was too high, and for the domestic market, the exchange rate at BRL 5.2 is favorable to the domestic market. Is this understanding okay, or do you believe that you're also going to gain market share despite the retraction in the exchange rate?
This is Daniel Brasil. Thank you for your questions. Regarding the semiconductors supply, we cannot say that the situation is solved or that we expect it to improve. This week, we heard that some car dealers and car makers were postponing their operations and giving vacation to their employees while some are resuming their activities. But we see that the portfolio for parts is still high, but car makers cannot increase their levels of production because they are working with very low levels of stock just for 15 days, and there is a heated demand for vehicles. But the production level has maintained these levels, has been the same for the past months. We don't expect it to grow any soon.
Car makers have made all possible efforts not to stop their lines and try to get components to keep their lines running. We don't see worsening compared to the current condition, but the ramp-up in production is not expected either in the short term, maybe later in the year. The semiconductors issue is probably going to affect us up to 2022. Globally, it's a very unstable situation, and that has an impact on car makers. Regarding your second point, the aftermarket.
Yes, the exchange rate is high, and it favors the aftermarket business. Because of the lack of new cars, the market of used cars is heated, and people sometimes just wait for a long time to buy a new car. They end up getting a secondhand car. But because of this increase in aftermarket, we see a good market for that. There was a shortage in stock during the pandemic earlier that has led to a replenish in stock. This has increased the demand at levels higher than previously. This is what determined this aftermarket. I don't know whether it was clear to you.
Thank you very much.
Ladies and gentlemen, let me remind you that all you have to do is to press star 1 to ask questions. Now we would like to close the Q&A session, and we would now to give the floor to Mr. Daniel Camargo to the final remarks.
Thank you very much to all of you who took part in this conference today. Keep on just safe and sound.
That concludes today's MAHLE Metal Leve conference for today. We thank you for your participation, and have a good day.