2Q14 Results Presentation

August 15
th
, 2014
2
This release contains forward-looking statements relating to the prospects of the business, estimates for
operating and financial results, and those related to growth prospects of JBS. These are merely projections and,
as such, are based exclusively on the expectations of JBS management concerning the future of the business
and its continued access to capital to fund the Companys business plan. Such forward-looking statements
depend, substantially, on changes in market conditions, government regulations, competitive pressures, the
performance of the Brazilian economy and the industry, among other factors and risks disclosed in JBS filed
disclosure documents and are, therefore, subject to change without prior notice.

Disclaimer
3
Summary of 2Q14 Results
Net revenue of R$29.0 billion, an increase of R$7.0 billion, or 32.1% higher than 2Q13.
Gross profit of R$4.25 billion, expansion of R$1.3 billion, or 44.3% higher than 2Q13.
Consolidated EBITDA of R$2.4 billion, an increase of 45.9% over 2Q13. EBITDA margin was 8.4%.
Net income of R$254.3 million, which corresponds to an EPS of R$0.09.
The consolidated 2Q14 exports grew 45% compared 2Q13, reaching US$4.3 billion.
JBS ended 2Q14 with leverage (Net Debt/EBITDA LTM) of 3.15x, compared to 3.26x in 1Q14.






4
Businesses Units Highlights 2Q14
JBS Foods recorded net revenue of R$3,084.5 million and EBITDA of R$440.4 million, with an EBITDA margin of 14.3%.
JBS Mercosul posted net revenue of R$6,291.4 million in 2Q14, 15.8% higher than 2Q13 and EBITDA of R$634.3 million, with
EBITDA margin of 10.1%.
JBS USA Beef posted net revenue of US$5,331.4 million, 10.9% higher than 2Q13. EBITDA was US$108.6 million, with an
EBITDA margin of 2.0%
Net Revenue of JBS USA Pork totaled US$1,028.3 million, 18.4% higher than 2Q13, and EBITDA of US$113.8 million, with an
EBITDA margin of 11.1%.
JBS USA Chicken (PPC) reported net revenue of US$2,186.8 million, stable compared to 2Q13. EBITDA was US$338.6 million,
with a margin of 15.5%.





5
Recent Events and Exports
6
Recent Events
Footprint of Acquired Assets
Tyson de Mxico
Acquisition Price: US$400 mm
3 Vertically integrated processing
facilities
7 Distribution Centers
Tyson do Brasil
Acquisition Price: US$175 mm
3 Integrated Poultry Units
6 Distribution Centers

Cu Azul
Acquisition Price: R$246 mm
2 Integrated Poultry Units
3 Hatcheries
2 Feed mills
3 poultry units in Brazil and 3 in Mexico, in addition to 6
distribution centers in Brazil and 7 in Mexico

Acquisition of Macedo (BR), and Del Dia (MEX) brands

Tyson is the 3
rd
largest poultry producer in Mexico, with ~10%
of Market Share

Tyson is the 4
th
largest poultry exports in Brazil, responsible for
3.2% of exported volume in 2H14

Cu Azul has 2 poultry units, including hatcheries, feed mill
and processing facilities
Distribution network for fresh poultry products in the State of
So Paulo





Assets Description
Post 2Q14, JBS announced the acquisition of Tyson Foods, Inc. Poultry businesses in Brazil and Mexico
and the assets of Cu Azul in Brazil
These acquisitions are pending regulatory approval.
7
JBS Consolidated Exports Breakdown in 2Q14 and 2Q13
Growth of 45% in 2Q14 exports
compared to 2Q13
Note 1. China and Hong Kong
Greater China
18%
South America
13%
Africa and Middle East
12%
Mexico
11%
Japan
9%
E.U.
7%
Russia
6%
South Korea
4%
Canada
3%
Others
17%
2Q14
US$4,305.1
million
Greater China 27.5%
Mexico 18.0%
Africa and Middle East
10.1%
South America 5.9%
Russia 5.5%
E.U. 5.1%
South Korea 4.9%
Canada 4.2%
Japan 3.9%
Taiwan 2.2%
Others 12.7%
2Q13
US$2,975.7
million
8
CAPEX, Cash Generation
and Debt Profile
9
Cash
Generation
CAPEX
Capex and Cash Generation
In 2Q14, total capital expenditure (CAPEX) was R$760.0 million, of which 40% in acquisitions,
expansion and facilities modernization and 60% in maintenance.
In addition, JBS recorded the payment of Massa Leve, which was made through the transfer of
shares held in treasury (R$203.5 million) and part in cash (R$55.1 million), in the statement of cash
flow in net effect of working capital from acquired companies, which totaled R$266.6 million.
In 2Q14 the Company generated net cash flow from operations of R$147.3 million, due to an
increase in sales prices and an expansion of sales in general, besides the robust expansion of JBS
exports during the quarter.
10
JBS S.A.
63%
Subsidiaries
37%
Debt Profile
USD
77%
R$
23%
Leverage EBITDA (R$ million)
JBS ended 2Q14 with leverage of 3.15x, compared to 3.26x in 1Q14.
In June 2014, JBS announced the issuance of Bonds in the amount of
US$750.0 million through its wholly-owned subsidiaries JBS USA, LLC
and JBS USA Finance, Inc. with maturity in 2024 and coupon of 5.875%
per annum.
This operation allowed JBS to reduce its financial costs and to extend
its debt profile.
Breakdown by Currency and Costs
Breakdown by Company
Leverage (Net Debt/EBITDA LTM)
11.25% per annum
5.67% per annum
3.28
4.03
3.70
3.26
3.15
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2Q13 3Q13 4Q13 1Q14 2Q14
11
-403
1,952
4,713
1,365
4,723
52
4,749
2,509
5,054
Short term net
of cash
2015 2016 2017 2018 2019 2020 2021 After 2021
The Company ended the quarter with R$10,297.7 million
in cash, equivalent to approximately 104% of its short-
term debt.
JBS USA has US$1.27 billion fully available under
revolving credit facilities which, if added to the current
cash position, represents 133% of short term debt.
The percentage of short term debt (ST) in relation to total
debt dropped to 28% in 2Q14.
Debt Profile
Short term Long term
Debt maturity (R$ million)
28%
29%
29%
35%
35%
72%
71%
71%
65%
65%
2Q14
1Q14
4Q13
3Q13
2Q13
12
Business Units
13
JBS Foods
14
Europe
29%
Asia/Oceania
24%
Africa and Middle
East
24%
Americas
21%
Others
2%
JBS Foods
Footprint 2Q14 Revenue Breakdown
Exports by Region
Main Brands

Products
Overview
Domestic
46%
Exports
54%
AC
AM
RR
RO
PA
AP
MT
MS
GO
TO
MA
PI
CE
RN
PB
PE
AL
SE
BA
MG
ES
RJ SP
PR
RS
SC
Production facilities
15
2.9
2.8
3.1
4Q13 1Q14 2Q14
JBS Foods
Net Revenue (R$ billion)
EBITDA (R$ million)
6.7%
EBITDA Margin (%)
11%
24%
40%
8%
18%
% NR JBS S.A.
Net revenue of R$3,084.5 million in the quarter.
Improvement in sales volumes in both domestic and export markets.
Increase in prices in the domestic market, thanks to brands and
categories repositioning efforts.
Increase of 11.0% in pork export prices.
EBITDA reached R$440.4 million, with an EBITDA margin of 14.3%:
Relevant improvement in yields and productivity gains, in addition to
cost reduction in the processing facilities.
Redesign and rationalization of the logistics network, which permitted
cost reductions and increase in volume delivered.
Renewed go-to-market strategy, which provided efficiency gains in
the sales channels.
Increase in margins from prepared and convenient products
Increased access to customers abroad through synergies captured
and know-how already existing at JBS Group.
227.3
379.8
440.4
7.9%
13.7%
14.3%
-20.0%
-18.0%
-16.0%
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
0.0
200.0
400.0
600.0
800.0
1000.0
1200.0
1400.0
1600.0
4Q13 1Q14 2Q14
16
JBS Mercosul
17
Domestic
53%
Exports
47%
JBS Mercosul
Beef facilities
Feedlots
Distribution Centers
Hides facilities
Main Brands

New Products in Brazil
Africa and Middle
East
11%
Asia/Oceania
36%
Europe
9%
South America
34%
North and Central
Americas
3%
Others
7%
Footprint 2Q14 Revenue Breakdown
Overview
Exports by Region
18
5.4
6.2
6.3
5.7
6.3
2Q13 3Q13 4Q13 1Q14 2Q14
JBS Mercosul
Net Revenue (R$ billion)
EBITDA (R$ million)
15.8%
EBITDA Margin (%)
10%
22%
40%
8%
18%
% NR JBS S.A.
Note 1. Includes JBS Aves
Net revenue of R$6,291.4 million in 2Q14, 15.8% higher than 2Q13:
Compared to 1Q14, net revenue increased 9.9%.
Increase of 21.9% in beef exports.
EBITDA totaled R$634.3 million, with EBITDA margin of 10.1%:
Increase in raw material prices, partially offset by an increase in sales
prices.
Operations in Paraguay and Uruguay presented an increase in
exports average price, which contributed to the increase in sales in
addition to fixed costs dilution.
In Brazil, the Company foresees an increase in sales volume to the
international market and an improvement in sales in the domestic
market as a result of marketing investments to promote the Friboi
brand.
543.5
687.5 692.4
596.1
634.3
10.0%
11.1% 11.0%
10.4% 10.1%
-20.0%
-18.0%
-16.0%
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
0.0
200.0
400.0
600.0
800.0
1000.0
1200.0
1400.0
1600.0
2Q13 3Q13 4Q13 1Q14 2Q14
19
JBS USA Beef
20
Domestic
72%
Exports
28%
JBS USA Beef (including Australia and Canada)
Africa and Middle
East
4%
Asia/Oceania
68%
Europe
2%
South America
2%
North and Central
Americas
14%
Others
10%
Main Brands
Footprint 2Q14 Revenue Breakdown
Overview
Exports by Region
Production facilities and DCs
Notae1. Distribution Centers in Australia
21
4.8
4.7
4.8
4.5
5.3
2Q13 3Q13 4Q13 1Q14 2Q14
JBS USA Beef (including Australia and Canada)
Net Revenue (US$ billion)
EBITDA (US$ million)
10.9%
EBITDA Margin (%)
% NR JBS S.A.
Net revenue of US$5,331.4 million, an increase of 10.9% compared
to 2Q13:
Increase in sales volume in both domestic and export markets.
Increase in prices in domestic market.
Compared with 1Q14, net revenue posted an increase of 17.9%, due
to higher seasonal demand in the period and an increase in sales
prices.
EBITDA was US$108.6 million, with an EBITDA margin of 2.0%:
The reduction in beef supply combined with an increased demand
contributed to the increase in beef prices and partially offset the
increase in cattle prices during the period.
Compared with 1Q14, the improved EBITDA margin is due to higher
beef prices and strong demand seasonally.
Export growth supported by strong sales to Asia.
161.7
125.3
113.9
-22.5
108.6
3.4%
2.7% 2.4%
-0.5%
2.0%
-20.0%
-18.0%
-16.0%
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
-30.0
70.0
170.0
270.0
370.0
470.0
570.0
670.0
2Q13 3Q13 4Q13 1Q14 2Q14
10%
24%
42%
8%
18%
22
JBS USA Pork
23
Domestic
85%
Exports
15%

JBS USA Pork
Products
Processing Facilities
Case Ready
Main Brands
Swift Premium
Dry Rubbed Ribs

Swift Premium Dry
Rubbed Loin Filet
Swift Premium
Dry Rubbed Boneless Backrib
Swift Premium
Saddle Pack Boneless
Pork Chops
Swift Premium
Ground Pork
Asia/Oceania
59%
Europe
1%
South America
1%
North and Central
Americas
39%
Footprint 2Q14 Revenue Breakdown
Overview
Exports by Region
24
868.5
903.3 904.9 896.9
1,028.3
2Q13 3Q13 4Q13 1Q14 2Q14
JBS USA Pork
Net Revenue (US$ million)
EBITDA (US$ million)
18.4%
EBITDA Margin (%)
% NR JBS S.A.
Net revenue of US$1,028.3 million, an increase of 18.4% compared
to 2Q13:
Increase of 24.3% in sales prices in the domestic market and an
increase of 16.7% in export prices.
Compared with 2Q14, net revenue growth was 14.7%.
EBITDA of US$113.8 million, with an EBITDA margin of 11.1%:
In comparison with 2Q13, EBITDA grew 124.3%.
Hog supply remained tight and, combined with a strong demand
domestically and in the main consumer markets such as Hong Kong,
Japan and South Korea, contributed to a better pricing of pork in the
US.
50.7
43.8
86.3 82.9
113.8
5.8%
4.8%
9.5% 9.2%
11.1%
-20.0%
-18.0%
-16.0%
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
-30.0
20.0
70.0
120.0
170.0
220.0
270.0
320.0
370.0
2Q13 3Q13 4Q13 1Q14 2Q14
10%
24%
40%
8%
18%
25
JBS USA Chicken
(Pilgrims Pride Corporation)
26
Africa and Middle
East
7%
Asia/Oceania
11%
North and Central
Americas
80%
Others
2%
JBS USA Chicken (Pilgrims Pride Corporation - PPC)
Domestic
80%
Exports
9%
Mexico
11%
Main Brands

Products
Other products: boneless/skinless, wings, breast, whole birds, breaded,
marinated, strips, cooked, par-fried, others.
Footprint 2Q14 Revenue Breakdown
Overview
Exports by Region
Production Facilities
27
2.2
2.1
2.0 2.0
2.2
2Q13 3Q13 4Q13 1Q14 2Q14
JBS USA Chicken (Pilgrims Pride Corporation - PPC)
Net Revenue (US$ billion)
EBITDA (US$ million)
0.1%
EBITDA Margin (%)
% NR JBS S.A.
Net revenue of US$2,186.8 million in 2Q14, stable compared to
2Q13:
Increase in sales volume, partially offset by a decrease in sales price
both in the US and Mexico, due to a slightly change in sales mix.
Compared with 1Q14, PPC revenue grew by 8.4%, thanks to an
increase in chicken prices in both domestic and export markets.
EBITDA was US$338.6 million, with EBITDA margin of 15.5%:
Reduction of US$89.0 million in feed costs.
Reduction of US$6.4 million in labor costs.
Reduction of US$4.6 million in freight and warehousing costs in the
US.
Improvements in costs and sales mix, all rooted on operational
excellence.
265.0
226.1
197.2
205.2
338.6
12.1%
10.6%
9.6%
10.2%
15.5%
-20.0%
-18.0%
-16.0%
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
-30.0
70.0
170.0
270.0
370.0
470.0
570.0
670.0
2Q13 3Q13 4Q13 1Q14 2Q14
10%
24%
40%
8%
17%
Mission


To be the best in what we set out to do, totally focused
on our business, ensuring the best products and
services for our customers, solidity for our suppliers,
satisfactory profitability for our shareholders and the
certainty of a better future to all our employees.