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BRF's Second Quarter Results: Net Sales Surpasses R$ 7.5 billion

Adjusted EBITDA grows 61%

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SAO PAULO, July 29, 2013 /PRNewswire/ -- BRF's second quarter 2013 net sales were R$ 7.5 billion, a growth of 10% compared with the same period in 2012. Adjusted EBITDA reached R$ 910 million and adjusted EBITDA margin of 12.1%, a 61% increase. Net income was R$ 208 million on a net margin of 2.8% against 0.1% in 2Q12.

Among the key factors contributing to this positive performance were the gradual improvement in export turnover with restored equilibrium between international supply and demand; devaluation of the Real against the US dollar; an improved showing in both food service and dairy product segments and the launch of more than 70 new products spread across different business areas.

BRF invested R$ 390 million in Capex in the second quarter. Resources were directed to growth, efficiency and support projects as well as biological assets.

Sales to the domestic market amounted to R$ 3.1 billion (this amount excludes sales of the Food Service and Dairy Products segments) in the second quarter. This represented an increase of 4.3% compared with the equal period in 2012. Net operating profit amounted to R$ 225.4 million, and an advance of 24% on a margin of 7.3% against 6.1% in the second quarter of 2012. Overseas business performance was driven by a steady recovery in the leading international markets, foreign exchange devaluation and a reduction in the principal raw material costs. In 2Q13, exports were worth R$ 3.4 billion, an increase of 19.4% compared with the same quarter of 2012, while volumes were up 4.9%. Sales revenue from the dairy product business amounted to R$ 704.8 million, 0.4% higher than the same period in 2012 in spite of a strategic reduction of 18.8% in certain operations, concentrated around a cut in output of UHT milk volume. The food services area in the quarter reported net sales of R$ 360.2 million, a growth of 2% in relation to fiscal year 2012.

2nd QUARTER RESULTS

R$ million


2013

2012

Change %

Net Sales

7,525

6,842

10

Domestic Market

4,101

3,970

3

Exports

3,424

2,872

19

Gross Profit

1,877

1,489

26

Gross Margin

24.90%

21.80%

310 bps

EBIT

503

281

79

Net Income

208

6

3.163

Net Margin

2.80%

0.10%

270 bps

EBITDA

801

515

55

EBITDA Margin

10.60%

7.50%

310 bps

Adjusted EBITDA

910

565

61

Adjusted EBITDA

12.10%

8.30%

380 bps

Margin

EPS*

0.24

0.01

2,400

 

(*)Consolidated earnings per share (in R$), excluding treasury shares.

 

 

SOURCE BRF S.A.



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