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JBS DAY
Meeting with Senior Management
São Paulo - April 06, 2011
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JBS S.A.
Wesley Batista
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3
PAGE
JBS S.A.
Founded in the 1950's in West Central Brazil
IPO in 2007
Leading protein producer and third largest food company in the World
Revenues of over R$ 55 billion in 2010
EBITDA of R$ 3.75 billion in 2010
Organic growth of 14.2% in local currency in 2010
125,000 employees worldwide
134 production units in 5 continents
Market cap of approximately USD 11.1 billion
(1)
(1) 31/12/2010
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4
PAGE
JBS Ranking
3
Geographic and
market segment
diversification
1
Market Leader
4
Well-recognized
brands
5
Synergies &
Scale
2
Track Record
of successful
acquisitions
Largest global beef and
lamb producer
1
st
Largest global leather
processor
1
st
Largest global chicken
producer
2
nd
Largest dairy
producer in Brazil
3
rd
Largest pork producer
in the US
3
rd
Source: JBS
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5
PAGE
Merger and Acquisition track record
More than 30 acquisitions in 15 years
0,3
0,4
0,4
0,5
0,5
0,4
0,7
1,2
1,5
4,3
14,1
30,3
34,3
55,1
1996
1997
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Barra do
Garças
(Sadia)
Andradina
(Sadia)
Barretos (Anglo)
Pres. Epitácio e
Campo grande
(Bordon)
Araputanga
(Frigoara)
Cáceres
(Frigosol)
Iturama
(Frigosol)
Rio Branco
Cacoal 1
Cacoal 2
Porto Velho
Vilhena
(Frigovira)
Pedra Preta
(Frigo Marca)
Venado
Tuerto
Pontevedra
(CEPA)
JV Beef Jerky
Beef
Five Rivers
Merger with Bertin
JBS Couros
5 new units
Tatiara Meat
(Swift Austrália)
Source: JBS
Net revenue (R$ billion)
Tasman
Smithfield
Inalca
SB Holdings
Berazategui (Rio Platense)
Colonia Caroya
Maringá (Amambay)
Swift Foods Co.
JBS went international with the acquisition of Swift Argentina.
Construction of a sustainable global meat
production and sales platform.
2005
JBS became the largest beef company in the world and the
biggest Brazilian company in the food industry and entered the
US pork market.
2007
2008
Diversification of market segments through the
acquisition of Pilgrim's Pride and merger with Bertin.
2009
JBS Swift became the leader in lamb production in
Australia.
2010
Rosário
San Jose
(Swift Argentina)
Pilgrim´s Pride
3
Geographic and
market segment
diversification
1
Market Leader
4
Well-recognized
brands
5
Synergies &
Scale
2
Track Record
of successful
acquisitions
Rockdale Beef
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6
PAGE
Diversified market segments
Beef
Pork
Chicken
Transportation
Biodiesel
Collagen
Leather
Dairy
products
Lamb
1
Market Leader
4
Well-recognized
brands
5
Synergies &
Scale
3
Geographic
and market
segment
diversification
2
Track Record of
successful
acquisitions
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PAGE
Presence in more than 100 countries, in 6 continents
Source: JBS
Slaughterhouse and Industry
Sales Office
Pork
Leather
Beef
Distribution Center
Dairy
Vegetal Oil
Strategic Geographical Distribution
Chicken
Geographic
Presence and
Production
Capacity
84,800 heads/day
Beef
7.9 mm birds/day
Chicken
50,000 heads/day
Pork
5,400 tons/day
Dairy
24,000 heads/day
Lamb
82,300 hides/day
Leather
3
60
39
23
7
1
58
7
134
u
Units
3
Geographic
and market
segment
diversification
1
Market Leader
4
Well-recognized
brands
5
Synergies &
Scale
2
Track Record of
successful
acquisitions
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8
PAGE
Well-recognized Brands, symbols of quality
Brazil
Argentina
3
Geographic and
market segment
diversification
1
Market Leader
4
Well-recognized
brands
5
Synergies &
Scale
2
Track Record of
successful
acquisitions
EUA
Australia
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PAGE
IMPROVED PROFITABILITY
Track Record of
successful
acquisitions
Creating experience to
become a leading
Company in consolidating
the food sector globally.
Geographic and
market segment
diversification
Access to all consumer
markets and reduced trade
and sanitary barriers risks.
Market Leader
Greater utilization of market
and business opportunities
to enhance growth.
+
Production optimization
Diluted of fixed costs
PRODUCTION SCALE
SYNERGY
Well-recognized
brands
Market expansion and
strong leadership.
+
+
3
Geographical
and market
segment
diversification
1
Market Leader
4
Well-recognized
brands
5
Synergies &
Scale
2
Track Record
of successful
acquisitions
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10
PAGE
EBITDA
Margin
Our Strategy
RACIONALE
Associating quality and branding to
increase client loyalty
Customized and further processed
products for the end users
Expanding a global distribution
platform to reach end clients
Developed an efficient and
diversified global production
platform
Production platform
Sales and distribution platform
Value added products
Branding
Financial
Structure
Experienced
Management
Cost reduction,
process
optimization
Risk
Management
JBS's Value & Strategy
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JBS S.A.
Perspectives for the animal protein market
JBS is well positioned to attend the global demand for animal protein
Jeremiah O'Callaghan
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12
PAGE
Global consumption of animal protein has been increasing
Consumption by region over the past ten years
North America
Central America
South America
E.U. - 27
Middle East
North Asia
East Asia
Oceania
Southeast Asia
Africa
+3.0%
+41.4
%
+47.7
%
+7.5%
+29
%
+32.2
%
+23.7%
+48.7
%
+23.3%
Source: Rabobank
+70.2
%
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PAGE
Global beef trade
Source: USDA
E.U. 1.0%
Uruguay 5.0%
Argentina 5.0%
Canada 6.0%
New Zealand 7.0%
Others 10.0%
India 10.0%
Brazil 27.0%
Australia 18.0%
USA 11.0%
Largest Beef Exporters
JBS is present
in 66,0% of
Export markets
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PAGE
Global consumption and trade of animal protein over the past 10 years
Source: USDA
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
100.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Consumption
Trade
(1000 MT CWE)
(1000 MT CWE)
(1000 MT)
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
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15
PAGE
Brazil, Australia and the US continue to lead global beef exports
Source: USDA, MLA and Secex
Beef Exports
Average Price (US$/Ton)
Australian Beef Exports (tons)
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
5.500
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2005
2006
2007
2008
2009
2010
+11.8%
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
5.500
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2005
2006
2007
2008
2009
2010
+19.5%
+10.9%
Brazil, Australia and US represent, respectively, 27%, 18% and 11% of global beef trade
Brazilian Beef Exports (tons)
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
5.500
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2005
2006
2007
2008
2009
2010
+2.7%
+24.4%
-1.9%
US Beef and Veal Exports (tons)
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PAGE
Chicken Exports Brazil vs US
Source: USDA e Secex
Brazilian Chicken Exports (tons)
US Chicken Exports (tons)
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
2005
2006
2007
2008
2009
2010
+13.4%
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
2005
2006
2007
2008
2009
2010
Chicken Exports
Average Price (US$/Ton)
+26.6%
-0.7%
Brazil and US represent, respectively, 39% and 34% of global chicken trade
-4.3%
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PAGE
$
Global Surplus (deficit)
Source: Goldman Sachs
Goldman Sachs forecast for animal protein in
2020
Beef & Veal
Surplus
Deficit
Pork
Chicken
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JBS USA
Don Jackson
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PAGE
JBS S.A
.
JBS USA - Corporate Structure
(excluding Australia)
JBS USA
Holdings, Inc.
Pilgrim's Pride
Corporation
Don Jackson ­ CEO
André Nogueira ­ CFO
100%
67%
100%
Beef Segment
US Beef ­ Bill Rupp
Five Rivers ­ Mike Thoren
Pork Segment ­ Marty Dooley
Chicken Segment ­ Bill Lovette
JBS USA, LLC
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PAGE
Overview of JBS USA
(excluding Australia)
JBS USA
Holdings, Inc.
Beef Segment
Chicken Segment
Financial Information:
·
Net Sales: $6.9 billion
Market Share:
·
Leading chicken processor in the U.S.
with 18% market share
·
Leading chicken processor in Mexico
Other Statistics:
·
Chickens Processed: 1.8 billion
Financial Information:
·
Net Sales: $10.45 billion
Market Share:
·
Leading beef processor in the U.S.
with ~ 22% market share
·
Five Rivers, the largest feedlot
operation in the U.S.
Other Statistics:
·
Cattle Processed: 6.8 million
Pork Segment
Financial Information:
·
Net Sales: $3+ billion
Market Share:
·
Leading pork processor in the
U.S. with 13% market share
Other Statistics:
·
Hogs Processed: 12.8 million
Financial Information:
Net sales: $ 20.35 billion
Source: JBS; 2010
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PAGE
JBS USA Beef (19)
JBS USA Pork (3)
JBS USA Rendering (2)
JBS USA Trucking (2)
JBS USA Cattle Feeding (12)
JBS USA Case Ready (1)
JBS USA Distribution Centers (7)
JBS USA Tannery (1)
Pilgrim's Pride Production (30)
Pilgrim's Pride Distribution Centers (14)
Cactus
Green Bay
Seaford
Depen
Chicago
Grand Island
Plainwell
Tolleson
Souderton
Louisville
Marshalltown
Worthington
Keyes
Ulysses
Dalhart
Hartley
Greeley
Lamar
Yuma
Malta
Santa Fe Springs
Denver
Phoenix
Manalapan
Lakeland
Puerto Rico
McAllen
South
Charleston
D
D
D D
Hyrum
D
D
D
D
Moorefield
Broadway
Sanford
Marshville
Sumter
Live Oak
Enterprise
Carrollton
Elberton
Mayfield
Batesville
DeQueen
Mt. Pleasant
Natchitoches
San Antonio
Arlington
Dallas
Waco
Lufkin
Nacogdoches
San Luis Potosi
Los Cues
Tepeji del Rio
Veracruz
Tlalnepantla
Queretaro
D
Monterrey
D
Guadalajara
D
Tampico
D
Russellville
Guntersville
Boaz
Chattanooga
Ellijay
Gainesville
Athens
Canton
D
Salt Lake City
Pilgrim's Pride Further Processing (9)
McElhaney
Douglas
21
Significant Scale Across Multiple Locations
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PAGE
Significant EBITDA Improvements to Come for JBS USA
Beef
Division
Plant optimization: continued yield improvements and cost reduction
Exports: improved export sales mix and market expansion
Sales mix: increased proportion of value-added/branded products
Opportunities
Chicken
Plant optimization: yield improvements and cost reduction
Pork
Sales mix: increased proportion of value-added/branded products
Total Improvements of Over $500MM in JBS USA Projected for 2011
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Beef Division
Bill Rupp
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JBS Beef Division
JBS domestic beef production is approximately 29 thousand head per day representing 22% domestic market share
Cargill ~29,000 - 22% market share
Tyson ~29,000 - 22% market share
JBS ~29,000 - 22% market share
Operate Five Rivers Feeding, the largest feedlot operations in the United States
Manage 12 cattle feed yards with a one time capacity of 950,000/hd
Provides a captive cattle supply and flexibility to perform customized feeding programs
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PAGE
JBS Swift and Packerland Beef Plants
Greeley, CO
Grand Island, NE
Souderton, PA
Plainwell, MI
Green Bay, WI
Cactus, TX
Tolleson, AZ
Hyrum, UT
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Customized Program Solutions
JBS beef plants are strategically located to optimize customer service and logistical efficiencies
The most diverse program offering in the industry with customized programs targeted to each consumer segment
Research and development support to optimize core product performance and develop new custom products/programs
Prime Angus
White Fat Cow
Select Angus
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Pork Business Unit
Marty Dooley
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JBS is the 3rd largest fresh pork processor in the US, processing 12.8M head per year and representing 13% of
the market share, with sales of $3+ billion.
Pork Facility/Key Locations Map
·
3 Pork Plants
­
Marshalltown, IA ­ 20,000 hd/day
­
Worthington, MN ­ 20,000 hd/day
­
Louisville, KY ­ 10,000 hd/day
·
1 Case Ready Plant
­
Santa Fe Springs, CA
·
1 Lamb Plant
­
Greeley, CO
.
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Strengths & Opportunities
Long term hog supply contracts ­ 73.5%
Capacity to convert a high percentage of loins, hams
and bellies
Supplier of choice with further processors such as
Oscar Mayer and Boarshead
Strong partnerships with key customers such as
Costco, Kroger, Sysco, Shaw's, Delhaize, Weis
Markets and AWG
Over 200MM pounds of Swift branded product sold at
retail
Flexibility
Strengths
Opportunities
Maintain hog supply
Increase automation in the plants to improve yields
and reduce labor
Adding Freezer/Warehouse in Marshalltown
Will be operational in May 2011
Allows for increased space for value added in
2012
Utilize source verified livestock and traceability to
improve sales of chilled, frozen pork and diced/ground
seasoned pork to Japanese market
Increase sales of converted ribs
Increase sales of value added and branded product
Expand our case ready business
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PAGE
Pork Sales Mix
2010
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Chicken Business Unit
(Pilgrim's Pride)
Bill Lovette
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Pilgrim's Pride Today
JBS ownership creates uniquely positioned company with global distribution focus
Net sales of $6.9 billion in fiscal 2010
Adjusted EBITDA of $481.9 million, a margin of 7.0%
Produced 7.7 billion pounds of chicken
42,000 employees in the U.S. and Mexico
Major facilities in 12 states, Puerto Rico and Mexico
30 fresh plants and 9 cooking facilities
Market cap of nearly $1.6 billion
$1.3 billion in debt as of December 26, 2010
JBS USA currently owns 67.3% of PPC common stock
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PAGE
Strong #2 Player in the Global Chicken Industry
Mountaire Farms 4.0%
Wayne Farms 5.0%
Tyson Foods 21.0%
Pilgrim's Pride 18.0%
Perdue Farms 7.0%
Mexico 9.0%
USA 91.0%
Sanderson Farms 7.0%
Koch Foods 5.0%
Others 33.0%
US Market Share by Production
Pilgrim's Geographic Sales
FY 2010 Net Sales $6.9 billion
Source: Watt Poultry USA February 2011.
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Production Initiatives
Overhead Initiatives
Integration with JBS
Margin Expansion Through Cost-Saving Initiatives
Closed 10 plants or roughly 20% of
production capacity
4.8% of industry production
Adopted forecasted demand planning
model
Reopened Douglas, GA, in January as
competitive large bird deboning plant
Consolidated HQ with JBS USA
Closed PPC HQ in Pittsburg, offices in
Dallas and Atlanta
Reduced outside cold-storage
warehouses from 51 to 17
Renegotiated professional service fees
Consolidated shared services functions
across legal, purchasing, logistics,
administrative, insurance and IT
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Integration with JBS USA Provides Further Benefits
Reduced administrative and corporate expenses
as a result of integration with JBS USA
458 corporate positions eliminated in 2010
Leverage combined purchasing power to reduce
supplier and logistics expenses
Additional opportunities in logistics and exports to
be realized in 2011
(1) Captured in SG&A savings.
(2) PPC share of corporate and administrative expenses captured in SG&A savings
.
Logistics 19.0%
Suppliers 28.0%
Corporate 12.0%
Administrative Expenses 41.0%
Combined Synergies - $170mm
(1)
(1)
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PAGE
Positioned to Capitalize on Export Opportunities
PPC is bullish on 2011 and its long-term export position
JBS ownership has improved access to markets such as Africa and Middle East
Pilgrim's goal is to reduce its concentration in Russian export sales by expanding into emerging markets
Expansion into key export markets with value-added processed products
Leverage JBS' international network to grow share in fast-growing export markets
Top Export Markets
Afghanistan
Angola
Canada
China
Cuba
Hong Kong
Iraq
Lithuania
Mexico
Russia
Saudi Arabia
Taiwan
Tajikistan
Ukraine
Uzbekistan
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JBS Australia
Iain Mars
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PAGE
7 distribution centres situated
in Sydney, Melbourne,
Brisbane, Perth, Adelaide,
Townsville and Launceston
6 cattle feedlots located in
Queensland and New South
Wales
Townsville Plant
Rockhampton Plant
Beef City Plant
Dinmore Plant
Cobram Plant
Brooklyn Plan t
Bordertown
King Island Plant
Devonport Plant
Longford Plant
11 beef and small stock slaughtering plants
located in New South Wales, Queensland,
Victoria and Tasmania
Riverina
JBS Australia
­
plants, feedlots and distribution centers
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PAGE
JBS Australia employees 8,500 people
Annual Turnover A$3 billion
JBS Australia
Company
1,988
Kill Numbers
(head/year ­ 000's)
Market Share
27%
Teys
938
13%
Nippon Meat
516
7%
Cargill
425
6%
Bindaree
293
4%
JBS Australia
Competition analysis - beef
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PAGE
JBS Australia
(1)
Company
3.5
Kill Numbers
(head/year ­ 000's)
Market Share
12.00%
Fletcher
2.8
9.33%
Southern Meats (closed)
1.8
6.00%
Colac (sold)
1.3
4.33%
Castricum (closed)
1.1
3.67%
T & R
4.6
15.30%
JBS Australia
­
Lamb (smalls)
E.U. 6%
Japan 3%
China 25%
Middle East 6%
USA 59%
Others 1%
Exports and Competition analysis
(1)Considering the US facility, JBS is the largest global lamb producer.
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PAGE
Australia
­ world's second largest exporter of beef
Middle East 3.0%
Indonesia 5.0%
Russia 6.0%
Taiwan 3.0%
Korea 14.0%
Phillipines 2.0%
Japan 39.0%
USA 20.0%
Canada 1.0%
E.U. 1.0%
Others 3.0%
Singapore 1.0%
China/HK 1.0%
Malaysia 1.0%
JBS
Australia
derives ¾ of
its revenues
from
exports
Australian beef exports by destination
Source: JBS
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PAGE
Top Ten Views
­
Benefits of JBS Acquisition in Australia
Increased market access- more markets and customers - part of a global business
Meat focused owners who have energy, passion and enthusiasm and who truly understand our business
Access to capital for greater Capex / Investment spend
Openness in sharing of information / ideas between different JBS businesses - benchmarking
Agility and Flexibility
Utilisation of JBS worldwide purchasing power
Focus on better execution of business fundamentals - yields , costs
Availability and access to owners and senior management at all times
Increased opportunities for professional growth
Focus on organisational structure, responsibilities and accountabilities to obtain better results
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JBS Mercosul
Wesley Batista
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PAGE
JBS Mercosul
­
plants, feedlots and distribution centers
34 - beef
20 - leather/ hides
7 - dairy
22 - new business units
15 - distribution centers
1 - beef
2 - beef
6 - beef
1 ­ can making
facility
Production Facility in14 Brazilian States
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PAGE
JBS Mercosul
Merger with Bertin has significantly increased market share in Mercosul
Net sales of R$13.3 billion in fiscal 2010
EBITDA of $1.3 billion, a margin of 9.7%
Slaughtered 6.8 million heads
54,000 employees in Brazil, Argentina, Paraguay, and Uruguay
64 Production facilities in Brazil, Argentina, Paraguay, and Uruguay
56 in Brazil
6 in Argentina
2 in Paraguay and 1 in Uruguay
Organic growth for the year 2010 was 13.7%
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PAGE
JBS Mercosul
Strengths and opportunities
Further synergy capturing in 2011 (~ R$150 million)
Beef herd gradually growing, especially in Brazil.
Strong Domestic consumption across the region
Exports continue strong
Pricing power continue robust after average price increases (domestic and exports) of 20% last year
Direct Distribution continues to grow, having captured more than 100,000 new clients in the region in 2010
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Corporate Governance
&
Sustainability
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PAGE
Corporate Governance
Transparency
Good Governance Practices
Confidence
Best services and products
Solidity
Profitability
Future
1 president
5 permanent directors
5 permanent independent directors
Consist of shareholders or not, liable to
be elected or dismissed at any time of
the General Meeting.
Management and Board of Directors
Board of Directors
Fiscal Council
11 members
4 members
Elected by the board of directors, for
three-year terms, and are eligible for
reelection.
Board of Executive Officers
Audit
Finance
Human Resource
Corporate Strategy / Sustainability
Committees
4 committes
JBS is listed on the Novo Mercado, a segment in which companies are committed to
following a series of rules that provide better transparency and security to investors
*
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PAGE
Social, economic and environmental responsibility has always been a part of the
development and business growth of JBS
Source: JBS Sustainability Policy
Foundation
Risk and Crises
Management
Corporate Direction
Knowledge Management
Stakeholders
Engagement
Citizenship and
Education
Good Practices of Human
Resource
Human Capital
Development
Environmental
Management
Eco-efficiency
Sustainable Cattle
Breeding
Climate Changes
Economic
Social
Environmental
Ecologically viable
Ecologically correct
Socially responsible
Culturally acceptable
Premises
Priorities
Sustainable use of the materials
Partnership with reputable organizations
Health and Quality of life
Climate
Residue Treatment
* Clean Development
Mechanism
**United Nations
Framework Convention
on Climate Change
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PAGE
Source: JBS Sustainability Policy
Strong action with appropriate programs for each one of JBS facilities
Programa Gente Nossa
Mold and develop new talents through contracting trainees
Variable Compensation (goal oriented)
Exercises for laborers
Human Resources
Title and Salary Policy
Benefit Policy
PSAG (Programa de segurança de auto-gestão) ­ Safety Program
360º Performance Evaluation
(all the levels of hierarchy of the Company)
Cultural support in regional and local events
Program of monitored plant visits (Community, Schools,
Universities and Associations)
Philanthropy actions
Principal initiatives
Germinare School
Social Projects
Creation of JBS Institute
Germinare School
is a social initiative of the JBS Institute
that views education as the principal instrument of
transforming any society
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PAGE
Source: JBS Sustainability Policy
Strong action with appropriate programs for each one of JBS facilities
Field Day
Relations with Suppliers
Recycling facility at the Lins-SP and Barretos-SP plants
Principal initiatives
Biodigestors at the Andradina ­ SP unit
Eco-efficiency
Take part in SLWGs (Sustainable Livestock-Raising Working), made up of
producers, NGOs, financial institutions and retailers
Partnership with "Luiz de Queiroz" Agricultural College (ESALQ) to
minimize the emission of greenhouse
gases in the production chain
Signing of the international Pact on the Eradication of Child
Slavery ­ UN (2005)
Signing of the Livestock Raising Pact, an Ethos Institute Initiative
entitled Sustainable Connections Sao Paulo ­ Amazon (2008)
Partnership with EMBRAPA (the Brazilian Agriculture Institute) to
provide technical support to the suppliers
Production of energy through sugarcane bagasse, guaranteeing
lower emissions of carbon dioxide gases and reducing the consumption
of non-renewable energy sources
Implementation of a system to burn ingesta in 7 units and plans to
expand to more units
Bring all acquired units into line with JBS environmental criteria
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Mission
"
"
To be best
in what we set out to do,
totally focused
on
our business, ensuring the
best products and services
for our customers, solidity
for our suppliers,
satisfactory profitability
for our shareholders and the
certainty of a better future
to all our employees.