This annual report includes statements reflecting assumptions, expectations, intentions or beliefs about future events that are intended as “forward-looking statements”as defined under the Private Securities Litigation Reform Act of 1995. All statements included in this annual report, other than statements of historical fact, that address activities, events or developments that we or our management expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements represent our reasonable judgment on the future based on various factors and using numerous assumptions and are subject to known and unknown risks, uncertainties and other factors that could cause our actual results and financial position to differ materially from those contemplated by the statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “project,” “forecast,” “plan,” “may,” “will,” “should,” “could,” “expect” and other words of similar meaning. In particular, these include, but are not limited to, statements of our current views and estimates of future economic circumstances, industry conditions in domestic and international markets and our performance and financial results.
Among the factors that may cause actual results and events to differ from the anticipated results and expectations expressed in such forward-looking statements are the following:
| ● | the risk of outbreak of animal diseases, more stringent trade barriers in key export markets and increased regulation of food safety and security; |
| ● | product contamination or recall concerns; |
| ● | fluctuations in the prices of live cattle, hogs, chicken, corn and soymeal; |
| ● | fluctuations in the selling prices of beef, pork and chicken products; |
| ● | developments in, or changes to, the laws, regulations and governmental policies governing our business and products or failure to comply with them, including environmental and sanitary liabilities; |
| ● | currency exchange rate fluctuations, trade barriers, exchange controls, political risk and other risks associated with export and foreign operations; |
| ● | changes in international trade regulations; |
| ● | our strategic direction and future operation; |
| ● | deterioration of economic conditions globally and more specifically in the principal markets in which we operate; |
| ● | our ability to implement our business plan, including our ability to arrange financing when required and on reasonable terms and the implementation of our financing strategy and capital expenditure plan; |
| ● | the successful integration or implementation of mergers and acquisitions, joint ventures, strategic alliances or divestiture plans; |
| ● | the competitive nature of the industry in which we operate and the consolidation of our customers; |
| ● | customer demands and preferences; |
| ● | our level of indebtedness; |
| ● | adverse weather conditions in our areas of operations; |
| ● | continued access to a stable workforce and favorable labor relations with employees; |
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| ● | our dependence on key members of our management; |
| ● | the interests of our ultimate controlling shareholders; |
| ● | reputational risk in connection with U.S. and Brazilian civil and criminal actions and investigations involving our ultimate controlling shareholders, and the outcome of these actions; |
| ● | economic instability in Brazil and a resulting reduction in market confidence in the Brazilian economy; |
| ● | political crises in Brazil; |
| ● | the declaration or payment of dividends or interest attributable to shareholders’ equity; |
| ● | the ongoing war between Russia and Ukraine and the ongoing conflict involving Israel, the United States and Iran in the Middle East, including higher prices for commodities, such as food products, ingredients and energy products, increasing inflation in some countries, and disrupted trade and supply chains as a result of disruptions caused by these conflicts; |
| ● | unfavorable outcomes in legal and regulatory proceedings and government investigations that we are, or may become, a party to; |
| ● | the risk factors discussed under the heading “Item 3. Key Information—D. Risk Factors”; |
| ● | other factors or trends affecting our financial condition, liquidity or results of operations; and |
In addition, there may be other factors and uncertainties, many of which are beyond our control, that could cause our actual results and events to be materially different from the results referenced in the forward-looking statements. Many of these factors will be important in determining our actual future results. Consequently, any or all of our forward-looking statements may turn out to be inaccurate.
We caution investors not to place undue reliance on any forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
All forward-looking statements contained in this annual report are qualified in their entirety by this cautionary statement.
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