[Non-English content] Ouro Fino Saúde Animal. Welcome to this meeting promoted by Ouro Fino Saúde Animal to share our results in this fourth trimester 2021 and accumulated during the year. I'm Juliana Matthes and I'm part of communication team from Ouro Fino. It's a pleasure to be here again to conduct this meeting. At the end of the presentation, we will have our questions at the Q&A, and if anyone wants to participate, it's only to write in our Q&A. We have a disclaimer and I will read for you. This presentation brings statements about future events that are subjected to risks and uncertainties. Such statements are based on our management's beliefs and assumptions and information that the company currently has access to.
Statements about future events include information regarding intentions, beliefs, or current expectations, as well as those of the members of the management board and company directors. Disclaimers according to the statements and the information about the future also include information about possible or presumed operational results, as well as a statement preceding by, followed by, or including the words believes, may, will, continue, expects, anticipates, intends, plans, estimates, or similar expressions. The statements and informations are not guarantees of future performance. They involve risks, uncertainties, and assumptions because they are related to the future events and, therefore, depending on the circumstances that may or may not occur. Future results and values creations for our shareholders may differ materially from those expressed or implied by the statements made about the future. Many of factors that will determine these results and values are beyond our ability to control or predict.
To conduct the presentation, we count we have CEO president, Kleber Gomes, and our CFO and Relation Investor, Marcelo da Silva. Thank you for present for both. To continue now, Kleber Gomes. Good morning, Kleber.
Good morning. Good morning, Juliana. Good morning for everyone. Good morning, Marcelo. We will start our 2021, and I start to say that we are very satisfied because at this moment we will want to say that we will have this new management 19 months because started first date 2021 when we had the opportunity to close to exercise a positive exercise. We had our historic record in 2020, and now we have new results in 2021. We grow in 2021, 32% in net profit. When we saw these both years, we are growing 46% in net revenue and 141 in net profit.
We are very focused day by day to access our purpose to reimagine our health animal and the sectors, and more than this, to live our three values. Is Play to Win, connected with the world. Play to Win, take care of the people. We're connected to world. This was the first action that we put at our management in new culture and give us excellent results. We have people very engaged, and our team are made the best that they can to get the excellent results. We are showing the last two years. I want to reinforce, yes, we have in the company excellent drivers are good. We understand that this is very important, and there is no doubt that we have a necessity to have efficient as the livestock and production animals. This is regarding the technology and the best process.
We had two years very positive because the demands of exportation are growing, mainly Asia, and the producers are requests for the technology and the company animals, the humanization of pets regarding the pandemic because with the pandemic, the families now are looking for more animals. For the emotional side, the pets are so important regarding this. This marketing are growing regarding this, regarding pandemic, and to reinforce our drivers for us and our business. I want to say too that more than these results regarding these last years, I am more confident for the future success. We are making our homework so hard, and we are follow our strategic planner, and this give to us a certainty to have the best fruits during this year. I want to bring through a little bit from our own mission inside the company.
At the first meeting that I made like a CEO, our board asked me, "What is our objective?" I replied that our intent is have a best company to work with good products. I think we are reached this, and I am bringing this to you now. We have our seal. We are very proud because we are recognized for IHS Markit, and they made an annual evaluation for the Animal Health Award. So we are recognized like a best company from the Latin America and South America. We are very happy because of this. The first part of our ambition is this. We want to be the more generated from the Latin America and South America.
Besides that, I believe that we are reached the financial objective only if we have the people that believes in us and like to work and the people we care about our business. We have a good results. We return to participate on GPTW. We received a very good note, and recently we are elected the best company in interior of São Paulo state, and the best company of the Brazil, the big industry in Brazil. We are participate again on this request, and this show us that the good place to work now is this seal that we are receiving, and the launch of the new products, this validate us that a necessity to understand the necessity of veterinary medicines. We are looking for to have a new space at this place. We have some partnership that is a part of our pillars, strategic pillars.
I am very happy to mention that our products involved launched this year, the two vaccines, is a part or platform of biologic. There is a lot of things in the future. We launched the SafeSui to treat bronchopneumonia at the pigs. We are not bringing another vaccine, but the best vaccine at the market. Consider this authorization and characteristics and the vaccine Ourovac Raiva is a protection of the cows. Beside this, we imagined that another thing in the market is a Seringa Mosca, Brinco Na MOSCA , that we had in our portfolio. So is evidence that we launched this internally, but incentivized through the partnership. This way, we are distributing another vaccine in another pharmaceutical companies, a big laboratory, pharmaceutical laboratory, utilization our force. We are sending our vaccine Supravac 10, our reproductive vaccine, that this is matched with our protocols.
This vaccine is a part of our protocols, and we are distributing another vaccine from Colombia, showing our force to them. Besides that, we launch, lining with our strategic planner, Linha Conclue, a diagnostic quick kit. This kit is very aligned with the best diagnostic care for the pets. We have a partnership with a Korean company with our marketing, but we have a complete line to launch more things in this line. With these three evidence that we bring to launch products and the best way to work, we have it in the same line. We present to you some strategic planners and about organic movements. I am very happy in 2021, we have our first acquisition. We have Regenera, the ambulatory biotechnology, innovation for stem cells.
This is very aligned with your objectivity to have your more participation at the companion animals of the total receipts of the companies and shows the partnership that believes in our potential at the market. So it is an innovator technology and has the first product to register at the Agriculture Ministry, and I will explore this in another solutions and to make this a big business. I am very happy for this. I need to mention about your expansion international, that this is for a long time your strategic planner. We had at Mexico, Colombia, I visit there, and we are very happy because I saw they are very engaged and aligned with us. We have some positions there because in Colombia, for example, we are the first in production, but we have more space to have our stand.
We intend to expand our portfolio because we are working very hard to have our register in that companies. We are evolving consistent in our international way. We are anything without our clients. In 2021, we reinforce our culture like a client in the center of our activities, and we are working hard in this aspect. We are always looking for our clients to get better points, to be aligned at the clients and the Latin America. We create in 2021, an area like our client experience. This will give us good fruits. We have a client segmentation now, and we are looking for to understand very hard, very deeply our clients. We always looking for to have better prices, to supply the inflation that will come. We are very involved at our ESG.
We have this seal about Selo Mais Integridade from the Ministry of Agriculture, but we are the first laboratory that received this seal from the ministry. This show our, we are very ethical integrity about our work. We are very happy about this. Besides that, we have a recognition about ABRAVET like best laboratory of sustainability from 2021 regarding the companies and the laboratories from 2021, with revenues from BRL 3 until BRL 3 million. We are very transparent in all our actions by using ESG. Besides that, I want to bring a little bit our ambitions in the next future. We put a level at, we want to bring carbon neutrality at our production, and we have a review at our ESG, and we have six things to explore in line with our strategic. We are working, walking a very good way.
We are advancing in a digital platform. We create an area of files in our company to advance in our business, to understand better our activities. Beside that, we are advancing with some digital solutions that will put us more near on our clients to trying to find more digital solutions. This will be launched in the first semester 2022. So 2022 will be a complex year like the other years, but 2022 will be an inflationary pressure, but not in Brazil, but in the world. We will have some uncertainties regarding the political scenario in Brazil and in Latin America. We start now our conflict moment. I want to reinforce that we know about everything and Ouro Fino always looking forward to do everything to be better. We have a strategic planner looking for the perfection.
We have a good expectation to have a 2022 line with everything that we presented. Now, I want to finish with this first time. Thank you for everything. Thank you for the people that help us, our team, that is always working so hard to do better. Our clients, I want to thank you for our clients and our partnership, because they are continue working with us. So I want to thank you. We will talk more at the end of the session.
Thank you, Kleber. Now, at the end of the presentation, we will have our Q&A. Some people have some questions at the Q&A. So we will stop all the presentation, finish the presentation to start to reply. Now, Marcelo Silva will present the results from our Ouro Fino. Good morning, Marcelo.
Good morning, Ju. Thank you, Kleber. So let's start results for the quarter and semester 2022.
We growth 24%, but under a base that growth 17% in 2020. It is accumulate growth. There is not only a growth from net revenue, but was two years are strong growth. We are growth with a less cost. We are very strong that in 2022, we will continue growth. We have solid drivers, consistent drivers, a very good strategy. So the team pass for a good attend to our clients and attends for all the expectation for the group. We have a goal from 24%. We have two years of the accumulate growth. We have some challenges. We have a lot of challenge in 2021. That pressure our margin, we bring this favorable scenario that impacts our costs of the importation rates. We have inflationary pressure, mainly in the high dollar, the commodities price, some energy price, and inflation repass.
The salary repass was 11% against 4.8% from 2020. So this is result for the inflation salary from 2022. This impact the results from 2021, mainly the first trimester, because the repass of salary was repassed in November. So this necessary to equalize it. Looking in front of all of this, the company was taking another. It is trying to have some points to take. We are working continually to have a good execution, not grow in expenses and to keep the volume of the growth very strong. So the companies are working in 2022. As soon as we grow and the company animals. We bring a good margin to the company. The production animal, we growth 24% and 23% in the year. We continue to grow in segments in leaders of the anti-parasitic and production. We apply our capacity to have good products in 2021.
We start 2022 with this capacity. This work made of the team, 50% of the sales force are contributed to us to gain our space in some segments that when we had our last participation. The expectation of the production animals are very positive for 2022. To companion animals, to talking about them, they have excellent increase. In 2020, in the first and second trimester was more impacted by the pandemic. We involved at the second trimester. When we compare the second trimester from 2021 to the second trimester 2020 is compare made adjustment. Because at the fourth trimester 2020, we have 26%. We are recuperated the loss at this semester. The reduction center, we need to say that we grow 26% and in 2021 we give 21% of growth. Companion animals suffer a lot of pressures, but we are increasing our margin.
We are growing, keeping the margin. Recording that 2020, we need to be a normalization to make our analysis. At international operations, we have the pillars. Line is at the strategic planners. We grow 45% and the year 33%. Mexico, Colombia and other countries, and bring a little bit about compositions at strategic position. We defined in 2009 our strategic planner at Latin America. We have our revenue and 38% and now 115. This reflected the continued results about the launch of the new products because we launched 26 new products, and we will have a lot of new products just in next years. Everything that we didn't develop in Brazil, we are taking for Colombia and Mexico and other countries of Latin America. Regarding SG&A expenses, we have 29.9%- 25.5% commercial and administrative expenses.
The growth in the year is 4.3% less than inflation. Here the component of the expenses, they grow 24%, and administrative expense grow less than inflation. This is our work in the company to have a less expenses. With research and development, we apply our investments, prove that we invest in research and development since the pandemic time. We are always saying about that we are looking for the efficiency. Mainly the investments in area of the new products, and we are advancing in investments in digital transformation. We made BRL 18 million at the last trimester, and BRL 59 million every year. The total expenses with research and development I will show in another opportunity. We have a goal at the beginning, the 33%, 32%, and we invest more in research and development. We have BRL 172 million in 2021.
The financial results, I represent our expenses because they have a component about debit, some constructs like FINEP. Our independence cost is under the Selic. The adjustment in revenue, adjustment net profit reflect the growth with our financial results less than Selic and the management of the company and generation cash. We generate a cash of BRL 70 million in 2021. We have some payments of additional problems at 2021, BRL 50 million of JCP. We declare and pay in the next year. But we decide to pay, and we made a plan at BRL 75 million. We have these problems. We have the cash BRL 161 million, but bring the capital structure very comfortable. We are working to have long this structure. We finished 2021 with 78% of this debt. We have a big participation using FINAME.
And with a line of condition with our process, this takes our time, and we need to find concerning the terms. In December, we have another contract with FINAME because we have a contract in 12 years with TJLP plus 35%. In 2021, we have BRL 58 million from FINAME. And some about the BNDES, it's a voltage from CapEx regarding the second semester 2021. It is a comfortable structure of financial institution. We have a leverage, a not so big leverage. So looking for the age of the investments. And research and development, we have BRL 79 million under the million from the years, and we have an expectation to keep this growth and to have accelerator of the new products. This is the most admired pillars from Latin America.
I want to thank you for everyone, and I want to say that we are very committed to have a good management, always looking for, to generate value. Thank you.
Thank you to Marcelo for your participation. As I promised, we will start our Q&A. We have some questions now. I will pass to Kleber to conduct this moment. Kleber.
Thank you, Ju. Thank you for everyone that made the questions. We have one question now for Carlos Herrera. He asked, with all these problems at international area, how we are solve the company points? I want to say that we are very attentive because we have some imported raw material from Asia. Marcelo, when shows us the generation cash. We have a decision last year to have a more stock. So even for the supply chain, even for the logistic area.
So that this year we take the decision because the change of this table always happen at the end of the year. Last weekend, I had in Mato Grosso do Sul, and we always see that all the pharmaceutical laboratories are looking for this repress of prices, not only for routine, but because everyone are looking for the increase of the prices. So we know about the pressure, but we expect to have a good margin. We saw some space for fixes costs is the second part of the question of them. We saw excellent opportunity about the fixed costs, and we have a very good structure team. The main of the company is very structured. The question about the utilized capacity. We have one of the best sites of Latin America.
It was constructed looking by area, it was very complex, but we have a very good capacity for the next year, and we can make some changes, some improvements in machines in the future. But now, the utilization capacity is not a problem to us. We have another question I will pass to Marcelo. Marcelo will reply. Ouro Fino thinking about to be in another field in the animal markets.
Thank you, Kleber. Thank you for the question. We did in 2019 a strategic planner very detailed. We make segment by segment to evaluate the uncertainties and to look the opportunities. We looking for the animals, and we saw a lot of opportunities. In the market, we will change a lot. The animals are living more, more treated. For example, we have a diagnostic kit and a treatment for osteoarthrosis.
Regenera is inside the animal health, but is voted by the health welfare of the animal. We will offer the treatment with a good cost benefit for the tutors. It is a less invasive therapy without the complication from the operating, for example, and give to us a good benefit cost. We believe that this market will expand so hard in this year.
Thank you, Marcelo. We have a last question. We have some imports from BNDES to get more liquidity at the paper. BNDES communicate us to make the evaluation of the paper. It took 12.3% and they decided at the first moment to contact a financial institution to access her. Now is this the only thing that we know. I believe that we have a lot to present, to offer, but I believe that we do not have another questions.
Thank you, Kleber. I will give more two minutes to participate. This is a big opportunity to participate with us and to question us. It is only to write in Q&A your name, your institution. Kleber talked about a lot of our values, GPTW, care of the people, and connected to work. We always invite us to live with us our values. We have a site, is www.ourofino.com. In that, we can see our values and some developments guides and our corporative practice. We are always in the social areas. We are in LinkedIn, that you can see our practice, and we are in Instagram and Facebook, and is a space to talk about production animal, and we have a site at Ouro Fino Pet to talk about companion animals. I believe that we do not have any questions.
I want to thank you for everyone. Kleber, I will pass to you to finalize our meeting. Thank you.
Thank you for everyone to participate at this meeting, and I want to give an invite for our event with investors Ourofino Day. It is 9th of March. Anyone will receive the details, but now is an invite to you to pass to you a new opportunity to be together and to pass more information. I want to thank you for our directors at Ouro Fino that work hard. We have a directory now very diversified with professionals with a lot of experience, young professionals, women. This make us very strong. I want to thank you for everyone and investors that will be with us at Ourofino Day. Thank you for everyone, and we saw later.