The following is a summary of the JBS SA (JBSAY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• JBS SA reported Q4 net revenue of $19.4 billion, adjusted EBITDA of $1 billion and a net profit of $16.7 million.

• Despite a net loss of $200 million for the year, annual net revenues were $73 billion and annual adjusted EBITDA was $3.5 billion.

• The company generated $875 million in free cash flow for Q4 and reduced its gross debt by $1.6 billion between Q3 and Q4.

• The leverage ratio fell from 4.87x in Q3 to 4.42x in Q4, with continued reduction planned in 2024.

Business Progress:

• JBS SA expects continued margin recovery in 2024, due to improved operational excellence and strategic initiatives.

• Expansion strategies include the completion of a cultivated protein facility in Spain and an R&D biotechnology centre in Brazil.

• JBS SA also opened two new factories in Brazil in 2023, with a focus on diversifying their geographic platform and protein style, and investing in value-added products and strategic partnerships.

• They aim to manage cash generation similarly to previous years, aiming for reduced cash burn in Q1 2024 and an estimated free cash flow break-even point at an EBITDA of $3.5 billion.

• There are plans for an overall positive year-end result, with the US chicken business and pork showing positive results, while improvements are expected for the underperforming US beef business.

• The company plans to continue reducing its gross debt for 2024, aiming for a leverage ratio below 3.25x by the end of the year, and expects further decreases in the next few years.

More details: JBS SA SPON ADR EACH REP 2 ORD SHS IR

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