1q12 earnings release
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7/30/2019 1Q12 Earnings Release
1/18
R
JBS S.A. (Bovespa: JBSS3)*
JBS report
Net reven
1Q12 HIGHLIGHTS
JBS posted consolidated n
Consolidated EBITDA was
JBS Mercosul was the
million, an increase of
was R$508.6 million, EBI
JBS USA Pork net reveUS$55.8 million.
JBS USA Chicken (PP
million in the period, re
Adjusted net Income in
liabilities generated by g
company sells the investm
was R$116.1 million.
The Company ended t
corresponding to 100% of s
2012 Events
JBS initiated operations in
with capacity to process 1
JBS adds 12 beef slaughte
head/day.
This expansion in Brazil, in
revenue of R$4.5 billion.
The approval of the Volu
Vigor.
*JBS S.A. (JBS) (Bovespa: JBSS3), the g
of 2012 (1Q12). For the purpose of an
and March 31, 2011 (1Q11).
The consolidated results of JBS are pres
results in the currency of the country in
JBS USA and both results refer to the p
and heads slaughtered, are not audite
esults for 1Q12
So P
d adjusted net income of R$240
e increased 9.1% compared with
et revenue of R$16.0 billion, 9.1% higher th
$696.5 million. EBITDA margin was 4.4%.
highlight during the quarter reporting n
.2% over 1Q11. EBITDA increased 64.9% o
DA margin was 13.3%.
nue totaled US$855.4 million, 2.2% higher
) posted net revenue of US$1.9 billion
ersing the negative result presented in 1Q
the period was R$240.3 million excludin
odwill (this only generates effective inco
ent that generated goodwill). Without this
he quarter with R$5.15 billion in cas
hort-term debt.
the poultry industry in Brazil through the le
.1 million birds/day.
r units in Brazil with a combined capacity
poultry and beef, will add an estimate
tary Public Offering to Exchange JBS sh
lobal leading producer of animal protein announces to
lysis, this report considers the results for the quarter en
nted in Brazilian Real (R$) and when separately analyz
which it operates. The operations of JBS Australia are
riod of 13 weeks ended May 25, 2012 (1Q12). The qua
.
1
ulo, May 15th, 2012
illion
1Q11
n 1Q11.
t revenue of R$3,827.4
er the same period and
than 1Q11. EBITDA was
nd EBITDA of US$104.0
11.
deferred income tax
me tax payment if the
adjustment net income
or cash equivalent,
ase of Frangosul assets,
to process around 8,000
additional annualized
res for shares issued by
day its results for the first quarter
ed December 31, 2011 (4Q11)
d, each business unit reports its
n integral part of the subsidiary
ntitative data, such as volumes
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7/30/2019 1Q12 Earnings Release
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ANALYSIS OF RESULTS BY BUSI
Analysis of the principal financi
Net Revenue
JBS USA Beef US$
JBS USA Pork US$
JBS USA Chicken US$
JBS Mercosul R$
EBITDA
JBS USA Beef US$
JBS USA Pork US$
JBS USA Chicken US$JBS Mercosul R$
EBITDA Margin
JBS USA Beef %
JBS USA Pork %
JBS USA Chicken %
JBS Mercosul %
Net sales (R$ billion) Net sales
EBITDA (R$ million) EBITDA (
EBITDA Margin (%)
JBS Mercosul JBS US
(Includin
3.84.
1Q11 2Q
3.6 3.6
3.93.8 3.8
1Q11 2Q11 3Q11 4Q11 1Q12
308,3
427.9 453.8 407.7
508.68.6%
11.8%11.6% 10.7%
13.3%
- 1 0 .0%
-8 .0%
-6 .0%
-4 .0%
-2 .0%
0. 0%
2. 0%
4. 0%
6. 0%
8. 0%
10. 0%
12. 0%
14. 0%
16. 0%
0
100
200
300
400
500
600
700
800
1Q11 2Q11 3Q11 4Q11 1Q12
269.7
44
7.1%
1.
- 1 0 0
0
100
200
300
400
500
1Q11 2Q
Performance byBusiness Unit
esults for 1Q12
ESS UNIT
l indicators of JBS by Business Unit (in lo
1Q12 4Q11 %
4,078.8 4,491.6 -9.2%
855.4 923.1 -7.3%
1,888.8 1,829.3 3.3%
3,827.4 3,800.5 0.7%
-45.4 223.6 -
55.8 77.0 -27.5%
104.0 22.6 360.1%508.6 407.7 24.7%
-1.1% 5.0% -
6.5% 8.3% -
5.5% 1.2% -
13.3% 10.7% -
(US$ billion) Net sales (US$ million)
US$ million) EBITDA (US$ million)
Australia)JBS USA
.0
4.2
4.5
4.1
11 3Q11 4Q11 1Q12
836,6 846.0 867.1923.1 855.4
1 0 0 .0
1 8 0 .0
2 6 0 .0
3 4 0 .0
4 2 0 .0
5 0 0 .0
5 8 0 .0
6 6 0 .0
7 4 0 .0
8 2 0 .0
9 0 0 .0
9 8 0 .0
1 0 6 0 .0
1 1 4 0 .0
1 2 2 0 .0
1 3 0 0 .0
1Q11 2Q11 3Q11 4Q11 1Q12
.7
184.1223.6
-45,4
.1%
4.4% 5.0%
-1.1%
- 3 0 .0%
- 2 8 .0%
- 2 6 .0%
- 2 4 .0%
- 2 2 .0%
- 2 0 .0%
- 1 8 .0%
- 1 6 .0%
- 1 4 .0%
- 1 2 .0%
- 1 0 .0%
-8. 0%
-6. 0%
-4. 0%
-2. 0%
0. 0%
2. 0%
4. 0%
6. 0%
8. 0%
10. 0%
12. 0%
14. 0%
16. 0%
11 3Q11 4Q11 1Q12
101.783.6 75.9 77.0
55.8
12.2%9.9% 8.8% 8.3% 6.5%
- 2 3 .0%
- 1 9 .0%
- 1 5 .0%
- 1 1 .0%
-7. 0%
-3. 0%
1. 0%
5. 0%
9. 0%
13. 0%
-0 .023
99. 977
1 9 9 .977
1Q11 2Q11 3Q11 4Q11 1Q12
2
al currency)
1Q11 %
3,793.3 7.5%
836.6 2.2%
1,892.5 -0.2%
3,604.2 6.2%
269.7 -
101.7 -45.1%
-53.5 -308.3 64.9%
7.1% -
12.2% -
-2.8% -
8.6% -
Net sales (US$ billion)
EBITDA (US$ million)
JBS USA (PPC)
1.9 2.0 1.9 1.8 1.9
1Q11 2Q11 3Q11 4Q11 1Q12
-53,5 -47,6 -31,4 22,6
104,0
-2.8% -2.4% -1.7%1.2%
5.5%
- 2 5 .0%
- 2 3 .0%
- 2 1 .0%
- 1 9 .0%
- 1 7 .0%
- 1 5 .0%
- 1 3 .0%
- 1 1 .0%
-9. 0%
-7. 0%
-5. 0%
-3. 0%
-1. 0%
1. 0%
3. 0%
5. 0%
7. 0%
9. 0%
- 2 0 0
- 1 0 0
0
100
200
300
400
500
1Q11 2Q11 3Q11 4Q11 1Q12
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7/30/2019 1Q12 Earnings Release
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Consolidated analysis of the pri
(1) Participation of Controlling Shareholders.
Number of Heads Processed an
* Not including chicken
R$ million
Net Revenue
Cost of Goods SoldGross Income
Gross Margin
Selling Expenses
General and Adm. Expenses
Net Financial Income (expense)
Other Income (expense)
Operating Income
Income and social contribution taxes
Participation of non-controlling sharehol
Net Income (Loss)(1)
EBITDA
EBITDA Margin
Net Income (Loss) per share
Heads Processed (thousand)
Cattle
Hogs
Smalls
Volume Sold (thousand tons)*
Domestic Market*
Fresh and Chilled Beef
Processed Beef
Others
Exports
Fresh and Chilled Beef
Processed Beef
Others
TOTAL
esults for 1Q12
cipal operational indicators of JBS
Sales Volume*
1Q12 4Q11 %
16,011.1 16,934.5 -5.5%
(14,357.2) (15,040.0) -4.5%1,653.9 1,894.5 -12.7%
10.3% 11.2% -
(816.4) (839.3) -2.7%
(427.9) (491.4) -12.9%
(155.8) (549.2) -71.6%
(12.2) (22.4) -45.6%
241.6 (7.9) -
(112.1) (15.3) 632.6%
ders (13.4) 48.7 -
116.1 25.6 354.0%
696.5 940.6 -26.0%
4.4% 5.6% -
0.04 0.01 -
1Q12 4Q11 %
3,717.9 3,625.7 2.5%
3,307.0 3,651.9 -9.4%
934.8 894.7 4.5%
1,706.1 1,667.9 2.3%
1,449.3 1,423.2 1.8%
34.8 35.9 -3.1%
222.0 208.9 6.3%
448.9 502.9 -10.7%
418.2 472.4 -11.5%
14.7 14.4 1.8%
16.1 16.1 -0.3%
2,155.0 2,170.9 -0.7%
3
1Q11 %
14,672.7 9.1%
(12,984.3) 10.6%1,688.4 -2.0%
11.5% -
(737.5) 10.7%
(418.9) 2.1%
(351.1) -55.6%
(8.8) 39.0%
172.2 40.3%
(82.2) 36.3%
57.0 -
147.0 -21.0%
835.9 -16.7%
5.7% -
0.06 -
1Q11 %
3,750.2 -0.9%
3,303.6 0.1%
574.0 62.9%
1,738.4 -1.9%
1,467.4 -1.2%
32.9 5.6%
238.0 -6.8%
499.0 -10.0%
466.7 -10.4%
17.8 -17.5%
14.5 10.9%
2,237.4 -3.7%
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7/30/2019 1Q12 Earnings Release
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CONSOLIDATED RESULTS
Net Revenue
JBS consolidated net revenue in
1Q11 when the Company posteperformance in the USA Beef,
Unit, which presented an increacombined with export price incr
In 1Q12, approximately 78% ofthe Company is present and 22
EBITDA
1Q12 EBITDA was R$696.5 millionnegative result coming from JUS$45.4 million, compared to p
offset by the reversal of PPC npositive in 1Q12. JBS Mercosul
period, which more than offsetEBITDA margin was 4.4%
This result reinforces the imdiversification, as can be see
performance of some business
Financial Result
1Q12 financial result was R$155exchange rate variation in the
exchange rate of U.S. Dollar aresult was negative R$109.9
maintained since the previous p
Net Income
Adjusted net Income in the perigenerated by goodwill (this onlthe investment that generate
million.
Capital Expenditure
In 1Q12, total capital expenditu
million, 7.4% lower than 1Q11 amillion. The main focus of inv
increase in storage capacity an
esults for 1Q12
1Q12 was R$16,011.1 million, an increas
d R$14,672.7 million. This expansion wasue to higher prices during the quarter
se of 16.0% in volume sold of fresh beef iease.
global sales were generated domesticcame from exports.
, a decline of 16.7% compared to 1Q11.BS USA Beef business unit, which postsitive EBITDA of US$ 269.7 million in 1Q11.
egative EBITDA of US$53.5 million in 1Qexpanded its EBITDA by approximatel
the lower results in the JBS USA Pork busi
portance of the Companys proteion the consolidated results, made
nits at times when other business units fa
.8 million, an improvement of 55.6% overiod of R$230.0 million, driven mainly b
gainst the Real in the period. On theillion, due to long positions in U.S.
eriod and increased during 1Q12 at fav
od was R$240.3 million excluding deferrgenerates effective income tax paymgoodwill). Without this adjustment ne
re (CAPEX) of JBS in property, plant, an
d in line with depreciation and amortizstments were for the improvement o
d distribution globally.
4
e of 9.1% compared to
aused primarily by the, and by the Mercosul
n the domestic market
lly in the markets that
This result was due to ad negative EBITDA ofThis result was partially
1, to US$ 104.0 millionly R$200 million in the
ness. The consolidated
n and geographicalpossible by the good
ce difficulties.
er 1Q11, reflecting they 2.9% decrease in the
ther hand, derivativescurrency which were
rable rates.
d income tax liabilitiesnt if the company sellst income was R$116.1
equipment was R$292
ation which was R$285productivity and the
*
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7/30/2019 1Q12 Earnings Release
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Indebtedness
JBS net debt to EBITDA, excludiwas 3.6x at the end of 1Q12. T
margin during the 1Q12, which
JBS (excluding PPC)
(1) EBITDA LTM. U.S. dollar exchange rate of
due to the fact that PPC is a non-recourse s
Including Pilgrims Pride, leverabeef weak performance, aswhich added US$157,5 million to
JBS including Pilgrims Pride
(1) EBITDA LTM. U.S. dollar exchange rate of
R$ million
Gross debt
(+) Short Term Debt
(+) Long Term Debt
(-) Cash and Equivalents
Net debt
Net debt/EBITDA
R$ million
Gross debt
(+) Short Term Debt
(+) Long Term Debt
(-) Cash and Equivalents
Net debt
Net debt/EBITDA
esults for 1Q12
g Pilgrims Pride (PPC), a US Listed Come leverage indicator increased due to
egatively impacted EBITDA LTM in US$33
the last day of the period. Pilgrims Pride was excluded f
bsidiary controlled by JBS.
e increased from 4.0x in 4Q11 to 4.3x ientioned previously, despite PPC gooLTM EBITDA.
the last day of the period.
3/31/12 1
16,380.9 1
4,990.3
11,390.6 1
5,055.6
11,325.3 1
3.6x
3/31/12 1
18,686.1 1
5,018.7
13,667.3 1
5,150.8
13,535.3 1
4.3x
5
any controlled by JBS,JBS USA Beef negative
2.1 million.
rom the debt calculation of JBS
1Q12, due to JBS USAd result, as expected,
2/31/11 Var.%
6,201.8 1.1%
,310.1 -6.0%
0,891.7 4.6%
,195.7 -2.7%
1,006.1 2.9%
3.0x
2/31/11 Var.%
8,872.2 -1.0%
5,339.4 -6.0%
3,532.8 1.0%
5,288.2 -2.6%
3,584.0 -0.4%
4.0x
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Cash Position
The Company ended the quart
to 100% of short-term debt.
Source: JBS
3.1
-100
100
300
500
700
900
1100
1300
1500
1Q1
. Levera
Leverage
. Levera
3.1
27%
28%
28%
27%
30
1Q12
4Q11
3Q11
2Q11
1Q11
Short Term
ST / LT Debt Pr
esults for 1Q12
er with R$5.15 billion in cash or cash eq
3.6
4.0 4.0
4.3x
1 2Q11 3Q11 4Q11 1Q12
ge EBITDA
geEx-PPC EBITDA Ex-PPC
3.23.0 3.0
3.6x
73%
72%
72%
73%
70%
Long Term
file
6
ivalent, corresponding
0
1
2
3
4
0
1
2
3
4
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ANALYSIS OF RESULTS BY BUSI
JBS USA Beef (including Australi
1Q12 net revenue for this busin
result reflects an increase in a2011. Compared to 4Q11, revolumes and reduced prices in
EBITDA was negative US$45.4
increased 17.6% in the period,Dollar in the quarter which impcattle in the U.S. was combined
The Company believes in the rea balance between supply anhigher cattle availability seasoncost, focused on increased profi
Highlights (US GAAP)
Breakdown of Net Revenues
US$ million
Heads slaughtered (thousand)
Net Revenue
EBITDA
EBITDA margin %
Domestic Market
Net Revenue (US$ million)
Volume (tons)Average Price (US$/Kg)
Exports
Net Revenue (US$ million)
Volume (tons)
Average Price (US$/Kg)
esults for 1Q12
ESS UNIT
),45% of JBS S.A. Net Revenue
ss unit was US$4,078.8 million, outperfor
erage sales prices in the domestic anenue decreased 9.2%, as a consequhe domestic market.
illion, impacted by an historical high p
and by a 4.8% appreciation of Australcted cost of goods sold in that country.with low sales prices both domestically
covery of margins in this sector throughdemand during 2012, besides the inc
ally. The management remains committitability per animal processed and an im
1Q12 4Q11 %
1,960.3 2,108.7 -7.0%
4,078.8 4,491.6 -9.2%
(45.4) 223.6 -
-1.1% 5.0%
1Q12 4Q11 %
3,105.4 3,261.8 -4.8%
881.3 872.9 1.0%3.52 3.74 -5.7%
1Q12 4Q11 %
973.3 1,229.9 -20.9%
249.4 304.7 -18.1%
3.90 4.04 -3.3%
7
ing 4Q11 by 7.5%. This
export markets sinceence of lower export
ice of livestock, which
lian Dollar against U.S.his increase in price ofnd in exports.
better sales prices andrease in demand andd to operate with lowroved sales mix.
1Q11 %
2,003.1 -2.1%
3,793.3 7.5%
269.7 -
7.1%
1Q11 %
2,774.1 11.9%
908.7 -3.0%3.05 15.4%
1Q11 %
1,019.2 -4.5%
280.8 -11.2%
3.63 7.5%
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JBS USA Pork, 10% of JBS S.A. N
Net revenue for the quarter wincrease in domestic average sas a result of seasonally lower n
EBITDA was US$55.8 million duri3.5% increase in raw materialweaker markets.
Highlights (US GAAP)
Breakdown of Net Revenues
US$ million
Animals slaughtered (thousand)
Net Revenue
EBITDA
EBITDA margin %
Domestic Market
Net Revenue (US$ million)Volume (thousand tons)
Average Price (US$/Kg)
Exports
Net Revenue (US$ million)
Volume (thousand tons)
Average Price (US$/Kg)
esults for 1Q12
et Revenue
as US$855.4 million, 2.2% above 1Q11,les prices. Compared to 4Q11, there
mber of heads processed and sales vol
g 1Q12 and margin was 6.5%. 1Q12 rescombined with a reduction in export
1Q12 4Q11 %
3,307.0 3,651.9 -9.4%
855.4 923.1 -7.3%
55.8 77.0 -27.5%
6.5% 8.3%
1Q12 4Q11 %
697.5 763.9 -8.7%292.3 310.5 -5.9%
2.39 2.46 -3.0%
1Q12 4Q11 %
157.9 159.2 -0.8%
68.5 65.8 4.1%
2.30 2.42 -4.7%
8
reflecting primarily anas a decrease of 7.3%me.
ults were impacted byvolume, due to some
1Q11 %
3,303.6 0.1%
836.6 2.2%
101.7 -45.1%
12.2%
1Q11 %
683.2 2.1%321.0 -8.9%
2.13 12.1%
1Q11 %
153.4 2.9%
71.5 -4.2%
2.15 7.4%
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JBS USA Chicken (Pilgrims Prideof JBS S.A. Net Revenue
1Q12 net revenue was US$1,8
US$104.0 million, reversing the n
The resumption of margins in tobtained positive operating ca
the period. There was also a rethe offering made in 1Q12 and
These results reinforce the Comand "spirit of ownership" at all l
value all cuts of the bird and nmargins and maintain profitabili
In addition, the Company beligrain prices, by focusing on red
Highlights (US GAAP)
US$ million
Net Revenue
EBITDA
EBITDA margin %
esults for 1Q12
Corporation, a US listed Company cont
8.8 million, stable compared to 1Q11.
gative result of US$53.5 million in 1Q11.
e chicken industry can be proven by fish flow of US$29.4 million and net inco
uction of US$221.5 million in net debt thrash generation in the period.
any's strategy to operate with low cost,evels of the organization. The focus of
t be dependent only on the high pricey in the long run.
ves that the industry can be profitablcing costs and balancing supply and d
1Q12 4Q11 %
1,888.8 1,829.3 3.3%
104.0 22.6 360.1%
5.5% 1.2%
9
olled by JBS USA), 21%
Adjusted EBITDA was
irst quarter results. PPCe of US$39.6 million in
ough the conclusion of
operational efficiencyhe administration is to
of white meat to raise
even with volatility inmand.
1Q11 %
1,892.5 -0.2%
(53.5) -
-2.8%
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JBS Mercosul, 24% of JBS S.A. N
Net revenue of JBS Mercosul
comparison with 1Q11, as a rCompared to 4Q11, revenue w
64.9% in comparison with 1Q11.
JBS Mercosul exceptional resul
numbers of JBS Controller (Commargin increased from 21.4% inlivestock for slaughter and imprR$514.4 million with EBITDA marand reduction in operating cost
Highlights
Breakdown of Net Revenues
R$ million
Heads slaughtered (thousand)
Net Revenue
EBITDA
EBITDA margin %
Domestic Market
Net Revenue (million R$)
Fresh and Chilled Product
Processed Items
Others
TOTAL
Volume (thousand tons)
Fresh and Chilled ProductProcessed Items
Others
TOTAL
Average Price (R$/Kg)
Fresh and Chilled Product
Processed Items
Others
esults for 1Q12
t Revenue
ame in at R$3,827.4 million in 1Q12,
esult of an increase in domestic sales flat. EBITDA for the quarter was R$508.
EBITDA margin was the highlight and ca
was driven by the beef operation in
pany) in the income statement (page 11Q11 to 26.8% in 1Q12, reflecting the ived price base of raw materials. EBITDin of 15.4% which demonstrates the syn.
1Q12 4Q11 %
1,757.6 1,517.0 15.9%
3,827.4 3,800.5 0.7%
508.6 407.7 24.7%
13.3% 10.7%
1Q12 4Q11 %
1,828.8 1,748.9 4.6%
190.6 195.9 -2.7%
559.1 553.3 1.0%
2,578.5 2,498.0 3.2%
275.8 239.7 15.1%34.8 35.9 -3.1%
222.0 208.9 6.3%
532.5 484.5 9.9%
6.63 7.30 -9.2%
5.48 5.46 0.4%
2.52 2.65 -4.9%
10
n increase of 6.2% in
prices and volumes.million, an increase of
me in at 13.3%.
razil, as shown by the
6 of this release). Grosscreased availability of
at JBS Controller wasergy gains during 2011
1Q11 %
1,747.1 0.6%
3,604.2 6.2%
308.3 64.9%
8.6%
1Q11 %
1,625.6 12.5%
183.0 4.1%
448.5 24.6%
2,257.1 14.2%
237.7 16.0%32.9 5.6%
238.0 -6.8%
508.7 4.7%
6.84 -3.1%
5.56 -1.4%
1.88 34.0%
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7/30/2019 1Q12 Earnings Release
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JBS Mercosul, 24% of JBS S.A. N
Breakdown of Net Revenues
Exports
Net Revenue (million R$)
Fresh and Chilled Beef
Processed Beef
Others
TOTAL
Volume (thousand tons)Fresh and Chilled Beef
Processed Beef
Others
TOTAL
Average Price (R$/Kg)
Fresh and Chilled Beef
Processed Beef
Others
esults for 1Q12
t Revenues
1Q12 4Q11 %
817.9 892.4 -8.3%
173.7 159.5 8.9%
257.3 250.5 2.7%
1,248.9 1,302.4 -4.1%
100.3 101.9 -1.7%
14.7 14.4 1.8%
16.1 16.1 -0.3%
131.0 132.5 -1.1%
8.16 8.75 -6.8%
11.84 11.07 7.0%
16.03 15.56 3.0%
11
1Q11 %
872.7 -6.3%
166.3 4.5%
308.1 -16.5%
1,347.0 -7.3%
114.4 -12.4%
17.8 -17.5%
14.5 10.9%
146.7 -10.7%
7.63 6.9%
9.35 26.7%
21.29 -24.7%
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TABLES AND CHARTS
Graph I - JBS Consolidated Exp
Source: JBS
Table I - Breakdown of Producti
Source: JBS
Ru
E.U 5.9%
Canada 4.7%
Chile 3.8%
Taiwan 2.5%
Others 20.7%
1Q12 (%)
Raw material (livestock)
Processing (including
ingredients and packaging)
Labor Cost
esults for 1Q12
rts Distribution 1Q12
n Costs by Business Unit (%)
US$ 2,039.7
million
Mexico 14.7%
Japa
sia 9.1%
China,Viet
Africa and Middl
South Korea 6.1%
onsolidated JBS Mercosul USA Beef
80.3% 86.2% 87.4%
10.6% 7.7% 5.5%
9.2% 6.2% 7.1%
12
n 10.2%
ong Kong andam 14.4%
East 7.9%
USA Pork USA Chicken
83.0% 55.6%
7.3% 27.3%
9.7% 17.1%
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To Contact JBS:
Av
esults for 1Q12
Head Office
nida Marginal Direita do Tiet, 500CEP: 05118-100 So Paulo SP
BrazilPhone: (55 11) 3144-4000
Fax: (55 11) 3144-4171
www.jbs.com.brInvestor Relations
Phone: (55 11) 3144-4447
E-mail: ir@jbs.com.brwww.jbs.com.br/ir
13
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CONSOLI
JBS S.A.
Balance sheets
(In thousands of Reais)
ASSETS
CURRENT ASSETS
Cash and cas h equivalents
Trade accounts receivable, net
Inventories
Biological assets
Recoverable taxesPrepaid expenses
Other current assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Long-term assets
Credits with related parties
Judicial deposits and others
Recoverable taxes
Total long-term assets
Investments in subsidiaries
Property, plant and equipment, net
Intangible assets, net
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
The accompanying notes are an integral p
esults for 1Q12
ATED FINANCIAL STATEMENTS JBS S.
March 31, 2012 December 31, 2011 March 31,
3,177,231 3,612,867 5,150
1,840,663 1,883,093 4,431
1,691,558 1,544,261 5,594
- - 171
1,421,441 1,330,609 1,91613,099 8,148 138
219,142 256,225 467
8,363,134 8,635,203 17,869
611,629 88,505 498
167,347 104,207 411
560,558 562,027 622
1,339,534 754,739 1,532
6,254,220 7,561,574
8,057,574 7,803,582 15,364
9,531,393 9,531,506 12,478
23,843,187 24,896,662 27,843
25,182,721 25,651,401 29,375
33,545,855 34,286,604 47,245
art of the financial statements
Company
14
.
012 December 31, 2011
,828 5,288,194
,010 4,679,846
,857 5,405,705
,295 209,543
,537 1,690,311,013 131,033
,021 526,649
,561 17,931,281
,069 552,197
,653 389,947
,664 626,126
,386 1,568,270
- -
,157 15,378,714
,965 12,532,619
,122 27,911,333
,508 29,479,603
,069 47,410,884
Consolidated
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JBS S.A.
Balance sheets
(In thousands of Reais)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable
Loans and financings
Income taxes
Payroll, social charges and tax obligation
Payables related to facilities acquisitions
Other current liabilities
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Loans and financings
Convertible debentures
Payroll, social charges and tax obligation
Payables related to facilities acquisitions
Deferred income taxes
Provision for lawsuits risk
Other non-current liabilities
TOTAL NON-CURRENT LIABILITIES
SHAREHOLDERS' EQUITY
Capital stock
Capital transaction
Capital res erve
Revaluation reserve
Profit reserves
Treasury shares
Valuation adjustments to shareholders' equity
Accumulated translation adjustments in subsi
Retained earnings
Attributable to controlling interest
Attributable to noncontrolling interest
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQ
The accompanying notes are an integral part
esults for 1Q12
M arch 31, 2012 De ce mber 31, 2011 M arch 3
838,313 666,375 3,1
4,226,873 4,574,702 5,
- -
429,565 347,863 1,1
136,040 10,589 1
443,724 466,402
6,074,515 6,065,931 9,
6,210,233 7,095,193 13,
1,283 1,283
- -
48,881 2,048
413,298 289,798
142,325 140,975 1
26,412 27,554
6,842,432 7,556,851 15,
21,506,247 21,506,247 21,
(10,127) (10,212)
373,366 985,944
100,100 101,556 1
1,440,799 1,440,799 1,
- (610,550)
in subs idiarie 126,972 127,071 1
idiaries (3,025,984) (2,877,033) (3,
117,535 - 1
20,628,908 20,663,822 20,
- - 1,
20,628,908 20,663,822 21,
UITY 33,545,855 34,286,604 47,
f the financial statements
Company
15
1, 2012 December 31, 2011
93,850 3,323,886
18,748 5,339,433
10,193 211,528
82,422 1,167,163
36,040 10,589
23,232 343,100
64,485 10,395,699
67,344 13,532,761
1,283 1,283
73,041 683,812
48,881 2,048
97,598 678,372
97,295 251,560
43,696 266,161
29,138 15,415,997
06,247 21,506,247
10,127) (10,212)
73,366 985,944
00,100 101,556
40,799 1,440,799
- (610,550)
26,972 127,071
25,984) (2,877,033)
17,535 -
28,908 20,663,822
22,538 935,366
51,446 21,599,188
45,069 47,410,884
Consolidated
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JBS S.A.
Statements of income for the three
(In thousands of Reais)
NET SALE REVENUE
Cost of goods s old
GROSS INCOME
OPERATING INCOME (EXPENSE)
General and administrative expenses
Selling expenses
Financial expense, netEquity in earnings of subs idiaries
Other income (expenses ), net
NET INCOME BEFORE TAXES
Current income taxes
Deferred income taxes
NET INCOME OF THE PERIOD
ATTRIBUTABLE TO:
Controlling interest
Noncontrolling interest
Net income basic per thousand shares - in rea
The accompanying notes are an integral part of
esults for 1Q12
onths period ended March 31, 2012 and 2011
2012 2011
3,350,379 3,172,007
(2,451,641) (2,493,902)
898,738 678,105
(162,472) (145,423)
(327,025) (298,505)
(38,775) (303,081)
(130,962) 195,505
75 2,894
(659,159) (548,610)
239,579 129,495
750 748
(124,250) 16,725
(123,500) 17,473
116,079 146,968
is 39.16 59.17
the financial statements
Company
16
2012 2011
16,011,080 14,672,740
(14,357,175) (12,984,313)
1,653,905 1,688,427
(427,891) (418,917)
(816,404) (737,451)
(155,821) (351,130)
- -
(12,185) (8,769)
(1,412,301) (1,516,267)
241,604 172,160
16,643 (194,595)
(128,728) 112,360
(112,085) (82,235)
129,519 89,925
116,079 146,968
13,440 (57,043)
129,519 89,925
39.16 59.17
Consolidated
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JBS S.A.
(In thousands of Reais)
Cash flow from operating activities
Net income of the period attributable to controlling in
Adjustments to reconcile loss to cash p rovided on o
. Depreciation and amortization
. Allowance for doubtful accounts
. Equity in earnings of s ubsidiaries
. Loss (gain) on assets sales
. Deferred income taxes
. Current and non-current financial charges
. Provision for lawsu its risk
. Impairment
Decrease (increase) in operating assets
Trade accounts receivable
Inventories
Recoverable taxes
Other current and non-current assets
Related party receivable
Biological assets
Increase (decrease) operating liabilitiesTrade accounts payable
Other current and non-current liabilities
Noncontrolling interest
Valuation adjustments to shareholders' equity in su
Net cash provided by (used in) operating activities
Cash flow from investing activities
Additions to property, plant and equipment and inta
Increase in investments in subsidiaries
Decrease in investments in subsidiaries
Proceeds received from termination agreement of I
Net effect of working capital o f acquired (merged) co
Net cash provided by (used in) investing activities
Cash flow from financing activities
Proceeds from loans and financings
Payments of loans and financings
Capital transactions
Shares acquisition of own emission
Net cash provided by (used in) financing activities
Effect of exchange variation on cash and cash equ
Variance in cash and cash equivalents
Cash and cas h equivalents at the beginning of the y
Cash and cash equivalents at the end of the period
The accompanying notes are an integral part of t
Statements of cash flows for the three
esults for 1Q12
2012 2011
terest 116,079 146,9
perating activities
105,084 97,2
- 1,1
130,962 (195,5
(75) (1,5
124,251 (16,7
(297,993) 86,5
1,350 2,1
-
179,658 120,2
43,934 33,6
(147,297) 44,5
(44,593) (76,0
(31,007) (46,0
(347,365) (87,4
-
167,155 (33,3
100,559 (217,4
-
bsidiaries -
(78,956) (261,9
gible assets (226,991) (104,3
- (552,3
871,887
alca JBS - 504,0
mpany -
644,896 (152,7
453,764 1,381,2
(1,453,397) (1,739,2
85
(2,028) (55,3
(1,001,576) (413,3
ivalents -
(435,636) (828,0
ar 3,612,867 3,000,6
3,177,231 2,172,6
e financial statements
onths period ended March 31, 2012 and 2011
Company
17
2012 2011
8 116,079 146,968
0 285,043 311,161
8 (2,086) 7,851
5) - -
5) 6,114 (1,863)
5) 128,728 (112,360)
7 (219,501) 164,524
8 (15) 2,692
- 4,144 -
6 318,506 518,973
7 210,061 31,632
6 (273,759) (105,371)
7) (225,116) (84,412)
9) 2,440 (90,819)
5) 44,691 68,268
- 33,374 (10,642)
2) (104,951) (430,175)
1) 21,961 (264,225)
- 13,440 (57,043)
- (77,156) (72,655)
5) (36,509) (496,469)
55) (291,965) (315,305)
56) - -
- - -
2 - 504,002
- 151 -
9) (291,814) 188,697
1 4,421,162 2,727,498
0) (4,211,525) (2,860,053)
- (263) -
8) (1,680) (55,398)
7) 207,694 (187,953)
- (16,737) (21,573)
1) (137,366) (517,298)
9 5,288,194 4,074,574
18 5,150,828 3,557,276
Consolidated
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DISCLAIMER
This release contains forward-looki
operating and financial results,
projections and, as such, are basthe future of the business and its co
forward-looking statements depe
regulations, competitive pressures,
other factors and risks disclosed in
without prior notice.
esults for 1Q12
g statements relating to the prospects of t
nd those related to growth prospects o
d exclusively on the expectations of JBSntinued access to capital to fund the Comp
nd, substantially, on changes in market
the performance of the Brazilian economy
BS filed disclosure documents and are, the
18
e business, estimates for
JBS. These are merely
anagement concerninganys business plan. Such
conditions, government
and the industry, among
efore, subject to change
top related