SGA Talent & SGA Access Presents our 2023 Whos Who In Finance From the For...SGA Talent
SGA Talent and SGA Access introduces the Fortune 50 CFO's to with a focus on women.
Did you know, 16% of the Chief Financial Officers from The Fortune 50 are Women?
List of Women Finance Leaders From The Fortune 50
1. Kathryn Mikells: Senior Vice President, Chief Financial Officer - Exxon Mobil Corp.
2.Ruth Porat: Senior Vice President, Chief Financial Officer - Alphabet Inc (Google)
3.Amy Hood: Executive Vice President, Chief Financial Officer - Microsoft Corp.
4. MaryAnn Mannen: Executive Vice President, Chief Financial Officer - Marathon Petroleum Corporation
5. Susan Li: Chief Financial Officer - META Platforms, Inc. (Facebook, Inc.)
6. Chryssa Halley: Executive Vice President, Chief Financial Officer - Fannie Mae
7. Susan Diamond: Chief Financial Officer - Humana Inc.
8. Carolina Dybeck Happe: Senior Vice President, Chief Financial Officer - General Electric Co.
SGA Talent is a leader in recruiting and research.
Making your way in the new pharma and biotech world - Sept 2010Jeffrey Boily
A panel of industry experts take a look at how you can survive in the
future world of pharma, especially if you've found yourself stranded at the manager
or director level.
JSF Group Inc's own, Dr. Rob Murphy delivers this Livestock Market Report alongside expert analyst, Kevin Grier.
We'll be discussing factors affecting the Q3 global protein markets, including:
• Collapsing trade relations;
• Extreme weather systems; and
• The spread of a crippling disease into the world's largest pork market.
In addition to our hosts, this quarter, we've invited accomplished livestock analyst and Agricultural Economics Instructor, Mark Jordan, to provide in-depth commentary on US poultry trends.
Navigating Protein Market Uncertainty into 2020OliviaBello4
Expert meat & livestock analysts Dr. Rob Murphy and Kevin Grier are joined by special guest, Dr. Steve Meyer as they discuss factors affecting the global cattle /beef, hog / pork and chicken / poultry markets into 2020.
NHP - Mondias Investor Presentation - December 2018MomentumPR
Mondias specializes in the commercialization and development of evidence based botanical products for the health care and bio agriculture markets. The company is already selling both oral and topical botanical agents to help manage unmet medical needs through Holizen Laboratories, one of its divisions. Mondias is also developing botanical-based specialty fertilizers for use on household plants, urban gardens, lawns, golf courses, nurseries or greenhouses in collaboration with McGill's faculty of agricultural and environmental sciences.
SGA Talent & SGA Access Presents our 2023 Whos Who In Finance From the For...SGA Talent
SGA Talent and SGA Access introduces the Fortune 50 CFO's to with a focus on women.
Did you know, 16% of the Chief Financial Officers from The Fortune 50 are Women?
List of Women Finance Leaders From The Fortune 50
1. Kathryn Mikells: Senior Vice President, Chief Financial Officer - Exxon Mobil Corp.
2.Ruth Porat: Senior Vice President, Chief Financial Officer - Alphabet Inc (Google)
3.Amy Hood: Executive Vice President, Chief Financial Officer - Microsoft Corp.
4. MaryAnn Mannen: Executive Vice President, Chief Financial Officer - Marathon Petroleum Corporation
5. Susan Li: Chief Financial Officer - META Platforms, Inc. (Facebook, Inc.)
6. Chryssa Halley: Executive Vice President, Chief Financial Officer - Fannie Mae
7. Susan Diamond: Chief Financial Officer - Humana Inc.
8. Carolina Dybeck Happe: Senior Vice President, Chief Financial Officer - General Electric Co.
SGA Talent is a leader in recruiting and research.
Making your way in the new pharma and biotech world - Sept 2010Jeffrey Boily
A panel of industry experts take a look at how you can survive in the
future world of pharma, especially if you've found yourself stranded at the manager
or director level.
JSF Group Inc's own, Dr. Rob Murphy delivers this Livestock Market Report alongside expert analyst, Kevin Grier.
We'll be discussing factors affecting the Q3 global protein markets, including:
• Collapsing trade relations;
• Extreme weather systems; and
• The spread of a crippling disease into the world's largest pork market.
In addition to our hosts, this quarter, we've invited accomplished livestock analyst and Agricultural Economics Instructor, Mark Jordan, to provide in-depth commentary on US poultry trends.
Navigating Protein Market Uncertainty into 2020OliviaBello4
Expert meat & livestock analysts Dr. Rob Murphy and Kevin Grier are joined by special guest, Dr. Steve Meyer as they discuss factors affecting the global cattle /beef, hog / pork and chicken / poultry markets into 2020.
NHP - Mondias Investor Presentation - December 2018MomentumPR
Mondias specializes in the commercialization and development of evidence based botanical products for the health care and bio agriculture markets. The company is already selling both oral and topical botanical agents to help manage unmet medical needs through Holizen Laboratories, one of its divisions. Mondias is also developing botanical-based specialty fertilizers for use on household plants, urban gardens, lawns, golf courses, nurseries or greenhouses in collaboration with McGill's faculty of agricultural and environmental sciences.
2. 2
Disclaimer
The forward-looking statements presented herein are subject to risks and uncertainties. These
statements are based on the beliefs and assumptions of our management, and on information
currently available to us.
Forward-looking statements are not guarantees of performance. They involve risks,
uncertainties and assumptions because they relate to future events and therefore depend on
circumstances that may or may not occur. Our future operating results, financial condition,
strategies, market share and values may differ materially from those expressed in or suggested
by these forward-looking statements. Many of the factors that will determine these results and
values are beyond our ability to control or predict.
Forward-looking statements also include information concerning our possible or assumed future
operating results, as well as statements preceded by, followed by, or including the words
''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or
similar expressions.
3. 3
Wesley Mendonça Batista
CEO of JBS USA
Joesley Mendonça Batista
CEO of JBS S.A.
Guilherme Arruda
Investors Relations
Presenters
Jeremiah O’Callaghan
Investors Relations Officer
5. 5
Our Mission
To be the best at 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 for all our employees.
Our Values
Excellence
Planning
Determination
Discipline
Availability
Openness
Simplicity
Who We Are
6. Corporate Structure
Investors
Relations
Jeremiah
O’Callaghan /
Guilherme Arruda
Finance
Director Brazil
Marcos
Bastos
Corporate
Law
Department
Francisco
de Assis e Silva
Marcos graduate from
Mackenzie University in
Business Administration
and has a MBA in
Finance from San
Francisco State
University. Worked in
many financial institutions
in Brazil, primarily in
Investment banking,
Financial Projects, and
Portfolio management.
Started in 2008 with JBS.
Francisco is the director
of the Law Department.
Has a post graduated
from the University of
Mackenzie.
Started working at JBS in
December of 2001 and
later became a member
of the Executive Board in
January of 2007.
Jerry has a Engineering
Degree from the University
of Cork College in Ireland.
Immigrated to Brazil in
1979. Started working in
the Beef Sector in 1983
and in JBS in 1996 in order
to develop the Trade Area
and eventually became the
Investors Relations Officer.
Guilherme graduated in
Business and Economics
from the University of
California. Start in the
Company in 2009 after
working for 7 years for
BTG Pactual.
Corporate
And Adm.
Controller
Eliseo
Fernandes
Eliseo has a Business
Administration and
Accounting Degree from
the University Católica de
Pernambuco and a post
graduate degree in
Business Administration
from FGV. He started with
JBS in August 2005 and
eventually became
Director of Administration
and Corporate
Governance. He has 8
years Experience in
Auditing and Consulting
and 10 years in the Retail
industry.
Dairy
Gilson
Teixeira
CEO
MERCOSUL
Marco
Bortolon
JBS
Hides
Roberto
Motta
New business
José Luis
Medeiros
Commercial and
Distribution
International
Offices
Marco Bichieri
CEO
President
Joesley
Batista
Marco has more than 10
years experience in JBS.
Initially started as a
Production Manager and
in 2009 was promoted to
Chief Operating Officer of
the Brazil Beef Division.
Marco has more than 24
years of experience in the
Protein Sector. Worked
for more than 20 years in
Bertin.
Roberto has more than 20
years in the Leather
Industry. Was
responsible for
incorporating BMZ Hides
with the JBS Group.
Gilson has more than
25 years experience in
Finance and Controller
of business units of
Bertin, where he later
served as a member of
the Board for 5 years.
José Luiz has a degree
in Accounting and has
been working in the Beef
Sector since 1975. 14
year in Bertin and
started at JBS in 1997.
January 2010 became
the Director of New
Business.
6
7. Corporate Structure
Australia
Iain Mars
Pilgrim's Pride
Don Jackson
Beef USA
Bill Rupp
JBS Five
Rivers
Mike
Thoren
JBS Carriers
Moe
Schroder
CEO
USA/AUS
Wesley
Batista
Pork
Martin
Dooley
Iain was born in England
and worked in the Beef
Industry for his whole life.
He became the President
and CEO of JBS Australia
in 2007, after the
acquisition of Swift. He
has worked in JBS since
2005.
Martin has a degree in
Biology from the
University of Eastern
Illinois. Worked in Swift
for his whole life, having
started the company as a
manager trainee in 1983.
In 2007 was given the
position of president of the
Pork Division of JBS USA.
Moe has more than 30
years experience in
Transportation Sector.
Graduated from the
University of Ryerson,
Toronto, Canada.
Occupied the position of
Vice President of Sales,
Dedicated Operations at
KLLM and before that
was in various executive
positions at CR England .
Moe Joined JBS to run
the carrier business
Mike is the President and
CEO of Five Rivers since
the Start of the Company.
Has a Masters of Science
in Agricultural Economics
and has a degree in
Agribusiness from the
University of Washington
State.
Bill has learned the Beef
Industry from the ground
up. Right out of college,
he began learning the
business at Cargill where
he worked for 25 years.
He was a general plant
manager and eventually
went to build a meat
processing facility in
Canada. He later
became the VP of
Operations, then was the
President of the Beef
Business, and eventually
became the president of
Cargill Meat Solutions.
Bill joined JBS in 2010 as
the President of the US
Beef Business.
Don is the President,
CEO and Director of
Pilgrim’s Pride since
January 2009. For 9
years was the president
of the chicken division of
Foster Farms and vice
president of Food
Services in ConAgra
Poultry Company.
Before this he worked
at Seaboard farms of
Athens for 22 years,
including 4 years as the
CEO of the Chicken
Division
Trading
Robert
Wadland
Robert has 27 years of
meat trading experience
with 17 years of that at
JBS enhancing exports
out of Australia and New
Zealand. Recently
transferred to the US to
run the group’s trading
business unit
CFO
André
Nogueira
Human
Resources
Bob
Daubenspeck
André has a degree in
Economics from the
Federal University
Fluminense, a masters in
Capital Markets from
FGV – Fundação Getúlio
Vargas, and masters in
Economics from
University of Brasilia in
2003. Worked more than
20 years at Bank of
Brazil and started at JBS
USA in 2007 after the
Swift acquisition.
Robert assumed this
position in February
2009 and before that
was in JBS
Packerland from 2002
to 2008.
7
9. Leading, Sizeable and Diversified Business Platform
9
1st
Ranking
Well-
Recognized
Brands
Production
Units
Geographic
Presence and
Installed
Capacity
2nd 3rd 1st 3rd 1st
Global Global U.S.A. Global Brazil Global
Beef
40.2
1.1
5.7
28.6
8.7
3.0
1.0
‘000 heads/day:
6.9
0.7
mm heads/day:
48.5
‘000 heads/day: ‘000 hides/day:
1.4
‘000 tons/day:
4.5
23.0
‘000 heads/day:
Total: 88.2 Total: 7.6 Total: 48.5 Total: 91.4 Total: 1.4 Total: 27.5
Chicken Pork Hides / Leather Dairy Lamb
75 33 3 26 7 6
55.6
28.6
6.0
1.2
10. Our Strategy
10
Production platform
Sales and distribution platform
Value added products
Branding
JBS’ Value & Strategy
EBITDA Margin
Financial
structure
Experienced
management
Cost reduction,
process
optimization
Risk
management
• Developed an efficient
and diversified global
production platform
• Expanding a global distribution
platform to reach end clients
• Customized and further processed
products for the
end users
• Associating quality and branding to
increase client loyalty
Rationale
11. Distribution Platform with Access to Key Markets
11
1 Real growth of total consumption in tons – 2010E to 2015E
Source – OECD-FAO
Distribution Center
Growth 1
2 %
5 %
8 %
Growth 1
7 %
16 %
25 %
Growth 1
9%
8%
13 %
Growth 1
4 %
3 %
-2 %
Sales Offices
13. Animal Protein Consumption Growth in the Last Decade
13
3
Source: FAPRI February 2010
7.5%
29%
32.2%
70.2%
41.4%
47.7%
23.7%
23.3%
48.7%
North America
Central
America
South America
Sub Saharan
Africa
Middle East
Southeast
Asia
East Asia
Oceania
EU - 27
14. Global Supply-Demand for Poultry
14
Source: Goldman Sachs
GLOBAL SUPPLY-DEMAND FOR POULTRY
Choose Year for Chart: 2020
Estimates for Chart GS
Goldman Sachs Estimates 2020 GLOBAL SURPLUS (DEFICIT) OF POULTRY MEAT
Goldman Sachs Estimates
Surplus
Deficit
8.9
1.1 0.9
9.1
Prod. Imports Exports Cons.
European Union
3.2
0.6
-
3.7
Prod. Imports Exports Cons.
Russia
19.1
-
4.1
15.1
Prod. Imports Exports Cons.
United States
21.6
1.1 0.2
22.5
Prod. Imports Exports Cons.
China
17.0
-
7.6
9.4
Prod. Imports Exports Cons.
Brazil
1.9
-
0.8
1.1
Prod. Imports Exports Cons.
Thailand
3.7
0.1 -
3.8
Prod. Imports Exports Cons.
India
15. Global Supply-Demand for Pork
15
Source: Goldman Sachs
GLOBAL SUPPLY-DEMAND FOR PORK
Choose Year for Chart: 2020
Estimates for Chart GS
Goldman Sachs Estimates 2020 GLOBAL SURPLUS (DEFICIT) OF PORK MEAT
Goldman Sachs Estimates
Surplus
Deficit
2.2
0.3
1.3
1.2
Prod. Imports Exports Cons.
Canada
22.7
0.1 1.1
21.6
Prod. Imports Exports Cons.
European Union
11.9
0.5
2.5
9.9
Prod. Imports Exports Cons.
United States
3.1
1.1
-
4.1
Prod. Imports Exports Cons.
Russia
1.6
0.8
0.2
2.2
Prod. Imports Exports Cons.
Mexico
55.8
0.3
(0.3)
56.4
Prod. Imports Exports Cons.
China
4.4
-
1.4
3.0
Prod. Imports Exports Cons.
Brazil
16. Global Supply-Demand for Beef
16
Source: Goldman Sachs
GLOBAL SUPPLY-DEMAND FOR BEEF & VEAL
Choose Year for Chart: 2020
Estimates for Chart GS
Goldman Sachs Estimates 2020 GLOBAL SURPLUS (DEFICIT) OF BEEF & VEAL
Goldman Sachs Estimates
Surplus
Deficit
12.8
1.5 1.6
12.7
Prod. Imports Exports Cons.
United States
8.0
0.8 0.2
8.6
Prod. Imports Exports Cons.
European Union
15.4
0.2
6.0
9.5
Prod. Imports Exports Cons.
Brazil
7.3
1.2 -
8.5
Prod. Imports Exports Cons.
China
3.6
- 0.4
3.2
Prod. Imports Exports Cons.
Argentina & Uruguay
2.4
-
1.6
0.8
Prod. Imports Exports Cons.
Australia
4.1
- 0.4
3.7
Prod. Imports Exports Cons.
India
17. Beef
Exports Brazil vs USA
17
Source: USDA and Secex
US Beef and Veal Exports (Tons)Brazilian Beef Exports (Tons)
Both Brazil and the US continue to lead global beef exports.
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2005 2006 2007 2008 2009 JAN-SEPT
09
JAN-SEPT
10
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
Beef Exports Avg Price in US$ per Ton
10.8%
23.2%
0
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
2005 2006 2007 2008 2009 JAN-SEPT
09
JAN-SEPT
10
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
Beef Exports Avg Price in US$ per Ton
23.1%
8.4%
18. Chicken
Exports Brazil vs USA
18
Source: USDA and Secex
Brazilian Chicken Exports (Tons) US Poultry Exports (Tons)
The reopening of Russian market in late August should boost US poultry exports in
the later half of 2010.
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
2005 2006 2007 2008 2009 JAN-SEPT
09
JAN-SEPT
10
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
Chicken Exports Avg Price in US$ per Ton
6.5%
13.5%
-
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
2005 2006 2007 2008 2009 JAN-SEPT
09
JAN-SEPT
10
-
200
400
600
800
1.000
1.200
Chicken Exports Avg Price in US$ per Ton
-5.7%
-5.9%
20. Highlights - 3Q10
20
Net revenue for the 3Q10 was R$14,069.6 million, practically stable in comparison to the 2Q10,
which was R$14,116.3 million.
Consolidated EBITDA increased by 2.6% q-o-q, reaching R$1,026.4 million for the
3Q10. EBITDA margin was 7.3% in the quarter. The main operating highlights were:
JBS Mercosul operations presented EBITDA of R$363.7 million and EBITDA margin of
10.4% for the quarter, versus 9.5% in 2Q10, despite challenges such as cost of raw materials
and FX-rate.
JBS USA Pork presented EBITDA of US$90.8 million and a historical EBITDA margin of
11.8% in 3Q10.
JBS USA Chicken (PPC) had an EBITDA of US$170.0 million, 33.2% higher q-o-q, with
EBITDA margin of 9.9%.
Consolidated customer base grew 15.3% q-o-q, primarily in Mercosul, and now exceeds 350
thousand clients globally.
21. Consolidated Performance by Protein
21
Export Growth Customer Base Evolution
(1) in Local GAAP
R$ Millions Net Income EBITDA Margin EBITDA
Beef 8,624.2 448.2 5.2%
Pork 1,350.8 158.8 11.8%
Chicken 2,994.1 309.5 10.3%
Others 1,100.5 109.8 10.0%
Total 14,069.6 1,026.4 7.3%
1
-
50,0
100,0
150,0
200,0
250,0
300,0
350,0
400,0
4Q09 1Q10 2Q10 3Q10
Customers (thousand)
1
-
50,0
100,0
150,0
200,0
250,0
300,0
350,0
400,0
450,0
4Q09 1Q10 2Q10 3Q10
Industrialized (R$ Millions) Industrialized (thousand tons)
24. Revenue Distribution by Market
24
Revenue Distribution by Market 3Q10 Revenue Distribution by Market 2Q10
Revenue Distribution by Business Units 3Q10 Revenue Distribution by Business Units 2Q10
Beef
Domestic 44%
Pork
Domestic 7%
Chicken
Domestic 20%
BeefExports
25%
Pork
Exports 2%
Chicken
Exports 2%
Exports= 29% DomesticMarket = 71%
Source: JBS
* Including Australia
Mercosul
27%
USA Beef
42%
USA Pork
9%
USA Chicken
22%
* *
Beef
Domestic 44%
Pork
Domestic 8%
Chicken
Domestic 20%
BeefExports
25%
Pork
Exports 1%
Chicken
Exports 2%
Exports= 28% DomesticMarket = 72%
25. EBITDA Distribution by Business Units
25
3Q10 2Q10
USA BEEF
18.1%
USA PORK
15.9%
USA Chicken
29.7%
Mercosul
36.4%
USA BEEF
36.1%
USA PORK
7.4%USA Chicken
12.6%
Mercosul
43.9%
Source: JBS
* Including Australia
*
*
26. JBS Consolidated Exports Distribution
26
JBS Exports 3Q10 JBS Exports 2Q10
US$2,3331.0 MillionsUS$2,326.9 Millions
Source: JBS
AfricaandMiddle East
19%
Mexico
12%
Japan
10%HongKong
8%
Russia
10%
E.U.
7%
USA
7%
SouthKorea
5%
China
4%
Canada
4%
Taiwan
2% Others
12%
27. Debt Profile
27
The ratio of net debt to EBITDA was 2.9x in the quarter, slightly less than 3.0x in 2Q10.
It is important to note that the liquidity of the balance sheet continues to improve, as the cash
position amounted to R$4,402.5 million (25.2% higher than 2Q10), almost 90% of short-term debt,
compared to 70.0% in the previous quarter and 55.0% in 1Q10.
Additionally, the debt profile also improved. ST debt reached 33.0% of total debt in the 3Q10,
compared to 36.0% in the 2Q10 and 40.0% in the 1Q10.
*
3,3
3,1 3,1 3,0 2,9x
3Q09 4Q09 1Q10 2Q10 3Q10
Leverage ST / LT Profile
40% 36% 33%
60% 64% 67%
1Q10 2Q10 3Q10
Short term Long term
Source: JBS
*LTM including Bertin and Pilgrim’s Pride pro-forma.
29. Stock Performance
29
Source: Bloomberg (Base 100 = 01/07/10)
JBS’ shares fell 7.5% when compared with the 2nd Quarter closing price. The Ibovespa and the
S&P 500 Indexes increased 13.4% and 11.1% respectively, in 3rd Quarter 2010.
The sector, in general, was impacting by factors such as FX-Rate and rising input cost.
The Company continues to focus on measures to enhance the share price.
JBS vs Ibovespa in the 3T10
80,0
85,0
90,0
95,0
100,0
105,0
110,0
115,0
120,0
125,0
130,0
Jul-10 Aug-10 Sep-10
JBSS3 IBOV
30. Ongoing Actions
30
INALCA JBS
JBS bought 50% of Inalca JBS in 2008 paying a total of € 218.5
million.
JBS filed a request at the International Chamber of Commerce
in Paris to guarantee the right to nominate the CFO, which has
been denied to JBS from the outset.
The Company requested for Ernst & Young to conduct a full
audit, which is already in progress.
Argentina
Pending issues Actions
The Company closed 3 plants and concentrated its production
to a more efficient industrial park.
Laid off 1,500 employees from 4 plants.
Settled commercial agreements that will increase plants
utilization and Pilar Distribution Center.
Transferred headquarters from Buenos Aires to Rosario,
reducing administrative expenses.
3Q10 income already reflects a improvement over the previous
quarter due to the mentioned actions.
31. Ongoing Actions
31
Convertible Debentures
The Company believes that the most probable scenario is the
conversion of the outstanding debentures at JBS USA during 2011.
Debt and IR Distribution
Pending issues Actions
The management is in advanced studies supported by specialized
consultants, aiming to rebalance the Company's debt, according to the
cash flow of each region.
The Company believes that a solution will be implemented during the
first half of 2011, which should reduce the cost of capital and maximize
the goodwill amortization, increasing the Company's profitability
32. Coverage by Equity Analysts
32
Two analysts initiated coverage of JBS in 3Q10. The Company continues to work on increasing
coverage by equity analysts.
Source: Bloomberg and Company
Institution Analyst Recommendation Target Price
Banco do Brasil Mariana Peringer Buy 13.18
Bradesco Ricardo Boiati Outperform 11.00
BTG Pactual Fábio Monteiro Buy 14.20
Goldman Sachs Gustavo Wigman Neutral 8.60
HSBC Pedro Herrera Overweight 11.50
Link Rafael Cintra Outperform 12.00
Merrill Lynch BofA Fernando Ferreira Buy 9.50
Santander Luis Miranda Buy 13.50
SLW Cauê Pinheiro Buy 12.30
UBS Gustavo Oliveira Neutral 9.00
Votorantim Daniel Fonseca Buy 12.00
33. Final Remarks
33
The efficiency gains, business diversification of the Company and expansion of the direct distribution
have been more than offset the increase in some input costs.
Global demand for protein continues solid and the Company believes that it can benefit from this
scenario through its market penetration around the world.
The Company remains committed to reducing its financial leverage.
The Company's management is taking the measures to address outstanding issues in order to
enhance share value.
JBS’ customer base continues to grow organically, particularly in Mercosul, and the Company remains
committed to expanding the global direct distribution
34. 34
“In God We Trust, Nature We Respect”
IR Contacts:
ir@jbs.com.br
+55 11 3144 4447
www.jbs.com.br/ir
Thank You!