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    Presentation jbs fixed income Presentation jbs fixed income Presentation Transcript

    • JBS S.A.January / February, 2012Presentation for Debt Investors
    • 3Q11 Highlights Gross Margin expanded 102bps, compared to 2Q11 and reached 10.9%. EBITDA margin increased 101 bps to 5.1% in the quarter. Net revenue in 3Q11 was R$15,567.8 million, 10.6% higher than 3Q10. The Company ended the quarter with R$5.6 billion in cash, more than a 100% of its short-term debt. JBS generated net cash provided by operating activities of R$897 million in the quarter. JBS USA Beef presented EBITDA in 3Q11 of R$184.1 million , an increase of 77.9% over the last quarter. Net debt reduced approximately R$530 million, excluding the FX variation effect in the net debt in US dollar denominated.The main operating highlights were: JBS Mercosul presented JBS USA Pork business unit EBITDA of R$453.8 million, with presented cumulative 2011 an EBITDA margin of 11.6%. EBITDA of US$264.8 million, 51.8% higher than in the same period of 2010. PAGE 2
    • JBS Consolidated Results – 3Q11 EBITDANet Revenue (R$ million) EBITDA and EBITDA Margin (R$ million) 1800.0 8.0 7.3 15,567.8 6.0 14,319.6 14,672.7 14,621.8 1600.0 5.7 14,069.6 5.1 1400.0 4.0 +1.8% +2.5% -3.8% +6.5% 1200.0 1,026 1000.0 -15.7% 866 836 -3.4% 787 800.0 +33.9% -29.7% 588 600.0 400.0 200.0 0.0 -12.0 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11 EBITDA Margin (%)Source: JBS PAGE 3
    • 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 4.2 1220 1140 4.0 1060 846 867 3.9 980 837 2.0 3.8 900 772 799 1.9 1.9 820 1.7 1.8 3.6 3.6 3.6 740 3.5 660 3.4 3.4 580 500 420 340 260 180 100 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11 EBITDA (R$ mi) EBITDA (US$ mi) EBITDA (US$ mi) EBITDA (US$ mi) 500 16.0% 11.8% 11.6% 11.8% 12.8% 12.6% 9.9% 8.8% 14.0%600 10.7% 7.1% 12.0% 200 500 20.0% 5.4% 4.4% 10.0% 3.1% 12.0% 8.6% 13.0% 8.0% 18.0% 1.1% 400 427.9 453.8 6.0% 16.0% 7.1% 10.0% 9.9% 9.0%500 4.0% 14.0% 400 8.0% 2.0% 12.0% 373.7 6.0% 300 269.7 0.0% -2.0% 5.0% 6.9% 10.0% 102.4 105.3400 8.0% 308.6 4.0% -4.0% 1.0% 6.0% 90.8 -6.0% 300 238.8 2.0% 194.8 184.1 -8.0% 83.6 -3.0% -1.7% 4.0%300 -10.0% 100 75.9 170 2.0% -2.9% 200 -12.0% 0.0% 0.0% -7.0% -14.0% 200 124.8 -2.0%200 -2.0% 103.5 -16.0% -4.0% -2.4% -11.0% -18.0% -6.0% -4.0% -20.0% 100 44.7 -22.0% -15.0% 100 -8.0%100 -6.0% -24.0% -31.4 -10.0% -8.0% -26.0% -28.0% -19.0% -55.2 -47.6 -12.0% -14.0% 0 -10.0% 0 -30.0% 0 -23.0% 0 -16.0% -18.0% 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11 -100 3Q10 4Q10 1Q11 2Q11 3Q11 -20.0% -22.0% -24.0% -26.0% -28.0% -200 -30.0% EBITDA Margin (%) PAGE 4 Source: JBS
    • Debt Maturity Schedule and Profile 3Q11 Gross Debt: 19,235 (R$ million) Short Term Net of Cash 2012 2013 2014 2015 2016 2017 2018 2019 and after 236 372 198 968 1,592 1,232 1,928 3,411 4,190 R$ / USD Bonds / Other JBS S.A. Subsidiaries 62% 38% 3Q11 29% 71% 3Q11 34% 66% R$ USD Bonds Other PAGE 5Source: JBS Financial Statements and Internal Reports
    • Debt Profile: 3Q11Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)*, reduced from 3.2x in 2Q11 to 3.0x in 3Q11.Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)*, went from 3.6x in 2Q11 to 4.0x in 3Q11.The Company ended the quarter with R$5.6 billion in cash or cash equivalents, more than a 100% of the Company’s short-term debt.The Company generated R$897 million of operating cash flow and R$620 million of net cash flow.Leverage ST / LT Profile 3Q11 28% 72% 1500 4.0x 4 1300 3.6 3.2 2Q11 27% 73% 3.1 1100 2.9 3.0 3.0x 3 900 1Q11 30% 70% 700 2 500 4Q10 33% 67% 300 1 100 3Q10 33% 67% -100 3Q10 4Q10 1Q11 2Q11 3Q11 0 . Leverage EBITDA Short Term Long Term . Leverage Ex-PPC EBITDA Ex-PPCSource: JBS PAGE 6* subsidiary controlled by JBS with non-recourse debt.
    • Corporate Structure and Guarantors USD350mm Notes due 2016 (ex-Bertin) USD300mm Notes due 2016 JBS S.A. USD900mm Notes due 2018 Vigor USD100mm Notes due 2017 100.0% Subsidiary of JBS S.A. JBS Hungary Holdings Kft JBS USA Holdings USD500mm Notes due 2018 67.3% Pilgrim’s Pride 100.0%JBS USA Finance, Inc. JBS USA, LLC USD700mm Notes due 2014 USD650mm Notes due 2021 USD700mm Notes due 2020 100.0% 100.0% 100.0% JBS USA Beef JBS USA Pork JBS Australia 100.0% Bond Guarantor JBS Five Rivers Notes 2016 - JBS S.A. JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef Company Notes 2016 - Bertin JBS Hungary Notes 2017 - Vigor S.A. Fábrica de Produtos Alimentícios Vigor Notes 2014 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USAs U.S. restricted subsidiaries Notes 2018 - JBS S.A. JBS S.A., JBS Hungary Notes 2018 - PPC Pilgrim’s Pride Corporation of West Virginia, Inc. Notes 2021 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USAs U.S. restricted subsidiaries Notes 2020 - JBS USA LLC JBS S.A., and each of wholly-owned U.S. restricted subsidiaries PAGE 7
    • Debt Securities Issued Description Principal Total Term Coupon Maturity2016 Notes: JBS S.A. USD 300 MM 10 years 10.500% p.a. Aug, 20162016 Notes: Bertin USD 350 MM 10 years 10.250% p.a. Oct, 20162017 Notes: Vigor USD 100 MM 10 years 9.250% p.a. Feb, 20172014 Notes: JBS USA USD 700 MM 5 years 11.625% p.a. May, 20142018 Notes: JBS S.A. USD 900 MM 7.5 years 8.250% p.a. Jan, 20182018 Notes: PPC USD 500 MM 8 years 7.875% p.a. Dec, 20182021 Notes: JBS USA USD 650 MM 10 years 7.250% p.a. Jun, 20212020 Notes: JBS USA, LLC USD 700 MM 8 years 8,250% p.a. Feb, 2020 JBS S.A. / JBS USA Agency Scale Rating Outlook Date Fitch Global BB- Stable 11/18/2011 Moody’s Global B1 Stable 12/06/2011 Standard & Poors Global BB Stable 11/04/2011 Pilgrim’s Pride Agency Rating Outlook Date Moody’s B2 Negative 11/16/2011 Standard & Poors B Develop 08/16/2011 PAGE 8
    • 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. ”