Including 1Q18 Results
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1 JBS S.A. A GLOBAL FOOD COMPANY Institutional Presentation Including 1Q18 Results São Paulo
2 ABOUT JBS Net Revenue of R$ billion (LTM 1Q18) Second largest global food company¹ Global and diversified platform Value added product portfolio with brands High performance team with ~235,000 team members Focus on Operational Excellence Note 1: according to Bloomberg ranking 2
3 A UNIQUE GLOBAL PLATFORM 1 facility ~2,800 employees 47 facilities ~67,000 employees 53% 3% CANADA USA 17 facilities ~14,000 employees 5% EUROPE 13% 8 facilities ~12,000 employees MEXICO 5% AFRICA & MIDDLE EAST 3% ASIA 1 facility ~1,000 employees BRAZIL SOUTH AMERICA 1% 13% 114 facilities ~127,000 employees 23 facilities ~11,300 employees 4% AUSTRALIA & NEW ZEALAND % As % of Total Revenue Note: total employees includes third parties Beef Pork Poultry Lamb Leather 3
4 Tim Schellpeper President JBS USA Fed Beef Al Byers President JBS USA Regional Beef Marty Dooley President JBS USA Pork Bill Lovette Global CEO Pilgrim s Chris Kirke President Moy Park STRONG GLOBAL OPERATIONAL TEAM DRIVING INDUSTRY-LEADING RESULTS Charles Von Der Heyde President Pilgrim s Mexico Brent Eastwood David Colwell Thomas Lopez Joanita Karoleski Renato Costa Roberto Motta Nelson Dalcanale President JBS Australia President JBS Canada President Plumrose USA President Seara President JBS Brazil Beef President JBS Leather President JBS Brazil New Business 4
5 EVOLUTION From a Brazilian beef company in 2006 to a Global food company IPO JBS SA Net Revenue: R$14.1 bi 19,000 EMPLOYEES 2007 BERTIN CARGILL PORK 2015 ~235,000 EMPLOYEES Net Revenue: R$3.9 bi 2008 Net Revenue: R$30.3 bi 2010 EXPANSION IN USA AND AUSTRALIA Net Revenue: R$54.7 bi 2014 ACQUISITIONS: TYSON IN BRAZIL AND MEXICO 2016 Net Revenue: R$163.2 bi 5
6 STRATEGY Global and Diversified Production and Distribution Platform progressing towards value added products with brands Branding \\\\\\\\\\\\ Value added products Sales and distribution platform +350,000 customers and sales to +150 countries Production platform +400 production units in +15 countries 6
7 CONSOLIDATED EXPORTS Export Destinations Breakdown 1Q18 Greater China¹ 26.1% Africa & Middle East 12.8% 6.9% 3.1% 8.2% 7.9% 26.1% 11.3% 8.9% 2.1% Japan 11.3% South Korea 8.9% USA 8.2% E.U. 7.9% Mexico 6.9% 12.8% South America 3.4% 3.4% Canada Taiwan 3.1% 2.1% Others 9.3% 1Q17 US$3,252.0mi 1Q18 US$2,903.4mi Greater China, Africa & Middle East and Japan corresponded to ~50% of the total of exports Note 1: Considers China and Hong Kong 7
8 Business Units 8
9 SEARA Production of prepared foods and fresh poultry and pork products in Brazil Operational Platform 4.7 million birds per day Brazil +71,000 team members Production units located in the south, southeast and mid-west regions CE PE 23,000 hogs per day MT DF BA Production units located in the south and mid-west regions MS MG 29 poultry processing facilities 115,000 tons per month SP PR RJ 08 hogs processing facilities Production units located in the south, southeast, northeast and mid-west regions RS SC 21 PFP units 14 distribution centers Main Brands Net Revenue LTM 1Q18 R$17.4 billion EBITDA LTM 1Q18 R$1.7 billion 9.7% Margin 9
10 JBS BRAZIL Beef production in Brazil, in addition to leather and other Related Business Operational Platform 34,240 bovines per day Brazil +48,000 team members 100% in Brazil PA CE 83,000 hides per day AC RO TO BA PE 16 facilities in Brazil 01 facility in Argentina, Mexico, Uruguay and Vietnam 02 facilities in Italy 27 distribution centers 08 central and 19 regional MT MS PR RS GO SP MG RJ 35 beef processing facilities 03 feedlots 16 tanneries¹ 27 distribution centers 08 related business Main Brands Biodiesel Can making Collagen JBS Carriers / TRP Trading Hygiene and Clean -R$67.5 million Net Revenue LTM 1Q18 R$23.2 billion EBITDA LTM 1Q18 Casings -0.3% Margin Recycling Note 1: Does not consider facilities outside Brazil 10
11 JBS USA BEEF Beef production in the United States, Canada and Australia Operational Platform United States +35,000 team members 42,400 bovines per day WI 28,000 in the US 4,200 in Canada 10,200 in Australia UT CO NE MI PA 19 beef processing facilities 06 feedlots 12,900 hides per day 5,000 in the US 7,900 in Australia AZ Australia and NZ TX GA 02 tanneries 06 carrier units 08 case ready facilities 06 feedlots 06 in Australia / Capacity of 150,000 bovines Canada 08 distribution centers 03 lamb processing facilities 01 hogs processing facility (Primo) 08 distribution centers Main Brands 07 DCs in Australia 01 DC in New Zealand 06 carriers units in the US Net Revenue LTM 1Q18 US$21.8 billion EBITDA LTM1Q18 US$1.4 billion 6.6% Margin 11
12 JBS USA PORK Pork and value added production in the United States Operational Platform United States +11,000 team members 92,000 hogs per day 100% in the US MN IA VT IL IN 07 PFP facilities Examples of products CA OK AR KY NC MS 05 hogs processing facilities 07 PFP facilities 02 genetic units 02 distribution centers Main Brands Net Revenue LTM 1Q18 US$6.3 billion EBITDA LTM 1Q18 US$798 million 12.7% Margin 12
13 PILGRIM S PRIDE Poultry production in the United States, Mexico, Puerto Rico, UK and Continental Europe Operational Platform 8.3 million birds per day United States & Puerto Rico MN WI Europe +59,000 team members 25 facilities / 6.6 million birds in the US 01 facility / 66,000 birds in Porto Rico 06 facilities / 820,000 birds in Mexico TX AR LA WA VA KY TN NC AL GASC FL 04 facilities / 860,000 birds in UK 34,000 tons of products per month Mexico 04 facilities in the US 36 poultry processing facilities 02 facilities in Mexico 14 PFP facilities 04 facilities in the UK 03 facilities in France 01 facility in Netherlands Main Brands 21 distribution centers 21 distribution centers 20 located in Mexico 01 located in Porto Rico Net Revenue LTM 1Q18¹ US$11.0 billion EBITDA LTM 1Q18¹ US$1.4 billion 13.1% Margin Note 1: includes Moy Park results in all quarters. 13
14 EVOLUTION BY BUSINESS UNITS Seara (R$) Net Revenue (billion) EBITDA (million) and % JBS Brazil (R$) Net Revenue (billion) EBITDA (million) and % % 8.2% 11.1% 10.9% 8.3% % 4.2% 1.4% -1.6% % Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 JBS USA Beef (US$) JBS USA Pork (US$) Net Revenue (billion) EBITDA (million) and % Net Revenue (billion) EBITDA (million) and % % 5.9% 7.3% 7.0% 6.1% % 11.7% 15.1% 11.7% 12.1% Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 Pilgrim s Pride¹ (US$) Net Revenue (billion) EBITDA (million) and % 16.9% 16.6% % 8.8% 9.9% Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 Note 1: includes Moy Park results in all quarters. 14
15 Consolidated Results 1Q18 15
16 1Q18 HIGHLIGHTS N et rev enue was R$39.8bn, up 5.8% C onsolidated gross profi t i ncreased by 16.5% to R$5.2bn C onsolidated EBI TDA i ncreased by 30.3% to R$2.8bn N et i ncome was R$506.5mn, up 43.5% Lev erage reduced to 3.24x from 4.23x in 1Q17 Brazilian d ebt normalization agreement A d v ances i n Compliance wi th the hi ring of Lance K otschwar as head of Compliance i n the i nternati onal operati ons 16
17 1Q18 CONSOLIDATED RESULTS Net Revenue (R$ million) Gross Profit (R$ million) 37, % 39,783.2 Gross margin (%) 11.8% 13.0% 4, % 5, Q17 1Q18 1Q17 1Q18 Net revenue was Gross profit was R$39.8Bn Increase of 5.8% compared with 1Q17 R$5.2Bn Increase in gross margin from 11.8% in 1Q17 to 13% in 1Q18 17
18 1Q18 CONSOLIDATED RESULTS Adjusted EBITDA (R$ million) Net Income (R$ million) EBITDA margin (%) Earnings per share (R$) 7.0% % 2, , % 43.5% Q17 1Q18 1Q17 1Q18 Adjusted EBITDA was Net income was R$2.8Bn Increase in EBITDA margin from 5.7% in 1Q17 to 7.0% in 1Q18 R$506.5Mn Increase of 43.5% compared with 1Q17, with an EPS of R$
19 1Q18 CONSOLIDATED RESULTS Net Debt (R$ million) / Leverage 4.23x 4.16x 3.42x 3.38x Leverage 3.24x Net debt reduced by R$2.3Bn in 1Q18 compared with 1Q17 50, , , , ,503.7 Leverage reduced to 3.24x in 1Q18 from 4.23x at the end of 1Q17 Cash at the end of 1Q18 was 1Q17 2Q17 3Q17 4Q17 1Q18 Breakdown by Currency and Interest Rate 9.20% a.a. R$ 4.7% Debt Profile ST/LT CP 23.0% R$10.8Bn In addition, JBS USA has a US$1,295.6 million (R$4,306,3 billion)¹ fully available unencumbered line under revolving credit facilities Total liquidity at the end of 1Q18 was US$ 95.3% 5.58% a.a. LP 77.0% R$15.1Bn R$2.1 billion higher than short-term debt Note 1: Converted using the prevailing FX rate at the end of the period 19
20 RATING EVOLUTION December 2017 May 2018 Rating Agency Rating Outlook Rating Outlook Moody s B3 Negative B1 Stable Standard & Poor s B Negative B+ Positive Fitch Ratings BB- Negative BB- Stable Source: Moody s, S&P, Fitch and JBS 20
21 Other important aspects 21
22 DEVELOPMENT OF COMPLIANCE ISSUES Appointment of Lance Kotschwar as Head of Ethics and Compliance for JBS global operations Kotschwar will lead the code of conduct, whistleblower hotline, global anticorruption policies, antitrust and competition law, trade compliance and conflict of interest policies, assuring JBS global operations implement and conduct its business in the highest ethical standards. Prior to joining JBS, Kotschwar served as the chief ethics and compliance officer and vice president for government and industry affairs at The Gavilon Group, LLC. He also spent nearly two decades providing legal counsel to USDA, and the U.S. Senate institutions. Launch of the new Global Code of Conduct and Ethics, with new guidelines and equal applicability in the countries where JBS operates Launch of a new Business Associate Code of Conduct, comprising specific rules for the third-parties relations 22
23 RAISING THE BAR IN FOOD SAFETY AND QUALITY ASSURANCE JBS as global standard-bearer for food safety and quality assurance Almanza, global head of Food Safety and Quality Assurance has been traveling globally and meeting with government officials in several countries to stress JBS s ongoing commitment to Food Safety and Quality Assurance JBS has a Global FSQA Team coordinating the best global practices in all business units Ann Knapp, a former government contractor for multiple agencies in USDA joined the Global Team Standardization of laboratory tests and improvement in the relationship with service providers 23
24
25 INVESTMENTS IN JUST BARE BRAND IN THE US Online Channel 55% growth in online sales through Amazon channel Just Bare is outpacing the growth of Amazon fresh (also in the order of 55%) Just Bare in the list of Top 50 best foods from Amazon Key Customers Supply Just Bare Chicken to traditional retailers nationwide 25
26 JBS PRIORITIES C onti nuous focus on operational efficiency Organic g r owth I nv estments i n innovation and quality Deleverage World-class G l o b a l Compliance Program 26
27 Our Values DETERMINATION Be relentless. Deliver superior results. Adopt a sense of urgency. Make things happen. SIMPLICITY Be practical. Focus on what is important. Adopt a hands-on approach. Avoid bureaucracy. AVAILABILITY Be receptive and open. Always be prepared and motivated to take on new challenges. HUMILITY Listen. Be helpful and thoughtful. Act with respect. Prioritize the team over yourself. Value the opinion of others. SINCERITY Be direct, truthful and transparent. Respectfully express opinion. Know how to say no, but be positive and offer solutions. DISCIPLINE Be punctual. Fulfill commitments. Deliver results. Do not make excuses. OWNERSHIP Be committed to results. Focus on details. Take responsibility. 27
28 OUR MISSION To be the best in all that we do, completely focused on our business, ensuring the best products and services to our customers, a relationship of trust with our suppliers, profitability for our shareholders and the opportunity of a better future for all of our team members.
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