Net operating revenue increased by 12.4%, from R$18,752.4 million in the year ended December 31,
2013 to R$21,073.3 million in the year ended December 31, 2014, which is explained by the 7.3%
increase in sales volume, the 4.7% decrease in average price .During this period, Brazilian real
depreciated 9% against the U.S. dollar.
Marfrig Beef accounted for 45.9% of consolidated revenue, in line with its share of 46.2% in 2013,
while Keystone accounted for 28.0% (28.6% in 2013) and Moy Park for 26.1% (25.2% in 2013).
Net operating revenue growth was driven mainly by stronger sales at all business units, including: