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1
IR Contact:
Sérgio Longo
Finance and IR Director
Rodrigo Gagliardi
IR Manager
Email: ir@jbs.com.br
Phone: +55 11 3144-4055
Website:
www.jbs.com.br
1Q08 Conference Call
Date: Thursday, May 15,
2008
> Portuguese
09h00 (Brazil time)
08h00 (New York time)
Phone: +55 (11) 2188-0188
Code: JBS

> English
11h00 (Brazil time)
10h00 (NY time)
Phone: +1 (973) 935-8893
Code: 43975987

JBS S.A. Announces its Consolidated Results for
the First Quarter of 2008
São Paulo, May 14, 2008 ­ JBS S.A. ("JBS") (Bovespa: JBSS3), the world's largest producer and
exporter of beef announces today its results for the first quarter of 2008 (1Q08). For purposes of
comparison and analysis, this report also references the results for the periods ending December 31,
2007 (4Q07) and March 31, 2007 (1Q07).
JBS's consolidated results are presented in accordance with BR GAAP (Brazilian Corporation Law
accounting practices) and in Reais (R$), including those of its American subsidiary, JBS USA, which
includes its operations in Australia, for the 13-week period ending March 30, 2008. When isolated for
analysis these results are presented according to US GAAP and in USD. A 44.36% portion of the
results from INALCA JBS in Italy was also consolidated for the entire period of the 1Q08 as set forth in
the contract regulating the acquisition of the company which JBS acquired by purchasing 50% of its
capital stock (JBS's share of INALCA will cap at 50% with completion of the integralization of capital
set for June of 2008). The financial and operating data are consolidated in BR GAAP and in Reais (R$),
unless analyzed in isolation, in which case they are presented Euros ().

In the 1Q08 JBS's net revenue grew by 439.4% when compared to
the 1Q07, from R$1,086.1 (1Q07) to R$5,859.1 million (1Q08).
JBS's consolidated EBITDA margin for the 1Q08 was 3.0%, a 85.9%
jump compared to the previous quarter.

JBS USA's gross margin (including JBS Australia) increased by 3.2%
to 5.0% in the 1Q08, compared with the 4Q07.
JBS USA (including JBS Australia) had an EBITDA margin of 0.6% in
the 1Q08, up from the -1.4% margin on the 4Q07.
JBS USA (including JBS Australia) had a 20.3% gain in net revenue
in the 1Q08 versus the 1Q07 figure.
JBS MERCOSUL's result was negatively impacted by the European
Union restrictions on its activities and by the economic conjuncture
in Argentina.
With operations in four important production and distribution
platforms (USA, MERCOSUL, Australia and Europe), JBS shall capture
strong advantages in comparison to its regional competitors, taking
into consideration the current momentum of increase in demand and
low protein offer, in addition to the scenario of convergence of
margins due to the highest globalization of the industry.
HIGHLIGHTS
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2
PRESIDENT'S MESSAGE
We are beginning 2008 with improved results thanks to Company's strategy of ensuring a sustainable
platform for the slaughter, production, and sale of beef in the United States, Australia, MERCOSUL,
and Italy.

JBS's strategy of global diversification of its production platform protected the Company from the
negative results that were seen in some of its business units.
Today we participate in a globalized market, which presents a tendency toward the convergence of
prices of raw materials and margins in the countries where we have operations. This comes ahead of a
movement to reduce margins in the MERCOSUL, converging with an increase in margins for our
operations in the United States and Australia, since Brazil and Argentina have been decreasing their
competitive advantage in relation to raw materials prices.

The global beef market is going through a particularly favorable period due to reduction of production
in major consuming countries, the growth and increase of consumption in emerging countries, and the
opening and expansion of important markets. Through its operational structure distributed throughout
the leading producing and exporting countries, JBS will extract in a positive and relevant way the best
results possible from these opportunities in the remaining periods of this year.

Joesley Mendonça Batista
President

ANALYSIS OF RESULTS
Consolidated Analysis of Main Operating Indicators ­ JBS
Business Units
1Q08
1Q07
4Q07
JBS MERCOSUL
1,271.3
1,086.1
1,319.1
JBS USA
4,282.9
-
5,331.6
INALCA JBS
304.9
-
-
Total
5,859.1
1,086.1
6,650.7
Business Units
1Q08
1Q07
4Q07
1Q08
1Q07
4Q07
JBS MERCOSUL
132.7
156.2
199.1
10.4%
14.4%
15.1%
JBS USA
26.6
-
-104.3
0.6%
-
-1.4%
INALCA JBS
17.0
-
-
5.6%
-
0.0%
Total
176.3
156.2
94.8
3.0%
14.4%
1.4%
EBITDA Margin %
EBITDA (Million R$)
Net Revenue (Million R$)
JBS's 1Q08 consolidated EBITDA margin was 3.0%, up from the 4Q07's 1.4%, comprised of the results
presented above.
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The consolidated result was negatively impacted by the operations of JBS Argentina, which had an
EBITDA margin of -6.1% for the first quarter of this year, offset by the 13.8% EBITDA margin of JBS
Brasil, the 5.6% EBITDA margin of INALCA JBS, and that of the JBS USA (including JBS Australia)
which was 0.6%.
R$ million
1Q08
%
1Q07
%
Var.%
1Q08/1Q07
4Q07
%
Var.%
1Q08/4Q07
Net Sales Revenue
5,859.1
100.0%
1,086.1
100.0%
439.4%
6,650.7
100.0%
-11.9%
Cost of Goods Sold
-5,348.8
-91.3%
-828.5
-76.3%
-545.6%
-6,145.8
-92.4%
13.0%
Gross Margin
510.2
8.7%
257.6
23.7%
98.0%
504.9
7.6%
1.1%
Selling Expenses
-305.1
-5.2%
-99.9
-9.2%
-205.5%
-322.6
-4.9%
5.4%
General and Adm. Expenses
-79.8
-1.4%
-20.6
-1.9%
-288.1%
-126.2
-1.9%
36.7%
Net Financial Income*
-76.8
-1.3%
-57.0
-5.2%
-34.8%
-84.4
-1.3%
9.0%
Amortization of Goodwill*
-44.3
-0.8%
0.0
0.0%
-
-73.6
-1.1%
39.8%
Non-recurring Expenses
0.0
0.0%
-50.6
-4.7%
-
-14.8
-0.2%
-
Operating Income
4.1
0.1%
29.6
2.7%
-86.0%
-116.8
-1.8%
103.5%
Non-Operating Income
-0.5
0.0%
0.1
0.0%
-973.3%
5.4
0.1%
-109.7%
Taxes and Social Contribution
-10.6
-0.2%
-19.6
-1.8%
45.7%
-24.1
-0.4%
55.8%
Minority Interest
0.4
0.0%
0.5
0.0%
-23.8%
-0.7
0.0%
161.5%
Net Income (Loss)
-6.6
-0.1%
10.6
1.0%
-162.2%
-136.1
-2.0%
95.1%
EBITDA
176.3
3.0%
156.2
14.4%
12.8%
94.8
1.4%
85.9%
(*) In the 1Q08 net financial result and, consequently, the net loss were positively impacted by exchange variation on investments made in foreign
currency in the amount of R$39.0 million. The loss was also negatively affected by the amortization of goodwill in the amount of R$44.3 million.
Currency variations do not have a cash effect on the Company, and as such, did not impact the EBITDA for the period. Excluding this effect, the
Company would have registered a net loss of approximately R$1.3 million.

In the 1Q08 the Company's net revenue declined by 16.5% when compared to the 4Q07, dropping
from R$6,650.7 million in the 4Q07 to R$5,554.2 million (excluding INALCA JBS's revenue) in the
1Q08. Contributing factors were:

JBS Brasil
A R$63.0 million decline in Brazil, mainly caused by the reduction in trade with the European
Union and the decreased availability of raw material.
JBS Argentina
The drop in net revenue in the Argentine operation was R$37.0 million due to restrictions on
the beef exports in that country.
JBS USA (including JBS Australia)
Revenue decline of R$350.0 million due to there being one less week in the period.
A loss of R$281.0 million due to the 7% devaluation of the USD in relation to the Brazilian Real.
Seasonal effects in the American market following a period of holidays resulting in a R$330.0
million reduction in revenues.

Compared to the 1Q07, JBS net revenue grew by 439.4% in the 1Q08, showing the solid growth of the
company during this period and its strong leadership in global beef market.



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Consolidated Debt
R$ million
3/31/08 12/31/07
Var.%
Total Debt
4,766.8
3,749.6
27.1%
Cash and Marketable Securities
2,684.2
1,381.7
94.3%
Total Net Debt
2,082.6
2,367.9
-12.0%
Net Debt/EBITDA
2.9X
3.7X

The Company's gross debt is primarily composed of financing facilities, export financing contracted
with financial institutions, and Notes (Reg. S and 144A) with face value of US$575 million, maturing in
2011 and 2016 (US$275 million issued at an interest rate of 9.375% per annum payable on a
quarterly basis, and US$300 million at an interest rate of 10.50% per annum payable on a semiannual
basis).

JBS MERCOSUL Business Unit

Argentina operations are going through a difficult phase because of the economic conjuncture in that
country. During the second half of the 1Q08 no regulations regarding Argentine exports were
established, so the Company operated with limits on its exports, following its normal production rate,
which caused an increase in inventory and also caused an increase in the need for working capital.

Because of these problems, JBS Argentina's EBITDA margin decrease from 3.2% in the 4Q07 to -6.1%
in the 1Q08, due mainly to a 19.1% drop in gross margin in the 4Q07 to 8% in the 1Q08, without
reductions in fixed costs.

Considering that what Argentina is facing is a temporary difficulty, in a normalized evaluation, with an
EBITDA margin of 3.0% more in line with its 4Q07 result, JBS MERCOSUL's EBITDA margin would be
11.3%.
In Brazil, the main factor contributing to the drop in margins was strong pressure on the costs of raw
materials, caused by a lower supply of cattle during the period, which was manifested directly in lower
volumes of fresh beef in the domestic market and in the sales prices of beef sold to the Company's
clients, which rose an average of 2.8%.

Brazilian export sales saw an impact due to a loss in sales to the European Union, which, when
allocated to other export markets and the domestic market, produced margins losses.

INALCA JBS Business Unit
INALCA JBS added a net revenue in the amount of 117.1 million (R$304.9 million) and EBITDA
margin of 5.6% to the 1Q08 result. With this operation the Company has greater penetration in
western Europe, providing opportunities in new markets and with new clients, including large
multinationals in the fast food sector, producers of industrialized foods, large retail chains and food
service companies, as well as access to INALCA's latest-generation technology widely recognized and
to products with greater value added sold under the Montana brand.

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JBS USA (including JBS Australia) Business Unit
JBS USA, including its Australian operations, showed signs of recovery and proved the operational
capacity of JBS's management in terms of implementing turnarounds of companies in this sector.

The 1Q08 had a week less than the previous quarter for operations in the U.S. and in Australia, which
caused a drop in the revenues and in the volume of these units during the period.

EBITDA margin for the beef division of JBS USA saw an important recovery of 4.0 p.p., climbing from
-5.3% in the 4Q07 to -1.3% in the 1Q08, reflecting a US$77.5 million improvement in the EBITDA of
this quarter, due mostly to an 8.3% decline in the costs of raw materials. In addition, various cost
categories also presented significant improvements for the quarter, including packaging, storage, and
supplements costs, as well as payroll costs, due to a significant reduction in overtime hours now that
employers have been regained their production abilities and are able to produce during normal hours
of production, returning close to pre-ICE raid levels. Also, selling, general, and administrative
expenses were lower during this first quarter due to having one less week and to improvements that
include reductions in third-party contracting for repairs and maintenance.
EBITDA was down on pork production in the United States, when compared to the 4Q07, due to a
9.6% decline in sales volumes, initially impacted by the quarter's having one week less and
compounded by a 1.0% average decrease in sales prices, which was attributed to strong seasonality in
the production of pork, in addition to raw-materials prices that were 3.2% higher than last quarter.

JBS Australia had its largest EBITDA margin in the last 5 years. We point out that this business unit
has been improving continually since JBS assumed its management. As usual, plants closed during
January due to national holidays, which causes a reduction in revenues, volume, and slaughtering, as
well as higher maintenance costs. On the other hand, in line with global beef prices, there was a 7.0%
increase in sales prices, new markets in the European Union and Russia were exploited, and the
Australian dollar was up approximately 1.8% against the USD, all between the 4Q07 and the 1Q08.












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6
1Q08 CAPITAL EXPENDITURES
In the 1Q08, the Company's total capital expenditure on property, plant and equipment, not including
acquisitions, was R$202.6 million.

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.


INALCA JBS

Investments on a new factory in Odinzovo (Moscow, Russia) dedicated to food service
operations and the production of hamburgers for Mc Donald's.
Enlargement of capacity of the Piacenza production facility used for deboning and platform
services for Italian retail companies.
Increase capacity for slicing ham and cured meets at the Gazoldo Degli Ippoliti (Mantova) plant,
which is owned by the subsidiary Montana Alimentari S.p.A..
Increasing production capacity at the Busseto (Parma) facility.
Small investments in logistics facilities in Angola (Luanda) and in the Democratic Republic of
Congo (Kinshasa).
Other investments, such as the acquisition of new equipment and maintenance of production
facilities.




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7
TABLES AND CHARTS

JBS Consolidated Sales Distribution

Source: JBS
Beef USA
44%
Beef Brazil
21%
Pork USA
15%
Beef
Australia
12%
Beef
Argentina
2%
Beef Italy
5%
Sales Distribution by Division 1Q08
Sales Distribution by Division 1Q08
Domestic
Market
66%
Exports
34%
Sales Distribution by Market 1Q08
Sales Distribution by Market 1Q08
Source: JBS

JBS 1Q08 Consolidated Exports Distribution
Source: JBS
Exports JBS 1Q08: US$ 1.2 billion
E.U.
18%
Mexico
12%
Russia
7%
Others
19%
USA
6%
Taiwan
3%
Hong Kong
5%
Canada
5%
South Korea
5%
China
6%
Japan
14%
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Consolidated Comparison of Heads Slaughtered and Volumes ­ JBS 1Q08
1Q08
%
1Q07
%
Var.%
1Q08/1Q07
4Q07
%
Var.%
1Q08/4Q07
Slaughtered Cattle
1
2,228.3
886.4
151.4%
2,460.2
-9.4%
Sales Volumes
2
1,052.4
100.0%
292.8
100.0%
259.4%
1,087.5
100.0%
-3.2%
Domestic Market
703.6
66.9%
189.2
64.6%
271.9%
718.8
66.1%
-2.1%
Exports
348.8
33.1%
103.6
35.4%
236.7%
368.7
33.9%
-5.4%
1
In thousands of heads
2
In thousands of tons
Source: JBS


Domestic Market ­ Net Revenue Distribution ­ JBS MERCOSUL
Others
18%
Fresh Beef
67%
Processed Beef
15%
1Q07: R$460.2 million
Fresh Beef
73%
Processed Beef
15%
Others
12%
1Q08: R$508.5 million
Carne In Natura
75%
Carne
Industrializada
12%
Outros
13%
4Q07: R$522.5 million
Source: JBS


Export Market ­ Net Revenue Distribution ­ JBS MERCOSUL
Fresh Beef
70%
Processed
30%
1Q07: R$626.0 Million
Fresh Beef
78%
Processed Beef
22%
1Q08: R$762.8 million
Fresh Beef
74%
Processed Beef
26%
4Q07: R$796.6 million
Source: JBS






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9
Beef Price vs. Cattle Price in the U.S.
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
70
132
137
142
147
152
157
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Margin/Head
Cattle Price
Beef Price
Source: Bloomberg
Global Cattle Prices US$/@ ­ Converging Prices, Converging Margins
20.00
25.00
30.00
35.00
40.00
45.00
50.00
55.00
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
BRA
AUS
ARG
USA
Source: JBS
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10
RECENT EVENTS
Acquisition and Purchase of the Tasman Group
On May 2, 2008, JBS confirmed acquisition and purchase of the Tasman Group in Australia. With the
addition of this acquisition, JBS's Australian operations now have more than 5,000 employees and 15
facilities, including slaughtering facilities for cattle and small animals (sheep and calves) with a
capacity of 8,500 head/day and 16,500 small animals/day.
Reopening of South Korea to American Beef
On April 18, 2008, South Korea announced that it would again begin to accept beef imports from the
United States. With its strong production base it the U.S., JBS is in a good position to supply this
market. Up until 2003, South Korea was one of the principal strategic markets for American beef
exports.
JBS Share Capital Increase
As approved at the General Shareholders' Meeting held April 11, 2008, JBS will increase its share
capital from R$1.95 billion to R$4.49 billion. The period from April 11 through May 13, 2008, was set
aside to exercise preferential buying rights. The details concerning this operation can be found in the
Subscription of New Shares document, published April, 11, 2008, on the Company's IR website
(http://www.jbs.com.br/ir).
JBS Included in the Ibovespa and the IBrX-50
After just one year as a listed company, JBS has been included in the Ibovespa index, considered the
Brazilian stock market's most important average performance indicator. The company has also been
included in the IBrX-50 index, which measures the total return on a theoretical portfolio comprising 50
stocks selected from among the Bovespa's most actively traded securities in terms of liquidity. Both
portfolios are in force between May and August of 2008.
Payment of Dividends
The General Shareholders' Meeting held April 30, 2008, approved payment of dividends to JBS
shareholders in the amount of R$17,465 million, equivalent to R$0.016464 per share. The dividend
payment will be effected without monetary correction, through Banco Bradesco S.A., on May 19th
2008, and its calculation will be based on the share ownership held on April 30th 2008, it being
understood that, as of May 1st 2008, JBS's shares will be traded ex-dividend.









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11
CONTACTS



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
Sergio Longo
Finance and Investor Relations Director
Phone: (55 11) 3144-4224
E-mail: sergiolongo@jbs.com.br
Rodrigo Gagliardi
Investor Relations Manager
Phone: (55 11) 3144-4055
E-mail: rodrigogagliardi@jbs.com.br





















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12
FINANCIAL STATEMENTS ­ JBS S.A. CONSOLIDATED
In thousands of Reais
March, 2008
December, 2007
March, 2008
December, 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalents
1,818,412
109,221
1,999,129
323,709
Short-term investments
589,452
760,563
685,093
1,057,994
Trade accounts receivable, net
537,890
444,218
1,412,286
1,236,148
Inventories
652,904
604,225
1,922,830
1,511,595
Recoverable taxes
363,198
351,677
513,188
482,918
Prepaid expenses
1,973
4,388
48,342
44,468
Other current assets
14,822
30,612
101,810
102,910
TOTAL CURRENT ASSETS
3,978,651
2,304,904
6,682,678
4,759,742
NON-CURRENT ASSETS
Long-term assets
Credits with related parties
18,396
60,306
19,272
17,461
Judicial deposits and others
8,405
8,249
51,073
41,443
Deferred income taxes
16,529
16,251
35,171
23,758
Recoverable taxes
30,521
31,442
44,221
44,205
Total long-term assets
73,851
116,248
149,737
126,867
Permanent assets
Investments in subsidiaries
3,514,823
2,149,919
1,081,822
829,975
Other investments
10
10
5,370
10
Property, plant and equipment, net
1,427,685
1,328,015
3,202,305
2,536,098
Intangible assets, net
9,615
9,615
223,619
193,917
Deferred charges
1,400
-
3,172
1,596
Total Permanent assets
4,953,533
3,487,559
4,516,288
3,561,596
TOTAL NON-CURRENT ASSETS
5,027,384
3,603,807
4,666,025
3,688,463
TOTAL ASSETS
9,006,035
5,908,711
11,348,703
8,448,205
The accompanying notes are an integral part of the financial statements
JBS S.A.
Balance sheets as of March 31, 2008 and December 31, 2007
Company
Consolidated




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13
In thousands of Reais
March, 2008
December, 2007
March, 2008
December, 2007
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable
216,434
355,510
995,446
1,099,385
Loans and financings
1,414,759
858,975
2,396,607
2,384,836
Payroll, social charges and tax obligation
69,022
93,158
197,530
203,613
Declared dividends
17,465
17,465
17,465
17,465
Other current liabilities
119,160
50,294
155,931
70,536
TOTAL CURRENT LIABILITIES
1,836,840
1,375,402
3,762,979
3,775,835
NON-CURRENT LIABILITIES
Loans and financings
2,186,048
1,341,313
2,370,172
1,364,800
Deferred income taxes
58,848
59,642
146,063
99,755
Provision for contingencies
45,979
45,979
57,246
55,681
Debit with third parties for investment
179,439
-
179,439
-
Other non-current liabilities
22,612
31,787
157,784
101,702
TOTAL NON-CURRENT LIABILITIES
2,492,926
1,478,721
2,910,704
1,621,938
MINORITY INTEREST
-
-
(1,249)
(4,156)
SHAREHOLDERS' EQUITY
Capital stock
3,676,132
1,945,581
3,676,132
1,945,581
Capital reserve
883,410
985,664
883,410
985,664
Revaluation reserve
123,113
123,343
123,113
123,343
Retained earnings
(6,386)
-
(6,386)
-
4,676,269
3,054,588
4,676,269
3,054,588
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
9,006,035
5,908,711
11,348,703
8,448,205
-
-
The accompanying notes are an integral part of the financial statements
JBS S.A.
Balance sheets as of March 31, 2008 and December 31, 2007
Company
Consolidated









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14
In thousands of Reais
2008
2007
2008
2007
GROSS OPERATING REVENUE
Sales of products:
Domestic Sales
523,540
494,980
3,949,104
550,766
Foreign Sales
581,131
522,879
2,056,417
651,607
1,104,671
1,017,859
6,005,521
1,202,373
SALES DEDUCTIONS
Returns and discounts
(33,450)
(37,973)
(72,100)
(46,267)
Sales taxes
(62,184)
(62,196)
(74,356)
(69,968)
(95,634)
(100,169)
(146,456)
(116,235)
NET SALE REVENUE
1,009,037
917,690
5,859,065
1,086,138
Cost of goods sold
(764,336)
(670,046)
(5,348,839)
(828,495)
GROSS INCOME
244,701
247,644
510,226
257,643
OPERATING INCOME (EXPENSE)
General and administrative expenses
(20,602)
(14,853)
(79,822)
(20,567)
Selling expenses
(100,159)
(89,073)
(305,146)
(99,894)
Financial income (expense), net
(4,600)
(39,857)
(76,802)
(56,983)
Equity in subsidiaries
(78,218)
(21,711)
-
-
Goodwill amortization
(44,313)
-
(44,313)
-
Initial Public Offering expenses
-
(50,564)
-
(50,564)
(247,892)
(216,058)
(506,083)
(228,008)
OPERATING INCOME (LOSS)
(3,191)
31,586
4,143
29,635
NON-OPERATING INCOME (EXPENSE), NET
438
68
(524)
60
INCOME (LOSS) BEFORE TAXES
(2,753)
31,654
3,619
29,695
Current income taxes
(4,141)
(21,814)
(15,590)
(22,074)
Deferred income taxes
278
803
4,949
2,489
(3,863)
(21,011)
(10,641)
(19,585)
INCOME (LOSS) BEFORE MINORITY INTEREST
(6,616)
10,643
(7,022)
10,110
Minority interest (expense) income
-
-
406
533
NET INCOME (LOSS)
(6,616)
10,643
(6,616)
10,643
NET INCOME (LOSS) PER SHARE
(5.07)
12.52
Statement of EBITDA (Earnings before income taxes,
interest, depreciation and amortization and non-operating
income (expense), net
Income (loss) before taxes
(2,753)
31,654
3,619
29,695
Financial income (expense), net
4,600
39,857
76,802
56,983
Depreciation and amortization
15,391
13,873
51,007
19,047
Non-operating income (expense), net
(438)
(68)
524
(60)
Equity in subsidiaries
78,218
21,711
-
-
Initial Public Offering expenses
-
50,564
-
50,564
Goodwill Amortization
44,313
-
44,313
-
AMOUNT OF EBITDA
139,331
157,591
176,265
156,229
The accompanying notes are an integral part of the financial statements
Statements of income for the period of three months ended March 31, 2008 and 2007
JBS S.A.
Company
Consolidated
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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.