SÃO PAULO, Brazil – JBS S.A. reported a fourth-quarter loss including minority interest of R$345.1 million ($103 million). The company reported net income including minority interest of R$1,025.5 million for fiscal 2017.

JBS recorded net financial expense of R$2,075.3 million in the fourth quarter ended Dec. 31, 2017. For the year, net financial expense was R$5,592.3 million, a R$716.0 million reduction compared with 2016, the company said.

EBITDA for the fourth quarter was R$3,198.3 million, up 2.7 percent compared with the fourth quarter in 2016. JBS said EBITDA margin remained stable at 7.5 percent.

In 2017, EBITDA was R$13,181.7 million, an increase of 16.8 percent compared to 2016. EBITDA margin increased to 8.2 percent in 2017, compared with 6.6 percent in 2016.

JBS posted consolidated net revenue of R$42,734.5 million for the fourth quarter, up 2.7 percent compared with the year-ago period. The company said approximately 76 percent of JBS global sales came from markets where the company operates, while export markets generated 27 percent of sales.

For the year, net revenue totaled R$163,170.0 million, a 4.2 percent reduction compared with 2016. The company attributed the result to the impact of foreign currency variation and the sale of assets as a part of the company’s divestment plan.

Independent auditors at BDO RCS Auditores Independentes SS issued a “qualified opinion” of JBS S.A.’s financial statements, due the plea bargain, leniency deal and independent investigation into the company. Excluding these limitations, auditors stated that the company’s “...financial statements present fairly, in all material respects, the individual and consolidated financial position of JBS S.A. as at Dec. 31, 2017...”

Among the issues BDO highlighted include the results of an independent investigation of the international operations of JBS that currently is under way and information presented by J&F Investimentos and federal prosecutors in Brazil that has not been made public.

“Therefore, although it is expected that the company will not have any significant effects to its individual and consolidated financial statements, seeing the limitations referred to above, we are not able to assure, until this date, that no significant effects will exist, including tax ones,” BDO said.

1 Brazilian real = 0.30 US dollar