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JBS Reports Rise in Revenues

15 November 2013

BRAZIL - JBS, one of Brazil's biggest meat processing companies, has reported consolidated net revenue of R$24.2 billion, an increase of R$4.9 billion or 25.1 per cent in the third quarter of the year compared to the same period last year.

Of this rise in revenue, 87.6 per cent came from organic growth.

Consolidated EBITDA was R$1,709.7 million, an increase of 24.0 per cent over 2012.

EBITDA margin was stable at 7.1 per cent.

JBS Mercosul showed a net revenue of R$6.2 billion, 35.2 per cent above 2012 figures for the quarter and EBITDA was R$687.5 million with an EBITDA margin of 11.1 per cent in Mercosul and 11.7 per cent in JBS Brazil – the parent company.

JBS USA Chicken, Pilgrim’s Pride Corporation, maintained its positive momentum similar to the previous quarter.

Net revenue reached $2.1 billion, 3.6 per cent ahead of the third quarter of 2012.

The thir quarter EBITDA came in at $226.1 million, an increase of 114.1 per cent compared to the third quarter of 2012.

EBITDA margin was 10.6 per cent.

JBS posted net income for the quarter of R$219.8 million, equivalent to R$76.69 per
thousand shares.

The company said it generated positive free cash flow of R$806.9 million during 3Q13. The net cash from operating activities was R$1,241.0 million.

The Company ended the quarter with R$7,832.3 million in cash or cash equivalent, corresponding to 73 per cent of short-term debt.

Leverage excluding the debt assumed at Seara acquisition was 2.96 times, as previously projected by the Company.

Leverage (net debt / EBITDA) ended the period at 4.03 time, including the assumption of the total debt from Seara acquisition, without considering EBITDA from the company acquired.

JBS S.A. issued a US$1.0 billion Bond in October, 2013, maturing in 2020 and with a yield of 7.75 per cent per annum.

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