JBS Reports Strong Performance by Mercosul Group17 August 2012
BRAZIL & US - Among the highlights of the second quarter (2Q12) report from JBS SA are an increase of 26 per cent in net revenue. Consolidated EBITDA surpassed one billion Real (BRR) and adjusted Net Income was BRR213 million.
For the latest quarter, 2Q12, JBS posted consolidated net revenue of BRR18.5 billion, 26.3 per cent higher than the same period last year (2Q11). Consolidated EBITDA was BRR1,012.8 million, an increase of 72.3 per cent compared to 2Q11. EBITDA margin was 5.5 per cent.
JBS Mercosul was the highlight of the quarter reporting net revenue of BRR4,317.7 million, an increase of 19.4 per cent over 2Q11. EBITDA increased 47.3 per cent over the same period and was BRR630.3 million with an EBITDA margin of 14.6 per cent.
JBS USA Chicken (Pilgrim’Pride Corporation) posted net revenue of US$2.0 billion and EBITDA of US$125.7 million in the period, reversing the negative result presented in 2Q11.
Its beef and pork sectors in the US – the former includes Australia – are broadly in line with the previous quarter. Compared to 2Q11, beef revenue was up 7.6 per cent and pork was down by just 0.2 per cent.
Adjusted net Income in the period was BRR212.9 million excluding deferred income tax liabilities generated by goodwill (this deferred income tax is disbursed only if the company sells the investment that generated goodwill). Reported consolidated net income was BRR169.5 million.
The Company ended the quarter with BRR5.475 billion in cash and cash equivalent, corresponding to more than 110 per cent of short-term debt.
Highlights reported for the half-year included net revenue totalling BRR34.5 billion, 17.7 per cent higher than the same period last year (1S11). Consolidated EBITDA was BRR1,709.3 million, which is 20.1 per cent above 1S11. EBITDA margin of the semester was 5.0 per cent. Adjusted net Income for the semester was BRR453.2 million excluding deferred income tax liabilities generated by goodwill. First half reported consolidated net income was BRR285.6 million.
JBS reports its start-up in the poultry industry in Brazil through the rental of Frangosul assets, with a processing capacity of 1.1 million birds per day.
It has also ramped up its beef business in Brazil, adding new units with the capacity to process about 8,000 head per day.
Independent listing has been set up for Vigor S.A. through the conclusion of the Voluntary Public Tender Offer for the Acquisition of JBS Shares in Exchange for Vigor Shares.