Report of Foreign Issuer (6-k)

FORM 6-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

dated October 31, 2014

Commission File Number 1-15148

BRF S.A.
(Exact Name as Specified in its Charter)

N/A
(Translation of Registrant’s Name)

1400 R. Hungria, 5th Floor
Jd América-01455000-São Paulo – SP, Brazil
(Address of principal executive offices) (Zip code)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.

* * *

This material includes certain forward-looking statements that are based principally on current expectations and on projections of future events and financial trends that currently affect or might affect the Company’s business, and are not guarantees of future performance. These forward-looking statements are based on management’s expectations, which involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the Company’s control and any of which could cause actual financial condition and results of operations to differ materially fom those set out in the Company’s forward-looking statements. You are cautioned not to put undue reliance on such forward-looking statements. The Company undertakes no obligation, and expressly disclaims any obligation, to update or revise any forward-looking statements. The risks and uncertainties relating to the forward-looking statements in this Report on Form 6-K, including Exhibit 1 hereto, include those described under the captions “Forward-Looking Statements” and “Item 3. Key Information — D. Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2012.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 31, 2014

	BRF S.A.


	By:	/s/ Augusto Ribeiro Junior
		Name:	Augusto Ribeiro Junior
		Title:	CFO AND IRO

EXHIBIT INDEX

Exhibit	Description of Exhibit
1	BRF DAY 2014

The results of the third quarter consolidate the Companies of BRF S.A.

All statements contained herein with regard to the Company’s business prospects, projected results and the potential growth of its business are mere forecasts, based on Dependent as they are on market shifts and on the overall performance of the Brazilian economy and the sector and international markets, such estimates are subject to changes.


Goal: Increase penetration in white areas and new points of sales;
reduce redundancy of sales people; increase productivity by sales person.
22% increase in the number of active clients and 76% of cross selling between
brands.	4


Goal: Prioritization of profitable products; optimization of logistics and
simplification of processes.
Discontinuation of 35% of the SKU’s in Brazil and
32% in the International Market.	5


Goal: Improve customer service to capture sales and avoid losses.
The project involves investments in distribution centers, technology and people
training.
OTIF*: Improvement of 13 p.p. since January 2014.
*OTIF: On time in full	6


Goal: Reduce expenditures, removing redundancies of processes and structures;
increasing agility in the decision making process and avoiding bureaucracy.
SG&A: Reduction of 17% of the back office; gains of 1.6 p.p. since the end of 3Q13;
Costs: Elimination of 3 hierarchy levels in the operational area.	7


Goal: Sale of businesses with volatile and low margins;
improve BRF’s operational margins; reduce earnings volatility;
reduce losses; and increase ROIC.

Management starts to focus 100% of it efforts on the Company’s core businesses	₈


EBIT: Better results due to greater efficiency with contracts, better inventory control,
reduction of expenses and assertive strategy of reducing volumes in low margin
markets.
AVERAGE PRICE IN US$: 14% higher y/y, even with volumes 8% below.	12


VOLUME	VOLUME
3Q14 vs 3Q13: -7.7%	3Q14 vs 3Q13: -39.1%
3Q14 vs 2Q14: +3.4%	3Q14 vs 2Q14: -19.2%


EUROPE: The market is going through a positive moment, with improvement in
volume and price vs 2Q14.
AMERICA: Reduction of volumes in the region, giving priority to higher margin
markets.		13


VOLUME	VOLUME
3Q14 vs 3Q13: +10.0%	3Q14 vs 3Q13: +4.0%
3Q14 vs 2Q14: +6.6%	3Q14 vs 2Q14: +7.8%


MIDDLE EAST: BRF’s participation increased in markets such as Saudi Arabia, Kuwait,
Oman and Iemen.
ASIA: Japan with better inventories and prices, as well as other countries from the
region.	14


VOLUME	VOLUME
3Q14 vs 3Q13: -64.7%	3Q14 vs 3Q13: -7.9%
3Q14 vs 2Q14: -41.2%	3Q14 vs 2Q14: +18.9%


EURASIA: The ban of BRF’s pork plants by Russia in June impacted volumes in the
3Q14 in that market. These plants were reopened, along with other chicken plants,
only by the end of August.
AFRICA: Volume reduction in the region.	15


MIDDLE EAST: The Abu Dhabi plant will serve the muslim population – which
represents 23% of the world, introducing value-added products and strengthening
BRF positioning in the region.
Growth will occur through local production, local distribution and brand.
Continuous search for opportunities with partnerships and local distributors.
*FPP: Further processed product	16


Operational: Closing of two plants; reduction of idle capacity in 11 p.p. and
productivity increase.
Financial: q/q reduction of net debt to AR$138 MM (R$400 MM equiv.).
Successful issuance of BOND: Total of AR$200 MM due on Oct/15.
First company (ex. YPF) to access a term exceeding 36 months in the Argentine
capital markets. Extension of duration and decentralization of bank loans.
	17


NOR: 5% y/y of growth vs 3Q13, driven by the volume increase in Brazil, which
were 5% higher y/y, and 13% y/y increase in prices in the International market.
	19


COGS: Totaled R$5.6 billion; on COGS/Kg there was a decrease of 4% q/q, due to
lower costs of milk collection and grains.
Gross Profit of R$2.3 billion in the 3Q14, 22% higher y/y. Positive contribution
from all business units.	20


Positive contribution from all business units, especially from the International
Market.
	21


Net Profit was 117% higher than the 3Q13 due to operational improvements
achieved with the strategies implemented.
On a q/q basis, net profit grew 134%, but it is important to take into account that,
in 2Q14, we had a non-recurring expense of R$200 million related to the bonds’
repurchase (liability management).	22


Better results due to the strategies implemented in Brazil, especially in the small
retail shops; the number of points of sales in this channel increased 22% since the
end of 2013.
EBIT results may also be attributed to consistent improvements in the service
level and gains with ZBB.	23


Better efficiency in contracts, better inventory control and reduction of expenses.
The strategy of reducing volumes in the International Market proved to be
assertive.
	24


Improvement in the results of value added products, such as refrigerated, as well
as lower costs and better dilution of expenses.
	25


Improvement in average costs, representing decrease in grains and improvement
in specialty meats line.
	26

The Company’s net debt was R$5.4 billion, 25% lower y/y and 6% higher q/q. Net

debt/EBITDA (LTM) was 1.40x, while it was 2.29x in 3Q13 and 1.51x in 2Q14. The

slight increase of net debt vs. 2Q14 was mainly due to payment of interest on capital

and exchange rate variation.


Capex (3Q14): R$512 million, 9% higher than 2Q14
Capex (9M14): R$1.3 billion, compared to R$1.4 billion in 9M13.
	29


Working capital was negatively impacted in 3Q14 vs. 2Q14 mainly due to
recomposition of the grain stocks (second crop of corn in Brazil) and an increase
in finished products inventories (seasonal products).	30


Cash generation was 52% below that of 2Q14, mainly impacted by rising grain
inventories due to purchase of corn and increase of inventories of seasonal
products.	31