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1
Results for 3Q11
JBS S.A. (Bovespa: JBSS3)*
JBS posted net revenue in excess of R$15 billion and operating cash flow of
R$897 million in the quarter
3Q11 HIGHLIGHTS
São Paulo, November 14th, 2011
Net Revenue
JBS posted consolidated net revenue of R$15,567.8 million, 10.6% higher than 3Q10.
JBS USA Beef presented revenue of US$4,210.6 million, an increase of 25.4% over 3Q10.
JBS USA Pork business unit net revenue totaled US$867.1 million, 12.3% higher than the same
quarter last year.
Pilgrim's Pride Corporate (PPC) revenue was US$1,891.2 million, 10% higher than 3Q10.
JBS Mercosul posted revenue of R$3,906.7 million, an increase of 11.9% year over year.
Operational Performance
The consolidated gross margin was 10.9%, 102 bps higher than the previous quarter.
Consolidated EBITDA was R$786.8 million in the quarter with an EBITDA margin of 5.1%, 101
bps higher compared to 2Q11.
JBS Mercosul EBITDA totaled of R$453.8 million, 21.4% higher than 3Q10, with an EBITDA
margin of 11.6%.
JBS USA Beef business unit presented EBITDA of US$184.1 million, 77.9% higher when
compared to the 3Q10, and an EBITDA margin of 4.4%.
The EBITDA of the JBS USA Pork business unit was US$75.9 million with an EBITDA margin of
8.8%.
Financial Performance
JBS generated net cash from operating activities of R$897.0 million in the quarter, excluding
capital expenditure (capex).
Net cash generation after capex was R$507.7 million in the quarter and the net cash
variation was R$620.8 million positive.
The Company ended the quarter with R$5.6 billion in cash or cash equivalent, an increase of
12.5% over 2Q11 and 100% higher than the short-term debt.
Excluding the effect of FX variations in the net debt denominated in U.S. dollars, the
Company reduced its debt by R$530 million, approximately.
The effective Company's hedge policy made possible to minimize the effects of exchange
rate in the results.
The loss of R$67.5 million was impacted by approximately R$439 million, caused by Pilgrim's
Pride results and exchange rate variation which is a non-cash items. Excluding these items,
net income would have been R$372 million approximately.
JBS S.A. ("JBS") (Bovespa: JBSS3), the global leading producer of animal protein announces today its results for the third quarter of 2011 (3Q11).
For the purpose of analysis, this report considers the results for the quarters ended June 30, 2011 (2Q11) and September 30, 2010 (3Q10). The
consolidated results of JBS are presented in Brazilian Real (R$) and when separately analyzed, each business unit reports its results in the currency
of the country in which it operates. The operations of JBS Australia are an integral part of the subsidiary JBS USA and both results refer to the
period of 13 weeks ended September 25, 2011 (3Q11). The quantitative data, such as volumes and number of heads slaughtered, are not
audited.
"In God We Trust,
Nature We Respect"
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2
Results for 3Q11

Message from the President


This third quarter of 2011 was a period of significant importance for JBS with net revenues
exceeding R$15 billion and operational cash flow generation of R$897 million. The period marks
a new phase for the entire group. After a series of acquisitions in recent years which placed the
company among the global leaders of the food industry, we are at a unique moment in our
history. Before detailing what we will do from now on, let me remind you of the events of the
last few months.

Between July and September we had a significant improvement in our operations. We
captured synergies among units around the world, especially in Brazil and in the United States
and integrated many activities. It was a period of time when we put all our attention on
management, focused on internal activities and dedicated our efforts to improve every step of
the execution of our processes.
These changes assured JBS good results in the third quarter with a strong cash
generation which gives us confidence that we can maintain this good performance.
We ended the third quarter of 2011 with R$5.6 billion in cash. Also in this context I would
like to acknowledge the progress in the professionalization of the company, with the
evolution of the whole management of the group and I thank the staff for their
continuous effort and dedication. We made some adjustments to make sure that we
have the right persons in the right places.

In order to explain these results, it is important to highlight some changes we made. In
late August, we consolidated our leather operations in Brazil to centralize and focus
efforts on value-added products. We decided to shut down four plants to shift
production and to improve efficiency in other four units - Lins / SP,
Cascavel/CE,
Itumbiara/GO and Uberlândia/MG
. This reorganization has not reduced our production
capacity of finished and semi finished leather products and is an important step in
order to devote ourselves to the processes that offer higher margins. In addition, the
reorganization in the leather business allows us to save R$45 million per year.

In our beef business, we also promoted a rationalization process in the Brazilian industry.
In September, we stopped activities of three plants -
Presidente Epitácio/SP, Teófilo
Otoni/MG and Maringá/PR
- and rearranged the deboning/fabrication of three others.
These changes allowed us to increase our production by 5%, using the units more
efficiently. With these adjustments, we estimate savings of R$200 million on annualized
basis.

In the dairy business which has some of the most recognized brands in the sector in
Brazil, such as
Vigor, Leco, Danúbio, Serrabella
and Faixa Azul, in recent months we
registered strong growth of double digits. In recent months, this growth occurred
organically without any acquisition. We see the dairy sector as a business with
significant opportunities and we have plans to increase our presence in 2012 that will
be important to ensure and increase our presence on it. In due course, these strategies
will be announced.
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3
Results for 3Q11


In the U.S., the chicken business continued to underperform. However, some indicators
already point to an improvement in 2012. The eggs sets have reduced from week to
week and we are extremely positive about the business for next year, as balance
between supply and demand improves. Despite the adversities in the chicken market,
third-quarter sales were US$1.89 billion, a growth of 10% over the same period last year.

The U.S. operations, however, remained firm in the beef and pork markets. The U.S. Beef
(including Australia) business unit revenue in the third quarter grew 25% over the same
period last year and reached US$4.21 billion. Of this total, more than US$3 billion were
sold domestically, an improvement of 27.6% over 2010. The remaining US$1.21 billion
came from exports, which increased by 20.1%. In the pork business, our revenues were
US$867.1 million, of which US$731.3 million came from sales to U.S. market and US$135.8
million from exports.

In recent years, JBS has focused on structuring some shared service areas within each
business unit. Some examples both in Mercosul and U.S. are in operations, consolidated
sales, purchasing, technology, human resources, as well as others always aiming at
gaining costs and efficiency at regional level. From now on, we will begin a new phase
in which we will identify where some of these global services can be integrated
globally and we will be pushing towards reaching this integration more efficiently.

I would like to mention once again this important moment in our company. This
October we initiated the process of strengthening the value of our brands and we took
important steps towards bringing more value added products to the consumer market.
I am sure that we will modernize the beef business worldwide through our initiatives to
transform a commodity type of product into a branded and value added item. This
strategy began in Brazil, but certainly will not be limited to the borders of this country.
This is the new phase at JBS.

As we approach the end of another year, we recall that 2011 was a year in which we
improved our operational skills. Now, with our businesses in Mercosul and the U.S.
adjusted and highly competitive, as our numbers demonstrated, we are more
convinced than ever that we will initiate 2012 with the energy needed to achieve even
better results, with strong cash flow generation and high value enhancement for our
shareholders. In doing so, we continue to focus on what we do best, to grow in an
organized and sustainable manner.

Wesley Mendonça Batista
CEO of JBS S.A.
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4
Results for 3Q11
ANALYSIS OF CONSOLIDATED RESULTS

Analysis of the principal financial indicators of JBS by Business Unit (in local currency)
3Q11
2Q11
%
3Q10
%
Net Revenue
JBS USA Beef
US$
4,210.6
3,964.0
6.2%
3,358.4
25.4%
JBS USA Pork
US$
867.1
845.8
2.5%
772.2
12.3%
JBS USA Chicken
US$
1,891.2
1,992.7
-5.1%
1,719.9
10.0%
JBS Mercosul
R$
3,906.7
3,615.3
8.1%
3,491.0
11.9%
EBITDA
JBS USA Beef
US$
184.1
44.7
311.9%
103.5
77.9%
JBS USA Pork
US$
75.9
83.6
-9.2%
90.8
-16.4%
JBS USA Chicken
US$
(31.4)
(47.6)
34.0%
170.0
-
JBS Mercosul
R$
453.8
427.9
6.0%
373.7
21.4%
EBITDA Margin
JBS USA Beef
%
4.4%
1.1%
3.2pp
3.1%
1.3pp
JBS USA Pork
%
8.8%
9.9%
-1.1pp
11.8%
-3pp
JBS USA Chicken
%
-1.7%
-2.4%
0.7pp
9.9%
-
JBS Mercosul
%
11.6%
11.8%
-0.2pp
10.7%
0.9pp
Net sales (R$ billion)
Net sales (US$ billion)
Net sales (US$ million)
Net sales (US$ billion)
EBITDA (R$ mi)
EBITDA (US$ mi)
EBITDA (US$ mi)
EBITDA (US$ mi)
EBITDA Margin (%)
JBS Mercosul
JBS USA
(Including Australia)
JBS USA
JBS USA (PPC)
1.7
1.8
1.9
2.0
1.9
3Q10
4Q10
1Q11
2Q11
3Q11
3.4
3.6
3.8
4.0
4.2
3Q10
4Q10
1Q11
2Q11
3Q11
3.5
3.4
3.6
3.6
3.9
3Q10
4Q10
1Q11
2Q11
3Q11
772
799
837
846
867
100
180
260
340
420
500
580
660
740
820
900
980
1060
1140
1220
1300
3Q10
4Q10
1Q11
2Q11
3Q11
170
124.8
-55.2 -47.6
-31.4
9.9%
6.9%
-2.9%
-2.4%
-1.7%
- 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
3Q10
4Q10
1Q11
2Q11
3Q11
373.7
238.8
308.6
427.9 453.8
10.7%
7.1%
8.6%
11.8% 11.6%
- 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
3Q10
4Q10
1Q11
2Q11
3Q11
103.5
194.8
269.7
44.7
184.1
3.1%
5.4%
7.1%
1.1%
4.4%
- 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
3Q10
4Q10
1Q11
2Q11
3Q11
90.8
102.4 105.3
83.6
75.9
11.8%
12.8% 12.6% 9.9% 8.8%
- 23,0%
- 19,0%
- 15,0%
- 11,0%
- 7,0%
- 3,0%
1,0%
5,0%
9,0%
13,0%
0
100
200
3Q10
4Q10
1Q11
2Q11
3Q11
Performance
by
Business Unit
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5
Results for 3Q11
Consolidated analysis of the principal operational indicators of JBS
R$ million
3Q11
2Q11
%
3Q10
%
Net Revenue
15,567.8
14,621.8
6.5%
14,069.6
10.6%
Cost of Goods Sold
(13,873.6)
(13,202.3)
5.1%
(12,291.3)
12.9%
Gross Income
1,694.2
1,419.5
19.4%
1,778.3
-4.7%
Gross Margin
10.9%
9.7%
-
12.6%
-
Selling Expenses
(812.6)
(754.7)
7.7%
(699.4)
16.2%
General and Adm. Expenses
(442.8)
(386.1)
14.7%
(362.5)
22.2%
Net Financial Income (expense)
(519.5)
(590.9)
-12.1%
(363.1)
43.1%
Other Income (expense)
4.0
(5.5)
-
(62.4)
-
Operating Income
(76.7)
(317.7)
-75.9%
291.0
-
Income and social contribution taxes
(106.0)
110.7
-
(124.5)
-14.9%
Participation of non-controlling shareholders
(115.2)
(26.2)
339.4%
23.0
-
Net Income (Loss)
(1)
(67.5)
(180.8)
-
143.4
-
EBITDA
786.8
587.7
33.9%
1,036.4
-24.1%
EBITDA Margin
5.1%
4.0%
-
7.4%
-
Net Income (Loss) per share
(0.02)
(0.07)
-
0.06
-
(1) Participation of Controlling Shareholders.

Number of Heads Slaughtered and Sales Volume*
3Q11
2Q11
%
3Q10
%
Heads slaughtered (thousand)
Cattle
3,827.4
3,884.6
-1.5%
3,742.0
2.3%
Hogs
3,104.5
3,072.1
1.1%
3,121.3
-0.5%
Smalls
890.0
839.6
6.0%
854.8
4.1%
Volume Sold (thousand tons)
Domestic Market
1,624.7
1,610.2
0.9%
1,642.8
-1.1%
Fresh and Chilled Beef
1,347.9
1,348.8
-0.1%
1,375.5
-2.0%
Processed Beef
36.6
34.0
7.6%
41.7
-12.1%
Others
240.2
227.4
5.6%
225.6
6.4%
Exports
522.2
501.9
4.0%
559.0
-6.6%
Fresh and Chilled Beef
474.4
450.3
5.3%
505.2
-6.1%
Processed Beef
19.1
19.6
-2.5%
24.2
-21.0%
Others
28.7
32.0
-10.3%
29.6
-2.9%
TOTAL
2,146.9
2,112.2
1.6%
2,201.8
-2.5%
*
Not including chicken
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6
Results for 3Q11
CONSOLIDATED RESULTS
Net Revenues

JBS posted consolidated net revenue of R$15,567.8 million in 3Q11, an increase of 10.6%
compared to 3Q10. Highlights of the quarter were the JBS USA Beef and Pork business units,
which presented growth of 25.4% and 12.3% respectively, when compared to 3Q10, partially
offset by the devaluation of the real against the U.S. dollar.

In this quarter, 75% of revenues were generated in the domestic market and exports
represented 25% approximately. The Company has benefited from its geographical distribution
to supply all consumer markets globally.

EBITDA

EBITDA for 3Q11 was R$786.8 million, a decline of 24.1% compared to 3Q10, due to the
underperformance by Pilgrim's Pride (JBS USA Chicken).
When compared to 2Q11, EBITDA
increased 33.9%, reflecting the substantial improvement of the JBS USA Beef business unit, in
addition to the continuous capture of synergies and operational improvements.

During the first nine months of 2011, the EBITDA of the Beef and Pork business units in the US
totaled US$776.8 million, 20.8% higher than the corresponding period of 2010. JBS Mercosul
EBITDA was R$1,190.0 million in 9M11, 10.1% higher year over year.

Financial Results

Net financial results for the quarter improved 12.1% compared to 2Q11. Even with the strong FX
oscillation of the real against the U.S. dollar during the 3Q11, the Company was successful in its
hedge policy and minimized these effects during the period.

Net Income / Loss

The loss for the period was R$67.5 million, equivalent to minus R$0.02 EPS, due to the Chicken
Operations which incurred a loss of US$162.5 million as well as a net negative foreign exchange
result of R$170.6 million, which is a non-cash item. If these items were not taken into account,
JBS profit would have been R$372.1 million.

Cash Generation

The company generated R$897.0 million cash flow from operating activities before investments.
The net cash generation in the period after investment and financing, was R$620.8 million.

Capital Expenditure

In 3Q11, the total capital expenditure (CAPEX) of JBS in property, plant, and equipment was
R$354.7 million. The main investments were for the improvement of productivity and the
increase in storage capacity and distribution.



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7
Results for 3Q11
Indebtedness

JBS' net debt to EBITDA ratio, excluding Pilgrim's Pride (PPC), a US Listed Company controlled
by JBS, reduced from 3.2x in 2Q11 to 3.0x in 3Q11, due to the increase in the EBITDA of the JBS
USA Beef and JBS Mercosul business units.

Excluding the FX effect of the net debt in U.S. dollars, the debt decreased R$530.0 million
compared to 2Q11. PPC's gross debt remained stable and its cash position increased by 7.6%
in U.S. dollars, compared to 2Q11. Therefore, its net debt remained constant in local currency.

Pilgrim's Pride was excluded from the debt calculation of JBS due to the fact that PPC is a non-
recourse subsidiary controlled by JBS.

JBS (excluding PPC)
R$ million
9/30/11
6/30/11
Var.%
Gross debt
16,501.1
14,661.4
12.5%
(+) Short Term Debt
5,315.7
4,558.1
16.6%
(+) Long Term Debt
11,185.3
10,103.3
10.7%
(-) Cash and Equivalents
5,387.8
4,809.0
12.0%
Net debt
11,113.3
9,852.5
12.8%
Net debt/EBITDA
¹
3.0x
3.2x
(1) EBITDA LTM. U.S. dollar exchange rate of the last day of the quarter.
Including Pilgrim's Pride's performance in the results of JBS, the leverage went from 3.6x in 2Q11
to 4.0x in 3Q11. PPC presented negative EBITDA of US$-172.4 million in the nine months of 2011,
compared to positive US$357.1million in the same period of last year, which significantly
reduced the annualized EBITDA used to calculate the ratio.

Excluding the exchange rate variation effect of the JBS Consolidated debt denominated in
U.S. dollars, the net debt dropped R$530 million approximately.

JBS including Pilgrim's Pride
R$ million
9/30/11
6/30/11
Var.%
Gross debt
19,235.4
17,124.3
12.3%
(+) Short Term Debt
5,344.7
4,582.5
16.6%
(+) Long Term Debt
13,890.7
12,541.8
10.8%
(-) Cash and Equivalents
5,581.0
4,960.2
12.5%
Net debt
13,654.4
12,164.1
12.3%
Net debt/EBITDA
¹
4.0x
3.6x
(1) EBITDA LTM. U.S. dollar exchange rate of the last day of the quarter.






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8
Results for 3Q11
Cash Position
The Company ended the quarter with R$5.6 billion in cash or cash equivalents, more than a
100% of the Company´s short-term debt. The 12.5% increase in cash position in relation to 2Q11,
reflects the operating cash flow generation of R$897.0 million and a positive net variation in
cash of R$620.8 million in the quarter.

2.9
3.0
3.1
3.2
3.0x
0
1
2
3
4
.
EBITDA
.
Leverage
Leverage
2.9
3.0
3.1
3.6
4.0x
0
1
2
3
4
-100
100
300
500
700
900
1100
1300
1500
3Q10
4Q10
1Q11
2Q11
3Q11
.
Leverage Ex-PPC
EBITDA Ex-PPC
Short Term
Long Term
ST / LT Profile
33%
33%
30%
27%
28%
67%
67%
70%
73%
72%
3Q10
4Q10
1Q11
2Q11
3Q11
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9
Results for 3Q11
ANALYSIS OF RESULTS BY BUSINESS UNIT
JBS USA Beef (including Australia),
45.3% of JBS S.A. Net Revenues

Net revenue for the period was US$4,210.6 million, outperforming 3 Q10 by 25.4%. 3Q11 results
reflect an increase in average sales prices in the domestic and exports markets combined with
better utilization of production capacity. Compared to 2Q11, the revenue increased 6.2%.

EBITDA was US$184.1 million in the period, an increase of 77.9% over 3Q10. The EBITDA margin
was 4.4% in 3Q11. This result reflects the stabilized raw material price and the good export
performance.

The YTD (9M11) EBITDA of the JBS USA Beef business unit totaled US$515.5 million, compared to
US$468.9 million in the same period of last year, a 9.9% increase.


Highlights (US GAAP)
US$ million
3Q11
2Q11
%
3Q10
%
Heads slaughtered (thousand)
2,111.0
2,111.9
0.0%
2,080.2
1.5%
Net Revenue
4,210.6
3,964.0
6.2%
3,358.4
25.4%
EBITDA
184.1
44.7
311.9%
103.5
77.9%
EBITDA margin %
4.4%
1.1%
3.2pp
3.1%
1.3pp

Breakdown of Net Revenues
Domestic Market
3Q11
2Q11
%
3Q10
%
Net Revenue (US$ million)
3,002.5
2,811.8
6.8%
2,352.9
27.6%
Volume (tons)
819.7
799.7
2.5%
829.6
-1.2%
Average Price (US$/Kg)
3.66
3.52
4.2%
2.84
29.1%
Exports
3Q11
2Q11
%
3Q10
%
Net Revenue (US$ million)
1,208.1
1,152.2
4.9%
1,005.5
20.1%
Volume (tons)
313.3
291.3
7.6%
311.0
0.8%
Average Price (US$/Kg)
3.86
3.96
-2.5%
3.23
19.3%











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10
Results for 3Q11
JBS USA Pork, 9.3% of JBS S.A. Net Revenues

Net revenue for the period was US$867.1
million, 12.3% above 3Q10, reflecting the increase in
export volumes and average sales prices. Compared to the previous quarter, there was a 2.5%
increase.

EBITDA reached US$75.9 million in the quarter, 16.4% lower yoy. Compared to 2Q11 EBITDA,
there was a 9.2% decrease. EBITDA margin was 8.8% in 3Q11. Despite the EBITDA margin loss of
110 bps, the performance of JBS USA Pork remains strong. The 3Q11 margin reflects an annual
cost increase of 17.8% in pork prices, which was partially offset by lower operational and
administrative expenses.

For the first nine months of 2011, the EBITDA totaled US$261.5 million, a record for the period,
50.0% higher than the same period in 2010, which was US$174.4 million.

Highlights (US GAAP)
US$ million
3Q11
2Q11
%
3Q10
%
Animals slaughtered (thousand)
3,104.5
3,072.1
1.1%
3,121.3
-0.5%
Net Revenue
867.1
845.8
2.5%
772.2
12.3%
EBITDA
75.9
83.6
-9.2%
90.8
-16.4%
EBITDA margin %
8.8%
9.9%
11.8%
Breakdown of Net Revenues
Domestic Market
3Q11
2Q11
%
3Q10
%
Net Revenue (US$ million)
731.3
701.4
4.3%
679.8
7.6%
Volume (thousand tons)
263.5
279.9
-5.9%
308.1
-14.5%
Average Price (US$/Kg)
2.78
2.51
10.7%
2.21
25.8%
Exports
3Q11
2Q11
%
3Q10
%
Net Revenue (US$ million)
135.8
144.4
-6.0%
92.4
47.0%
Volume (thousand tons)
56.8
52.9
7.3%
52.9
7.3%
Average Price (US$/Kg)
2.39
2.73
-12.3%
1.75
36.9%



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11
Results for 3Q11
JBS USA Chicken (Pilgrim's Pride Corporation, a US listed Company which is controlled by JBS
USA), 20.3% of JBS S.A. Net Revenues

Net revenue for the period was US$1,891.2 million, 10.0% higher than 3Q10, reflecting an
increase in volumes sold. Compared to 2Q11, revenue decreased by 5.1%.

Adjusted EBITDA was minus US$31.4 million, compared to minus US$47.6 million in 2Q11. The
negative result reflects high input costs, including grain prices, and an oversupply which
prevented the transfer of costs to selling prices.
The poultry industry has been continuously reducing its production. This is a clear signal that
there is an imbalance between supply and demand, which has caused negative margins
across the industry. This is expected to normalize in 2012. Moreover, inventory levels are
returning to the industry historical average.

The Company has already captured US$295 million in operational improvements, from an
estimated total of US$400 million, which minimized the impact of the increase in production
costs. PPC remains optimistic about chicken prices recovery for the next year based in industry
fundaments and also reinforces the success that it has been obtaining by substituting 12
months fixed prices contracts by modified contracts with more flexible shorter periods.

Highlights (US GAAP)
US$ million
3Q11
2Q11
%
3Q10
%
Net Revenue
1,891.2
1,992.7
-5.1%
1,719.9
10.0%
Adjusted EBITDA
(31.4)
(47.6)
-
170.0
-
EBITDA margin %
-1.7%
-2.4%
9.9%



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12
Results for 3Q11
JBS Mercosul, 25.1% of JBS S.A. Net Revenues

Net revenue of JBS Mercosul was R$3,906.7 million during 3Q11, an increase of 11.9% in
comparison to 3Q10, as a result of an increase in sales prices. In comparison with 2Q11, the
revenue increased 8.1%.

EBITDA was R$453.8 million in 3Q11, an increase of 21.4% in comparison with 3Q10. In relation to
2Q11 EBITDA increased 6.0%. EBITDA margin in the period was 11.6%.

JBS Mercosul result reflects the continuity of the work on operational improvements,
optimization of installed capacity in its plants and the expansion of sales of products with
higher aggregate value in the domestic market.

For the nine months of 2011, net revenue totaled R$11,126.2 million, 11.6% higher over the same
period of 2010, while EBITDA rose from R$1,060.4 million in 9M10 to R$1,190.0 million in 9M11, an
increase of 12.2%.

Highlights

R$ million
3Q11
2Q11
%
3Q10
%
Heads slaughtered (thousand)
1,716.3
1,772.7
-3.2%
1,661.8
3.3%
Net Revenue
3,906.7
3,615.3
8.1%
3,491.0
11.9%
EBITDA
453.8
427.9
6.0%
373.7
21.4%
EBITDA margin %
11.6%
11.8%
10.7%
Breakdown of Net Revenues
Domestic Market
3Q11
2Q11
%
3Q10
%
Net Revenue (million R$)
Fresh and Chilled Product
1,814.9
1,686.1
7.6%
1,523.1
19.2%
Processed Items
193.0
159.6
20.9%
124.5
55.0%
Others
528.7
457.4
15.6%
447.8
18.0%
TOTAL
2,536.6
2,303.1
10.1%
2,095.5
21.1%
Volume (thousand tons)
Fresh and Chilled Product
264.7
269.2
-1.7%
237.8
11.3%
Processed Items
36.6
34.0
7.6%
41.7
-12.1%
Others
240.2
227.4
5.6%
225.6
6.4%
TOTAL
541.4
530.6
2.0%
505.1
7.2%
Average Price (R$/Kg)
Fresh and Chilled Product
6.86
6.26
9.5%
6.40
7.1%
Processed Items
5.27
4.69
12.3%
2.99
76.4%
Others
2.20
2.01
9.5%
1.98
10.9%
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13
Results for 3Q11

JBS Mercosul, 25.1% of JBS S.A. Net Revenues
Breakdown of Net Revenues
Exports
3Q11
2Q11
%
3Q10
%
Net Revenue (million R$)
Fresh and Chilled Beef
884.5
822.1
7.6%
972.3
-9.0%
Processed Beef
201.6
189.6
6.3%
184.7
9.1%
Others
284.0
300.5
-5.5%
238.5
19.1%
TOTAL
1,370.1
1,312.2
4.4%
1,395.5
-1.8%
Volume (thousand tons)
Fresh and Chilled Beef
104.3
106.1
-1.7%
141.4
-26.2%
Processed Beef
19.1
19.6
-2.5%
24.2
-21.0%
Others
28.7
32.0
-10.3%
29.6
-2.9%
TOTAL
152.2
157.8
-3.5%
195.2
-22.0%
Average Price (R$/Kg)
Fresh and Chilled Beef
8.48
7.75
9.5%
6.88
23.3%
Processed Beef
10.55
9.67
9.1%
7.63
38.2%
Others
9.88
9.38
5.3%
8.06
22.6%
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14
Results for 3Q11

TABLES AND CHARTS


Graph I - JBS Consolidated Exports Distribution
US$ 2,374.2 million
3Q11
Taiwan 2.4%
China 4.4%
Canada 5.5%
South Korea 6.0%
Russia 7.0%
Others 17.9%
Hong Kong 7.2%
Mexico 14.5%
Africa and Middle East 14.0%
Japan 11.7%
E.U. 7.8%
Vietnam 1.6%
US$ 2,363.6 million
2Q11
Taiwan 2.7%
China 4.1%
Canada 4.8%
Hong Kong 6.8%
E.U. 6.9%
Others 16.0%
South Korea 7.7%
Japan 13.7%
Africa and Middle East 13.6%
Mexico 13.0%
Russia 9.5%
Vietnam 1.2%


Source: JBS
Table I - Breakdown of Production Costs by Business Unit (%)
3Q11 (%)
Consolidated
JBS Mercosul
USA Beef
USA Pork
USA Chicken
Raw material (livestock)
79.9%
85.7%
86.2%
83.9%
59.6%
Processing (including
ingredients and packaging)
10.6%
8.2%
5.9%
6.7%
24.0%
Labor Cost
9.5%
6.1%
7.9%
9.4%
16.4%







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15
Results for 3Q11








To Contact JBS:
Head Office
Avenida Marginal Direita do Tietê, 500
CEP: 05118-100 ­ São Paulo ­ SP
Brazil
Phone: (55 11) 3144-4000
Fax: (55 11) 3144-4279
www.jbs.com.br
Investor Relations
Phone: (55 11) 3144-4447
E-mail:
ir@jbs.com.br
www.jbs.com.br/ir













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16
Results for 3Q11
CONSOLIDATED FINANCIAL STATEMENT ­ JBS S.A.
JBS S.A.
Balance sheets
(In thousands of Reais)
September 30,
2011
December 31,
2010
September 30,
2011
December 31,
2010
ASSETS
CURRENT ASSETS
Cash and cash equivalents
3,439,880
3,000,649
5,581,014
4,074,574
Trade accounts receivable, net
1,796,544
1,672,729
4,468,304
4,036,104
Inventories
1,488,333
1,109,472
5,475,929
4,476,934
Biological assets
-
-
362,811
417,028
Recoverable taxes
1,240,493
1,088,310
1,576,378
1,419,784
Prepaid expenses
16,105
13,844
122,976
107,825
Other investment and discontinued operations
-
504,002
-
504,002
Other current assets
365,819
161,066
659,467
351,817
TOTAL CURRENT ASSETS
8,347,174
7,550,072
18,246,879
15,388,068
NON-CURRENT ASSETS
Long-term assets
Credits with related parties
245,699
-
447,409
332,679
Judicial deposits and others
98,310
88,218
443,114
448,875
Recoverable taxes
563,745
553,770
626,218
616,297
Total long-term assets
907,754
641,988
1,516,741
1,397,851
Investments in subsidiaries
8,291,553
10,443,000
-
-
Property, plant and equipment, net
7,830,528
7,598,963
15,317,336
14,624,201
Intangible assets, net
9,532,280
9,531,739
12,542,009
12,425,499
25,654,361
27,573,702
27,859,345
27,049,700
TOTAL NON-CURRENT ASSETS
26,562,115
28,215,690
29,376,086
28,447,551
TOTAL ASSETS
34,909,289
35,765,762
47,622,965
43,835,619
Company
Consolidated
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17
Results for 3Q11
JBS S.A.
Balance sheets
(In thousands of Reais)
September 30,
2011
December 31,
2010
September 30,
2011
December 31,
2010
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable
640,420
566,982
2,948,485
2,962,395
Loans and financings
4,497,343
4,342,593
5,344,667
4,966,198
Income taxes
-
-
230,197
14,251
Payroll, social charges and tax obligation
443,641
375,600
1,251,605
1,095,687
Payables related to facilities acquisitions
11,180
45,746
11,180
45,746
Other current liabilities
507,370
509,482
357,596
332,208
TOTAL CURRENT LIABILITIES
6,099,954
5,840,403
10,143,730
9,416,485
NON-CURRENT LIABILITIES
Loans and financings
7,401,620
6,679,915
13,890,712
10,217,156
Convertible debentures
158
3,462,212
158
3,462,212
Payroll, social charges and tax obligation
-
-
341,942
317,633
Payables related to facilities acquisitions
2,410
5,144
2,410
5,144
Deferred income taxes
309,554
390,774
746,744
1,003,050
Provision for lawsuits risk
139,881
136,002
331,007
321,660
Debts with related parties
-
1,532,002
-
-
Other non-current liabilities
30,050
124,939
254,070
397,430
TOTAL NON-CURRENT LIABILITIES
7,883,673
12,330,988
15,567,043
15,724,285
SHAREHOLDERS' EQUITY
Capital stock
21,506,247
18,046,067
21,506,247
18,046,067
Capital transaction
(9,961)
(9,949)
(9,961)
(9,949)
Capital reserve
390,347
500,775
390,347
500,775
Revaluation reserve
102,763
106,814
102,763
106,814
Profit reserves
1,511,246
1,511,246
1,511,246
1,511,246
Valuation adjustments to shareholders' equity in subsidiaries
(3,976)
(1,719)
(3,976)
(1,719)
Accumulated translation adjustments in subsidiaries
(2,473,764)
(2,558,863)
(2,473,764)
(2,558,863)
Retained earnings (loss)
(97,240)
-
(97,240)
-
Attributable to controlling interest
20,925,662
17,594,371
20,925,662
17,594,371
Attributable to noncontrolling interest
-
-
986,530
1,100,478
TOTAL SHAREHOLDERS' EQUITY
20,925,662
17,594,371
21,912,192
18,694,849
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
34,909,289
35,765,762
47,622,965
43,835,619
Company
Consolidated



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18
Results for 3Q11


JBS S.A.
Statements of income for the three-months period ended September 30, 2011 and 2010
(In thousands of Reais)
2011
2010
2011
2010
NET SALE REVENUE
3,327,232
3,104,689
15,567,759
14,069,599
Cost of goods sold
(2,536,025)
(2,418,238)
(13,873,600)
(12,291,272)
GROSS INCOME
791,207
686,451
1,694,159
1,778,327
OPERATING INCOME (EXPENSE)
General and administrative expenses
(151,449)
(143,967)
(442,832)
(362,491)
Selling expenses
(330,290)
(281,760)
(812,567)
(699,374)
Financial expense, net
(313,098)
(139,210)
(519,482)
(363,072)
Equity in earnings of subsidiaries
(82,353)
65,410
-
-
Other income (expenses), net
17,827
(40,801)
4,006
(62,439)
(859,363)
(540,328)
(1,770,875)
(1,487,376)
INCOME (LOSS) BEFORE TAXES
(68,156)
146,123
(76,716)
290,951
Current income taxes
653
701
(79,611)
(58,288)
Deferred income taxes
-
(3,387)
(26,375)
(66,245)
653
(2,686)
(105,986)
(124,533)
NET INCOME (LOSS) OF THE PERIOD
(67,503)
143,437
(182,702)
166,418
ATTRIBUTABLE TO:
Controlling interest
(67,503)
143,437
Noncontrolling interest
(115,199)
22,981
(182,702)
166,418
Net Income (loss) basic per thousand shares - in reais
(22.75)
56.86
(22.75)
56.86
Net Income (loss) diluted per thousand shares - in reais
(22.75)
47.55
(22.75)
47.55
Company
Consolidated












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19
Results for 3Q11


JBS S.A.
(In thousands of Reais)
2011
2010
2011
2010
Cash flow from operating activities
Net income (loss) of the period
(67,503)
143,437
(67,503)
143,437
Adjustments to reconcile net income to cash provided
. Depreciation and amortization
110,070
70,548
317,184
301,616
. Allowance for doubtful accounts
987
1,248
3,601
2,557
. Equity in earnings of subsidiaries
82,353
(65,410)
-
-
. Gain on assets sales
(12,661)
12,185
(9,225)
15,985
. Deferred income taxes
-
3,387
26,375
66,245
. Current and non-current financial charges
898,623
(266,536)
1,063,499
(93,760)
. Provision for lawsuits risk
1,007
3,529
(5,774)
(24,657)
1,012,876
(97,612)
1,328,157
411,423
Decrease (increase) assets
Trade accounts receivable
(115,476)
95,241
19,585
(75,893)
Inventories
(378,931)
(98,135)
(327,511)
(217,961)
Recoverable taxes
(38,782)
(88,135)
(15,377)
(156,606)
Other current and non-current assets
(152,148)
92,784
(102,233)
(241,815)
Related party receivable
(34,383)
-
(16,132)
151,248
Biological assets
-
-
210,174
(59,862)
Increase (decrease) liabilities
Trade accounts payable
33,261
195,806
(127,240)
(62,748)
Other current and non-current liabilities
101,459
(151,638)
163,118
(14,833)
Related party payable
-
(354,746)
-
-
Noncontrolling interest
-
-
(115,199)
22,981
Valuation adjustments to shareholders' equity in subsidiaries
-
-
(120,378)
50,560
Net cash provided by (used in) operating activities
427,876
(406,435)
896,964
(193,506)
Cash flow from investing activities
Additions to property, plant and equipment and intangible assets
(148,909)
(167,866)
(354,728)
(358,845)
Decrease (increase) in investments in subsidiaries
(45,824)
14,605
-
-
Net effect of working capital of acquired (merged) company
-
-
(34,584)
(212,572)
Net cash provided by (used in) investing activities
(194,733)
(153,261)
(389,312)
(571,417)
Cash flow from financing activities
Proceeds from loans and financings
2,219,061
2,282,806
5,861,414
2,538,563
Payments of loans and financings
(2,344,303)
(817,808)
(5,916,356)
(877,297)
Debentures payment
(1,874)
-
(1,874)
-
Capital increase
-
(18,889)
-
(18,889)
Capital transactions
(11)
(9,949)
(11)
(9,949)
Shares acquisition of own emission
(11,011)
(5,331)
(11,011)
(5,331)
Net cash used in financing activities
(138,138)
1,430,829
(67,838)
1,627,097
Effect of exchange variation on cash and cash equivalents
-
-
181,015
25,190
Variance in cash and cash equivalents
95,005
871,133
620,829
887,364
Cash and cash equivalents at the beginning of the period
3,344,875
1,781,236
4,960,185
3,515,090
Cash and cash equivalents at the end of the period
3,439,880
2,652,369
5,581,014
4,402,454
Statements of cash flows for the three-months period ended September 30, 2011
Company
Consolidated

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20
Results for 3Q11


DISCLAIMER
This release contains forward-looking statements relating to the prospects of the business, estimates
for operating and financial results, and those related to growth prospects of JBS. These are merely
projections and, as such, are based exclusively on the expectations of JBS' management
concerning the future of the business and its continued access to capital to fund the Company's
business plan. Such forward-looking statements depend, substantially, on changes in market
conditions, government regulations, competitive pressures, the performance of the Brazilian
economy and the industry, among other factors and risks disclosed in JBS' filed disclosure
documents and are, therefore, subject to change without prior no