The rise was mainlky down to the performance in the USA Beef and Pork Units, which posted average price increases of 20 per cent during the year, while the JBS Mercosul showed double digit growth.

In 2011, approximately 75 per cent of global sales were generated domestically in the markets that the Company is present and 25 per cent came from exports.

In the fourth quarter of 2011, the company posted revenue of R$16.935 million, 18.3 per cent above the same period in 2010 and 8.8 per cent higher than in the third quarter.

However, in 2011 EBITDA was R$3.151 billion, a drop of 16.3 per cent compared to 2010.

The company said that this was due to foreign exchange variation during the period and the underperformance of Pilgrim’s Pride (JBS USA Chicken), which posted a negative EBITDA of US$149.8 million in 2011, compared to a positive EBITDA of US$481.9 in 2010.

Excluding PPC’s results in both years, the EBITDA would have grown by 16.6 per cent.

During the fourth quarter of teh year, EBITDA reached R$940.6 million, an increase of 8.6 per cent and 19.5 per cnet when compared to the fourth quarter and the third quarter of the 2011 financial year, respectively. The fourth quarter EBITDA margin was 5.6 per cent.

The company reported a net loss in 2011 of R$75.7 million, equivalent to minus R$0.03 EPS, due to the Chicken Operation which incurred a loss of US$495.7 million (US GAAP), equivalent to R$833.3 million. Excluding PPC results and considering the JBS 67 per cent stake in PPC, net profit in 2011 would have reached approximately R$482.6 million.

JBS generated R$606.5 million positive cash flow in 2011 from operating activities before investments.

In 2011, total capital expenditure (CAPEX) of JBS in property, plant, and equipment was R$1,173.8 million, 4.2 per cent lower than 2010. In the fourth quarter, capex amounted to R$226.6 million. The main focus of investments were for improvement of productivity and increase in storage capacity and distribution in all regions.

JBS’ net debt to EBITDA, excluding Pilgrim’s Pride (PPC), a US Listed Company controlled by JBS, remained stable in the fourth quarter at 3.0x.

Pilgrim’s Pride was excluded from the debt calculation of JBS due to the fact that PPC is a non-recourse subsidiary controlled by JBS.

According to Market Watch, the chief executive of JBS said the company is on the verge of exiting Argentina because of the difficult business environment.

Market Watch reported that Wesley Batista said in a conference at the announcement of teh results that the company would not tolerate further losses in Argentina.

JBS's Argentine subsidiary, Swift, has closed five of its six slaughterhouses in Argentina, the last one in February. The remaining slaughterhouse, in Rosario, is the company's largest in Argentina, and Swift also has a meat-processing plant.

"We've been leaving Argentina over time, if you look at the size of our operation there compared with what it is today," Mr Batista said.

Argentina represents less than one per cent of JBS's total revenue, he said.