Earnings Call: Q1 2021

May 12, 2021

Good morning, everyone, and thank you for waiting. Welcome to Marfrigi Global Foods S. A. First Quarter Conference Call. With us here today, we have Mr. Marc Smallina, Founder and Chairman Tim Klein, Chief Executive Officer of North America Operations Mr. Miguel Gulati, Chief Executive Officer of South America Mr. John Pinto, CEO of Plant Plus Mr. Tal David, Chief Financial and Investor Relations Officer Mr. Paulo Pienaes, Sustainability and Communications Director and Mr. Eduardo Pazuelo, Investor Relations Director. This event is being recorded and will be started directly in question and answer session. The floor is now open for questions. Our first question comes from Mr. Ben Tonio with Barclays. Hi, good morning. Thanks for taking my question and congrats on the results. My question would be regarding South America. I mean, profitability there was impacted, of course. And you mentioned gross profit because of the raw materials, headwinds was the main cost. But if you could give us a little bit more guidance on that, what are you expecting for the rest of the year? And what is the current trend? Thanks. This is Tim Klein. I'm still on. I'm not sure about South America. Improves. And our exports to China that are active in Q1, we had a recovery of our exports to China. Brazil is exporting again. The same thing happened to other geographies, Argentina and Uruguay and