1q12 conference call presentation
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JBS S.A.
Results Presentation
1Q12
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JBS S.A.
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3PAGE
JBS Ranking1 Market Leader
2 Well-recognizedbrands
Largest global beef andlamb producer1
st
Largest global leatherprocessor1
st
Largest global chickenproducer2
nd
Largest dairyproducer in Brazil3
rd
Largest pork producerin the US3
rd
Source: JBS
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Well-recognized Brands, symbols of quality1 Market Leader
2 Well-recognizedbrands
USA
Australia
Brazil
Argentina
http://www.vigor.com.br/vigor/foodservice/marca.php?idm=4&idc=0http://www.vigor.com.br/vigor/foodservice/marca.php?idm=6&idc=0 -
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Perspectives for the animal protein market
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0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.0004.500
5.000
5.500
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2006 2007 2008 2009 2010 2011 1Q11 1Q12
Beef and Veal exports Average Price (US$/Ton)
Australian Beef Exports (tons)
Brazilian Beef Exports (tons)
US Beef and Veal Exports (tons)
Source: USDA, MLA & Secex
Brazil, Australia and the US continue to lead global beef exports
-5.6%
-0.1%
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
5.500
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2006 2007 2008 2009 2010 2011 1Q11 1Q12
-1.0%
2.0%
0
500
1.000
1.5002.000
2.500
3.000
3.500
4.000
4.500
5.000
5.500
6.000
6.500
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2006 2007 2008 2009 2010 2011 1T11 1T12
-11.9%
17.1%
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7PAGESource: USDA & Secex
Brazilian Chicken Exports (tons) USA Chicken Exports (tons)
Chicken Exports Average Price (US$/Ton)
Chicken Exports Brazil vs US
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
2006 2007 2008 2009 2010 2011 1Q11 1Q12
-2.6%
4.5%
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
2006 2007 2008 2009 2010 2011 1Q11 1Q12
13.5%
15.8%
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8PAGESource: USDA & Secex
Brazilian Pork Exports (tons) USA Pork Exports (tons)
Pork Exports Average Price (US$/Ton)
Pork Exports US vs Brazil
0
500
1.000
1.500
2.000
2.500
3.000
3.500
0
300.000
600.000
900.000
1.200.000
1.500.000
1.800.000
2006 2007 2008 2009 2010 2011 1Q11 1Q12
-3.0%
0
500
1.000
1.500
2.000
2.500
3.000
3.500
0
300.000
600.000
900.000
1.200.000
1.500.000
1.800.000
2006 2007 2008 2009 2010 2011 1Q11 1Q12
3.0%19.7%
3.7%
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1Q12 Highlights
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JBS posted consolidated net revenue of R$16.0 billion, 9.1% higher than 1Q11.
EBITDA was R$696.5 million. Consolidated EBITDA margin was 4.4%.
JBS Mercosul was highlight during the 1Q12 and posted net revenue of R$3,827.4 million, an increase of 6.2% over1Q11. The EBITDA increased 64.9% over the same period and was R$508.6 million, EBITDA margin was 13.3%.
JBS USA Pork business unit net revenue totaled US$855.4 million, 2.2% higher than 1Q11. The EBITDA wasUS$55.8 million.
The Company ended the quarter with R$5.15 billion in cash or cash equivalent, which represents more than 100%of short-term debt.
(1) 19/03/2012
1Q12 Highlights
Adjusted net Income in the period was R$240.3 million excluding deferred income tax liabilities generated by
goodwill (this only generates effective income tax payment if the company sells the investment that generatedgoodwill). Without this adjustment net income was R$116.1 million.
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11PAGESource: JBS
JBS Consolidated Results 1Q12
EBITDANet Revenue (R$ million) EBITDA and EBITDA Margin (R$ million)
835.9
587.7
786.8
940.6
696.5
5.7
4.05.1 5.6
4.4
-12,0
8,0
0,0
200,0
400,0
600,0
800,0
1000,0
1200,0
1400,0
1600,0
1800,0
1Q11 2Q11 3Q11 4Q11 1Q12
14,672.7 14,116.3
15,567.816,934.5
16,011.1
1Q11 2Q11 3Q11 4Q11 1Q12
-3.8% +10.3% +8.8% -5.5%
-29.7% +33.9% +19.5% -26.0%
EBITDA Margin (%)
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Performance by Business Unit
Source: JBS
Quarterly Analysis
Net sales (R$ billion) Net sales (US$ billion) Net sales (US$ million) Net sales (US$ billion)
EBITDA (R$ million) EBITDA (US$ million) EBITDA (US$ million) EBITDA (US$ million)
EBITDA Margin (%)
JBS Mercosul JBS USA
(Including Australia)
JBS USA JBS USA (PPC)
1.9 2.0 1.9 1.8 1.9
1Q11 2Q11 3Q11 4Q11 1Q12
3.84.0
4.2
4.5
4.1
1Q11 2Q11 3Q11 4Q11 1Q12
3.6 3.6
3.93.8 3.8
1Q11 2Q11 3Q11 4Q11 1Q12
836.6 846.0 867.1923.1 855.4
100,0
180,0
260,0
340,0
420,0
500,0
580,0
660,0
740,0
820,0
900,0
980,0
1060,0
1140,0
1220,0
1300,0
1Q11 2Q11 3Q11 4Q11 1Q12
-53.5 -47.6 -31.4 22.6104.0
-2.8% -2.4% -1.7%1.2%
5.5%
-200
-100
0
100
200
300
400
500
1Q11 2Q11 3Q11 4Q11 1Q12
308.3
427.9 453.8 407.7
508.68.6%
11.8%11.6% 10.7%
13.3%
-10,0%
-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
184.1223.6
-45.4
7.1%
1.1%
4.4% 5.0%
-1.1%
-30,0%
-28,0%
-26,0%
-24,0%
-22,0%
-20,0%
-18,0%
-16,0%
-14,0%
-12,0%
-10,0%
-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%
-100
0
100
200
300
400
500
1Q11 2Q11 3Q11 4Q11 1Q12
101.783.6 75.9 77.0
55.8
12.2%9.9% 8.8% 8.3% 6.5%
-23,0%
-19,0%
-15,0%
-11,0%
-7,0%
-3,0%
1,0%
5,0%
9,0%
13,0%
-0,023
99,977
199,977
1Q11 2Q11 3Q11 4Q11 1Q12
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13PAGESource: JBS
JBS Consolidated Exports Distribution in 1Q12
Approximately US$ 2.0 billion in 1Q12
US$ 2,039.7million
Mexico 14.7%
Japan 10.2%
Russia 9.1%
E.U 5.9%
Canada 4.7%
Chile 3.8%
Taiwan 2.5%
Others 20.7%
China, Hong Kong andVietnam 14.4%
Africa and Middle East 7.9%
South Korea 6.1%
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27%
28%
28%
27%
30%
73%
72%
72%
73%
70%
1Q12
4Q11
3Q11
2Q11
1Q11
Source: JBS* subsidiary controlled by JBS with non-recourse debt.
Debt Profile
Net debt to EBITDA, excluding Pilgrims Pride Corp. (PPC)* was 3.6x.
Net debt to EBITDA, including Pilgrims Pride Corp. (PPC)* was 4.3x.
The Company ended the quarter with R$5.15 billion in cash or cash equivalent, which represents more than 100% of short-term debt.
Short Term Long Term
ST / LT Debt Profile
3.1
3.64.0 4.0
4.3x
0
1
2
3
4
-100
100
300
500
700
900
1100
1300
1500
1Q11 2Q11 3Q11 4Q11 1Q12
. Leverage EBITDA
Leverage
. LeverageEx-PPC EBITDA Ex-PPC
3.1 3.23.0 3.0
3.6x
0
1
2
3
4
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Amazon
Environmental
Satellite image
Social & Environmental
Purpose: reduce deforestation in the Amazon Biome; avoidpurchasing cattle from Environmentally Protected Areas EPAs,Indigenous reserves and protected areas; eradication of slavelabor in Brazil.
JBS Brazil monitors a 100% of its cattle suppliers properties viasatellite geo-referencing (GPS monitoring).
After the property coordinates are collected, the data is keyed intoJBSs registry of cattle suppliers and is sent to an outsource companyto be analyzed by superimposing on a map constructed from satelliteimages and the DETER(1) and PRODES(2) produced by Brazils NationalInstitute for Space Research INPE.
JBS contains a database of almost 12,000 cattle ranches registeredin the Amazon Biome.
Satellite image monitoring of the Amazon Biome
JBS actions related to cattle traceability and the Amazon BiomeSustainability
Source: JBS Sustainability Policy(1)Real Time Deforestation Detection(2)Legal Amazon Deforestation Monitoring Project
JBS SA participates in CDP - Carbon Disclosure Project.
Also, JBS integrates the Carbon Efficient Index of BOVESPA - ICO2.
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Mission
To be bestin what we set out to do, totally focusedonour business, ensuring the best products and services
for our customers, solidityfor our suppliers,satisfactory profitabilityfor our shareholders and the
certainty of a better future to all our employees.
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