Good morning for everyone. Very welcome to be here with us, promoted by Ouro Fino Saúde Animal, to share our results for the second semester 2022 and accumulated of first semester. I'm Juliana Matthes. I'm part of Corporate Communication Ouro Fino. It's a pleasure to be here to conduct this event. This presentation brings the statements and will be available at our site, ri.ourofino.com. At the end of the presentations, we will have Q&A. If anyone wants to make a question, need only to write to us with your name and institution, and we will reply to you. Okay? I will read something. This presentation brings statements about future events that are subject to risks and uncertainties. Such statements are based on our management's beliefs and assumptions and on information that the company currently has access to.
The statements about future events include information regarding management's beliefs or current expectations, as well as those of members of the board and company directors. Disclaimers according to the statements and information about the future also include information about possible or present operations, as well as statements preceded by, followed by, or include the words "believes,” “may,” “will,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” or similar expressions. The statements and information are not guarantees of future performance. They involve risks, uncertainties and assumptions because they are related to the future events and therefore, depend on the circumstances which may or may not occur. Future results and value creations for our shareholders may differ materially from those expressed or implied by the statements made about the future. Many of the factors that will determine these results and values are beyond our ability to control or predict.
To conduct the presentations, we count with Kleber, he's our CEO, and Marcelo Silva, the Financial Director and IR involved. We have Angelo Melo, our Development Director for New Business. To continue, I pass the word of Kleber. Kleber, you are welcome.
Good morning, Ju, good morning, everyone. It's a big pleasure to be here to share our results for the second semester and accumulated semester. I want to start talking about institutional issues. It's a big pleasure that we completed 35 years of history, a very good history of success, history from a company that starts with a dream and is the biggest Brazilian company with a very capacitated relationship with our clients. A company with a very technological basis, with very good works internally, and we are very happy to be here, and our employers are very happy to be at this moment.
I want to thank you for our workers is a part of our history, and they are here with us until today, help us to be here at this moment. I'm very happy about this. Talking about this moment, we are very happy too, because we are elected the best company to work at the Ag business in Brazil from GPTW. It's the first company, the number one company, and we know that there are another good companies too. But we are the best, and we are very happy because of this. We received a certificate from FIA. Is with a very good position to work and made a comparison with another companies. About this qualification in FIA, we are five or six points above and is a very good classification.
We know that we have a good future based on your work, on culture, but mainly to count on the people because the people is amazing here. We are very happy too because we have some launch, digital platforms to be more near of our clients. We are very happy because our clients always remember us. They say that we are not a company only for business, but we are very near from these clients side by side. We launched the iUse Saber, is a platform for knowledge. We know that our markets has a very good space for knowledge and to bring more technologies to reimagine the animal health, because we want to help the leadership of these sectors. Ouro Fino Verde is totally free for clients, for the employers, the producers, but even for everyone who wants to have some knowledge.
We are very happy too, because last week we made some launches of new products. Tulaxx, it's an antimicrobial for the very advancing generation using swine and bovine . Is a post-patent product from a leadership of market, and is the first company to have this product. This will help us with our recipes. We have too, the launches of the supplement for companion animals. We have some supplements like this at our line, but these supplements, Angelo will say more about this, but has a very good characteristics because help the treatments of medicines for the animal companies, for example, for the heart disease, for animal companies. We will continue launch the new products. We have a good expectation for new products at the second semester. Talking about the company, we are very aligned. Financial structure is very nice. Marcelo will talk about this.
We are a less leverage, financial leverage. We have some points to talk, Marcelo will explain, but we will have now a very good company, structured company with advantageous points regarding our other companies. In general, we are very prepared financially. Financial prepared to continue growth and strong growth. Talking about the trimester and the first semester, seeing by about point, market point. We had a positive trimester growing very strong, but the second trimester was not so good because we had a little bit less growth. But looking at the year context, we imagine this because we can say that this is for the uncertainties, economic uncertainties that the companies are living, the politic uncertainties. We are very takshare about this. We understand that agribusiness pays for this, but we have a strong company, and we have some adjustments this semester.
We have promoted some change of the distributors of companion animals that will bring with very strong recipes. It's a common issues at our markets. We always evaluate this, but we saw the second semester like a positive way. Talking at production animals, we saw the exportation of meat in a good point, a good way. Talking about Asia and China, we know that this will continue. We know some kind animals different from the last two years, but we saw the economic point going well. We will stimulate the internal consumption. We have some second semester, for example, some fairs, ExpoZebu session. We believe that second semester is very positive to bring the results more aligned for that we believe. At companion animals, we live a very good two years.
The people want to stay at home and are buying more things for the house and for the company animals. The people are going to the other place, buying other things. We know that this market will be strong for more years. We believe that not like the two last years, but we believe that we will continue at the next years, continue growth. We know some launches too, to make for company animals. We launched some products, but we will launch more. We saw this like a positive point for the second semester. International operation, we are going well, but the exchange rates reduce a little bit our margin. We get some good points regarding our logistics issues because these points are very difficult as we know. This is not a problem for us.
Talking in general terms, we have good, positive questions as Marcelo will talk with you in some minutes, but we believe to make this area very positive until the end of this year. We are very hard work at our business, our clients, our portfolios, and our growth drivers and our strategic planner. A very structured team guaranteed us a very good future. I want to thank you for everyone, and I will return at the Q&A questions, okay? Ju, is your time, please.
Thank you, Kleber, for your participation. As we talked before, we will have a Q&A section. We have some questions at our chat. We will reply as soon as possible at the end of the event. We have our president, Angelo Melo, is our Director from Strategic Development New Business to talk more about our portfolio. Welcome, Angelo.
It is a pleasure to see you here. Good morning, Juliana. Good morning for everyone. It is a pleasure to be here at our communications, our presence. We have some news and very good news to our clients because they are our reason to be here. As Kleber talked before, we have a launch at the end of this month. Tulaxx is our product for starting. Is a second on the market, and we will bring a very good alternative for our producers for bovine and swines. Is a disease respiratory product, very aligned of the One Health recommended by OMS. Is a very good alternative to have better costs for the producers. It is a very good market, with a strong growth. Talking about the technology that the bovine producers are using.
The market for the bovine producers are growing very hard when we saw the new technologies that they are applying. We believe that this is very good for our market and for our revenue. We will have a supplement line, we will launch this. Is a five supplements that this month, we will launch more until the end of the year. The supplement markets are always growing. Is twice more than when we saw the market medium, and supplements is twice more when we saw the company animals. Is very aligned with the macro trends for the company animal humanization because the tutors made this with your pets, your company animals, the same thing that we make of our kids. We saw this growing at this market with a very strong growth with a lot of opportunities.
We have two good players, national players, and a lot of small companies, regional companies. Ouro Fino wants to be a strong company to contribute for this market growth using introduction of more sophisticated products to attend the specific necessities from the tutors. We are a health company, and we will bring our experience at the health company for this market. For example, we have a supplement for heart company animals to supply these animals with this disease. We have some for more older animals. So we have a lot of launches. It is a complete line. Until December, we will show you more launches. Good morning for everyone. I am available to questions for everyone.
Thank you, Angelo, for your participation. Now, Marcelo Silva will present our results. Good morning, Marcelo. It is your time to say, please?
Hello, Juliana. Hello, good morning. Good morning for everyone.
I want to talk about our results for the second semester. Kleber talked a little bit about our challenges for this year, but we have good expectations to continue growth in the next months regarding our national conditions and launch of new products. We got a good growth, 9.5% of generation cash, very relevant. And capital, we are good health to continue to grow and make investments in innovations. I will pass from consolidated results. About trimester, it is a growth 1.9% regarding the last semesters. We have 36.5% of growth and accumulate of six months, 1.9%. We accumulate growth is 53.8%. And results of semester now, results reflects our points of the company because our objective is continue growth as soon as we made the last two years.
Important point is even this scenario less favorable regarding logistic supply chain or inflation of the country, we have preserved the gross margin regarding the last semester. That reflects our strategy to repair the cost, the price of the product, and not going to the market like a predatory manner. And we have exchange rates impact because bring us a less gain, but I will be more clear at the next slide. Production animals represents 17% of our business, and we have relevance growing. We grow 52% and accumulate growth 8.9%, and we compare 2022 at the same time. And we have this semester two lots of Ourovac Aftosa. So basically, 12 million of doses. We can change this, but we have some concentrations of more at June, at the last week of June. And we have good news because is the launch of the Tulaxx that Angelo talked before.
But we will look at the future of the production animals. We have some sales, Aftosa sales, and the market is very favorable to exportation. So we know that we can be very good into the end of the year. Talking about the gross margin, is 42.2% - 44% in 2021, when we compare. When we compare this semester, is a little bit better now. And compare the last semester at the last year. Talking about the company animals, we have at the company animals, a little bit more not so good semester when you compare it at the same period than last year, but continue growing when you compare. And we have relevant growth comparing these two semesters, 22% - 26% at the company animals
In this semester, we lost the opportunity at the additional products just because we have some difficulties at the aduanas, in Brazil aduanas. As Fabrício said, we have some adjustment, but we will return after this semester, like an organizative way. We have the opportunity to grow the sales, launch new products, and capturing good positive results regarding this adjustment. The gross margin growing is 17% against the last year. The last volume has some fixed costs, but this tendency is to return at the next semester. At international operations, we are continuing advancing our strategy to expand more Ouro Fino and inside the purpose to be the best company there in Latin America. We compare this semester in the last year, even with the dollar less favorable when you compare the last year. We have this valorization, in fact, the gross margin.
This gross margin that we have is about this point, these issues, the dollar more depreciate, dollar with real, when we compare the same period last year. About some expenses. Even with challenging scenario, like costs, inflations, we keep SG&A at 29%, when you compare the net revenue. The revenue has a little bit less growth, and our working is continuing to grow less than inflation. The growth will be less than the period, and tendance to continue to less than SG&A for the next semesters. We have a schedule at the development and research. It is a long-term work, five, six or seven years, and very strategic. So, even care with this point, is to continue a relevant schedule with research and development. We have with research and with investment projects at this department. At the period, EBITDA was 15% less than the same period as last year.
The semester was 2.5 when you compare with 2021. The company are working so hard to continue growing EBITDA more than EBIT revenue. The work to keep the company with a good health is dynamic to make a schedule to investment. We are generation operational cash. Everyone has account company us. We are keeping a very good point. We need to increase our stocks considering we have a scenario like difficult imports from China, even with international logistic issues. The generation cash will be more a little bit high, but we make relevant when we compare, like the last year. Showing our capital structure. As we cannot control the taxes, we are working so hard to making our capital structure with a less leverage CDI, and this is the adequate of our point growth. We are keeping our schedule through investment in the development and research.
We have a long-term and costs to keep the schedule, like a relevant timing and continued time. In the same point in 2020 and 2021, we have some difference, and we grow the PNA participation from 46%- 60%. This tendance is to continue grow at the next semester because we are robust generation cash and liberation of PNA and some accumulate credits like in taxes. We are very comfortable to have, at the end, BRL 4 million of net debt. We have from 15 for 7.6% of difference. The leverage is very adequate. Besides this composition, very favorable compositions, 8% of debt is a long-term. The payments for five years, the most of them considered for five years with a less cash question or necessities to renegotiation of these independents in this scenario with a lot of taxes and political issues in Brazil.
About the investments and research and developments, in this semester, it is 8.2% of the net revenue. We grow all the years these investments, but this is the future of the company, the necessity to make investment in projects to make a better effect in the next years. Thank you for the opportunity to talk about the results, and I am available through Q&A. Thank you.
Thank you, Marcelo. We are open for Q&A. You can write in Q&A your question because we will reply. We have some questions in our chat. I will pass to Kleber to conduct this moment. Kleber.
Ju, thank you. I will ask first the question to Marcelo, for that circle. How we are saw the margin for the year and about the leverage. How is the maximum leverage that the company wants to be and has some problems to contract people.
Thank you, Carlos, for the question. The dynamic of margins are very challenges, has challenges for us, but I bring it here. We are keep. We are gaining margins at the business lines and production animals is 70% of our revenue. We are sold our products at the price. Company animals is a good margin, is 70%, around 70%. We have some pressure sometimes for the less volume, but the tendency is this. In operational international, is a little bit more less for the company animals, but both of the production animal can be influenced by the exchange rates, but get 60%. Like a cost of the raw material, we have a structure at China. We are always saw the prices. We are not see a 2022 costs both from 2021, for example, where we pass our prices is very aligned of the. We want to be.
It is a very challenging scenario, but we are working to keep the health of company. Regarding leverage, we do not have a maximum point to define it as want we want to be. Our leverage is very aligned of strategic point to have organic growth. We have a fund, strategic fund to contract us to have a schedule to innovation. We talked with you that because company is not limited at only organic strategic, because we are saw some strategic goal, like acquisition of companies, like a synergic companies and products too. In a situation like this, we can make a captation for have a good leverage, but always not like a conservatory way, but adequate from Brazil. We do not have idea to have a leverage three or 3.5, talking about inorganic acquisition.
Thank you, Marcelo.
I will continue reply, ask Carlos, ask you question because related of a problem to have qualified workers. We do not have this problem to have this person like this. We are in a region that we have a good workers, because we have here universities like pharmacy, biology. We have a good work, access of this good work. At the region, we have a veterinary good course. We do not have this problem. On the contrary, because Ouro Fino is a very recognized, like a very good companies to work. This attracted is a number, is because we have entrepreneurs process, 25 occupations and more than 22 million persons inscripted. These are very good for us to be a very good company, recognized company. We participate of the FIA. Our workers wants to be here. The people want make the business.
Because of this, we know that we have the best persons working here. We have another question from Alexandre Assali . You reply, Marcelo, if you want to complement, please. The first question is from Alexandre. How he saw the value of actions at the market.
We know, Alexandre, that we have a situation like we have some relevant persons with no transactions, the paper. We know that the BNDES movement. So we know that we can be a movement like this, but it's a good one. We know that the value is less than the strategic company value. How is our strategic, our internationalization. It's very clear our strategic. We are very relevant company, and we are always looking for this relevance for all Latin America. We concentrated our efforts with a local presence in Colombia and Mexico.
Mexico is the second biggest market for the animal health, and Colombia is the third. When you saw the protein production, Mexico, Colombia, we are launched 55% in Latin America, and this is 16% of the world. Our focus is Latin America. The other companies will have distributors, and we will saw, because our growth, historic growth, how we can grow above these issues. This is our strategy. Can be in the second moment, we can saw another markets, potential markets with a lot of synergic points with our business, with challenge in the market. But at this moment, it's Latin America.
The other question for Alexandre. Ouro Fino has a planner to have a revenue more billion company animals. Yes, we have. When we saw this market, we have two good markets that we were not actually at this company.
Animals is ecto products for the company animals. We are looking for this way to have, to be at this market as soon as possible. The second is the biological market because we have a plant at the biological, a combination with biologist, and we are developing a pipeline of products for the company animals, swine and bovines, but this is a market with a very good relevance. In the other markets, we have a significant presence, a very good market share. We didn't have supplement, but now we have. Besides to saw another market, additional market in the future to have a relevant, but we have a little bit market, but with a very good dynamic point, and we want to gain a more relevance without lose this relevance at the Latin American relevance. I saw another questions. A moment, please. Let me see the questions.
Alexandre wants to know too, if we are growing or not. When you saw the big companies at this moment, if development lines at this way, the big companies as the market has growing so good as this following two years, we have some particular markets, and we have another should be. We have 15% at the market, but we have some space to make evolutions. Because of this, we are make investments in research and development, seeing from the future. Let me see if have another. We have a question. We have some. We have a question from André Pratts . Thank you for the transparency. André, here will be always like this, very transparent as we are talking, positive moments and not so positive moments. If the expenses of research development is a good parameter. We work at 6.5% at our revenues.
We are investing more in new lines, new products. These investments' return is not so quickly. We have here long cycle development. Because we are talking about the new products, and this takes a lot of variance to make studies, and this can take some months, some years. But we believe that this level is very near from the moment, and our tendency is to reduce a little bit. We are working at this moment at the new business department and development of the partnership by Angelo Melo. We are developing future products with other companies, bringing technologies or products that we can put at our lines to commercialize. We have some good examples in the past, but we are looking this for the future too. Thank you for your question. We have a question from Rafael Salles. The situation of Regenera.
Regenera is a cellular company, with stem cells that we bought recently. We are working to incorporate this for the company, and this is incorporated into our company. We have a work to form this market. It is an innovative technology, not known by most of the veterinary doctors, but we start our work with these clients to go until there, and to have more results in the next year. Besides, through development this technology for other relevant diseases, mainly for the company animals. This moment is a market formation, and we will have the results in the future. We have a question for Bernardo. Going for the international operation, can you say more about the retraction for 10% of gross margin, and can you say more from the biologicals factor? Marcelo will reply this.
Thank you, Bernardo, for your question.
These devalorizations are almost 60% of the margin difference , the 10 points that you say. And a good point to say is the logistical difficult issues, because we have incremental cost when we bring in raw material, international raw material, but more cost when we export our products. It is a combination with exchange rates and a growing of the logistic cost. This is important to work internally strategically, because even more fractionate is more cost than the export costs.
Point two, the question two from Bernardo. Angelo , it is your time, please.
Okay. Regarding the biologic factor, we have very good advances at the vaccines, and we are at the end of this phase.
We had some difficulties at some times in the last years, but when our leadership team, when they collaborate soon, they help us to have a good point like this, and we have success, and we hope to be in the market with two new products. It is a very good innovator product without any alternative at the market today. We had another product, but with less competition at the market, we are very confident to be with these new products very soon in the market. It is a new product.
Sorry. Now I am here. I am back. Is everything okay? We have some questions. Marcelo you will reply the question. Rafael Salles is asking, "How is the fixed cost more relevant at the company?" Marcelo will reply this.
Rafael, thank you for your question.
This information is now open at this release, but if you want to see or evaluate the cost, the personal cost is very relevant inside the company costs because this is variable cost. More relevant today is about the works, 45% and 60% for the totally costs.
I will continue, Marcelo, because we have anonymous question. Is our dividends fully? The company distributed the precatory minimum. Besides, every point has a reason. Remember that your thesis is not distribution, is a growing thesis. It is important to bring the growth plans and projects to be there.
I think there are one more question. We have a question. Bernardo has another question. How we can solve the competitive animal market, and how is the importance of Ouro Fino in this market?
Company animals markets are very competitive in all the world because everyone wants to participate in this market because it is always growing with good margins. In the pharmaceutical market, it is not different. The solution of the company animals is not different. We are in a concurrency with global companies, but we are very good positionations. Talking about Brazil, for example, we have two markets because we do not participate yet, one in patent, the other in biological, because they are in development. But we saw another market. We have a very relevant market share under 10%, more than 10%. We have competitive market, but Ouro Fino is one of the principal players, and we have company plans to continue investment. The importance to the Ouro Fino channel with this is very important because we have distribution.
We have a lot of distribution, 30 million of the points of sellers. We have very good resellers that all of you know, because Petz, Cobasi, there are others. Besides these edges, because it is very common, we want to always grow. But we have a very relevant channel that allows us to include another product, new products. Because supplements, for example, is not a medicine, but is always very synergetic with our business. This heart medicine is, for example, that Angelo talked, is a supplement, and we are very proud to be very positioning at this market into anything in the future. This is the last question. I want to thank you. Now Juliana.
Thank you, Marcelo and Angelo for helping me to reply. Thank you, Marcelo. Thank you, Angelo. Thank you, Kleber too for this participations.
Thank you for the questions that you sent to us and to be here with us in one more meeting. Our company is always open to live our values and the Relations Investors team are always available. This transmission will be available on our website, ri.ourofino.com . Is a good weekend for everyone. Kleber, is it your time, please?
I want to thank you for everyone, for attention to our investors that always believe us. We have a lot of work to be, to have in these five months. We have a good team, very capacity team. Is not a scenario like the last two years because the marketing was better. We want to work more, and we believe there is still a potential, and we have to put a lot of efforts, but we believe that our efforts to keep the good results.
Thank you for everyone, and continue for the same force to second semester.