Meat&Poultry - June 2012 - 36
Reais focused
BY STEVE KAY
meatpoultry@sosland.com
W
esley Batista headed the team that flew to Greeley, Colo.,
12 beef processing plants with a combined capacity to process two million head per year. This brings its total capacity in Brazil to 10 million cattle per year. JBS also leased four plants in February with a combined daily slaughter capacity of 3,000 head. JBS has also leased the assets of poultry producer Frangosul, owned by France’s Doux, and has the option to buy Frangosul outright. JBS will ramp its plants up to their capacity of 1.1 million birds per day by June. Meanwhile, JBS looks set to proceed with the purchase of smaller beef rival Independencia, which has four beef processing plants. The Mercosul unit has seen a gradual improvement in its performance over five quarters and this showed in its first quarter results. The unit had EBITDA (earnings be-
on-year improvement in its US chicken business (Pilgrim’s Pride Corporation). EBITDA for the quarter was $104.0 million, vs. a negative $53.5 million a year earlier. Sales totaled $1.889 billion vs. $1.893 billion. EBITDA margin was 5.5 percent versus a negative 2.8 percent. “The business is improving every day,” Batista told analysts. “It is operating much more efficiently and will have even better numbers in the following quarters.” JBS will also be hoping that its USA Beef unit has better numbers than in the first quarter. It reported negative EBITDA of $45.4 million, vs. positive EBITDA of $269.7 million a year earlier. The unit’s revenues totaled $4.079 billion in the quarter, up 7.5 percent from last year’s $3.793 billion. This reflected a 15.4 percent and 7.5 percent increase in average sales prices in the domestic and export markets, respectively, from 2011, said JBS. The business includes JBS’s Australian cattle feeding, beef and lamb processing, its giant US cattle feeding business and its US beef operations. So, it’s unclear how the strictly US beef business performed. However, the loss partly included foreign exchange hedging losses. So, the US business might have made money. The US beef industry did not balance supply and demand in the fi rst quarter, Batista said. But the balance has improved since the end of the quarter. US margins can recover with
after JBS SA’s acquisition of Swift & Co. He was instrumental in improving the performance of Swift’s beef business. So it was no surprise he headed back to Brazil in February 2011 because JBS’s beef business there was under-performing. It is now doing much better. Another reason for his move was to lead an expansion on JBS’s home turf. That’s now occurred in both beef and chicken. JBS SA, the world’s largest protein company, made numerous acquisitions in Brazil and several in Argentina to build its Mercosul business. But its last acquisition, of Bertin SA, was back in 2009. JBS over the past year had been looking to expand its
“JBS will not be looking to close any plants but to run them to match cattle availability.”
Brazilian beef business again as its profit margins improved and more cattle became available. Sales in its Mercosul unit totaled R$3.827 billion ($1.87 billion) in JBS’s fiscal 2012 fi rst quarter. JBS is now set to expand those sales by R$4.5 billion ($2.2 billion) per year in beef and chicken, it says. It has just leased
fore interest, taxation, depreciation and amortization) of R$508.6 million ($249.5 million), up 65 percent on 2011’s 308.3 million reais ($151 million). EBITDA margin was 13.3 percent vs. 8.6 percent. JBS is seeing a strong improvement in its Mercosul business, especially in Brazil, Batista told analysts last month. JBS did a lot of things to make the business more competitive and efficient. In addition, the weaker reais against the US dollar is helping exports from Brazil be more competitive globally. He expects the Mercosul unit to have a strong year. JBS also enjoyed a significant year-
36
• Meat&Poultry • June 2012 • www.MeatPoultry.com
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Meat&Poultry - June 2012
Table of Contents for the Digital Edition of Meat&Poultry - June 2012
Meat&Poultry - June 2012
Table of Contents
Commentary - Right on pace
Business Notes - Bob Evans to close plants, streamline transportation
Business Notes - Michigan JBS workers approve union contract
Business Notes - Pilgrim’s Pride announces layoffs
Business Notes - Lee to CEO of Tyson Foods China
Business Notes - BPI announces corporate layoffs
Business Notes - Jennie-O lifts Hormel earnings
Business Notes - OIE labs confirm atypical BSE in dairy cow
Washington - State vs. federal rights
Cover Story - Hormel milestones
Corporate Profiles - Snapshots of success
Corporate Profiles - Tyson
Corporate Profiles - JBS
Corporate Profiles - Hormel Foods
Corporate Profiles - Maple Leaf Foods
Corporate Profiles - Sanderson Farms
Corporate Profiles - Smithfield Foods Inc.
Corporate Profiles - Sara Lee
Burger Processing - Making its mark
Ingredient Solutions - Flavor adventures
Food Safety - Sample-ready, or not?
Meat Processing Operations & Engineering - Talking turkey and more
Meat Processing Operations & Engineering - Relying on expertise
Meat Processing Operations & Engineering - Managing sanitation
Sanitation Tips
From the Corral - Stop surprising consumers
Names in the News
New Product Showcase
Classified Advertising
Advertisers
The Insider
Meat&Poultry - June 2012 - Meat&Poultry - June 2012
Meat&Poultry - June 2012 - 2
Meat&Poultry - June 2012 - 3
Meat&Poultry - June 2012 - Table of Contents
Meat&Poultry - June 2012 - 5
Meat&Poultry - June 2012 - 6
Meat&Poultry - June 2012 - 7
Meat&Poultry - June 2012 - Commentary - Right on pace
Meat&Poultry - June 2012 - 9
Meat&Poultry - June 2012 - Business Notes - Bob Evans to close plants, streamline transportation
Meat&Poultry - June 2012 - 11
Meat&Poultry - June 2012 - Business Notes - Pilgrim’s Pride announces layoffs
Meat&Poultry - June 2012 - 13
Meat&Poultry - June 2012 - Business Notes - BPI announces corporate layoffs
Meat&Poultry - June 2012 - 15
Meat&Poultry - June 2012 - 16
Meat&Poultry - June 2012 - Business Notes - OIE labs confirm atypical BSE in dairy cow
Meat&Poultry - June 2012 - Washington - State vs. federal rights
Meat&Poultry - June 2012 - 19
Meat&Poultry - June 2012 - Cover Story - Hormel milestones
Meat&Poultry - June 2012 - 21
Meat&Poultry - June 2012 - 22
Meat&Poultry - June 2012 - 23
Meat&Poultry - June 2012 - 24
Meat&Poultry - June 2012 - 25
Meat&Poultry - June 2012 - 26
Meat&Poultry - June 2012 - 27
Meat&Poultry - June 2012 - 28
Meat&Poultry - June 2012 - 29
Meat&Poultry - June 2012 - Corporate Profiles - Snapshots of success
Meat&Poultry - June 2012 - 31
Meat&Poultry - June 2012 - Corporate Profiles - Tyson
Meat&Poultry - June 2012 - 33
Meat&Poultry - June 2012 - 34
Meat&Poultry - June 2012 - 35
Meat&Poultry - June 2012 - Corporate Profiles - JBS
Meat&Poultry - June 2012 - 37
Meat&Poultry - June 2012 - 38
Meat&Poultry - June 2012 - 39
Meat&Poultry - June 2012 - Corporate Profiles - Hormel Foods
Meat&Poultry - June 2012 - 41
Meat&Poultry - June 2012 - Corporate Profiles - Maple Leaf Foods
Meat&Poultry - June 2012 - 43
Meat&Poultry - June 2012 - 44
Meat&Poultry - June 2012 - Corporate Profiles - Sanderson Farms
Meat&Poultry - June 2012 - 46
Meat&Poultry - June 2012 - 47
Meat&Poultry - June 2012 - Corporate Profiles - Smithfield Foods Inc.
Meat&Poultry - June 2012 - 49
Meat&Poultry - June 2012 - 50
Meat&Poultry - June 2012 - 51
Meat&Poultry - June 2012 - Burger Processing - Making its mark
Meat&Poultry - June 2012 - 53
Meat&Poultry - June 2012 - 54
Meat&Poultry - June 2012 - 55
Meat&Poultry - June 2012 - 56
Meat&Poultry - June 2012 - 57
Meat&Poultry - June 2012 - Ingredient Solutions - Flavor adventures
Meat&Poultry - June 2012 - 59
Meat&Poultry - June 2012 - 60
Meat&Poultry - June 2012 - 61
Meat&Poultry - June 2012 - 62
Meat&Poultry - June 2012 - 63
Meat&Poultry - June 2012 - Food Safety - Sample-ready, or not?
Meat&Poultry - June 2012 - 65
Meat&Poultry - June 2012 - 66
Meat&Poultry - June 2012 - 67
Meat&Poultry - June 2012 - 68
Meat&Poultry - June 2012 - 69
Meat&Poultry - June 2012 - 70
Meat&Poultry - June 2012 - Meat Processing Operations & Engineering - Talking turkey and more
Meat&Poultry - June 2012 - 72
Meat&Poultry - June 2012 - 73
Meat&Poultry - June 2012 - 74
Meat&Poultry - June 2012 - 75
Meat&Poultry - June 2012 - 76
Meat&Poultry - June 2012 - 77
Meat&Poultry - June 2012 - 78
Meat&Poultry - June 2012 - 79
Meat&Poultry - June 2012 - Meat Processing Operations & Engineering - Relying on expertise
Meat&Poultry - June 2012 - 81
Meat&Poultry - June 2012 - 82
Meat&Poultry - June 2012 - 83
Meat&Poultry - June 2012 - 84
Meat&Poultry - June 2012 - 85
Meat&Poultry - June 2012 - Meat Processing Operations & Engineering - Managing sanitation
Meat&Poultry - June 2012 - 87
Meat&Poultry - June 2012 - Sanitation Tips
Meat&Poultry - June 2012 - 89
Meat&Poultry - June 2012 - 90
Meat&Poultry - June 2012 - 91
Meat&Poultry - June 2012 - From the Corral - Stop surprising consumers
Meat&Poultry - June 2012 - 93
Meat&Poultry - June 2012 - Names in the News
Meat&Poultry - June 2012 - 95
Meat&Poultry - June 2012 - New Product Showcase
Meat&Poultry - June 2012 - 97
Meat&Poultry - June 2012 - 98
Meat&Poultry - June 2012 - 99
Meat&Poultry - June 2012 - Classified Advertising
Meat&Poultry - June 2012 - 101
Meat&Poultry - June 2012 - 102
Meat&Poultry - June 2012 - 103
Meat&Poultry - June 2012 - 104
Meat&Poultry - June 2012 - Advertisers
Meat&Poultry - June 2012 - The Insider
Meat&Poultry - June 2012 - 107
Meat&Poultry - June 2012 - 108
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