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Results for 4Q12 and 2012
1
PAGE
JBS S.A. (Bovespa: JBSS3)
São Paulo, March 13th, 2013
JBS posted net revenue of R$76 billion in 2012, R$14 billion or
22.5% more than 2011
EBITDA of R$4.4 billion, 40.0% above 2011
Adjusted net income of R$1.26 billion
Proposed dividends of R$170.7 million
Operating cash flow of R$1.5 billion
2012 HIGHLIGHTS
JBS posted consolidated net revenue of R$75.7 billion, an increase of R$13.9 billion
compared to 2011, or 22.5%.
Consolidated EBITDA was R$4.4 billion, an increase of 40.0% over 2011, and EBITDA
margin was 5.8%.
JBS Mercosul posted net revenue of R$18.0 billion, 20.7% above 2011. The
EBITDA increased 54.6% over the same period.
JBS USA Chicken
(Pilgrim's
Pride Corporation
­
"PPC")
net revenue totaled
US$8.1 billion, 7.8% ahead of 2011. The 2012 EBITDA came in at US$402.6 million,
compared to negative US$147.0 million in 2011.
JBS posted adjusted net income for the year of R$1.26 billion, excluding deferred income
tax liabilities due to goodwill at the parent Company. The reported net income in 2012 was
R$718.9 million, R$0.25 per share.
JBS generated net cash from operating activities in 2012 of R$1.5 billion.
The Company ended the year with R$5.4 billion in cash or cash equivalent,
corresponding to 90% of short-term debt.
Leverage (net debt / EBITDA) decreased to 3.4x at the end of 2012, from 4.3x at 2T12
and 3.7x at 3T12.
4Q12 HIGHLIGHTS
JBS posted consolidated net revenue of R$21.9 billion in 4Q12, 29.0% above 4Q11.
EBITDA for the period was R$1.2 billion, an increase of 24.5% over 4Q11. EBITDA
margin was 5.4%.
Net cash from operating activities came in at R$795.9 million.
Free cash flow (after CAPEX) was R$305.4 million.
4Q12 adjusted net income was R$310.4 million, excluding deferred income tax
liabilities due to goodwill at the parent Company. The reported net income was R$66.4
million.
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Results for 4Q12 and 2012
2
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2012 was a period of significant improvements at JBS. We transformed the 2011 loss of R$75.7
million into an adjusted profit of R$1.26 billion last year. Despite the weaker than expected
growth of the Brazilian economy, the challenges that Europe is still going through, the ongoing
recovery of the economy in the United States and a significant increase in grain prices caused
by one of the most severe droughts in US history, we posted an EBITDA of R$4.4 billion in
2012, a result which exceeds by 40% the previous year's performance.

Undoubtedly, 2012 financial results were very positive. However, let us not forget the improved
operating performance of our business and the continuation of the consolidation process
conducted by our Company after years of expansion. We dedicated last year to making
adjustments in our structure, our processes and targets with a view towards improving internal
indicators. Virtually all performance indicators improved significantly with respect not only to our
own expectations, but also in relation to the market as a whole.

When we look back to 2012, we see that we delivered what we promised. We indicated that we
would consolidate our growth and we did just that; we promised to expand our beef business in
Brazil and we also delivered on that; we said we would reduce the cost of our debt and improve
our leverage and we achieved these goals. Over the past number of years we had the
opportunity to grow and skillfully manage a large operation and now we are ready to generate
more value for our shareholders.

Let me remind you how our sustainability program progressed. As part of the
Company's
Institutional Relations Area, we established a department dedicated to this important topic. The
newly founded team has been working hard along with stakeholders in order to demonstrate
JBS'
commitment to social and environmental aspects of our business as well as to the welfare
of the community. A major achievement in 2012 was the publication of our first global
greenhouse gases (GHG) emissions inventory. We had already been conducting this survey in
Brazil since 2009. Last year we took it global. From here on, we will have a more
comprehensive analysis of the
Company's
emissions, which gives us a solid foundation to take
the next step toward the establishment of strategies and targets.

Everything we have achieved to date and all that is yet to come can not be assigned to any
single person. The company's growth and leading position in the global protein market was
achieved as a result of collective actions performed on a daily basis by our team. This solid
team is guided by our Board of Directors, composed by engaged members committed to the
Company's success. We also count on committees that provide the necessary support towards
the development of our strategies.
MESSAGE FROM THE PRESIDENT
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Results for 4Q12 and 2012
3
PAGE
We began this year with a solid structure and good positioning to reach consistently better
results through all our business. We are optimistic about the recovery in the US and a more
consistent growth of the Brazilian economy. In our business, we see relevant growth potential in
the Brazilian market and opportunities still ahead. Protein consumption in the world is growing
and the outlook remains positive as an increasing number of people can enjoy the benefits of a
healthier diet.

Also in 2013, we aim to improve the
Company's
financial indicators and debt profile as well as
to reduce leverage. We want to further increase cash flow generation, pay dividends, continue
to professionalize the Company and deliver solid and consistent results to the market.


Wesley Mendonça Batista
CEO of JBS S.A
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Results for 4Q12 and 2012
4
PAGE
Analysis of the principal financial indicators of JBS by Business Unit (in local
currency)
Performance by Business Unit
ANALYSIS OF CONSOLIDATED RESULTS
4Q12
3Q12
%
4Q11
%
2012
2011
%
Net Revenue
JBS USA Beef
US$
4,856.0
4,275.9
13.6%
4,491.6
8.1%
17,477.6
16,459.6
6.2%
JBS USA Pork
US$
955.5
846.1
12.9%
923.1
3.5%
3,501.1
3,472.6
0.8%
JBS USA Chicken
US$
2,189.7
2,068.5
5.9%
1,829.3
19.7%
8,121.4
7,535.7
7.8%
JBS Mercosul
R$
5,270.2
4,597.8
14.6%
3,800.5
38.7%
18,013.1
14,926.6
20.7%
EBITDA
JBS USA Beef
US$
103.3
175.1
-41.0%
223.6
-53.8%
223.9
739.1
-69.7%
JBS USA Pork
US$
42.7
40.4
5.6%
77.0
-44.5%
188.1
338.2
-44.4%
JBS USA Chicken
US$
67.4
105.6
-36.2%
22.6
198.2%
402.6
-147.0
-
JBS Mercosul
R$
664.8
665.6
-0.1%
407.7
63.1%
2,469.2
1,597.6
54.6%
EBITDA Margin
JBS USA Beef
%
2.1%
4.1%
-
5.0%
-
1.3%
4.5%
-
JBS USA Pork
%
4.5%
4.8%
-
8.3%
-
5.4%
9.7%
-
JBS USA Chicken
%
3.1%
5.1%
-
1.2%
-
5.0%
-2.0%
-
JBS Mercosul
%
12.6%
14.5%
-
10.7%
-
13.7%
10.7%
-
*JBS S.A.
("JBS")
(Bovespa: JBSS3), the global leading producer of animal protein announces today its results
for the fourth quarter of 2012 (4Q12) and for the full year of 2012. For the purpose of analysis, this report
considers the results for the quarter ended September 30, 2012 (3Q12) and December 31, 2011 (4Q11) as well
as the fiscal year 2011.The consolidated results of JBS are presented in Brazilian Real (R$) and when
separately analyzed, each business unit reports its results in the currency of the country in which it operates.
The operations of JBS Australia and JBS Canada are an integral part of the subsidiary JBS USA and both
results refer to the period of 14 weeks ended December 30, 2012 (4Q12). The quantitative data, such as
volumes and heads slaughtered, are not audited.
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Results for 4Q12 and 2012
5
PAGE
(1)
Participation of Controlling Shareholders.
(2)
Excluding deferred income tax liabilities due to goodwill at the parent Company.
*Not including poultry.
**Not including PPC.
R$ million
4Q12
3Q12
%
4Q11
%
2012
2011
%
Net Revenue
21,850.7
19,366.6
12.8%
16,934.5
29.0%
75,696.7
61,796.8
22.5%
Cost of Goods Sold
(19,409.5)
(16,889.4)
14.9%
(15,040.0)
29.1%
(67,006.9)
(55,100.2)
21.6%
Gross Income
2,441.3
2,477.2
-1.5%
1,894.5
28.9%
8,689.8
6,696.6
29.8%
Gross Margin
11.2%
12.8%
-12.7%
11.2%
-0.1%
11.5%
10.8%
-
Selling Expenses
(1,129.0)
(999.9)
12.9%
(839.3)
34.5%
(3,877.7)
(3,144.1)
23.3%
General and Adm. Expenses
(594.6)
(516.1)
15.2%
(491.4)
21.0%
(2,057.4)
(1,739.2)
18.3%
Net Financial Income (expense)
(374.4)
(418.7)
-10.6%
(549.2)
-31.8%
(1,338.2)
(2,010.7)
-33.4%
Other Income (expense)
(43.2)
(0.9)
-
(22.4)
92.5%
(34.2)
(32.7)
4.6%
Operating Income
300.1
541.6
-44.6%
(7.9)
-
1,382.3
(230.1)
-
Income and social contribution taxes
(237.9)
(155.0)
53.5%
(15.3)
1454.9%
(619.4)
(92.8)
567.6%
Participation of non-controlling shareholders
4.2
(19.6)
-
48.7
-91.4%
(44.0)
247.2
-
Net Income (Loss)
(1)
66.4
367.0
-81.9%
25.6
159.7%
718.9
(75.7)
-
Adjusted Net Income (Loss)
(2)
310.4
495.4
-37.3%
25.6
1112.6%
1,259.0
(75.7)
-
EBITDA
1,170.9
1,378.8
-15.1%
940.6
24.5%
4,410.3
3,151.0
40.0%
EBITDA Margin
5.4%
7.1%
-
5.6%
-
5.8%
5.1%
-
Net Income (Loss) per share
0.02
0.13
-81.3%
0.01
123.3%
0.25
(0.03)
-
4Q12
3Q12
%
4Q11
%
2012
2011
%
Heads slaughtered (thousand)
Cattle
4,397.1
4,057.1
8.4%
3,625.7
21.3%
16,359.3
15,088.9
8.4%
Hogs
3,926.3
3,302.5
18.9%
3,651.9
7.5%
13,683.2
13,132.2
4.2%
Smalls*
1,230.7
978.9
25.7%
894.7
37.6%
4,041.9
3,198.3
26.4%
Volume Sold (thousand tons)**
Domestic Market
1,883.0
1,663.6
13.2%
1,679.5
12.1%
6,976.5
6,642.5
5.0%
Fresh and Chilled Beef
1,666.5
1,446.5
15.2%
1,423.2
17.1%
6,009.9
5,587.9
7.6%
Processed Beef
51.0
53.5
-4.7%
35.9
42.0%
175.0
139.2
25.7%
Others
165.6
163.6
1.2%
220.4
-24.9%
791.6
915.4
-13.5%
Exports
625.2
556.8
12.3%
502.9
24.3%
2,147.5
2,055.4
4.5%
Fresh and Chilled Beef
587.6
518.9
13.3%
472.4
24.4%
2,004.5
1,865.5
7.5%
Processed Beef
19.2
19.5
-1.6%
14.4
33.4%
69.2
70.7
-2.1%
Others
18.3
18.4
-0.3%
16.1
14.0%
73.7
119.2
-38.1%
TOTAL
2,508.2
2,220.4
13.0%
2,182.4
14.9%
9,124.0
8,697.9
4.9%
Consolidated analysis of the principal operational indicators of JBS
Number of Heads Slaughtered and Sales Volume
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Results for 4Q12 and 2012
6
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CONSOLIDATED RESULTS
Net Revenue
JBS posted consolidated net revenue of R$75,696.7 million, an increase of R$13,899.9 million
compared to 2011, or 22.5%. This expansion was caused primarily by increase of beef volume
sold and the initiation of the poultry business, both in Brazil, besides the price increase of beef
and poultry products in the US.

In 2012, approximately 75% of global sales were generated domestically in the markets that the
Company is present and 25% came from exports.

In 4Q12 JBS posted revenue of R$21,850.7 million, 29.0% and 12.8% above the same period in
2011 and 3Q12, respectively.

Adjusted EBITDA
2012 full year EBITDA was R$4,410.3 million, 40.0% above the previous year. This
performance was due to improved results from
Pilgrim's
Pride (JBS USA Chicken) and from
Mercosul operations.

In the last quarter of 2012, EBITDA came in at R$1,170.9 billion, down 15.1% compared to
3Q12 and up 24.5% on a year-over-year analysis. 4Q12 EBITDA margin was 5.4%.
Net Income
JBS posted adjusted net income for the year of R$1,259.0 million, excluding deferred income
tax liabilities due to goodwill at the parent Company. The reported net income in 2012 was
R$718.9 million, R$0.25 per share.

4Q12 adjusted net income was R$310.4 million. The reported net income for the quarter was
R$66.4 million.
Dividend
The Company has declared dividends of R$170.7 million to be submitted to the General
Meeting of Shareholders for approval.
EBITDA (in thousands of Reais)
2012
2011
2012
2011
Net income before taxes
1,256,588
(160,407)
1,382,286
(230,108)
Financial income (expense), net
1,082,690
1,468,238
1,338,243
2,010,728
Depreciation and amortization
435,920
436,501
1,613,710
1,291,411
Equity in subsidiaries
(385,040)
(113,264)
(836)
-
Restructuring, reorganization and donation
-
-
66,033
68,592
Indemnity
-
-
10,895
10,382
AMOUNT EBTDA
2,390,158
1,631,068
4,410,331
3,151,005
Company
Consolidated
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Results for 4Q12 and 2012
7
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Indebtedness
JBS'
leverage (net debt / EBITDA) decreased to 3.4x at the end of 2012, from 4.3x at 2T12 and
3.7x at 3T12. This reduction is a result of the free cash flow of R$305.4 million in the quarter and
of the improved EBITDA LTM.

The improvement in leverage reflects the commitment of the Administration to manage working
capital, reduce the cost of debt and increase operational efficiencies.
(1) EBITDA LTM. U.S. dollar exchange rate of the last day of the period.
R$ million
12/31/12
9/30/12
Var.%
Gross debt
20,488.9
20,284.5
1.0%
(+) Short Term Debt
6,098.9
5,512.4
10.6%
(+) Long Term Debt
14,390.0
14,772.1
-2.6%
(-) Cash and Equivalents
5,383.1
5,040.7
6.8%
Net debt
15,105.9
15,243.9
-0.9%
Net debt/EBITDA
¹
3.43x
3.68x
Cash Generation
JBS generated R$1,472.3 million of net cash from operating activities in 2012.

4Q12 net cash from operating activities came in at R$795.9 million, and free cash flow after
capex was R$305.4 million.
Capital Expenditure
In 2012, total capital expenditure (CAPEX) of JBS in property, plant, and equipment was
R$1,619.4 million. 4Q12 capex amounted to R$473.8 million. The main focus of investments
were improvements in productivity, expansion of activities in Mercosul and increase in storage
capacity and distribution over all regions.
4.00
4.30
4.27
3.68
3.43
0
1
2
3
4
5
-100
100
300
500
700
900
1100
1300
1500
4Q11
1Q12
2Q12
3Q12
4Q12
.
Leverage
EBITDA (R$ million)
Leverage
.
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Results for 4Q12 and 2012
8
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Cash Position
The Company ended the quarter with R$5,383.1 million in cash or cash equivalent,
corresponding to 90% of short-term debt. In addition to the
Company's
cash position, JBS USA
has available committed lines of U$1.2 billion, all of which demonstrates a comfortable liquidity.

The percentage of short-term debt (ST) relative to total debt rose from 27% in 3Q12 to 30% in
4Q12. In January 2013, the Company completed the issuance of a U$500.0 million
(approximately R$1,0 billion) in bonds maturing in 2023, with an yield of 6.5% per annum which
will reduce the cost of consolidated debt and improve debt amortization schedule.
30%
27%
23%
27%
70%
73%
77%
73%
4Q12
3Q12
2Q12
1Q12
Short Term
Long Term
ST / LT Debt Profile
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Results for 4Q12 and 2012
9
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ANALYSIS OF RESULTS BY BUSINESS UNIT
JBS USA Beef (including Australia and Canada), 46% of JBS S.A. Net Revenue
Net revenue for this business unit in the quarter was US$4,856.0 million, outperforming 4Q11 by
8.1%. Compared to 3Q12 net revenues increased 13.6%. 4Q12 EBITDA at this business unit
was US$103.3 million, down 53.8% on yoy basis. EBITDA margin for 4Q12 was 2.1%.

For the full year of 2012, revenues from this business unit totaled US$17,477.6 million, 6.2%
above 2011. EBITDA for the year was US$223.9 million, with an EBITDA margin of 1.3%.

Despite adverse market conditions, the Company improved its operating metrics through better
management of working capital and efficiency gains. The reduction of restrictions imposed by
Japan on imports of U.S. beef should promote U.S. exports and contribute to increase
profitability per animal processed during 2013 coupled with a more favorable demand and
supply scenario.

The Company's management is committed to continuous operating focused on the profitability
of this business unit having expanded into Canada recently.
Highlights (US GAAP)
Breakdown of Net Revenues
US$ million
4Q12
3Q12
%
3Q11
%
2012
2011
%
Heads slaughtered (thousand)
2,284.6
2,023.8
12.9%
2,108.7
8.3%
8,399.4
8,334.7
0.8%
Net Revenue
4,856.0
4,275.9
13.6%
4,491.6
8.1%
17,477.6
16,459.6
6.2%
EBITDA
103.3
175.1
-41.0%
223.6
-53.8%
223.9
739.1
-69.7%
EBITDA margin %
2.1%
4.1%
-
5.0%
-
1.3%
4.5%
-
Domestic Market
4Q12
3Q12
%
4Q11
%
2012
2011
%
Net Revenue (US$ million)
3,562.7
3,139.3
13.5%
3,261.8
9.2%
12,946.2
11,850.2
9.2%
Volume (tons)
983.3
848.1
15.9%
872.9
12.6%
3,546.4
3,401.1
4.3%
Average Price (US$/Kg)
3.62
3.70
-2.1%
3.74
-3.0%
3.65
3.48
4.8%
Exports
4Q12
3Q12
%
4Q11
%
2012
2011
%
Net Revenue (US$ million)
1,293.4
1,136.6
13.8%
1,229.9
5.2%
4,531.4
4,609.4
-1.7%
Volume (tons)
293.5
250.0
17.4%
304.7
-3.6%
1,079.6
1,190.0
-9.3%
Average Price (US$/Kg)
4.41
4.55
-3.1%
4.04
9.1%
4.20
3.87
8.5%
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Results for 4Q12 and 2012
10
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JBS USA Pork, 9% of JBS S.A. Net Revenue
Net revenue in the pork business for the quarter totaled US$955.5 million, an increase of 3.5%
year on year. Compared to 3Q12, growth was 12.9%.

EBITDA totaled US$42.7 million in 4Q12, a decrease of 44.5% compared to 4Q11 and an
increase of 5.6% compared to 3Q12. EBITDA margin was 4.5% for the period.

Full year 2012 revenue reached US$3,501.1 million, an increase of 0.8% over 2011. EBITDA
totaled US$188.1 million, 44.4% lower than 2011, which was US$338.2 million. Full year
EBITDA margin was 5.4%.

4Q12 results reflect an increase in the number of animals slaughtered and better inventory
management. The 2012 result was impacted by increased sales volumes and lower sales
prices. Exports were the highlight of this operation, which increased by 5.1% in 2012 compared
to 2011.
Highlights (US GAAP)
Breakdown of Net Revenues
Domestic Market
4Q12
3Q12
%
4Q11
%
2012
2011
%
Net Revenue (US$ million)
774.7
718.2
7.9%
763.9
1.4%
2,878.1
2,879.8
-0.1%
Volume (thousand tons)
338.1
291.7
15.9%
310.5
8.9%
1,209.7
1,175.0
3.0%
Average Price (US$/Kg)
2.29
2.46
-6.9%
2.46
-6.9%
2.38
2.45
-2.9%
Exports
4Q12
3Q12
%
4Q11
%
2012
2011
%
Net Revenue (US$ million)
180.8
127.9
41.4%
159.2
13.6%
622.9
592.8
5.1%
Volume (thousand tons)
77.6
54.5
42.3%
65.8
17.8%
268.2
247.0
8.6%
Average Price (US$/Kg)
2.33
2.35
-0.7%
2.42
-3.6%
2.32
2.40
-3.2%
US$ million
4Q12
3Q12
%
3Q11
%
2012
2011
%
Animals slaughtered (thousand)
3,926.3
3,302.5
18.9%
3,651.9
7.5%
13,683.2
13,132.2
4.2%
Net Revenue
955.5
846.1
12.9%
923.1
3.5%
3,501.1
3,472.6
0.8%
EBITDA
42.7
40.4
5.6%
77.0
-44.5%
188.1
338.2
-44.4%
EBITDA margin %
4.5%
4.8%
-
8.3%
-
5.4%
9.7%
-
ANALYSIS OF RESULTS BY BUSINESS UNIT
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Results for 4Q12 and 2012
11
PAGE
JBS USA Chicken (Pilgrim's Pride Corporation, a US listed Company controlled by
JBS USA), 21% of JBS S.A. Net Revenue
Net revenue in the quarter for this business unit was US$2,189.7 million, 19.7% higher than the
same period in 2011. Compared to 3Q12, revenue increased by 5.9%. Adjusted EBITDA in
4Q12 was US$67.4 million, 198.2% above 4Q11.

Revenues in 2012 totaled US$8,121.4 million, up 7.8% over 2011, while adjusted EBITDA was
US$402.6 million in 2012, reversing a net loss of US$147.0 million in the previous year.

The results achieved in 2012 point to a determined and disciplined execution of the strategy
implemented over the last 2 years.

While increased chicken pricing have helped offset the volatile increase in feed costs, changes
in sales mix, yield improvements and driving costs out of
PPC's
plants and SG&A have made a
pivotal impact.

The Company continues to focus on creating value for key customers, relentless pursuit of
operational excellence as well as growing value added exports in order to maintain the
trajectory of improvement into 2013 and beyond.
Highlights (US GAAP)
US$ million
4Q12
3Q12
%
3Q11
%
2012
2011
%
Net Revenue
2,189.7
2,068.5
5.9%
1,829.3
19.7%
8,121.4
7,535.7
7.8%
Adjusted EBITDA
67.4
105.6
-36.2%
22.6
198.2%
402.6
(147.0)
-
EBITDA margin %
3.1%
5.1%
-
1.2%
-
5.0%
-2.0%
-
ANALYSIS OF RESULTS BY BUSINESS UNIT
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Results for 4Q12 and 2012
12
PAGE
JBS Mercosul, 24% of JBS S.A. Net Revenue
Net revenue at JBS Mercosul was R$5,270.2 million in the quarter, 38.7% higher than 4Q11. In
comparison to 3Q12, there was an increase of 14.6%. EBITDA for this business unit totaled
R$664.8 million in 4Q12, an increase of 63.1% over the same quarter last year and stable in
relation to the previous quarter. EBITDA margin was 12.6% in 4Q12.

For the full year, net revenue totaled R$18,013.1 million, 20.7% higher than 2011, while EBITDA
rose from R$1,597.6 million in 2011 to R$2,469.2 million in 2012, a 54.6% increase.

The beef operation in Brazil increased volumes in the domestic market and maintained stable
pricing during the 4Q12 compared to the same period in 2011. Exports were the highlight for the
period and had double-digit increase in volume and prices in the quarter. The poultry business
in Brazil demonstrated strong pricing power both domestically and internationally as volumes
remained stable due to having reached full capacity utilization at JBS Frangosul.

The Positive results of this business unit in 2012 reflect the operational improvements and
efficiencies implemented by the management and reinforces the strategic view adopted.
Highlights
Breakdown of Net Revenues
R$ million
4Q12
3Q12
%
3Q11
%
2012
2011
%
Heads slaughtered* (thousand)
2,112.5
2,033.3
3.9%
1,517.0
39.3%
7,959.9
6,754.2
17.9%
Net Revenue
5,270.2
4,597.8
14.6%
3,800.5
38.7%
18,013.1
14,926.6
20.7%
EBITDA
664.8
665.6
-0.1%
407.7
63.1%
2,469.2
1,597.6
54.6%
EBITDA margin %
12.6%
14.5%
-
10.7%
-
13.7%
10.7%
-
Domestic Market
4Q12
3Q12
%
4T11
%
2012
2011
%
Net Revenue (million R$)
Fresh and Chilled Products
2,314.6
1,924.9
20.2%
1,748.9
32.3%
8,033.8
6,875.5
16.8%
Processed Products
293.8
256.4
14.6%
195.9
50.0%
938.5
731.5
28.3%
Others
425.4
362.1
17.5%
553.3
-23.1%
1,932.4
1,987.8
-2.8%
TOTAL
3,033.7
2,543.5
19.3%
2,498.0
21.4%
10,904.8
9,594.8
13.7%
Volume (thousand tons)
Fresh and Chilled Products
345.1
306.7
12.5%
239.7
44.0%
1,253.8
1,011.9
23.9%
Processed Products
51.0
53.5
-4.7%
35.9
42.0%
175.0
139.2
25.7%
Others
165.6
163.6
1.2%
220.4
-24.9%
791.6
915.4
-13.5%
TOTAL
561.6
523.8
7.2%
496.0
13.2%
2,220.4
2,066.5
7.4%
Average Price (R$/Kg)
Fresh and Chilled Product
6.71
6.28
6.8%
7.30
-8.1%
6.41
6.79
-5.7%
Processed Items
5.76
4.79
20.3%
5.46
5.5%
5.36
5.25
2.1%
Others
2.57
2.21
16.3%
2.51
2.4%
2.44
2.17
12.4%
ANALYSIS OF RESULTS BY BUSINESS UNIT
*Cattle only
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Results for 4Q12 and 2012
13
PAGE
Breakdown of Net Revenues
JBS Mercosul, 24% of JBS S.A. Net Revenues.
Exports
4Q12
3Q12
%
4T11
%
2012
2011
%
Net Revenue (million R$)
Fresh and Chilled Products
1,679.0
1,498.3
12.1%
892.4
88.1%
5,020.9
3,471.7
44.6%
Processed Products
216.3
204.6
5.7%
159.5
35.6%
785.1
717.0
9.5%
Others
341.1
351.4
-2.9%
250.5
36.1%
1,302.3
1,143.1
13.9%
TOTAL
2,236.5
2,054.3
8.9%
1,302.4
71.7%
7,108.3
5,331.8
33.3%
Volume (thousand tons)
Fresh and Chilled Products
216.5
214.4
1.0%
101.9
112.4%
656.7
428.5
53.3%
Processed Products
19.2
19.5
-1.6%
14.4
33.4%
69.2
70.7
-2.1%
Others
18.3
18.4
-0.3%
16.1
14.0%
73.7
119.2
-38.1%
TOTAL
254.1
252.3
0.7%
132.4
91.9%
799.7
618.4
29.3%
Average Price (R$/Kg)
Fresh and Chilled Beef
7.75
6.99
10.9%
8.75
-11.4%
7.65
8.10
-5.6%
Processed Beef
11.26
10.47
7.5%
11.07
1.7%
11.34
10.14
11.9%
Others
18.63
19.13
-2.7%
15.59
19.5%
17.66
9.59
84.2%
ANALYSIS OF RESULTS BY BUSINESS UNIT
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Results for 4Q12 and 2012
14
PAGE
Mexico 14.6%
China, Hong Kong
and Vietnam 14.0%
Japan 11.0%
Africa and Middle
East 10.3%
Russia 7.4%
E.U. 6.2%
South Korea 5.4%
Canada 5.4%
Venezuela 3.3%
Chile 3.1%
Taiwan 2.0%
Others 17.4%
TABLES AND CHARTS
Graph I - JBS Consolidated Exports Breakdown
Table I - Breakdown of Production Costs by Business Unit (%)
4Q12 (%)
Consolidated
JBS Mercosul
USA Beef
USA Pork
USA Chicken
Raw material (livestock)
81.0%
86.2%
87.4%
82.7%
60.7%
Processing (including
ingredients and packaging)
10.0%
7.8%
5.4%
7.5%
23.9%
Labor Cost
9.0%
6.0%
7.2%
9.8%
15.5%
US$9,830.2
million
2012
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Results for 4Q12 and 2012
15
PAGE
To Contact JBS:
Head Office
Avenida Marginal Direita do Tietê, 500
CEP: 05118-100
­
São Paulo
­
SP
Brazil
Phone: (55 11) 3144-4000
Fax: (55 11) 3144-4279
www.jbs.com.br

Investor Relations
Phone: (55 11) 3144-4447
E-mail: ir@jbs.com.br
www.jbs.com.br/ir

INDEXES
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Results for 4Q12 and 2012
16
PAGE
CONSOLIDATED FINANCIAL STATEMENTS
­
JBS S.A.
JBS S.A.
Balance sheets
(In thousands of Reais)
December 31,
2012
December 31,
2011
December 31,
2012
December 31,
2011
ASSETS
CURRENT ASSETS
Cash and cash equivalents
3,564,984
3,612,867
5,383,087
5,288,194
Trade accounts receivable, net
2,753,737
1,883,093
5,688,648
4,679,846
Inventories
1,940,192
1,544,261
5,182,187
5,405,705
Biological assets
-
-
849,624
209,543
Recoverable taxes
1,309,995
1,330,609
1,676,267
1,690,311
Prepaid expenses
9,648
8,148
142,961
131,033
Other current assets
273,332
256,225
460,625
526,649
TOTAL CURRENT ASSETS
9,851,888
8,635,203
19,383,399
17,931,281
NON-CURRENT ASSETS
Long-term assets
Credits with related parties
808,062
88,505
548,909
552,197
Biological assets
-
-
304,309
-
Recoverable taxes
641,957
562,027
673,346
626,126
Other non-current assets
206,137
104,207
671,758
389,947
Total long-term assets
1,656,156
754,739
2,198,322
1,568,270
Investments in subsidiaries and in associates
6,118,876
7,561,574
258,620
-
Property, plant and equipment, net
8,767,637
7,803,582
16,207,640
15,378,714
Intangible assets, net
9,531,964
9,531,506
11,708,212
12,532,619
TOTAL NON-CURRENT ASSETS
26,074,633
25,651,401
30,372,794
29,479,603
TOTAL ASSETS
35,926,521
34,286,604
49,756,193
47,410,884
The accompanying notes are an integral part of the financial statements
Company
Consolidated
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Results for 4Q12 and 2012
17
PAGE
CONSOLIDATED FINANCIAL STATEMENTS
­
JBS S.A.
JBS S.A.
Balance sheets
(In thousands of Reais)
December 31,
2012
December 31,
2011
December 31,
2012
December 31,
2011
LIABILITIES
CURRENT LIABILITIES
Trade accounts payable
1,000,273
666,375
3,564,270
3,323,886
Loans and financings
5,355,774
4,574,702
6,098,898
5,339,433
Income taxes
-
-
8,886
211,528
Payroll, social charges and tax obligation
361,741
347,863
1,276,009
1,167,163
Declared dividends
170,749
-
170,749
-
Payables related to facilities acquisitions
112,712
10,589
112,712
10,589
Other current liabilities
280,649
466,402
306,049
343,100
TOTAL CURRENT LIABILITIES
7,281,898
6,065,931
11,537,573
10,395,699
NON-CURRENT LIABILITIES
Loans and financings
6,795,885
7,095,193
14,390,046
13,532,761
Payroll, social charges and tax obligation
137,847
-
524,230
683,812
Payables related to facilities acquisitions
95,142
2,048
95,142
2,048
Deferred income taxes
825,781
289,798
1,276,756
678,372
Provision for lawsuits risk
155,156
140,975
203,361
251,560
Other non-current liabilities
24,265
28,837
295,779
267,444
TOTAL NON-CURRENT LIABILITIES
8,034,076
7,556,851
16,785,314
15,415,997
EQUITY
Capital stock
21,506,247
21,506,247
21,506,247
21,506,247
Capital transaction
77,374
(10,212)
77,374
(10,212)
Capital reserve
211,879
985,944
211,879
985,944
Revaluation reserve
96,847
101,556
96,847
101,556
Profit reserves
1,993,697
1,440,799
1,993,697
1,440,799
Treasury shares
(776,526)
(610,550)
(776,526)
(610,550)
Valuation adjustments to equity in subsidiaries
92,999
127,071
92,999
127,071
Accumulated translation adjustments in subsidiaries
(2,591,970)
(2,877,033)
(2,591,970)
(2,877,033)
Attributable to controlling interest
20,610,547
20,663,822
20,610,547
20,663,822
Attributable to noncontrolling interest
-
-
822,759
935,366
TOTAL EQUITY
20,610,547
20,663,822
21,433,306
21,599,188
TOTAL LIABILITIES AND EQUITY
35,926,521
34,286,604
49,756,193
47,410,884
The accompanying notes are an integral part of the financial statements
Company
Consolidated
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Results for 4Q12 and 2012
18
PAGE
CONSOLIDATED FINANCIAL STATEMENTS
­
JBS S.A.
JBS S.A.
Statements of income for the years ended December 31, 2012 and 2011
(In thousands of Reais)
2012
2011
2012
2011
NET REVENUE
16,405,822
13,060,853
75,696,710
61,796,761
Cost of goods sold
(12,093,878)
(10,023,868)
(67,006,886)
(55,100,207)
GROSS INCOME
4,311,944
3,036,985
8,689,824
6,696,554
OPERATING INCOME (EXPENSE)
General and administrative expenses
(816,779)
(595,453)
(2,057,415)
(1,739,198)
Selling expenses
(1,564,217)
(1,274,996)
(3,877,714)
(3,144,069)
Financial expense, net
(1,082,690)
(1,468,238)
(1,338,243)
(2,010,728)
Equity in earnings of subsidiaries
385,040
113,264
836
-
Other income (expenses), net
23,290
28,031
(35,002)
(32,667)
(3,055,356)
(3,197,392)
(7,307,538)
(6,926,662)
NET INCOME (LOSS) BEFORE TAXES
1,256,588
(160,407)
1,382,286
(230,108)
Current income taxes
2,424
2,710
(176,742)
(520,711)
Deferred income taxes
(540,074)
81,992
(442,654)
427,934
(537,650)
84,702
(619,396)
(92,777)
NET INCOME (LOSS) OF THE YEAR
718,938
(75,705)
762,890
(322,885)
ATTRIBUTABLE TO:
Controlling interest
718,938
(75,705)
Noncontrolling interest
43,952
(247,180)
762,890
(322,885)
Net income (loss) basic per thousand shares - in reais
247.84
(27.77)
247.84
(27.77)
Net income (loss) diluted per thousand shares - in reais
247.84
(27.77)
247.84
(27.77)
The accompanying notes are an integral part of the financial statements
Company
Consolidated
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Results for 4Q12 and 2012
19
PAGE
CONSOLIDATED FINANCIAL STATEMENTS
­
JBS S.A.
JBS S.A.
(In thousands of Reais)
2012
2011
2012
2011
Cash flow from operating activities
Net income (loss) of the year attributable to controlling interest
718,938
(75,705)
718,938
(75,705)
Adjustments to reconcile loss to cash provided on operating activities
. Depreciation and amortization
435,920
436,501
1,613,710
1,291,411
. Allowance for doubtful accounts
(6,431)
10,021
(4,657)
15,577
. Equity in earnings of subsidiaries
(385,040)
(113,264)
(836)
-
. Loss (gain) on assets sales
(14,852)
(24,998)
26,131
(8,132)
. Deferred income taxes
540,074
(81,992)
409,062
(427,934)
. Current and non-current financial charges
495,970
1,544,673
490,681
1,611,274
. Provision for lawsuits risk
10,027
5,562
5,106
9,865
. Impairment
-
-
10,282
63,193
1,794,606
1,700,798
3,268,417
2,479,549
Decrease (increase) in operating assets
Trade accounts receivable
(828,058)
(149,369)
(892,675)
(278,778)
Inventories
(329,123)
(433,292)
(395,360)
(627,902)
Recoverable taxes
106,863
(195,802)
(163,553)
(295,794)
Other current and non-current assets
(58,723)
(104,145)
89,214
(43,156)
Related party receivable
(463,806)
(360,521)
11,612
(171,501)
Biological assets
-
-
(440,813)
247,255
Increase (decrease) operating liabilities
Trade accounts payable
303,692
77,789
206,669
(28,742)
Other current and non-current liabilities
28,412
(100,210)
(270,741)
(75,275)
Noncontrolling interest
-
-
44,541
(247,180)
Valuation adjustments to equity in subsidiaries
-
-
14,945
(351,964)
Changes in operating assets and liabilities
(1,240,743)
(1,265,550)
(1,796,161)
(1,873,037)
Net cash provided by operating activities
553,863
435,248
1,472,256
606,512
Cash flow from investing activities
Additions to property, plant and equipment and intangible assets
(1,083,314)
(569,741)
(1,619,393)
(1,173,780)
Net effect of Vigor deconsolidation
-
-
(211,856)
-
Increase in investments in subsidiaries
-
(963,638)
-
-
Decrease in investments in subsidiaries
(109,306)
2,491,708
2,067
-
Received dividends from JBS USA
875,503
-
-
-
Proceeds received from termination agreement of Inalca JBS
-
504,002
-
504,002
Net effect of working capital of acquired / merged company
7,356
718
(21,355)
(34,584)
Net effect of full consolidation Beef Snacks International B.V.
-
-
(19,757)
-
Net cash provided by (used in) investing activities
(309,761)
1,463,049
(1,870,294)
(704,362)
Cash flow from financing activities
Proceeds from loans and financings
5,579,875
6,181,618
14,145,935
17,532,838
Payments of loans and financings
(5,869,508)
(7,341,304)
(13,773,332)
(16,224,978)
Payments of debentures
-
(749)
-
(749)
Capital transactions
-
(263)
(8,760)
(263)
Shares acquisition of own emission
(2,352)
(125,381)
(2,352)
(125,381)
Net cash provided by (used in) financing activities
(291,985)
(1,286,079)
361,491
1,181,467
Effect of exchange variation on cash and cash equivalents
-
-
131,440
130,003
Variance in cash and cash equivalents
(47,883)
612,218
94,893
1,213,620
Cash and cash equivalents at the beginning of the year
3,612,867
3,000,649
5,288,194
4,074,574
Cash and cash equivalents at the end of the year
3,564,984
3,612,867
5,383,087
5,288,194
The accompanying notes are an integral part of the financial statements
Statements of cash flows for the years ended December 31, 2012 and 2011
Company
Consolidated
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Results for 4Q12 and 2012
20
PAGE
CONSOLIDATED FINANCIAL STATEMENTS
­
JBS S.A.
JBS S.A.
(In thousands of Reais)
2012
2011
2012
2011
Cash flow from operating activities
Net income (loss) of the year attributable to controlling interest
66.376
25.586
66.376
25.586
Adjustments to reconcile loss to cash provided on operating activities
. Depreciation and amortization
114.489
114.729
449.753
352.880
. Allowance for doubtful accounts
(3.799)
4.177
(1.747)
2.427
. Equity in earnings of subsidiaries
(15.107)
(49.692)
(205)
-
. Loss (gain) on assets sales
(5.274)
(8.811)
17.454
(2.975)
. Deferred income taxes
244.023
-
102.754
(130.143)
. Current and non-current financial charges
157.405
412.721
200.241
344.166
. Provision for lawsuits risk
3.108
1.100
(2.905)
(408)
. Impairment
-
-
2.170
63.193
561.221
499.810
833.891
654.726
Decrease (increase) in operating assets
Trade accounts receivable
(289.138)
(152.289)
(404.912)
(204.440)
Inventories
75.470
(55.928)
327.685
32.709
Recoverable taxes
85.391
(37.521)
(35.899)
(114.984)
Other current and non-current assets
(9.478)
111.655
182.312
198.550
Related party receivable
95.808
(99.726)
10.954
(97.339)
Biological assets
-
-
(74.519)
157.151
Increase (decrease) operating liabilities
Trade accounts payable
202.344
25.500
258.476
238.041
Other current and non-current liabilities
(275.741)
(168.947)
(340.806)
(93.641)
Related party payable
-
-
-
(504.002)
Noncontrolling interest
-
-
(3.587)
(48.723)
Valuation adjustments to equity in subsidiaries
-
-
42.289
(126.679)
Changes in operating assets and liabilities
(115.344)
(377.256)
(38.007)
(563.357)
Net cash provided by operating activities
445.877
122.554
795.884
91.369
Cash flow from investing activities
Additions to property, plant and equipment and intangible assets
(240.942)
(145.929)
(473.779)
(226.629)
Increase in investments in subsidiaries
-
(963.638)
-
-
Decrease in investments in subsidiaries
(122.705)
1.698.035
-
-
Proceeds received from termination agreement of Inalca JBS
-
-
-
504.002
Net effect of working capital of acquired / merged company
7.356
-
3.053
-
Net effect of full consolidation Beef Snacks International B.V.
-
-
(19.757)
-
Net cash provided by (used in) investing activities
(356.291)
588.468
(490.483)
277.373
Cash flow from financing activities
Proceeds from loans and financings
1.362.281
484.274
1.012.862
2.584.987
Payments of loans and financings
(1.441.489)
(1.007.105)
(1.003.260)
(3.243.604)
Capital transactions
-
(251)
(1.912)
(251)
Shares acquisition of own emission
-
(14.953)
-
(14.953)
Net cash provided by (used in) financing activities
(79.208)
(538.035)
7.690
(673.821)
Effect of exchange variation on cash and cash equivalents
-
-
29.337
12.259
Variance in cash and cash equivalents
10.378
172.987
342.428
(292.820)
Cash and cash equivalents at the beginning of the year
3.554.606
3.439.880
5.040.659
5.581.014
Cash and cash equivalents at the end of the year
3.564.984
3.612.867
5.383.087
5.288.194
The accompanying notes are an integral part of the financial statements
Statements of cash flows for the three months period ended on December 31, 2012 and 2011
Company
Consolidated
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Results for 4Q12 and 2012
21
PAGE
DISCLAIMER
This release contains forward-looking statements relating to the prospects of the business,
estimates for operating and financial results, and those related to growth prospects of JBS. These
are merely projections and, as such, are based exclusively on the expectations of
JBS'
management concerning the future of the business and its continued access to capital to fund the
Company's
business plan. Such forward-looking statements depend, substantially, on changes in
market conditions, government regulations, competitive pressures, the performance of the
Brazilian economy and the industry, among other factors and risks disclosed in
JBS'
filed
disclosure documents and are, therefore, subject to change without prior notice..