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1
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3rd Quarter 2008 Results




São Paulo, November 3, 2008
São Paulo, November 3, 2008
São Paulo, November 3, 2008
São Paulo, November 3, 2008- JBS S.A. ("JBS") (Bovespa: JBSS3), the world's largest producer and exporter
of beef announces today its third quarter results for 2008. The information used to find the results of the third-
quarter date from 06/30/08 (2nd quarter 2008), 09/30/08 (3rd quarter 2008) and 09/30/07 (3rd quarter
2007).

The consolidated results of JBS are presented in Reais (R$) and when separately analyzed each business sector
divulges its results in the currency of its respective country. The operations of JBS Australia are an integrated
component of the subsidiary JBS USA and both results refer to the period of 13 weeks ending September 28,
2008.

THIRD QUARTER HIGHLIGHTS
THIRD QUARTER HIGHLIGHTS
THIRD QUARTER HIGHLIGHTS
THIRD QUARTER HIGHLIGHTS
The best quarterly consolidated results in the history of the Company with EBITDA of R$470.5 millions,
and net revenue of R$7,771.5 millions and profit of R$694.0 millions.
JBS USA Beef also performed at an historic level and confirmed the awaited increase in the EBITDA
margin from 5.1% in the 2Q08 to 5.6% in the 3Q08.
There was a significant increase in the EBITDA margin in the pork business in the United States from
3.2% in the 2Q08 to 7.6% in the 3Q08.
In Brazil the net revenues grew 27.6% and underwent a considerable recuperation of the EBITDA
margin of 5.5% in the 2Q08 to 6.2% in the 3Q08.
An important increase in the export volumes of Argentina, coupled with an increase in local market
sales, resulted in better margins in this respective market. The EBITDA was $19.6 million Argentine
pesos in the 3Q08 compared with -$11.7 million Argentine pesos in 2Q08.
R$ million
R$ million
R$ million
R$ million
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net Revenue
Net Revenue
Net Revenue
Net Revenue
7,771.5
7,771.5
7,771.5
7,771.5
7,129.5
7,129.5
7,129.5
7,129.5
9.0%
9.0%
9.0%
9.0%
5,233.6
5,233.6
5,233.6
5,233.6
48.5%
48.5%
48.5%
48.5%
Cost of Goods Sold
-6,830.5
-6,435.7
6.1%
-4,744.5
44.0%
EBITDA
EBITDA
EBITDA
EBITDA
JBS USA Beef (US$)
155.6
132.9
17.1%
-11.6
1441.6%
JBS USA Pork (US$)
52.1
19.9
161.8%
15.5
236.1%
INALCA JBS (Euro)
7.6
7.5
1.0%
-*
-*
JBS Brasil (R$)
91.5
63.0
45.3%
175.8
-47.9%
JBS Argentina ($ Pesos)
19.6
-11.7
-
2.5
673.0%
Consolidated EBITDA
Consolidated EBITDA
Consolidated EBITDA
Consolidated EBITDA
470.5
290.8
61.8%
174.9
169.1%
EBITDA Margin
6.1%
4.1%
3.3%
Net financial income
Net financial income
Net financial income
Net financial income
408.7
-508.8
-
-189.0
-
Net Income (Loss)
Net Income (Loss)
Net Income (Loss)
Net Income (Loss)
694.0
694.0
694.0
694.0
-364.4
-364.4
-364.4
-364.4
-
-78.3
-78.3
-78.3
-78.3
-
Net Debt/EBITDA
Net Debt/EBITDA
Net Debt/EBITDA
Net Debt/EBITDA
2.3x
2.3x
2.3x
2.3x
2.8x
2.8x
2.8x
2.8x
3.3x
3.3x
3.3x
3.3x
Profits per Share
Profits per Share
Profits per Share
Profits per Share
0.49
0.49
0.49
0.49
-0.26
-0.26
-0.26
-0.26
-
-0.07
-0.07
-0.07
-0.07
-
· The INALCA acquisition was concluded in 03/03/2008, so it didn't belong to JBS in the 3Q08.



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3rd Quarter 2008 Results
ME
ME
ME
MESSAGE FROM THE PRESIDENT
SSAGE FROM THE PRESIDENT
SSAGE FROM THE PRESIDENT
SSAGE FROM THE PRESIDENT


Speculation about the duration of and the actual impact of the "global crisis" has resulted in a never seen
before increase in the volatility of the capital markets. This scenario of instability is seen by us here at JBS as a
unique opportunity to demonstrate our competency, solidarity, and risk management skills that have resulted in
our current stable financial situation. Furthermore, this demonstrates our ability to operate in both stable and
adverse financial scenarios.

Our experiences and statistical studies of elasticity have proven that during past global crisis the consumption
of beef was not reduced, and moreover we believe that the demand for our products will continue to be strong
and with positive results for the upcoming quarters.

Some effects of this crisis, for example the movement of the exchange rate, have brought the company
important benefits. The currency movement resulted in the valuation of assets from outside Brazil and
contributed to the financial success of JBS, considering that over 80% of, our revenue is in US Dollars and
almost all our debt is in Reais. We could also have operational advantages due to our diversified production
platform which permitted us to maximize return in each region.

The third quarter of 2008 was of great importance for JBS presenting the greatest quarterly results in the history
of our company. The results, the EBITDA and the operating profits reached historic levels. We see this as a
great accomplishment especially considering the current uncertainty faced during the ongoing financial crisis.

During the same period we can observe and confirm the cycle of positive results in the American Beef market,
where JBS USA besides improving margins significantly increased its export, entering into new markets such as
South Korea and Russia as well as an increased demand of Japan, Canada, Mexico and Vietnam.

Also in the United States, on October 23rd, we completed the acquisition of the assets and beef processing
operations of Smithfield Beef, which from now on will be known as JBS Packerland. In addition, we acquired
the Five Rivers feedlot operations which will now be called JBS Five Rivers. As we do not agree with the US
Department of Justice decision to impede the acquisition of National Beef Packing Company LLC, we will
vigorously defend our position within the US judicial system.

In Brazil we continue growing and increasing our sales and participation in the market. We have maintained
our slaughter volumes with the same levels as last quarter, regardless of the shortage of available cattle in the
market. As a result, we have increased our participation in the total number of cattle slaughtered in Brazil
(Vide Graph I). Our EBITDA margin has considerably recovered, influenced by the lower levels of price
volatility of raw materials and better export results in both price and volume, assisted by the currency variations
that has made our product more competitive and in a global environment of strong demand.

Thanks to the removal of the limitations on the exports of industrialized beef products out of Argentina, a
considerable increase in margins and revenue are evidence of a turnaround in this market.

Taking into consideration the important participation that we have in the US market and in line with our global
expansion and with our desire to reach out to investors abroad, we initiated our ADR (American Depositary
Receipt) Level 1 program. This will increase our exposure and liquidity, generating more value for our shares.

We at JBS consider Human Capital our greatest worth and recognize the importance of the efficiency and
dedication of all our more than 55 thousand collaborators for the success of our company. It is only with these
people that we can spread our experience, knowledge and values through all our production and distribution
platforms in 21 countries.
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3
3
3rd Quarter 2008 Results

I would like to finalize by thanking these collaborators for their dedication as well as thanking all our clients,
suppliers and investors. Regardless of the uncertainties of the present time, I feel extremely confident about the
ongoing success of JBS and of our beef market generating good results over the coming quarters.


Joesley Mendonça Batista
President








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3rd Quarter 2008 Results
STOCK PERFORMANCE
STOCK PERFORMANCE
STOCK PERFORMANCE
STOCK PERFORMANCE (
(
(
(JBSS3
JBSS3
JBSS3
JBSS3))))

50
75
100
125
150
175
Jan-08
Feb-08
Mar-08
Apr-08
May-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
JBS
Ibovespa
Source: Bloomberg (100 = 01/02/08)
The shares of the Company performed positively in the period from March to June this year, but were
penalized during the 3Q08 accompanying the tendency of the market due to the global financial crises.

Since the shares became part of the Ibovespa Index in may 2008, the liquidity increased from a average daily
financial volume of R$17 million in the period March, April 2008 to R$23 million Reais between May and
September 2008, an increase of 35,3%.























































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5
3rd Quarter 2008 Results








ANALYSIS OF THE CONSOLIDATED RESULTS
ANALYSIS OF THE CONSOLIDATED RESULTS
ANALYSIS OF THE CONSOLIDATED RESULTS
ANALYSIS OF THE CONSOLIDATED RESULTS





The consolidated analysis of the principal operational indicators of JBS
The consolidated analysis of the principal operational indicators of JBS
The consolidated analysis of the principal operational indicators of JBS
The consolidated analysis of the principal operational indicators of JBS
R $ m illion
R $ m illion
R $ m illion
R $ m illion
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue
Net R ev enue
Net R ev enue
Net R ev enue
7,771.5
7,771.5
7,771.5
7,771.5
7,129.5
7,129.5
7,129.5
7,129.5
9.0%
9.0%
9.0%
9.0%
5,233.6
5,233.6
5,233.6
5,233.6
48.5%
48.5%
48.5%
48.5%
Cos t of Goods S old
-6,830.5
-6,435.7
6.1%
-4,744.5
44.0%
Gros s R ev enu e
Gros s R ev enu e
Gros s R ev enu e
Gros s R ev enu e
941.0
941.0
941.0
941.0
693.8
693.8
693.8
693.8
35.6%
35.6%
35.6%
35.6%
489.1
489.1
489.1
489.1
92.4%
92.4%
92.4%
92.4%
S elling E x pens es
-402.4
-363.9
10.6%
-257.5
56.3%
General and Adm. E x pens es
-120.8
-96.4
25.3%
-101.0
19.6%
Net F inancial Income
408.7
-508.8
-
-189.0
-
Amortiz ation of Goodwill
-44.7
-45.1
-0.8%
-0.4
11083.3%
Non-recurring E x pens es
-35.7
0.0
-
-1.7
1999.5%
Operatin g Incom e
Operatin g Incom e
Operatin g Incom e
Operatin g Incom e
746.1
746.1
746.1
746.1
-320.4
-320.4
-320.4
-320.4
-
-60.5
-60.5
-60.5
-60.5
-
Non-operating Income
4.5
4.2
6.1%
5.0
-10.9%
T ax es and S ocial Contribution
-56.9
-48.4
17.6%
-25.5
123.2%
Minority Interes t
0.36
0.20
81.0%
2.70
-86.6%
Net In come (L os s )
Net In come (L os s )
Net In come (L os s )
Net In come (L os s )
694.0
694.0
694.0
694.0
-364.4
-364.4
-364.4
-364.4
-
-78.3
-78.3
-78.3
-78.3
-
E B IT DA
E B IT DA
E B IT DA
E B IT DA
470.5
470.5
470.5
470.5
290.8
290.8
290.8
290.8
61.8%
61.8%
61.8%
61.8%
174.9
174.9
174.9
174.9
169.1%
169.1%
169.1%
169.1%
E B IT DA Margin
E B IT DA Margin
E B IT DA Margin
E B IT DA Margin
6.1%
6.1%
6.1%
6.1%
4.1%
4.1%
4.1%
4.1%
3.3%
3.3%
3.3%
3.3%


Number of Head Slaughtere
Number of Head Slaughtere
Number of Head Slaughtere
Number of Head Slaughtered and Sales Volume
d and Sales Volume
d and Sales Volume
d and Sales Volume
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Heads Killed (thousand)
Heads Killed (thousand)
Heads Killed (thousand)
Heads Killed (thousand)
Cattle
2,954.4
2,885.0
2.4%
2,417.4
22.2%
Pork
3,240.2
3,083.2
5.1%
2,951.3
9.8%
Smalls
528.8
372.3
42.1%
112.4
370.7%
Volume Sold (thousand tons)
Volume Sold (thousand tons)
Volume Sold (thousand tons)
Volume Sold (thousand tons)
-
-
-
-
-
-
-
-
-
-
-
-
Domestic Market
Domestic Market
Domestic Market
Domestic Market
1,148.2
1,148.2
1,148.2
1,148.2
1,088.0
1,088.0
1,088.0
1,088.0
5.5%
5.5%
5.5%
5.5%
858.4
858.4
858.4
858.4
33.8%
33.8%
33.8%
33.8%
Fresh and Chilled Beef
991.0
955.3
3.7%
723.5
37.0%
Processed Beef
31.2
33.8
-7.7%
29.8
4.5%
Others
126.1
98.9
27.5%
105.1
20.0%
Exports
Exports
Exports
Exports
453.5
453.5
453.5
453.5
461.1
461.1
461.1
461.1
-1.7%
-1.7%
-1.7%
-1.7%
322.7
322.7
322.7
322.7
40.5%
40.5%
40.5%
40.5%
Fresh and Chilled Beef
429.3
437.4
-1.9%
290.8
47.6%
Processed Beef
24.2
23.7
-
31.9
-
TOTAL
TOTAL
TOTAL
TOTAL
1,601.7
1,601.7
1,601.7
1,601.7
1,549.1
1,549.1
1,549.1
1,549.1
3.4%
3.4%
3.4%
3.4%
1,181.2
1,181.2
1,181.2
1,181.2
35.6%
35.6%
35.6%
35.6%

During the third quarter of 2008, JBS obtained the best consolidated quarterly result in the history of the
Company, with revenue, EBITDA and net profits reaching record levels. This is proof that the Company's
strategy of having diversified production platforms in the main beef producing countries protected JBS from the
inherent risks of the business, among which are costs, availability of raw material, sanitary and commercial
barriers, economic variables, exchange rates and government intervention.


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3rd Quarter 2008 Results

EBITDA maintained the momentum of the significant growth of the previous quarter increasing 61.8% from
R$290.8 million in the 2Q08 to R$470.5 million in the 3Q08. This same momentum can be observed in the
net revenue which went from R$7,129.5 million to R$7,771.5 million.




591.1
94.8
176.3
290.8
470.5
6.1%
3.0%
4.1%
1.4%
4.2%
12M07
4Q07
1Q08
2Q08
3Q08
14,141.6
6,650.7
5,859.1
7,129.5
7,771.5
12M07
4Q07
1Q08
2Q08
3Q08
E BIT DA Margin(%)
-11.9%
86.0%
21.7%
64.5%
9.0%
61.8%



Source: JBS
Without considering the acquisitions of National Beef and Smithfield Beef.








Debt
Debt
Debt
Debt
R$ Million
R$ Million
R$ Million
R$ Million
09/30/2008
09/30/2008
09/30/2008
09/30/2008
06/30/2008
06/30/2008
06/30/2008
06/30/2008
Var.%
Var.%
Var.%
Var.%
Total Net Debt
Total Net Debt
Total Net Debt
Total Net Debt
2,496.0
2,496.0
2,496.0
2,496.0
2,197.7
2,197.7
2,197.7
2,197.7
13.6%
13.6%
13.6%
13.6%
Cash and Marketable Secuirites
2,255.6
2,469.9
-8.7%
Short term
1,949.9
2,322.9
-16.1%
Long term
2,801.7
2,344.7
19.5%
Total Debt
Total Debt
Total Debt
Total Debt
4,751.6
4,751.6
4,751.6
4,751.6
4,667.6
4,667.6
4,667.6
4,667.6
1.8%
1.8%
1.8%
1.8%
Net Debt/EBITDA*
Net Debt/EBITDA*
Net Debt/EBITDA*
Net Debt/EBITDA*
2.3x
2.3x
2.3x
2.3x
2.8x
2.8x
2.8x
2.8x
* Last 12 months till 09/2008
The JBS debt is made up primarily of working capital credit lines and by notes (Reg.S and 144A) amounting to
the total face value of U$575 million with expiry in 2011 and 2016, U$275 million of which issued at an
annual interest rate of 9,375%, payable quarterly and U$300 million at an annual interest rate of 10.50%
payable biannually.

In view of the various aspects of the financial structure of JBS and of its conservative nature and taking into
consideration the present global economic instability, it is important to highlight the proportionality of the debt
of the Company when compared with its capacity to generate cash. The net debt of R$2.496,0 million of JBS
represents revenue of one month of the Company, 2.3x EBITDA and is less than the Company's working
capital needs of R$2,865.9 million. See table comparing the company with its Brazilian and American peers:

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3rd Quarter 2008 Results

Liquidity Analysis
Liquidity Analysis
Liquidity Analysis
Liquidity Analysis
Balance Sheet*
JBS S.A.
Brazilian Peers
(average)
USA Peers
(average)
ASSETS
R$ (million)
R$ (million)
US$ (million)
Cash, cash equivalents and Short-term investments
#
2.256
1.223
57
Trade accounts receivable, net
##
2.169
623
1.017
Inventories
##
2.381
988
2.776
Prepaid expenses and other
##
326
100
215
Total Permanent assets
##
4.995
2.312
3.493
LIABILITIES
R$ (million)
R$ (million)
US$ (million)
Loans and financings Short Term
#
1.950
1.234
297
Payroll, social charges
##
299
192
0
Trade accounts payable
##
1.410
527
1.369
Other current liabilities
##
186
134
384
Loans and financings Long Term
#
2.802
2.072
3.158
Other non-current liabilities
##
114
121
531
Net Sale Revenue **
##
29.979
5.590
20.187
Ebitda **
##
1.079
596
653
Ebitda Margin (%)
#
3,60%
10,66%
3,24%
Working Capital
#
2.866
718
1.726
Net Debt
#
2.496
2.083
3.398
( Deficit ) or Surplus
#
370
(1.365)
(1.672)
Net Debt / Ebitda**
#
2,3x
3,5x
5,2x
Net Debt / Net Sale Revenue (per month)**
#
1,0 month
4,5 months
2,0 months
*Last published information of the companies and JBS pro-forma Sep´08 (including JBS USA, Tasman and 50% of INALCA)
**LTM
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3rd Quarter 2008 Results
Short Term Debt Detailed
Short Term Debt Detailed
Short Term Debt Detailed
Short Term Debt Detailed

The Administration of the Company is secure that even if the present financial crisis has not abated until the
next quarter the Company will not have difficulties in refinancing its short term debt and believes that in the
final analysis there will be a possible increase in the cost of the debt. The Company did a sensitivity analysis
considering firstly a probable scenario and secondly a pessimistic one in relation to the renewal of its short
term financing facilities.


Probable Scenario
Probable Scenario
Probable Scenario
Probable Scenario




Having contacted the main partnership banks of JBS, the Company received confirmation of the renewal of the
short term credit lines and, thus, can estimate the following scenario:
4Q081Q092Q093Q09 Total
%**
4Q08
1Q09
2Q09
3Q09
Financing for purchase of fixed assets
FINAME / FINEM - Enterprise financing
48
12
12
12
84
100%
48
12
12
12
Notes Payable
2 - - -
2
100%
2
0
0
0
Sub Total 1
50
12
12
12
86
100%
50
12
12
12
Loans for working capital purposes
ACC - Exchange advance contracts
116
174
216
122
628
0% - - - -
EXIM - BNDES export credit facility
103
69
0
0
172
0% - - - -
Fixed Rate Notes with final maturity in February 2011
7 - - -
7
100%
7 - - -
Working Capital - American Dollars *
7
22
24
17
70
75%
5
16
18
13
Working Capital - Australian Dollars
- -
97 -
97
0% - - - -
Working Capital - Euros
218 - - -
218
0% - - - -
Working Capital - Reais
101 - - -
101
0% - - - -
Export prepayment
5
130
13
13
161
0% - - - -
Fixed Rate Notes with final maturity February 2016 (144-A)
- 10 - -
10
100% - 10 - -
NCE / COMPROR
63
245 -
92
400
0% - - - -
Sub Total 2
622 649 350 244 1.864
4%
12
26
18
13
Total
672 661 362 255 1.950
8%
62
38
30
24
Amortization of Short Term Debt
Cash, cash equivalents and Short-term investments 3rd Quarter 2008 ***
2.256
2.194 2.156 2.126 2.101
EBITDA 3rd Quarter 2008
471
Short Term Debt
Short Term Debt
Amortization
155
Obs: The Finame, Finem and Finimp credit lines are automatically liquidated, meaning they are paid on expiry and are not renewable
Trade finance, Working Capital and other credit lines are interchangeable, meaning they can be refinanced but not necessarily in the same
category under which they were initially contracted.
*Including Finimp
**Percentage to be paid in the period
***Simulation of the availabilities and applications after the amortizations programmed for the respective quarter without taking into
consideration cash to be generated in future quarters.
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3rd Quarter 2008 Results
Pessimistic Scenario
Pessimistic Scenario
Pessimistic Scenario
Pessimistic Scenario




Considering a possible deterioration of the present credit crisis the Financial Department of the Company
prepared the following table:
4Q081Q092Q093Q09 Total
%**
4Q08
1Q09
2Q09
3Q09
Financing for purchase of fixed assets
FINAME / FINEM - Enterprise financing
48
12
12
12
84
100%
48
12
12
12
Notes Payable
2 - - -
2
100%
2
0
0
0
Sub Total 1
50
12
12
12
86
100%
50
12
12
12
Loans for working capital purposes
ACC - Exchange advance contracts
116
174
216
122
628
20%
23
35
43
24
EXIM - BNDES export credit facility
103
69
0
0
172
20%
21
14
0
0
Fixed Rate Notes with final maturity in February 2011
7 - - -
7
100%
7
0
0
0
Working Capital - American Dollars *
7
22
24
17
70
75%
5
16
18
13
Working Capital - Australian Dollars
- -
97 -
97
0%
0
0
0
0
Working Capital - Euros
218 - - -
218
0%
0
0
0
0
Working Capital - Reais
101 - - -
101
30%
30
0
0
0
Export prepayment
5
130
13
13
161
20%
1
26
3
3
Fixed Rate Notes with final maturity February 2016 (144-A)
- 10 - -
10
100%
0
10
0
0
NCE / COMPROR
63
245 -
92
400
20%
13
49
0
18
Sub Total 2
622 649 350 244 1.864
20%
100
149
64
58
Total
672 661 362 255 1.950
23%
150
162
76
70
Amortization of Short Term Debt
Cash, cash equivalents and Short-term investments 3rd Quarter 2008 ***
2.256
2.106 1.944 1.868 1.799
EBITDA 3rd Quarter 2008
471
Short Term Debt
Short Term Debt
Amortization
457
Obs: The Finame, Finem and Finimp credit lines are automatically liquidated, meaning they are paid on expiry and are not renewable
Trade finance, Working Capital and other credit lines are interchangeable, meaning they can be refinanced but not necessarily in the same
category under which they were initially contracted.
*Including Finimp
**Percentage to be paid in the period
***Simulation of the availabilities and applications after the amortizations programmed for the respective quarter without taking into
consideration cash to be generated in future quarters.











































































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10
10
10
10
3rd Quarter 2008 Results
Leverage
Leverage
Leverage
Leverage

The increase in the value of the United States dollar has improved the financial leverage of the Company,
representing a reduction of approximately 0.5x net debt/EBITDA, taking into consideration that today JBS
obtains over 80% of its revenue in US Dollars while the vast majority of its debt is in Brazilian Real.

Without taking into consideration the acquisitions of National Beef and Smithfield Beef, the relation between
net debt and EBITDA (last 12 months pro-forma) is negatively impacted due to weak results in the last quarter
of 2007 and the first quarter of 2008. The probability of better results in the last quarter of 2008 and the first
quarter of 2009 will result in a significant reduction in the net debt/EBITDA ratio.
Source: JBS



95
176
291
X
471
2.8
2.3
2.9
3.7
4Q07
1Q08
2Q08
3Q08
4Q08e
Net Debt/ EBITDA
Exchange rates:
R$ / US$ = 1.91 ­ 09/30/2008
US$ / $ = 1.41 ­ 09/30/2008
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11
11
11
11
3rd Quarter 2008 Results
Variation in the e
Variation in the e
Variation in the e
Variation in the exchange
xchange
xchange
xchange rates
rates
rates
rates of the permanent investments in foreign currency, g
of the permanent investments in foreign currency, g
of the permanent investments in foreign currency, g
of the permanent investments in foreign currency, goodwill amortization and
oodwill amortization and
oodwill amortization and
oodwill amortization and
Hedge
Hedge
Hedge
Hedge




The consolidated results of the third quarter are influenced by accounting standards (exchange rate on
investments in foreign currency and amortization of goodwill in the purchase of JBS USA and SB Holding, Inc.,
which is worth emphasizing, does not affect the payment of dividends) and financial aspects (profits with
derivative financial instruments to protect the amount of foreign exchange for investment in the acquisition of
Smithfield Beef and National Beef). The impact of the exchange rates on the consolidated financial results is
approximately R$ 423.9 million in 3Q08. It is important to highlight that exchange variations do not have a
cash effect on the Company, and as such, do not impact the EBITDA for the period.

Hed
Hed
Hed
Hedge Policy
ge Policy
ge Policy
ge Policy

JBS has a department responsible for controlling and managing their financial risks that include currency
variation, domestic and foreign interest rates volatility, liquidity risk and commodity price exposures related to
the Company's business. For this, it uses management devices such as analysis of the macro-economic
scenario, stress test, VAR (Value at Risk), IT systems and software of proven market quality and approved by
market professionals of recognized ability of measurement, analysis and management of such risks.

The Financial (loans and applications), Commercial (exports), Supplies and Origination (imports and cattle
purchasing) Departments are obliged to "nullify" their daily positions in a unitransactional manner (transaction
to transaction), thus being unable to expose the Company to any risk, in either currency, financial interest or
commodities, in any of these departments of the Company.

As a result of this structure, JBS does not recognize the existence/efficiency of the so called "natural hedge" at
times of high market unpredictability, performing its transactions and operations directly in BM&F (Futures and
Mercantile Stock Exchange) not dealing in double index or other such operations.

As decided by the Board of Directors of JBS, the Company does not hedge investments made in foreign
companies. Similarly the Board decided that funds with the Company awaiting acquisitions/investments in
foreign countries should be hedged.




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12
12
12
12
3rd Quarter 2008 Results
C
C
C
Capital Expenditure
apital Expenditure
apital Expenditure
apital Expenditure





In the 3Q08, the Company's total capital expenditure on property, plant and equipment, not including
acquisitions, was R$ 276.1 million.

JBS USA
JBS USA
JBS USA
JBS USA ­
­
­
­ Beef Business Unit
Beef Business Unit
Beef Business Unit
Beef Business Unit
Improvements of effluent treatment installations in the Grand Island plant.
Investments in the Dumas plant in equipment for ground beef processing, and in the hide treatment
room and in the tannery hide drums (phase 3).
Investments on Greeley factory in equipment for operational production efficiency gains.
Other investments, such as the acquisition of new equipment and maintenance of production facilities.


JBS USA
JBS USA
JBS USA
JBS USA ­
­
­
­ Pork Business Unit
Pork Business Unit
Pork Business Unit
Pork Business Unit
Realization of investments in the Marshalltown and Louisville units, in their casing plant, production line
and general maintenance.
Investments in a pork deboning system that utilizes carbon gas in the Worthington unit, and in
improvements to generate production efficiency gains.
Other investments, such as the acquisition of new equipment and maintenance of production facilities.

JBS
JBS
JBS
JBS Australia
Australia
Australia
Australia
Investments in plate freezing systems, refrigeration and processing of value added products in the
Dinmore factory.
Expansion of the processing installations of green and red offal in the Beef City plant.
Other investments, such as the acquisition of new equipment and maintenance of production facilities.

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13
13
13
13
3rd Quarter 2008 Results
INALCA JBS
INALCA JBS
INALCA JBS
INALCA JBS

Investments in a new factory in Odinzovo (Moscow, Russia) dedicated to food service operations and
the production of hamburgers. This plant is due to go into operation in the first quarter of 2009.
Investments in the Ospedaletto plant to incorporate the Realfood 3 production facility of Piacenza used
for deboning that was closed in the end of May 2008 and small investments in the Castelvetro plant.
Enlargement of the distribution center of Piacenza used for deboning and the production of case ready
products for Italian retail companies.
Increase in the ham slicing capacity and the production of cured meats at the Gazoldo Degli Ippoliti
(Mantova) plant, which is owned by the subsidiary Montana Alimentari S.p.A..
Increase in the production capacity at the Busseto (Parma) facility.
Small investments in logistics facilities in Angola (Luanda) and in the Democratic Republic of Congo
(Kinshasa) to increase its storing capacity.
Investments in a Cold Store in Algeria.
Other investments, such as the acquisition of new equipment and maintenance of production facilities.

JBS Brasil
JBS Brasil
JBS Brasil
JBS Brasil
Increasing the slaughtering and deboning capacity of the unit in Barra do Garças, Mato Grosso, from
1,300 heads/day to 2,500 heads/day. The first phase of the expansion has already been concluded
and its current capacity is 2,000 heads/day.
Increasing the slaughtering and deboning capacity of the unit in Campo Grande, Mato Grosso do Sul
from 1,300 heads/day to 3,000 heads/day.
Increasing the slaughtering and deboning capacity of the unit in Vilhena, Rondônia, from 900
heads/day to 2,200 heads/day. Deboning operations are already under way.
Other investments, such as the acquisition of new equipment and maintenance of production facilities.











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14
14
14
14
3rd Quarter 2008 Results
The Smithfield Beef A
The Smithfield Beef A
The Smithfield Beef A
The Smithfield Beef Acquisition
cquisition
cquisition
cquisition

On October 23, 2008, JBS completed the purchase of the beef unit of Smithfield Group (Smithfield Beef) as
well as their feedlot operations known as Five Rivers (Five Rivers) for approximately US$565.0 million in cash.
Payment was made using Company funds and from today onwards Smithfield Beef will be known as "JBS
Packerland" and Five Rivers as "JBS Five Rivers".




Consolidated Company Including JBS Packerland (US$ million)
Consolidated Company Including JBS Packerland (US$ million)
Consolidated Company Including JBS Packerland (US$ million)
Consolidated Company Including JBS Packerland (US$ million)



an d F iv e R iv ers
an d F iv e R iv ers
an d F iv e R iv ers
an d F iv e R iv ers
In tegrated
In tegrated
In tegrated
In tegrated
Net R evenue (US $ mm)
15,660.4
3,033.3
18,693.7
E B IT DA (US $ mm)
563.9
139.3
703.2
E B IT DA Margin
3.6%
4.6%
3.8%
Cas h (US $ mm)
1,178.3
-390.0
788.3
Gros s Debt (US $ mm)
2,482.2
0.0
2,482.2
Net Debt (US $ mm)
1,303.9
0.0
1,693.9
Net Debt / E B IT DA
2.3x
0.0x
2.4x
S laughter Capacity (thous and heads /day)
57.6
7.6
65.2
Units
98
16
114
E mployees
48,991.0
6,370.0
55,361.0
Exchange rates:
R$ / US$ = 1.91 ­ 09/30/2008
Source: Company Estimates
JBS ­ annual report, quartely reports - Pro-forma LTM Set08 (including JBS USA, Tasman and 50% of Inalca)
Smithfield Beef ­ Managerial numbers LTM Set08 and 100% of Five Rivers LTM Set08

The National Beef Acquisition
The National Beef Acquisition
The National Beef Acquisition
The National Beef Acquisition




JBS acknowledge that the Department of Justice of the United States has filed a complaint in the United States
Federal District Court in Chicago in objection to the purchase of National Beef Packing Company, LLC. from
US Premium Beef, LLC. JBS S.A. plans to vigorously defend the Department of Justice lawsuit.

On March 5, 2008, JBS announced the acquisition of National Beef for a total enterprise value of
approximately US$970.0 million. Under the terms of the Membership Interest Purchase Agreement, JBS will
acquire all of the outstanding membership interests of National Beef. JBS will pay the members of National
Beef total proceeds of approximately US$465.0 million cash and US$95.0 million in JBS common stock. JBS
will assume all of National Beef's debt and other liabilities at closing. The sale will combine all of National
Beef's operations and facilities, including National Carriers, Inc., and its ownership in Kansas City Steak
Company, LLC. with JBS USA's beef operations.


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15
15
15
15
3rd Quarter 2008 Results
Shareholders
Shareholders
Shareholders
Shareholders Structure
Structure
Structure
Structure
Shareholders
Shareholders
Shareholders
Shareholders
Number of Shares
Number of Shares
Number of Shares
Number of Shares
%
J & F Participações S.A.
632,781,603
44.0%
ZMF Fundo de Investimentos em Participações
87,903,348
6.1%
Shares in Treasury
26,822,800
1.9%
Free Float
BNDES Participações S.A. - BNDESPAR
186,891,800
13.0%
PROT - FIP
205,365,101
14.3%
Minority Stockholders
298,314,274
20.7%
Total of free float
690,571,175
48.0%
TOTAL
TOTAL
TOTAL
TOTAL
1,438,078,926
1,438,078,926
1,438,078,926
1,438,078,926
100.0%
100.0%
100.0%
100.0%
Position in 09/30/2008.



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16
16
16
16
3rd Quarter 2008 Results
ANALYSIS OF RESULTS BY BUSINESS UNIT
ANALYSIS OF RESULTS BY BUSINESS UNIT
ANALYSIS OF RESULTS BY BUSINESS UNIT
ANALYSIS OF RESULTS BY BUSINESS UNIT





The Beef Business Unit of JBS USA (including JBS Australia)
The Beef Business Unit of JBS USA (including JBS Australia)
The Beef Business Unit of JBS USA (including JBS Australia)
The Beef Business Unit of JBS USA (including JBS Australia)

The beef business unit of JBS USA is the main revenue generator of the Company representing 43% of the total
revenue. This business unit reached its best historical result besides confirming the tendency of the gradual
increase in the EBITDA margin which went from 5.1% in 2Q08 to 5.6% in 3Q08.

The net revenue in 3Q08 reached US$2,755.8 million, an increase of 4.8% when compared with 2Q08,
regardless of a minor reduction in the number of heads killed due to the end of the peak consumption period
in the Northern Hemisphere. This increase is due to an increment in revenue from exports (from US$846.3
million in the 2Q08 to US$ 880.5 million in the 3Q08) and to the increase in the average sales price (from
US$2.79/kilo in 2Q08 to US$3.12/kilo in 3Q08) both of which compensated a reduction in the revenue of
JBS Australia which was caused due to the devaluation of their Dollar.

The EBITDA margin of the beef business unit of JBS USA excluding JBS Australia was 5.3% in 3Q08, against
4.2% in 2Q08. The American beef business unit continues to improve its operational performance.


Evolution of the EBITDA Margins of JBS USA (Beef) Compared with its peers in
Evolution of the EBITDA Margins of JBS USA (Beef) Compared with its peers in
Evolution of the EBITDA Margins of JBS USA (Beef) Compared with its peers in
Evolution of the EBITDA Margins of JBS USA (Beef) Compared with its peers in the beef sector
the beef sector
the beef sector
the beef sector



-0.4%
1.3%
1.3%
3.6%
0.9%
0.9%
3.2%
-0.9%
2.3%
-5.3%
-0.7%
-0.4%
-1.7%
4.2%
5.3%
-1.3%
-1.2%
0.9%
0.7%
FY03*
FY04*
FY05*
FY06*
FY07*
3Q07**
4Q07**
1Q08**
2Q08**
3Q08**
Peers Average Beef USA
JBS Beef USA
J B S S .A . Management
J B S S .A . Management
J B S S .A . Management
J B S S .A . Management
P rev ious Managem en t
P rev ious Managem en t
P rev ious Managem en t
P rev ious Managem en t

Source: JBS and estimates of JBS based upon public data from peers
EBITDA margins of the Companies taking into consideration beef only in the US
*Fiscal years for the Companies differ one from the other:
FY Tyson: October to September
FY Smithfield: May to April
FY National Beef: September to August
FY JBS USA: June to May (altered after the acquisition)
**The relevant quarterly period and adjustments made to the calendar year
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17
17
17
17
3rd Quarter 2008 Results




Financial Highlights
Financial Highlights
Financial Highlights
Financial Highlights
US $ m illion
US $ m illion
US $ m illion
US $ m illion
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Heads Killed (thous and)
1,680.2
1,811.9
-7.3%
1,488.2
12.9%
Net R evenue
2,755.8
2,630.0
4.8%
2,017.9
36.6%
E B IT DA
155.6
132.9
17.1%
-11.6
-
E B IT DA Margin %
5.6%
5.1%
-0.6%


Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Domes tic Market
Domes tic Market
Domes tic Market
Domes tic Market
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
1,875.3
1,783.7
5.1%
1,447.2
29.6%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
574.9
582.5
-1.3%
423.1
35.9%
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
3.26
3.06
6.5%
3.42
-4.6%
E x ports
E x ports
E x ports
E x ports
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
880.5
846.3
4.0%
570.7
54.3%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
281.8
303.3
-7.1%
183.3
53.7%
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
3.12
2.79
12.0%
3.11
0.4%

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18
18
18
18
3rd Quarter 2008 Results





The Pork Business Unit of JBS USA
The Pork Business Unit of JBS USA
The Pork Business Unit of JBS USA
The Pork Business Unit of JBS USA

When analyzing the pork business unit of JBS USA one can observe an increase in production of 5.1% as the
market prepares for its period of greatest consumption in the US. The net revenue for the 3Q08 was
US$682.2 million, an increase of 10% in relation to 2Q08 which was US$619.9 million.

An increase in the average sales price added to a reduction in production costs resulted in a significant
operational margin improvement. The EBITDA of this business unit increased 161.8% from US$19.9 million in
2Q08 to US$52.1 million in the 3Q08.


Financial Highlights
Financial Highlights
Financial Highlights
Financial Highlights
US $ m illion
US $ m illion
US $ m illion
US $ m illion
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Animals Killed (thous and)
3,240.2
3,083.2
5.1%
2,951.3
9.8%
Net R evenue
682.2
619.9
10.0%
570.3
19.6%
E B IT DA
52.1
19.9
161.8%
15.5
236.1%
E B IT DA Margin %
7.6%
3.2%
2.7%


Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Domes tic Market
Domes tic Market
Domes tic Market
Domes tic Market
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
576.9
512.3
12.6%
501.0
15.1%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
268.9
266.8
0.8%
208.7
28.8%
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
2.15
1.92
11.7%
2.40
-10.6%
E x ports
E x ports
E x ports
E x ports
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
Net R ev enue (million US $)
105.3
107.6
-2.1%
69.3
51.9%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
41.8
50.4
-17.1%
27.8
50.7%
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
Av erage P ric e (US $/K g)
2.52
2.13
18.1%
2.50
0.8%







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19
19
19
19
3rd Quarter 2008 Results








The INALCA JBS Business Unit
The INALCA JBS Business Unit
The INALCA JBS Business Unit
The INALCA JBS Business Unit

The EBITDA of INALCA JBS had a significant increase of 13.1% resulting from a reduction in operational costs
partially due to the closure of the plant in Cadeo, whose production was transferred in its entirety to
Ospedaletto. The net revenue was 143.1 million, boosted by a good performance in the production and
sales of canned meats.

The international operations of INALCA JBS in Angola, Congo, Algeria and Russia performed excellently with a
revenue increase of 22.2%. This result confirms the strategic position of the subsidiaries of INCALCA JBS on
the international market.


Financial Highlights
Financial Highlights
Financial Highlights
Financial Highlights
million
million
million
million
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
Heads Killed (thous and)
119.9
111.1
7.9%
Net R evenue
143.1
140.3
2.0%
E B IT DA
7.6
6.7
13.1%
E B IT DA Margin %
5.3%
4.8%


Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Domes tic Market
Domes tic Market
Domes tic Market
Domes tic Market
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
Net R ev enue (million )
Net R ev enue (million )
Net R ev enue (million )
Net R ev enue (million )
99.1
106.7
-7.1%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
24.4
26.7
-8.5%
Av erage P ric e ( /K g)
Av erage P ric e ( /K g)
Av erage P ric e ( /K g)
Av erage P ric e ( /K g)
4.06
4.00
1.5%
E x ports
E x ports
E x ports
E x ports
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
Net R ev enue (million )
Net R ev enue (million )
Net R ev enue (million )
Net R ev enue (million )
44.0
33.6
30.8%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
13.3
10.3
28.8%
Av erage P ric e ( /K g)
Av erage P ric e ( /K g)
Av erage P ric e ( /K g)
Av erage P ric e ( /K g)
3.30
3.25
1.5%
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20
20
20
20
3rd Quarter 2008 Results




JBS Brasil Business Unit
JBS Brasil Business Unit
JBS Brasil Business Unit
JBS Brasil Business Unit

The EBITDA of this business unit increased 45.3% from R$63.0 million in 2Q08 to R$91.5 million in the
3Q08. This increase is due to the exchange variation of Real in relation to the US dollar and the price stability
of the cattle, despite a considerable reduction in exports to the E.U..

As a result of the reduction of the beef slaughter capacity in the market combined with JBS constant slaughter,
the Company increased its market share in the Brazilian market. See graph I.

This growth can be seen by the increase in net revenues of 27.6%, from US$ 1,148.9 million in 2Q08 to R$
1,465.6 million in 3Q08, driven by increases in prices and volumes of exports. The increase in the average
export price offset a reduction in the average price in the domestic market.



Graph
Graph
Graph
Graph I
I
I
I ­
­
­
­ Market Share of cattle slaughtering in
Market Share of cattle slaughtering in
Market Share of cattle slaughtering in
Market Share of cattle slaughtering in JBS Brasil
JBS Brasil
JBS Brasil
JBS Brasil



17.3%
12.3%
11.3%
14.5%
10%
13%
16%
19%
4Q07
1Q08
2Q08
3Q08
Source: JBS and MAPA (Ministério da Agricultura, Pecuária e Abastecimento)





Financial Highlights
Financial Highlights
Financial Highlights
Financial Highlights
R $ m illion
R $ m illion
R $ m illion
R $ m illion
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Heads Killed (thous and)
914.7
861.4
6.2%
793.3
15.3%
Net R evenue
1,465.6
1,148.9
27.6%
1,027.7
42.6%
E B IT DA
91.5
63.0
45.3%
175.8
-47.9%
E B IT DA Margin %
6.2%
5.5%
17.1%
background image
21
21
21
21
3rd Quarter 2008 Results
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Domes tic Market
Domes tic Market
Domes tic Market
Domes tic Market
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million R $)
Net R ev enue (million R $)
Net R ev enue (million R $)
Net R ev enue (million R $)
F res h and Chilled B eef
577.2
364.4
58.4%
284.5
102.9%
P roces s ed B eef
55.6
61.8
-10.0%
39.7
40.2%
Others
144.1
158.3
-9.0%
126.0
14.4%
T OT AL
T OT AL
T OT AL
T OT AL
776.9
776.9
776.9
776.9
584.5
584.5
584.5
584.5
32.9%
32.9%
32.9%
32.9%
450.2
450.2
450.2
450.2
72.6%
72.6%
72.6%
72.6%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
F res h and Chilled B eef
112.9
71.6
57.6%
87.0
29.7%
P roces s ed B eef
23.2
25.5
-8.8%
23.4
-0.7%
Others
95.5
85.7
11.5%
87.7
8.9%
T OT AL
T OT AL
T OT AL
T OT AL
231.6
231.6
231.6
231.6
182.8
182.8
182.8
182.8
26.7%
26.7%
26.7%
26.7%
198.2
198.2
198.2
198.2
16.9%
16.9%
16.9%
16.9%
Av erage P ric e (R $/K g)
Av erage P ric e (R $/K g)
Av erage P ric e (R $/K g)
Av erage P ric e (R $/K g)
F res h and Chilled B eef
5.1
5.1
0.5%
3.3
56.5%
P roces s ed B eef
2.4
2.4
-1.3%
1.7
41.2%
Others
1.5
1.8
-18.4%
1.4
5.0%
E x ports
E x ports
E x ports
E x ports
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million R $)
Net R ev enue (million R $)
Net R ev enue (million R $)
Net R ev enue (million R $)
F res h and Chilled B eef
593.4
449.9
31.9%
462.0
28.4%
P roces s ed B eef
95.3
114.5
-16.8%
115.6
-17.5%
T OT AL
T OT AL
T OT AL
T OT AL
688.7
688.7
688.7
688.7
564.4
564.4
564.4
564.4
22.0%
22.0%
22.0%
22.0%
577.6
577.6
577.6
577.6
19.2%
19.2%
19.2%
19.2%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
F res h and Chilled B eef
88.0
72.2
21.8%
75.4
16.7%
P roces s ed B eef
13.9
19.1
-27.4%
23.0
-39.7%
T OT AL
T OT AL
T OT AL
T OT AL
101.9
101.9
101.9
101.9
91.4
91.4
91.4
91.4
11.5%
11.5%
11.5%
11.5%
98.4
98.4
98.4
98.4
3.5%
3.5%
3.5%
3.5%
Av erage P ric e (R $/K g)
Av erage P ric e (R $/K g)
Av erage P ric e (R $/K g)
Av erage P ric e (R $/K g)
F res h and Chilled B eef
6.7
6.2
8.3%
6.1
10.1%
P roces s ed B eef
6.9
6.0
14.7%
5.0
36.7%

background image
22
22
22
22
3rd Quarter 2008 Results






JBS Argentina
JBS Argentina
JBS Argentina
JBS Argentina Business Unit
Business Unit
Business Unit
Business Unit

As forecast at the end of the first semester, the return to normality in this market allowed a significant increase
in slaughter from 100.7 thousand head in 2Q08 to 239.7 thousand head in 3Q08. The increase in slaughter
and resumption of exports resulted in a substantial recovery in this unit. EBITDA which was -$11.7 million
Argentine pesos in 2Q08 jumped to $ 19.6 million Argentine pesos in the 3Q08 and net revenue increased
80.0%, $ 215.7 million Argentine pesos in 2Q08 $388.3 million to $388.3 million Argentine pesos in 3Q08.


Financial Highlights
Financial Highlights
Financial Highlights
Financial Highlights
$ Argentinean Pesos million
$ Argentinean Pesos million
$ Argentinean Pesos million
$ Argentinean Pesos million
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Heads Killed (thousand)
239.7
100.7
138.0%
136.0
76.2%
Net Revenue
388.3
215.7
80.0%
233.1
66.6%
EBITDA
19.6
-11.7
-
2.5
673.0%
EBITDA Margin %
5.1%
-5.4%
1.1%





Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Domes tic Market
Domes tic Market
Domes tic Market
Domes tic Market
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million Argentinean P es os )
Net R ev enue (million Argentinean P es os )
Net R ev enue (million Argentinean P es os )
Net R ev enue (million Argentinean P es os )
F res h and Chilled B eef
55.2
53.0
4.1%
24.7
123.6%
P roces s ed B eef
50.4
53.3
-5.5%
35.7
41.1%
Others
35.9
21.6
66.0%
23.9
50.1%
T OT AL
T OT AL
T OT AL
T OT AL
141.4
141.4
141.4
141.4
127.9
127.9
127.9
127.9
10.6%
10.6%
10.6%
10.6%
84.3
84.3
84.3
84.3
67.8%
67.8%
67.8%
67.8%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
F res h and Chilled B eef
10.0
7.7
29.7%
4.7
113.6%
P roces s ed B eef
7.9
8.3
-4.4%
6.4
23.6%
Others
30.6
13.2
130.9%
17.4
76.1%
T OT AL
T OT AL
T OT AL
T OT AL
48.5
48.5
48.5
48.5
29.2
29.2
29.2
29.2
65.8%
65.8%
65.8%
65.8%
28.5
28.5
28.5
28.5
70.4%
70.4%
70.4%
70.4%
P reços Médios (P es os /K g)
P reços Médios (P es os /K g)
P reços Médios (P es os /K g)
P reços Médios (P es os /K g)
F res h and Chilled B eef
5.53
6.89
-19.7%
5.29
4.7%
P roces s ed B eef
6.34
6.41
-1.1%
5.55
14.2%
Others
1.17
1.63
-28.1%
1.38
-14.7%
background image
23
23
23
23
3rd Quarter 2008 Results
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
Breakdown of the Net Revenue
E x ports
E x ports
E x ports
E x ports
3Q08
3Q08
3Q08
3Q08
2Q08
2Q08
2Q08
2Q08
%
%
%
%
3Q07
3Q07
3Q07
3Q07
%
%
%
%
Net R ev enue (million Argentinean P es os )
Net R ev enue (million Argentinean P es os )
Net R ev enue (million Argentinean P es os )
Net R ev enue (million Argentinean P es os )
F res h and Chilled B eef
91.1
30.8
196.0%
52.9
72.3%
P roces s ed B eef
136.8
48.1
184.6%
84.3
62.3%
Others
19.0
9.0
111.6%
11.7
62.0%
T OT AL
T OT AL
T OT AL
T OT AL
246.9
246.9
246.9
246.9
87.8
87.8
87.8
87.8
181.2%
181.2%
181.2%
181.2%
148.9
148.9
148.9
148.9
65.9%
65.9%
65.9%
65.9%
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
V olum e (thous an d tons )
F res h and Chilled B eef
4.3
1.1
288.7%
4.3
-0.7%
P roces s ed B eef
10.3
4.5
127.9%
8.9
16.2%
Others
3.6
2.0
86.3%
3.7
-2.7%
T OT AL
T OT AL
T OT AL
T OT AL
18.3
18.3
18.3
18.3
7.6
7.6
7.6
7.6
140.5%
140.5%
140.5%
140.5%
17.0
17.0
17.0
17.0
7.7%
7.7%
7.7%
7.7%
Av erage P ric e (P es os /K g)
Av erage P ric e (P es os /K g)
Av erage P ric e (P es os /K g)
Av erage P ric e (P es os /K g)
F res h and Chilled B eef
21.25
27.91
-23.9%
12.25
73.5%
P roces s ed B eef
13.23
10.59
24.9%
9.47
39.7%
Others
5.21
4.58
13.6%
3.13
66.5%
background image
24
24
24
24
3rd Quarter 2008 Results
TABLES AND CHARTS
TABLES AND CHARTS
TABLES AND CHARTS
TABLES AND CHARTS





Graph
Graph
Graph
Graph II
II
II
II ­
­
­
­ JBS Consolidated Gross Revenue Distribution 3Q08
JBS Consolidated Gross Revenue Distribution 3Q08
JBS Consolidated Gross Revenue Distribution 3Q08
JBS Consolidated Gross Revenue Distribution 3Q08



Domestic
Domestic
Domestic
Domestic
Market
Market
Market
Market
64%
64%
64%
64%
Exports
Exports
Exports
Exports
36%
36%
36%
36%
Revenue Distribution by Market 3Q08
Beef Italy
Beef Italy
Beef Italy
Beef Italy
5%
5%
5%
5%
Beef Argentina
Beef Argentina
Beef Argentina
Beef Argentina
3%
3%
3%
3%
Beef Brazil
Beef Brazil
Beef Brazil
Beef Brazil
22%
22%
22%
22%
Beef USA
Beef USA
Beef USA
Beef USA
43%
43%
43%
43%
Pork USA
Pork USA
Pork USA
Pork USA
14%
14%
14%
14%
Beef Australia
Beef Australia
Beef Australia
Beef Australia
13%
13%
13%
13%
Revenue Distribution by Business Units 3Q08



Source: JBS




Gr
Gr
Gr
Graph
aph
aph
aph III
III
III
III ­
­
­
­ JBS Consolidated Exports Distribution 3Q08
JBS Consolidated Exports Distribution 3Q08
JBS Consolidated Exports Distribution 3Q08
JBS Consolidated Exports Distribution 3Q08



Russia
Russia
Russia
Russia
18%
18%
18%
18%
Japan
Japan
Japan
Japan
15%
15%
15%
15%
Mexico
Mexico
Mexico
Mexico
10%
10%
10%
10%
E.U.
E.U.
E.U.
E.U.
10%
10%
10%
10%
Canada
Canada
Canada
Canada
5%
5%
5%
5%
South Korea
South Korea
South Korea
South Korea
4%
4%
4%
4%
China
China
China
China
4%
4%
4%
4%
USA
USA
USA
USA
3%
3%
3%
3%
Hong Kong
Hong Kong
Hong Kong
Hong Kong
3%
3%
3%
3%
Taiwan
Taiwan
Taiwan
Taiwan
3%
3%
3%
3%
Others
Others
Others
Others
25%
25%
25%
25%
Exports JBS 3Q08
Exports JBS 3Q08
Exports JBS 3Q08
Exports JBS 3Q08
US$ 1.7 billion
US$ 1.7 billion
US$ 1.7 billion
US$ 1.7 billion
Source: JBS




Gr
Gr
Gr
Graph
aph
aph
aph IV
IV
IV
IV ­
­
­
­ Breakdown of the Production Costs
Breakdown of the Production Costs
Breakdown of the Production Costs
Breakdown of the Production Costs by Business Units (%)
by Business Units (%)
by Business Units (%)
by Business Units (%)



9M08 (% )
9M08 (% )
9M08 (% )
9M08 (% )
Cons olidated
Cons olidated
Cons olidated
Cons olidated
J B S B ras il
J B S B ras il
J B S B ras il
J B S B ras il
Argentina
USA Beef
US A P ork
US A P ork
US A P ork
US A P ork
Inalca JBS
R aw material (Cattle)
86.4%
86.8%
83.3%
86.6%
81.1%
92.1%
P roces s ing (including ingredients and
packaging)
6.2%
8.0%
12.4%
5.8%
7.1%
2.3%
L abor Cos t
7.4%
5.2%
4.3%
7.7%
11.7%
5.6%



Source: JBS
background image
25
25
25
25
3rd Quarter 2008 Results
Graph
Graph
Graph
Graph V
V
V
V ­
­
­
­ Cutout Price
Cutout Price
Cutout Price
Cutout Price vs
vs
vs
vs. Cattle Price in the US
. Cattle Price in the US
. Cattle Price in the US
. Cattle Price in the US



Cutout Price vs. Cattle Price in The US
115
125
135
145
155
165
175
Jul-07
Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08
Jul-08
Aug-08 Sep-08 Oct-08
U
S
$

/

1
0
0

p
o
u
n
d
s
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
70
80
90
100
M
a
r
g
i
n

(
U
S
$

/

H
e
a
d
)
Margin/Head
Cattle Price
Beef Price
4.2
5.3
-5.3%
-1.3%
-0.7%
EBITDA Margin of JBS USA Beef
(excluding Australia)
Source: Bloomberg
Gr
Gr
Gr
Graph
aph
aph
aph V
V
V
VIIII ­
­
­
­ Global Cattle Prices
Global Cattle Prices
Global Cattle Prices
Global Cattle Prices US$/K
US$/K
US$/K
US$/Kg
g
g
g ­
­
­
­ Converging Prices, Converging Margins
Converging Prices, Converging Margins
Converging Prices, Converging Margins
Converging Prices, Converging Margins
1.25
1.75
2.25
2.75
3.25
3.75
Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08
BRA
AUS
ARG
USA
URU



Source: JBS
background image
26
26
26
26
3rd Quarter 2008 Results
CONTACTS
CONTACTS
CONTACTS
CONTACTS















Head Office
Head Office
Head Office
Head Office
Avenida Marginal Direita do Tietê, 500
CEP: 05118-100 ­ São Paulo ­ SP
Brasil
Phone: (55 11) 3144-4000
Fax: (55 11) 3144-4279
www.jbs.com.br



Investor Relations
Investor Relations
Investor Relations
Investor Relations
Phone: (55 11) 3144-4055
E-mail: ir@jbs.com.br
www.jbs.com.br/ir
www.jbs.com.br/ir
www.jbs.com.br/ir
www.jbs.com.br/ir




background image
27
27
27
27
3rd Quarter 2008 Results
FINANCIAL STAT
FINANCIAL STAT
FINANCIAL STAT
FINANCIAL STATE
E
E
EMENT
MENT
MENT
MENT ­
­
­
­ JBS S.A. CONSOLIDATED
JBS S.A. CONSOLIDATED
JBS S.A. CONSOLIDATED
JBS S.A. CONSOLIDATED

(In thous ands of R eais )
(In thous ands of R eais )
(In thous ands of R eais )
(In thous ands of R eais )
S eptember,
S eptember,
S eptember,
S eptember,
2008
2008
2008
2008
J une, 2008
J une, 2008
J une, 2008
J une, 2008
S eptem ber,
S eptem ber,
S eptem ber,
S eptem ber,
2008
2008
2008
2008
J une, 2008
J une, 2008
J une, 2008
J une, 2008
AS S E T S
AS S E T S
AS S E T S
AS S E T S
CUR R E NT AS S E T S
CUR R E NT AS S E T S
CUR R E NT AS S E T S
CUR R E NT AS S E T S
Cas h and cas h equivalents
243,725
243,725
243,725
243,725
82,476
840,982
840,982
840,982
840,982
400,296
S hort-term inves tments
1,380,768
1,380,768
1,380,768
1,380,768
2,046,278
1,414,594
1,414,594
1,414,594
1,414,594
2,069,591
T rade accounts receivable, net
809,911
809,911
809,911
809,911
561,742
2,169,036
2,169,036
2,169,036
2,169,036
1,828,260
Inventories
821,150
821,150
821,150
821,150
828,692
2,380,535
2,380,535
2,380,535
2,380,535
2,144,677
R ecoverable tax es
435,622
435,622
435,622
435,622
405,228
605,257
605,257
605,257
605,257
559,451
P repaid ex pens es
2,778
2,778
2,778
2,778
2,913
83,671
83,671
83,671
83,671
56,564
Other current as s ets
25,768
25,768
25,768
25,768
21,321
241,872
241,872
241,872
241,872
212,719
T OT AL CUR R E NT AS S E T S
T OT AL CUR R E NT AS S E T S
T OT AL CUR R E NT AS S E T S
T OT AL CUR R E NT AS S E T S
3,719,722
3,719,722
3,719,722
3,719,722
3,948,650
3,948,650
3,948,650
3,948,650
7,735,947
7,735,947
7,735,947
7,735,947
7,271,558
7,271,558
7,271,558
7,271,558
NON-CUR R E NT AS S E T S
L ong-term as s ets
Credits with related parties
1,090,481
1,090,481
1,090,481
1,090,481
342,990
36,392
36,392
36,392
36,392
25,780
J udicial depos its and others
10,091
10,091
10,091
10,091
9,532
42,909
42,909
42,909
42,909
41,498
Deferred income tax es
20,308
20,308
20,308
20,308
17,666
343,392
343,392
343,392
343,392
290,123
R ecoverable tax es
36,537
36,537
36,537
36,537
35,064
56,758
56,758
56,758
56,758
51,682
T otal long-term as s ets
1,157,417
1,157,417
1,157,417
1,157,417
405,252
479,451
479,451
479,451
479,451
409,083
P erm anent as s ets
P erm anent as s ets
P erm anent as s ets
P erm anent as s ets
Inves tments in s ubs idiaries
4,140,512
4,140,512
4,140,512
4,140,512
3,531,627
976,567
976,567
976,567
976,567
1,036,849
Other inves tments
10
10
10
10
10
8,679
8,679
8,679
8,679
5,456
P roperty, plant and equipment, net
1,608,524
1,608,524
1,608,524
1,608,524
1,457,037
3,838,459
3,838,459
3,838,459
3,838,459
3,440,831
Intangible as s ets , net
9,615
9,615
9,615
9,615
9,615
165,139
165,139
165,139
165,139
183,342
Deferred charges
3,934
3,934
3,934
3,934
2,650
5,773
5,773
5,773
5,773
4,506
T otal P ermanent as s ets
T otal P ermanent as s ets
T otal P ermanent as s ets
T otal P ermanent as s ets
5,762,595
5,762,595
5,762,595
5,762,595
5,000,939
5,000,939
5,000,939
5,000,939
4,994,617
4,994,617
4,994,617
4,994,617
4,670,984
4,670,984
4,670,984
4,670,984
T OT AL NON-CUR R E NT AS S E T S
T OT AL NON-CUR R E NT AS S E T S
T OT AL NON-CUR R E NT AS S E T S
T OT AL NON-CUR R E NT AS S E T S
6,920,012
6,920,012
6,920,012
6,920,012
5,406,191
5,406,191
5,406,191
5,406,191
5,474,068
5,474,068
5,474,068
5,474,068
5,080,067
5,080,067
5,080,067
5,080,067
T OT AL AS S E T S
T OT AL AS S E T S
T OT AL AS S E T S
T OT AL AS S E T S
10,639,734
10,639,734
10,639,734
10,639,734
9,354,841
9,354,841
9,354,841
9,354,841
13,210,015
13,210,015
13,210,015
13,210,015
12,351,625
12,351,625
12,351,625
12,351,625
J B S S .A.
J B S S .A.
J B S S .A.
J B S S .A.
B alance s heets
B alance s heets
B alance s heets
B alance s heets
Com pany
Com pany
Com pany
Com pany
Cons olidated
Cons olidated
Cons olidated
Cons olidated
background image
28
28
28
28
3rd Quarter 2008 Results
(In thous ands of R eais )
(In thous ands of R eais )
(In thous ands of R eais )
(In thous ands of R eais )
S eptem ber,
S eptem ber,
S eptem ber,
S eptem ber,
2008
2008
2008
2008
J une, 2008
J une, 2008
J une, 2008
J une, 2008
S eptem ber,
S eptem ber,
S eptem ber,
S eptem ber,
2008
2008
2008
2008
J une, 2008
J une, 2008
J une, 2008
J une, 2008
L IAB IL IT IE S AND S HAR E HOL DE R S ' E QUIT Y
L IAB IL IT IE S AND S HAR E HOL DE R S ' E QUIT Y
L IAB IL IT IE S AND S HAR E HOL DE R S ' E QUIT Y
L IAB IL IT IE S AND S HAR E HOL DE R S ' E QUIT Y
CUR R E NT L IAB IL IT IE S
CUR R E NT L IAB IL IT IE S
CUR R E NT L IAB IL IT IE S
CUR R E NT L IAB IL IT IE S
T rade accounts payable
250,974
250,974
250,974
250,974
257,552
1,409,778
1,409,778
1,409,778
1,409,778
1,303,079
L oans and financings
1,432,960
1,432,960
1,432,960
1,432,960
1,298,887
1,949,938
1,949,938
1,949,938
1,949,938
2,322,907
P ayroll,
s ocial
charges
and
tax
obligation
80,007
80,007
80,007
80,007
74,673
299,335
299,335
299,335
299,335
254,635
Other current liabilities
139,128
139,128
139,128
139,128
107,178
186,483
186,483
186,483
186,483
222,677
T OT AL CUR R E NT L IAB IL IT IE S
T OT AL CUR R E NT L IAB IL IT IE S
T OT AL CUR R E NT L IAB IL IT IE S
T OT AL CUR R E NT L IAB IL IT IE S
1,903,069
1,903,069
1,903,069
1,903,069
1,738,290
3,845,534
3,845,534
3,845,534
3,845,534
4,103,298
NON-CUR R E NT L IAB IL IT IE S
L oans and financings
2,675,492
2,675,492
2,675,492
2,675,492
2,221,459
2,801,711
2,801,711
2,801,711
2,801,711
2,344,707
Deferred income tax es
57,207
57,207
57,207
57,207
58,091
464,685
464,685
464,685
464,685
409,019
P rovis ion for contingencies
43,086
43,086
43,086
43,086
45,979
47,143
47,143
47,143
47,143
53,959
Debit with third parties for inves tment
175,051
175,051
175,051
175,051
162,909
175,051
175,051
175,051
175,051
162,909
Other non-current liabilities
22,559
22,559
22,559
22,559
22,050
113,592
113,592
113,592
113,592
172,970
T OT AL NON-CUR R E NT L IAB IL IT IE S
2,973,395
2,973,395
2,973,395
2,973,395
2,510,488
2,510,488
2,510,488
2,510,488
3,602,182
3,602,182
3,602,182
3,602,182
3,143,564
3,143,564
3,143,564
3,143,564
MINOR IT Y INT E R E S T
MINOR IT Y INT E R E S T
MINOR IT Y INT E R E S T
MINOR IT Y INT E R E S T
-
-
-
-
-
(971)
(971)
(971)
(971)
(1,300)
S HAR E HOL DE R S ' E QUIT Y
S HAR E HOL DE R S ' E QUIT Y
S HAR E HOL DE R S ' E QUIT Y
S HAR E HOL DE R S ' E QUIT Y
Capital s tock
4,495,581
4,495,581
4,495,581
4,495,581
4,495,581
4,495,581
4,495,581
4,495,581
4,495,581
4,495,581
Capital res erve
821,432
821,432
821,432
821,432
858,204
821,432
821,432
821,432
821,432
858,204
R evaluation res erve
119,927
119,927
119,927
119,927
121,643
121,643
121,643
121,643
119,927
119,927
119,927
119,927
121,643
121,643
121,643
121,643
R etained earnings
326,330
326,330
326,330
326,330
(369,365)
(369,365)
(369,365)
(369,365)
326,330
326,330
326,330
326,330
(369,365)
(369,365)
(369,365)
(369,365)
5,763,270
5,763,270
5,763,270
5,763,270
5,106,063
5,106,063
5,106,063
5,106,063
5,763,270
5,763,270
5,763,270
5,763,270
5,106,063
5,106,063
5,106,063
5,106,063
T OT AL S HAR E HOL DE R S ' E QUIT Y
T OT AL S HAR E HOL DE R S ' E QUIT Y
T OT AL S HAR E HOL DE R S ' E QUIT Y
T OT AL S HAR E HOL DE R S ' E QUIT Y
T OT AL
T OT AL
T OT AL
T OT AL
L IAB IL IT IE S
L IAB IL IT IE S
L IAB IL IT IE S
L IAB IL IT IE S
AND
AND
AND
AND
S HAR E HOL DE R S ' E QUIT Y
S HAR E HOL DE R S ' E QUIT Y
S HAR E HOL DE R S ' E QUIT Y
S HAR E HOL DE R S ' E QUIT Y
10,639,734
10,639,734
10,639,734
10,639,734
9,354,841
9,354,841
9,354,841
9,354,841
13,210,015
13,210,015
13,210,015
13,210,015
12,351,625
12,351,625
12,351,625
12,351,625
J B S S .A.
J B S S .A.
J B S S .A.
J B S S .A.
B alance s heets
B alance s heets
B alance s heets
B alance s heets
Com pany
Com pany
Com pany
Com pany
Cons olidated
Cons olidated
Cons olidated
Cons olidated
background image
29
29
29
29
3rd Quarter 2008 Results
(In thous ands of R eais )
(In thous ands of R eais )
(In thous ands of R eais )
(In thous ands of R eais )
2008
2008
2008
2008
2007
2007
2007
2007
2008
2008
2008
2008
2007
2007
2007
2007
GR OS S OP E R AT ING R E V E NUE
GR OS S OP E R AT ING R E V E NUE
GR OS S OP E R AT ING R E V E NUE
GR OS S OP E R AT ING R E V E NUE
S ales of products :
S ales of products :
S ales of products :
S ales of products :
Domes tic S ales
910,975
910,975
910,975
910,975
541,907
5,143,431
5,143,431
5,143,431
5,143,431
3,542,723
F oreign S ales
720,771
720,771
720,771
720,771
608,428
2,850,894
2,850,894
2,850,894
2,850,894
1,858,624
1,631,746
1,631,746
1,631,746
1,631,746
1,150,335
1,150,335
1,150,335
1,150,335
7,994,325
7,994,325
7,994,325
7,994,325
5,401,347
5,401,347
5,401,347
5,401,347
S AL E S DE DUCT IONS
S AL E S DE DUCT IONS
S AL E S DE DUCT IONS
S AL E S DE DUCT IONS
R eturns and dis counts
(72,648)
(72,648)
(72,648)
(72,648)
(58,378)
(105,815)
(105,815)
(105,815)
(105,815)
(85,986)
S ales tax es
(93,479)
(93,479)
(93,479)
(93,479)
(64,220)
(117,048)
(117,048)
(117,048)
(117,048)
(81,796)
(166,127)
(166,127)
(166,127)
(166,127)
(122,598)
(122,598)
(122,598)
(122,598)
(222,863)
(222,863)
(222,863)
(222,863)
(167,782)
(167,782)
(167,782)
(167,782)
NE T S AL E R E V E NUE
NE T S AL E R E V E NUE
NE T S AL E R E V E NUE
NE T S AL E R E V E NUE
1,465,619
1,465,619
1,465,619
1,465,619
1,027,737
1,027,737
1,027,737
1,027,737
7,771,462
7,771,462
7,771,462
7,771,462
5,233,565
5,233,565
5,233,565
5,233,565
Cos t of goods s old
(1,212,848)
(1,212,848)
(1,212,848)
(1,212,848)
(747,514)
(6,830,491)
(6,830,491)
(6,830,491)
(6,830,491)
(4,744,477)
GR OS S INCOME
GR OS S INCOME
GR OS S INCOME
GR OS S INCOME
252,771
252,771
252,771
252,771
280,223
280,223
280,223
280,223
940,971
940,971
940,971
940,971
489,088
489,088
489,088
489,088
OP E R A T ING INCOME (E X P E NS E )
OP E R A T ING INCOME (E X P E NS E )
OP E R A T ING INCOME (E X P E NS E )
OP E R A T ING INCOME (E X P E NS E )
General and adminis trative ex pens es
(32,767)
(32,767)
(32,767)
(32,767)
(19,337)
(120,790)
(120,790)
(120,790)
(120,790)
(100,972)
S elling ex pens es
(145,230)
(145,230)
(145,230)
(145,230)
(99,402)
(402,358)
(402,358)
(402,358)
(402,358)
(257,466)
F inancial income (ex pens e), net
416,142
416,142
416,142
416,142
(129,960)
408,690
408,690
408,690
408,690
(189,044)
E quity in s ubs idiaries
275,867
275,867
275,867
275,867
(83,615)
-
-
-
-
-
Goodwill amortization
(44,733)
(44,733)
(44,733)
(44,733)
(426)
(44,733)
(44,733)
(44,733)
(44,733)
(426)
Non-recurring ex pens es
(35,691)
(35,691)
(35,691)
(35,691)
(1,653)
(35,691)
(35,691)
(35,691)
(35,691)
(1,653)
433,588
433,588
433,588
433,588
(334,393)
(334,393)
(334,393)
(334,393)
(194,882)
(194,882)
(194,882)
(194,882)
(549,561)
(549,561)
(549,561)
(549,561)
OP E R AT ING INCOME (L OS S )
686,359
686,359
686,359
686,359
(54,170)
746,089
746,089
746,089
746,089
(60,473)
NON-OP E R AT ING INCOME (E X P E NS E ), NE T
NON-OP E R AT ING INCOME (E X P E NS E ), NE T
NON-OP E R AT ING INCOME (E X P E NS E ), NE T
NON-OP E R AT ING INCOME (E X P E NS E ), NE T
4,094
4,094
4,094
4,094 (50)
(50)
(50)
(50)
4,442
4,442
4,442
4,442
4,982
4,982
4,982
4,982
INCOME (L OS S ) B E F OR E T AX E S
690,453
690,453
690,453
690,453
(54,220)
750,531
750,531
750,531
750,531
(55,491)
Current income tax es
884
884
884
884
(22,618)
(22,618)
(22,618)
(22,618)
824
824
824
824
(24,012)
(24,012)
(24,012)
(24,012)
Deferred income tax es
2,642
2,642
2,642
2,642
(1,466)
(1,466)
(1,466)
(1,466)
(57,738)
(57,738)
(57,738)
(57,738)
(1,513)
(1,513)
(1,513)
(1,513)
3,526
3,526
3,526
3,526
(24,084)
(24,084)
(24,084)
(24,084)
(56,914)
(56,914)
(56,914)
(56,914)
(25,525)
(25,525)
(25,525)
(25,525)
INCOME (L OS S ) B E F OR E MINOR IT Y INT E R E S T
693,979
693,979
693,979
693,979
(78,304)
693,617
693,617
693,617
693,617
(81,016)
Minority interes t (ex pens e) incom e
Minority interes t (ex pens e) incom e
Minority interes t (ex pens e) incom e
Minority interes t (ex pens e) incom e
-
-
-
-
-
-
-
-
362
362
362
362
2,712
2,712
2,712
2,712
NE T INCOME (L OS S )
693,979.00
693,979.00
693,979.00
693,979.00
(78,304.00)
(78,304.00)
(78,304.00)
(78,304.00)
693,979
693,979
693,979
693,979
(78,304)
(78,304)
(78,304)
(78,304)
NE T INCOME (L OS S ) P E R T HOUS AND S HAR E S
NE T INCOME (L OS S ) P E R T HOUS AND S HAR E S
NE T INCOME (L OS S ) P E R T HOUS AND S HAR E S
NE T INCOME (L OS S ) P E R T HOUS AND S HAR E S
492
492
492
492
(73)
(73)
(73)
(73)
S tatem ent of E B IT DA (E arnings before inc om e tax es ,
S tatem ent of E B IT DA (E arnings before inc om e tax es ,
S tatem ent of E B IT DA (E arnings before inc om e tax es ,
S tatem ent of E B IT DA (E arnings before inc om e tax es ,
interes t, deprec iation and am ortiz ation and non-
interes t, deprec iation and am ortiz ation and non-
interes t, deprec iation and am ortiz ation and non-
interes t, deprec iation and am ortiz ation and non-
operatin g incom e (ex pens e), net
operatin g incom e (ex pens e), net
operatin g incom e (ex pens e), net
operatin g incom e (ex pens e), net
Income (los s ) before tax es
690,453.00
690,453.00
690,453.00
690,453.00
(54,220.00)
(54,220.00)
(54,220.00)
(54,220.00)
750,531
750,531
750,531
750,531
(55,491)
(55,491)
(55,491)
(55,491)
F inancial income (ex pens e), net
(416,142)
(416,142)
(416,142)
(416,142)
129,960
(408,690)
(408,690)
(408,690)
(408,690)
189,044
Depreciation and amortiz ation
16,761
16,761
16,761
16,761
14,328
52,684
52,684
52,684
52,684
44,219
Non-operating income (ex pens e), net
(4,094)
(4,094)
(4,094)
(4,094)
50
(4,442)
(4,442)
(4,442)
(4,442)
(4,982)
E quity in s ubs idiaries
(275,867)
(275,867)
(275,867)
(275,867)
83,615
-
-
-
-
-
Non-recurring ex pens es
35,691
35,691
35,691
35,691
1,653
35,691
35,691
35,691
35,691
1,653
Goodwill Amortiz ation
44,733
44,733
44,733
44,733
426
44,733
44,733
44,733
44,733
426
AMOUNT OF E B IT DA
AMOUNT OF E B IT DA
AMOUNT OF E B IT DA
AMOUNT OF E B IT DA
91,535.00
91,535.00
91,535.00
91,535.00
175,812.00
175,812.00
175,812.00
175,812.00
470,507
470,507
470,507
470,507
174,869
174,869
174,869
174,869
Com pany
Com pany
Com pany
Com pany
Cons olidated
Cons olidated
Cons olidated
Cons olidated
J B S S .A.
J B S S .A.
J B S S .A.
J B S S .A.
S tatem ents of incom e for the period of three m onths ended S eptem ber 30, 2008 and 2007
S tatem ents of incom e for the period of three m onths ended S eptem ber 30, 2008 and 2007
S tatem ents of incom e for the period of three m onths ended S eptem ber 30, 2008 and 2007
S tatem ents of incom e for the period of three m onths ended S eptem ber 30, 2008 and 2007
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30
30
30
30
3rd Quarter 2008 Results






































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
notice.

Document Outline