jbs sa (JBSS3) Snapshot

To discuss the agreement for the purchase and sale of equity interests and other covenants

JBS S.A., Q1 2013 Earnings Call, May 15, 2013

JBS S.A. reported standalone and consolidated earnings results for the first quarter ended March 31, 2013. For the period, on standalone basis, the company reported revenue of BRL 4,513,957,000 against BRL 3,350,379,000 for the same period in the last year. Net income before taxes was BRL 373,921,000 against BRL 239,579,000 for the same period in the last year. Net income was BRL 227,893,000 against BRL 116,079,000 for the same period in the last year. Net income basic and diluted per thousand shares was BRL 79.64 against BRL 39.16 for the same period in the last year. Net cash provided by operating activities was BRL 209,799,000 against net cash used in operating activities of BRL 78,956,000 for the same period in the last year. Additions to property, plant and equipment and intangible assets were BRL 175,450,000 against BRL 226,991,000 for the same period in the last year. For the period, on consolidated basis, the company reported revenue of BRL 19,527,576,000 against BRL 16,011,080,000 for the same period in the last year. This expansion was primarily due to the increase of beef volume sold and the initiation of the poultry business, both in Brazil, besides the price increase of beef and poultry products in the U.S. as well as the commencement of the beef operations in Canada, as a result of the acquisition of XL Foods' assets. Net income before taxes was BRL 371,074,000 against BRL 241,604,000 for the same period in the last year. Net income was BRL 242,227,000 against BRL 129,519,000 for the same period in the last year. Net income attributable to controlling interest was BRL 227,893,000 against BRL 116,079,000 for the same period in the last year. Net income basic and diluted per thousand shares was BRL 79.64 against BRL 39.16 for the same period in the last year. Net cash provided by operating activities was BRL 58,587,000 against net cash used in operating activities of BRL 36,509,000 for the same period in the last year. Capital expenditure on additions to property, plant and equipment and intangible assets was BRL 282,504,000 against BRL 291,965,000 for the same period in the last year. Net debt as at March 31, 2013 was BRL 15,678.9 million against BRL 15,105.9 million as at December 31, 2012. The company posted adjusted net income for the quarter of BLR 374.5 million, excluding deferred income tax due to goodwill at the parent company against BRL 240.3 million for the same period in the last year. Consolidated EBITDA was BRL 879.4 million, an increase of 26.3% over BRL 696.5 million over the first quarter of 2012. This performance was due to improved results at Pilgrim's Pride (JBS USA Chicken) and from the increase in sales of Mercosul operations. Operating income was BRL 371.1 million against BRL 241.6 million for the same period in the last year. In addition, the company presented a cash expenditure of BRL 271.8 million during the quarter regarding the acquisitions of XL Foods in Canada and Agrovêneto in Brazil. The company reported production result for the first quarter of 2013. The company reported cattle heads processed of 4,374,300 against 3,717,900 for the same period in the last year. The company reported hogs heads processed of 3,519,400 against 3,307,000 for the same period in the last year. The company reported smalls heads processed of 1,200,200 against 934,800 for the same period in the last year.