2. 22
This presentation contains forward-looking statements relating to the prospects of the business,
estimates for operating and financial results, and those related to growth prospects of Vigor
Alimentos. These are merely projections and, as such, are based exclusively on the expectations of
Vigor’s management concerning the future of the business and its continued access to capital to
fund the Company’s business plan. Such forward-looking statements depend, substantially, on
changes in market conditions, government regulations, competitive pressures, the performance of
the Brazilian economy and the industry, among other factors and risks disclosed in Vigor’s filed
disclosure documents and are, therefore, subject to change without prior notice.
Disclaimer
3. 33
1Q13 Results Highlights
(7.0)%85.1 mil tons
Value (R$ MM) Change
11.7%352.4
20.1%85.4
27.4%111.0
(42.4)%13.8
152.4 / 2.8x EBITDA LTM
8.0%
Volume
• Impact of reduction in volume of UHT Milk becomes smaller as of this quarter
Total Net Revenue
• Growth in sales of the Grego yoghurt / launching of functional yoghurts
Food Service Net Revenue
• Food Service gained 1,0 p.p. of revenues share in the quarter
Gross Profit
• Growth emerging from better product mix, pricing and cost control
EBITDA
• Impact from marketing, trade marketing, new areas and warehousing
Net Debt
• Gross debt of R$210,1 million, 55% short-term and 45% long-term
Avg. Cost of Debt
• Reduction since pre-payment of Notes and new funding
4. 44
Vigor: 94 years of growth in the Brazilian food market
Note: 1. Dairy (yogurt, fermented milk, desserts and petit suisse, “requeijão” cheese spread,
parmesan, special cheese, “minas” cheese, cream cheese, fondue and creams) / 2. Spreads
(margarines, blend, butter, fats and mayonnaise) / 3. Milk: UHT milk and pasteurized / 4. Others
(pastas, sauces, juices, chocolate milk and others).
Dairy1
Higher margins
(%)
Leading brands
in categories
Focus in
innovation and
product
launching
Spreads2
High household
penetration level
Helps diversify
the cost matrix
Possible to add
“brand” equity
UHT Milk3
Low volume
Specific channels
Margin under
strict discipline
Others4
Juices, sauces,
chocolate milk
and others
Segmento Food Service
Segmento Consumo
6. 66
Net Revenues Performance
Net Revenue - R$ Thousand 1Q13 1Q12 ∆ %
Dairy 196.673 176.289 11,6%
Spreads 107.846 92.862 16,1%
UHT Milk 26.185 24.132 8,5%
Others 21.655 22.221 -2,5%
Total 352.359 315.504 11,7%
Growth per Category
(R$ thousand)
Net Revenues
(R$ thousand)
352.359
315.504
1Q131Q12
11,7%
7. 77
Net Revenues Breakdown
Food Service Growth:
20.1%
Net Revenues Breakdown per Segment
(In %)
Net Revenues Breadown per Category
(In %)
Dairy
56%
Spreads
31%
UHT Milk
7%
Others
6%
76%77%
24%23%
1Q131Q12
Consumption Food Service
8. 88
Gross Profit and EBITDA
EBITDA and EBITDA Margin
(R$ thousand and %)
Gross Profit and Gross Margin
(R$ thuosand and %)
111.004
87.161
1Q131Q12
27,4% 7,2%
3,9%
13.817
23.973
1Q131Q12
9. 99
Cash Flow and Leverage
Line Rate Due Date Balance
Working Capital CDI + 2,5% 08/17/15 94.047
EGF Juros 5,5% 06/19/14 57.629
Working Capital TJLP+ 3,35% a.a 10/15/15 49.693
BNDES Automatic Juros de 8,7% 04/14/21 7.509
FCO Juros de 10% 05/02/14 866
BNDES_Aut. Juros de0,97% a 1,18% am 02/16/16 327
Total 210.071
Net Debt Cash Gross Debt
210.1
Short-term:
55%
93.9
116.2
57.7
152.4
Net Debt – R$ million
Cash Flow in 1T13 – R$ million
Gross Debt Breakdown – R$ thousand
93,0
16,5 52,0
18,0
28,5 10,3
57,7
Beginning
Cash
Cashfrom
Op
Working
Capital
Capex Funding Debt
Payment
Ending
Cash
