background image
JBS S.A.
Results Presentation
2011 and 4Q11
background image
JBS S.A.
background image
3
PAGE
JBS Ranking
3
Geographic and
market segment
diversification
1
Market Leader
4
Well-recognized
brands
2
Track Record
of successful
acquisitions

Largest global beef and
lamb producer
1
st
Largest global leather
processor
1
st
Largest global chicken
producer
2
nd
Largest dairy
producer in Brazil
3
rd
Largest pork producer
in the US
3
rd
Source: JBS
background image
4
PAGE
Well-recognized Brands, symbols of quality
3
Geographic and
market segment
diversification
1
Market Leader
4
Well-recognized
brands
2
Track Record of
successful
acquisitions

USA
Australia
Brazil
Argentina
background image
2011 and 4Q11 Highlights
background image
6
PAGE
JBS USA Beef, including Australia, presented revenue of US$16.5 billion in the year, an increase of 25.6% over 2010. The EBITDA
was US$739.1 million, 11.4% higher than 2010.
JBS USA Pork business unit net revenue totaled US$3.5 billion, 17.5% higher than 2010. The EBITDA was US$338.2 million,
22.2% higher when compared to the previous year.
JBS Mercosul posted net revenue of R$14.9 billion, an increase of 11.9% year over year. The EBITDA increased 23.9% over the
same period and was R$1.6 billion.
JBS generated net cash from operating activities in 2011 of R$606.5 million.
EBITDA was R$3.15 billion, a decrease of 16.3% over 2010, due to the negative result from Pilgrim's Pride. The EBITDA margin
was 5.1%.
JBS posted consolidated net revenue of R$61.8 million, 13% higher than 2010.
2011 Highlights
The Company ended the quarter with R$5.3 billion in cash or cash equivalent, equivalent to 100% short-term debt.
The Indebtedness level remained stable at 3.0x, excluding PPC.
The loss in the period was R$75.5 million, caused by Pilgrim's Pride (PPC) that represented US$495.7 million in 2011. Excluding
this item, net income would have been R$482.6 million approximately.
background image
7
PAGE
Source: JBS
JBS Consolidated Results
4Q11
EBITDA
Net Revenue (R$ million)
EBITDA and EBITDA Margin (R$ million)
865.7
835.9
587.7
786.6
940.6
6.0
5.7
4.0
5.1
5.6
-12,0
8,0
0,00
200,00
400,00
600,00
800,00
1000,00
1200,00
1400,00
1600,00
1800,00
4Q10
1Q11
2Q11
3Q11
4Q11
14,319.6
14,672.7
14,116.3
15,567.8
16,934.5
4Q10
1Q11
2Q11
3Q11
4Q11
-3.8%
10.3%
+8.8%
+2.5%
-29.7%
+33.9%
+19.5%
-3.4%
EBITDA Margin (%)
background image
8
PAGE
Source: JBS
Yearly Analysis
Net sales (R$ billion)
Net sales (US$ billion)
Net sales (US$ billion)
Net sales (US$ billion)
EBITDA (R$ bi)
EBITDA (US$ mi)
EBITDA (US$ mi)
EBITDA (US$ mi)
JBS Mercosul
JBS USA
(Including Australia)
JBS USA
JBS USA (PPC)
Performance by Business Unit
6.9
7.5
2010
2011
13.1
16.5
2010
2011
13.3
14.9
2010
2011
3.0
3.5

-
2010
2011
276.8
338.2
9.4%
9.7%
-
10,0%
-
8,0%
-
6,0%
-
4,0%
-
2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%

-

50,0

100,0

150,0

200,0

250,0

300,0

350,0

400,0

450,0

500,0

550,0

600,0

650,0

700,0
2010
2011
663.7
739.1
5.1%
4.5%
-
10,0%
-
8,0%
-
6,0%
-
4,0%
-
2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0,0
100,0
200,0
300,0
400,0
500,0
600,0
700,0
800,0
900,0
1000,0
1100,0
1200,0
1300,0
1400,0
1500,0
1600,0
1700,0
1800,0
1900,0
2000,0
2010
2011
1.3
1.6
9.7%
10.7%
-
10,0%
-
8,0%
-
6,0%
-
4,0%
-
2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0,0
0,5
1,0
1,5
2,0
2,5
2010
2011
481.9
7.0%
-2.0%
-
10,0%
-
8,0%
-
6,0%
-
4,0%
-
2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%

(0,6)

1,4

3,4

5,4

7,4

9,4

11,4

13,4

15,4

17,4

19,4

21,4

23,4

25,4

27,4

29,4

31,4

33,4

35,4

37,4

39,4

41,4

43,4

45,4

47,4

49,4

51,4

53,4

55,4

57,4

59,4

61,4

63,4

65,4

67,4

69,4

71,4

73,4

75,4

77,4

79,4

81,4

83,5

85,5

87,5

89,5

91,5

93,5

95,5

97,5

99,5

101,5

103,5

105,5

107,5

109,5

111,5

113,5

115,5

117,5

119,5

121,5

123,5

125,5

127,5

129,5

131,5

133,5

135,5

137,5

139,5

141,5

143,5

145,5

147,5

149,5

151,5

153,5

155,5

157,5

159,5

161,5

163,5

165,5

167,5

169,5

171,5

173,5

175,5

177,5

179,5

181,5

183,5

185,5

187,5

189,5

191,5

193,5

195,5

197,5

199,5

201,5

203,5

205,5

207,5

209,5

211,5

213,5

215,5

217,5

219,5

221,5

223,5

225,5

227,5

229,5

231,5

233,5

235,5

237,5

239,5

241,5

243,5

245,5

247,5

249,6

251,6

253,6

255,6

257,6

259,6

261,6

263,6

265,6

267,6

269,6

271,6

273,6

275,6

277,6

279,6

281,6

283,6

285,6

287,6

289,6

291,6

293,6

295,6

297,6

299,6

301,6

303,6

305,6

307,6

309,6

311,6

313,6

315,6

317,6

319,6

321,6

323,6

325,6

327,6

329,6

331,6

333,6

335,6

337,6

339,6

341,6

343,6

345,6

347,6

349,6

351,6

353,6

355,6

357,6

359,6

361,6

363,6

365,6

367,6

369,6

371,6

373,6

375,6

377,6

379,6

381,6

383,6

385,6

387,6

389,6

391,6

393,6

395,6

397,6

399,6

401,6

403,6

405,6

407,6

409,6

411,6

413,6

415,6

417,7

419,7

421,7

423,7

425,7

427,7

429,7

431,7

433,7

435,7

437,7

439,7

441,7

443,7

445,7

447,7

449,7

451,7

453,7

455,7

457,7

459,7

461,7

463,7

465,7

467,7

469,7

471,7

473,7

475,7

477,7

479,7

481,7

483,7

485,7

487,7

489,7

491,7

493,7

495,7

497,7

499,7

501,7

503,7

505,7

507,7

509,7

511,7

513,7

515,7

517,7

519,7

521,7

523,7

525,7

527,7

529,7

531,7

533,7

535,7

537,7

539,7

541,7

543,7

545,7

547,7

549,7

551,7

553,7

555,7

557,7

559,7

561,7

563,7

565,7

567,7

569,7

571,7

573,7

575,7

577,7

579,7

581,7

583,8

585,8

587,8

589,8

591,8

593,8

595,8

597,8

599,8

601,8

603,8

605,8

607,8

609,8

611,8

613,8

615,8

617,8

619,8

621,8

623,8

625,8

627,8

629,8

631,8

633,8

635,8

637,8

639,8

641,8

643,8

645,8

647,8

649,8

651,8

653,8

655,8

657,8

659,8

661,8

663,8

665,8

667,8

669,8

671,8

673,8

675,8

677,8

679,8

681,8

683,8

685,8

687,8

689,8

691,8

693,8

695,8

697,8

699,8

701,8

703,8

705,8

707,8

709,8

711,8

713,8

715,8

717,8

719,8

721,8

723,8

725,8

727,8

729,8

731,8

733,8

735,8

737,8

739,8

741,8

743,8

745,8

747,8

749,9

751,9

753,9

755,9

757,9

759,9

761,9

763,9

765,9

767,9

769,9

771,9

773,9

775,9

777,9

779,9

781,9

783,9

785,9

787,9

789,9

791,9

793,9

795,9

797,9

799,9

801,9

803,9

805,9

807,9

809,9

811,9

813,9

815,9

817,9

819,9

821,9

823,9

825,9

827,9

829,9

831,9

833,9

835,9

837,9

839,9

841,9

843,9

845,9

847,9

849,9

851,9

853,9

855,9

857,9

859,9

861,9

863,9

865,9

867,9

869,9

871,9

873,9

875,9

877,9

879,9

881,9

883,9

885,9

887,9

889,9

891,9

893,9

895,9

897,9

899,9

901,9

903,9

905,9

907,9

909,9

911,9

913,9

915,9

918,0

920,0

922,0

924,0

926,0

928,0

930,0

932,0

934,0

936,0

938,0

940,0

942,0

944,0

946,0

948,0

950,0

952,0

954,0

956,0

958,0

960,0

962,0

964,0

966,0

968,0

970,0

972,0

974,0

976,0

978,0

980,0

982,0

984,0

986,0

988,0

990,0

992,0

994,0

996,0

998,0

1.000,0
2010
2011
-149.8
background image
9
PAGE
Performance by Business Unit
Source: JBS
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)
Quarterly Analysis
1.8
1.9
2.0
1.9
1.8
4Q10
1Q11
2Q11
3Q11
4Q11
3.6
3.8
4.0
4.2
4.5
4Q10
1Q11
2Q11
3Q11
4Q11
3.4
3.6
3.6
3.9
3.8
4Q10
1Q11
2Q11
3Q11
4Q11
799.4 837.0 846.0
867.1
923.1
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
4Q10 1Q11 2Q11 3Q11 4Q11
124.8
-55.2 -47.6 -31.4 22.6
6.9%
-2.9% -2.4% -1.7%
1.2%
-
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%
18,0%
20,0%
-
200
-
100
0
100
200
300
400
500
4Q10 1Q11 2Q11 3Q11 4Q11
238.8
308.6
427.9 453.8 407.7
7.1%
8.6%
11.8% 11.6% 10.7%
-
10,0%
-
8,0%
-
6,0%
-
4,0%
-
2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0
100
200
300
400
500
600
4Q10 1Q11 2Q11 3Q11 4Q11
194.8
269.7
44.7
184.1
223.6
5.4% 7.1%
1.1%
4.4% 5.0%
-
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%
0
100
200
300
400
500
4Q10 1Q11 2Q11 3Q11 4Q11
102.4 105.3
83.6 75.9 77.0
12.8% 12.6%
9.9% 8.8% 8.3%
-
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
4Q10 1Q11 2Q11 3Q11 4Q11
background image
10
PAGE
Source: JBS
Revenue and EBITDA Distribution by Business Unit 2011
Net Revenue - 2011
EBITDA 2011
45%
25%
20%
10%
50%
41%
19%
-10%
background image
11
PAGE
Source: JBS
Organic Growth
Each business unit presented double digit organic growth in their local currency, for the analyzed period.
JBS USA Beef Net Revenue (US$ million)
JBS USA Chicken Net Revenue (US$ million)
JBS USA Pork Net Revenue (US$ million)
JBS Mercosul Net Revenue (R$ million)
2.600
2.800
3.000
3.200
3.400
3.600
3.800
4.000
4.200
4.400
4.600
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
1.600
1.700
1.800
1.900
2.000
2.100
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
500
550
600
650
700
750
800
850
900
950
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
2.800
3.000
3.200
3.400
3.600
3.800
4.000
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
background image
12
PAGE
Source: JBS
JBS Consolidated Exports Distribution in 2011
Taiwan 2.0%
Canada 3.3 %
South Korea 4.6%
Russia 8.4%
Others 18.0%
E.U 8.8%
Africa and Middle East 17.4%
China, Hong Kong and
Vietnam 12.5%
Mexico 10.9%
Japan 10.2%
US$ 9,581.0
million
Approximately US$ 9.6 billion in 2011
background image
13
PAGE
Source: JBS
* subsidiary controlled by JBS with non-recourse debt.
Debt Profile
Net debt to EBITDA, excluding Pilgrim's Pride Corp. (PPC)*, remained stable from 3Q11 at 3.0x.
Net debt to EBITDA, including Pilgrim's Pride Corp. (PPC)*, remained stable from 3Q11 at 4.0x.
The Company ended the quarter with R$5.3 billion in cash or cash equivalents, equivalent to 100% of the Company's short-term debt.
Short Term
Long Term
ST / LT Debt Profile
33%
30%
27%
28%
28%
67%
70%
73%
72%
72%
4Q10
1Q11
2Q11
3Q11
4Q11
The Company generated R$606,5 million of operating cash flow in 2011.
3.0
3.1
3.6
4.0
4.0x
0,0
1,0
2,0
3,0
4,0
-100
100
300
500
700
900
1100
1300
1500
4Q10
1Q11
2Q11
3Q11
4Q11
3.0
3.1
3.2
3.0
3.0x
0,0
1,0
2,0
3,0
4,0
.
EBITDA
.
Leverage
Leverage
.
Leverage Ex-PPC
EBITDA Ex-PPC
background image
14
PAGE
Amazon
Environmental
Satellite image
Social & Environmental
Purpose: reduce deforestation in the Amazon Biome; avoid
purchasing cattle from Environmentally Protected Areas EPAs,
Indigenous reserves and protected areas; eradication of slave
labor in Brazil.
JBS Brazil monitors a 100% of its cattle suppliers properties via
satellite geo-referencing (GPS monitoring).
After the property coordinates are collected, the data is keyed into
JBS's registry of cattle suppliers and is sent to an outsource company
to be analyzed by superimposing on a map constructed from satellite
images and the DETER
(1)
and PRODES
(2)
produced by Brazil's National
Institute for Space Research INPE.
JBS contains a database of almost 12,000 cattle ranches registered
in the Amazon Biome.
Satellite image monitoring of the Amazon Biome
JBS actions related to cattle traceability and the Amazon Biome
Sustainability
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.
background image
Mission
"
"
To be best
in what we set out to do,
totally focused
on
our business, ensuring the
best products and services
for our customers, solidity
for our suppliers,
satisfactory profitability
for our shareholders and the
certainty of a better future
to all our employees.