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Presentation jbs aug teleconferencia Presentation jbs aug teleconferencia Presentation Transcript

  • JBS S.A.Results Presentation 2Q11
  • JBS S.A.
  • JBS S.A. at a glanceFounded in the 1950’s in West Central BrazilIPO in 2007Leading protein producer and third largest food company in the WorldRevenues of over R$ 54 billion in 2010EBITDA of R$ 3.76 billion in 2010Organic growth of 14.2% in local currency in 2010125,000 employees worldwide134 production units in 5 continentsMarket cap of approximately R$ 13.8 billion(1) (1) 31/07/2011 PAGE 3
  • JBS Ranking1 Market Leader2 Geographic and market segment diversification3 Well-recognized 1 st Largest global beef and brands lamb producer 1 st Largest global leather processor 2 nd Largest global chicken producer 3rd Largest dairy producer in Brazil 3 rd Largest pork producer in the US Source: JBS PAGE 4
  • Presence in more than 100 countries, in 6 continents1 Market Leader Strategic Geographical Distribution2 Geographic and market segment diversification3 Well-recognized brands 3 Pork 37 Chicken 7 Dairy 58 Distribution Center 134 Slaughterhouse and Industry 60 Beef 20 Leather 1 Biodiesel 7 Sales Office u Units Geographic Beef Chicken Pork Leather Dairy Lamb Presence and 85,825 heads/day 7.9 mm birds/day 50,000 heads/day 76,100 hides/day 5,400 tons/day 24,000 heads/day Production Capacity Source: JBS PAGE 5
  • Well-recognized Brands, symbols of quality1 Market Leader2 Geographic and market segment diversification Brazil3 Well-recognized brands Argentina EUA Australia PAGE 6
  • Brazil, Australia and the US continue to lead global beef exportsBrazil, Australia and US represent, respectively, 27%, 18% and 11% of global beef trade Brazilian Beef Exports (tons) 1.400.000 5.500 5.000 1.200.000 +31.6% 4.500 1.000.000 4.000 3.500 800.000 3.000 600.000 2.500 -16.4% 2.000 400.000 1.500 1.000 200.000 500 0 0 2005 2006 2007 2008 2009 2010 1H10 1H11 Australian Beef Exports (tons) US Beef and Veal Exports (tons) 1.400.000 5.500 1.400.000 5.500 5.000 5.000 1.200.000 +13.0% 1.200.000 +4.3% 4.500 4.500 1.000.000 4.000 1.000.000 4.000 3.500 3.500 800.000 800.000 3.000 3.000 600.000 2.500 600.000 2.500 +3.5% 2.000 +25.8% 2.000 400.000 1.500 400.000 1.500 1.000 1.000 200.000 200.000 500 500 0 0 0 0 2005 2006 2007 2008 2009 2010 1H10 1H11 2005 2006 2007 2008 2009 2010 1H10 1H11 Beef Exports Average Price (US$/Ton)Source: USDA, MLA and Secex PAGE 7
  • Chicken Exports Brazil vs USBrazil and US represent, respectively, 39% and 34% of global chicken tradeBrazilian Chicken Exports (tons) US Chicken Exports (tons)4.500.000 2.000 4.500.000 1.8004.000.000 1.800 4.000.000 1.600 +21.4%3.500.000 1.600 3.500.000 1.400 1.4003.000.000 3.000.000 1.200 1.200 +10.2%2.500.000 2.500.000 1.000 1.0002.000.000 2.000.000 800 +6.4% 8001.500.000 1.500.000 -1.7% 600 6001.000.000 400 1.000.000 400 500.000 200 500.000 200 0 0 0 0 2005 2006 2007 2008 2009 2010 1H10 1H11 2005 2006 2007 2008 2009 2010 1H10 1H11 Chicken Exports Average Price (US$/Ton)Source: USDA and Secex PAGE 8
  • Pork Exports US vs BrazilUS and Brazil represent, respectively, 32% and 11% of global pork tradeBrazilian Pork Exports (tons) US Pork Exports (tons) 3.000 3.0001.400.000 1.400.000 +7.2% +12.0% 2.500 2.5001.200.000 1.200.0001.000.000 2.000 1.000.000 2.000 800.000 800.000 1.500 1.500 +14.5% 600.000 600.000 1.000 1.000 400.000 400.000 -1.8% 500 500 200.000 200.000 0 0 0 0 2005 2006 2007 2008 2009 2010 1H10 1H11 2005 2006 2007 2008 2009 2010 1H10 1S11 Pork Exports Average Price (US$/Ton)Source: USDA and Secex PAGE 9
  • 2Q11 Highlights
  • 2Q11 Highlights Net revenue in 2Q11 was R$14,621.8 million, 3.6% higher than 2Q10. The Company ended the quarter with R$5.0 billion in cash more than a 100% of the short-term debt. The Company raised US$2.0 billion in long-term debt. JBS concluded the capitalization of the debentures in shares of JBS S.A. at R$7.04. All the business units of JBS presented significant organic growth y-o-y.The main operating highlights were: JBS Mercosul presented EBITDA of JBS USA Pork presented EBITDA of R$427.9 million, with a EBITDA margin of US$83.6 million, 71.7% greater than 11.8% 2Q10, with EBITDA margin of 9.9%. PAGE 11
  • JBS Consolidated Results – 2Q11 EBITDANet Revenue (R$ million) EBITDA and EBITDA Margin (R$ million) 1800,0 8,0 7,1 7,3 14.672,7 14.621,8 1600,0 6,0 5,7 14.116,3 14.069,6 14.319,6 1400,0 4,0 -0.3% +1.8% +2.5% -0.3% 1200,0 1.026 1.000 1000,0 866 836 +2.6% 800,0 -15.6% -3.5% 588 600,0 -29.7% 400,0 200,0 0,0 -12,0 2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11 EBITDA Margin (%)Source: JBS PAGE 12
  • Semester Analysis Performance by Business Unit JBS Mercosul JBS USA JBS USA JBS USA (PPC) (Including Australia) Net sales (R$ billion) Net sales (US$ billion) Net sales (US$ million) Net sales (US$ billion) 1,7 3,9 7,2 7,8 3,4 6,3 1,4 6,2 0 1H10 1H11 1H10 1H11 1H10 1H11 1H10 1H11 EBITDA (R$ mi) EBITDA (US$ mi) EBITDA (US$ mi) EBITDA (US$ mi) 1100 0,16 1000 0,2 0,14 0,18 0,15 1000 0,12 0,161100 0,13 0,14 0,1 900 0,12 0,11 0,08 900 0,11000 300 0,1 0,08 0,06 800 0,09 0,06 0,04 900 800 0,04 800 697,2 736,2 0,07 700 0,02 0 0,05 700 0,02 0 -0,02 188,9 0,05 -0,02 -0,04 -0,06 0,03 600 700 -0,04 -0,08 600 200 -0,06 0 -0,1 0,01 -0,12 600 -0,08 500 -0,14 365,4 500 -0,01 -0,1 -0,16 314,4 500 -0,18 -0,12 -0,05 -0,03 400 -0,2 400 83,6 -0,14 -0,22 400 -0,05 -0,24 -0,16 187,1 -0,26 300 100 300 -0,18 -0,1 -0,07 -0,28 300 -0,2 -0,3 -0,09 -0,32 200 -0,22 200 200 -0,34 -0,24 -0,15 -0,36 -0,11 -0,38 100 -0,26 100 100 -0,4 -102,8 -0,13 -0,28 -0,42 -0,44 0 -0,15 0 -0,3 0 -0,2 -0,46 0 -0,48 -0,5 1H10 1H11 1H10 1H11 1H10 1H11 -0,52 1H10 1H11 -100 -0,54 -0,56 -0,58 -200 -0,6 Source: JBS PAGE 13
  • Quarterly Analysis Performance by Business Unit JBS Mercosul JBS USA JBS USA JBS USA (PPC) (Including Australia) Net sales (R$ billion) Net sales (US$ billion) Net sales (US$ million) Net sales (US$ billion) 1300 1220 1140 4,0 1060 837 846 2,0 980 3,8 900 772 799 1,9 820 739 1,7 1,7 1,8 3,6 3,6 3,6 740 3,5 3,5 660 3,4 3,4 580 3,3 500 420 340 260 180 100 2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11 EBITDA (R$ mi) EBITDA margin EBITDA (US$ mi) EBITDA margin EBITDA (US$ mi) EBITDA margin EBITDA (US$ mi) EBITDA margin 500 16,0% 500 20,0% 11,8% 12,8% 12,6% 14,0% 18,0% 9,5% 11,8% 5,9% 5,4% 7,1% 12,0% 9,9% 16,0%600 10,4% 12,0% 10,0% 9,9% 14,0% 8,6% 400 3,1% 8,0% 400 7,5% 12,0% 7,1% 10,0% 1,1% 6,0% 6,6% 102,4 105,3 10,0% 6,9% 10,0%500 427,9 4,0% 8,0% 90,8 8,0% 2,0% 6,0% 269,7 334,5 363,7 0,0% 6,0% 300 -2,0% 100 83,6 300 4,0% -2,4%400 5,0% 308,6 2,0% -4,0% 4,0% 0,0% -6,0%300 238,8 2,0% 194,9 194,8 -8,0% -10,0% 170 -2,0% -4,0% 200 -12,0% 48,7 0,0% 200 127,6 -2,9% -6,0% 124,8 0,0% -14,0% -8,0%200 -2,0% 103,5 -16,0% -18,0% -10,0% -12,0% -4,0% -20,0% 100100 -6,0% 100 44,7 -22,0% -24,0% -5,0% -14,0% -16,0% -18,0% -8,0% -26,0% -28,0% 0 -55,2 -47,6 -20,0% -22,0% 0 -10,0% 0 -30,0% 0 -10,0% -24,0% 2Q10 3Q10 4Q10 1Q11 2Q11 -26,0% 2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11 2Q10 3Q10 4Q10 1Q11 2Q11 -100 -28,0% -30,0% EBITDA Margin (%) Source: JBS PAGE 14
  • Revenue and EBITDA Distribution by Business Unit Revenue 21.5% 25.4% 2Q11 9.6% 43.5% EBITDA -12.6% 73.4% 26.5% 2Q11 12.7%Source: JBS PAGE 15
  • Organic Growth Each business unit presented double digit organic growth in their local currency, for the period. JBS USA Beef – Net Revenue (US$ million) JBS USA Chicken – Net Revenue (US$ million) 4.000 2.100 3.800 2.000 3.600 3.400 1.900 3.200 1.800 3.000 1.700 2.800 2.600 1.600 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 JBS USA Pork – Net Revenue (US$ million) JBS Mercosul – Net Revenue (R$ million) 850 3.600 800 3.500 750 3.400 700 3.300 3.200 650 3.100 600 3.000 550 2.900 500 2.800 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11Source: USDA PAGE 16
  • JBS Consolidated Exports Distribution Others 16.0% Japan 13.7% 2Q11Vietnam1.2% Africa and Middle East 13.6%Taiwan 2.7%China 4.1% US$ 2,363.6 millionCanada 4.8% Mexico 13.0%Hong Kong 6.8% E.U. 6.9% Russia 9.5% South Korea 7.7% Others 14.0% Africa and Middle East 15.9% 1Q11 Philippines 1.3% Mexico 14.4% Taiwan 2.5% China 4.0% US$ 2,450.3 million Canada 4.4% Japan 13.1% E.U. 5.2% Hong Kong 6.8% Russia 8.4% South Korea 10.1% Source: JBS PAGE 17
  • Debt ProfileNet debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)*, went from 2.9x in 1Q11 to 3.2x in 2Q11Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)*, went from 3.1x in 1Q11 to 3.6x in 2Q11The Company ended the quarter with R$5.0 billion in cash or cash equivalents, more than a 100% of the Company’s short-term debtLeverage ST / LT Profile 2Q11 27% 73% 1500 3.6x 1300 3,1 1100 3 2,9 3 3 1Q11 30% 70% 900 4Q10 33% 67% 700 2 500 3Q10 33% 67% 300 1 100 2Q10 36% 64% -100 2Q10 3Q10 4Q10 1Q11 2Q11 0 . Leverage EBITDA Short Term Long TermSource: JBS PAGE 18* non-recourse subsidiary controlled by JBS
  • Stock MarketIn 2007, JBS was the first Company in the beef industry to trade its shares on the stock market
  • ShareholdersAverage dailytraded volumeof R$ 22.7million in 3.0%2Q11 Source: JBS PAGE 20
  • $ Sell-side analyst recommendation Institution Analyst Recommendation Target Price (R$) Banco do Brasil Mariana Peringer Hold 10.20 Bradesco Ricardo Boiati / Alan Cardoso Market Perform 8.80 BTG Pactual Fábio Monteiro / Thiago Duarte Buy 9.30 Citi Carlos Albano Hold 7.40 Goldman Sachs Gustavo Wigman / Claudio Lensing Neutral 7.30 HSBC Pedro Herrera / Diego Maia Neutral 6.40 Merrill Lynch BofA Fernando Ferreira / Isabella Simonato Neutral 6.50 Santander Luis Miranda Hold 7.00 Safra Erick Guedes / Fernando Labes Outperform 10.35 UBS Gustavo Oliveira / Flavio Barcala Neutral 7.40 Source: Bloomberg and JBS PAGE 21
  • Mission“To be best in what we set out to do, totally focused onour 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.