1. Vigor Alimentos S.A.
Earnings Release Q2’12
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2. Disclaimer
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.
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3. Agenda
 Summary
 Vigor Alimentos
 Results
 What we have done and our next steps
 Our Vision
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4. Highlights
EBITDA in 1H12 is equivalent to full FY 2011
EBITDA
 R$18.6 million in 2Q12, +125% yoy
 R$43.4 million in 1H12 +148% yoy
Net Revenue
 R$324.2 million in 2Q12 (+9.8%) yoy
 +9.0% yoy in 1H12 to R$638.4 million
 Better mix with reduction in UHT milk participation (-23.2%yoy) and growth of Cheese and Requeijões (+16.5%)
and Spreads (+25.3%) categories
 Diversified product porfolio and presence in 2 segments show the resilience of business model
 Consumer (+6.4%) and Food (+21.8%) vs. Nielsen Consumer Basket1(+0.4%) vs. Perishable Basket (-0.5%)
1 Volume, value and price variation – LTM ended April 2012 – Total Brazil, basis: 137 product categories – Total Brazil
Source: Nielsen | Retail Index
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5. Highlights
EBITDA in 1H12 is equivalent to full FY 2011
Volume
 +12.3% yoy in Q2’12 yoy (net of UHT milk)
 +12,6% in 1H12 yoy (net of UHT milk)
Gross Margin
 Gross Profit +26.0% in Q2’12 yoy to R$92,1 million (Gross Margin +3.7 p.p. to 28.4%)
 +21.8% in 1H12 yoy to R$182.4 million (Gross Margin +3.0 p.p. to 28.4%)
Cash Generation
 Cash Flow from Operations1 in 1H12 (R$ 28.4 million) was higher than Capex
 Adjusted Net Debt 2 in june, 30 2012 amounted R$10.9 million
Notes:
1. Includes interests from Refis (tax installments) of R$9.5 million
2. Includes the net result from the FX swap (R$31.6 million) hedge USD denominated debt
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6. Our product categories
Diversified product categories with high Net Revenue – 1H12
value-added products Total: R$ 638.4 million
Yogurts
High Margins (%);
Seasonality in Q3 and Q4;
Focus in innovation and product launching Creams and
others Yogurts
13% 22%
Cheese and Requeijões UHT Milk
Leader brands in categories; 8%
High Margins in R$;
Spreads Cheese and
Spreads Requeijões
High household penetration level;
28% 26%
Helps diversify the cost matrix;
Possible to add “brand” equity
UHT Milk
Low volume;
Margin under severe discipline
Creams and Others
Focus on Food Service segment;
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7. ...underpinned by our brands and market segments
Reference brands on the consumer segment, and leadership in Food Service
Consumo Food Service
B/C
A/B/C A/B A/B A/B Business to
Segmentation Regional
National Brand National Brand National Brand National Brand Business
Brand
Main produtos Yogurt / UHT milk Non-sweet Pastry and
Cheese / Parmesan Special
Cheese Butter products basic
Dessert cheese cheese
spread Chocolate ingredients
milk
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8. Performance
+ 9.8% yoy Revenue growth mirros the change in product mix to more value-added products
Volume sold net of UHT Volume Sold (Ton) Net Revenue (R$ ‘000)
90,126 181,556
75,049
12,3% 638,409
324,233
1.5% 9.8.% 9.0%
66,803
3.5%
585,694
2T11 2T12
87,111 178,940
295,398
2Q11 2Q12 1H11 1H12 2Q11 2Q12 1H11 1H12
Volume Sold - tonnes 2Q11 2Q12 ∆% 1H11 1H12 ∆% Net revenues - R$ '000 2Q11 2Q12 ∆% 1H11 1H12 ∆%
Yogurt 19,145 18,892 -1.3% 42,617 40,901 -4.0% Yogurt 63,621 67,069 5.4% 135,650 143,096 5.5%
Cheese and Requeijões 5,664 6,397 12.9% 11,349 12,578 10.8% Cheese and Requeijões 73,599 85,720 16.5% 141,769 165,523 16.8%
Spreads 28,414 35,684 25.6% 54,345 70,101 29.0% Spreads 81,863 102,556 25.3% 155,933 195,027 25.1%
UHT Milk 20,307 15,077 -25.8% 44,068 29,628 -32.8% UHT Milk 33,409 25,665 -23.2% 70,147 49,696 -29.2%
Creams and Others 13,581 14,077 3.7% 26,562 28,348 6.7% Creams and Others 42,907 43,223 0.7% 82,195 85,067 3.5%
Total 87,111 90,126 3.5% 178,940 181,556 1.5% Total 295,398 324,233 9.8% 585,694 638,409 9.0%
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9. Performance
EBITDA Margin growth reflects increase in Gross Margin
Gross Profit (R$ ‘000); Gross Margin(%) EBITDA (R$ ‘000); EBITDA Margin(%)
21.8% 182,393 18,589 43.442
92,056 168.8%
26% 124.5%
28.6%
28.4% 149,715 5.7%
6,8%
73,052
25.6%
8,280 17.741
24.7%
Δ=3,0p.p 2.8%
Δ=3,7p.p
Δ=2,9p.p 3,0%
Δ=3,8p.p
2Q11 2Q12 1H11 1H12 2Q11 2Q12 1H11 1H12
Gross Profit - R$ '000 2Q11 2Q12 ∆% 1H11 1H12 ∆%  Increase in EBITDA Margin of 3.8p.p. (6M12)
Yogurt 23,584 28,250 19.8% 50,902 61,230 20.3%  +3,0 p.p. Gross Margin
Cheese and Requeijões 18,538 20,592 11.1% 36,485 38,575 5.7%  +0.8 p.p. SG&A
Spreads 11,313 19,806 75.1% 22,207 37,056 66.9%
UHT Milk 3,831 5,444 42.1% 8,874 9,740 9.8%
Creams and Others 15,787 17,964 13.8% 31,247 35,791 14.5%
Total 73,053 92,056 26.0% 149,715 182,393 21.8%
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10. Cash Generation and Leverage
Cash Flow from Operations1 supported Capex
Cash Flow in 1H12 – R$ Million Net Debt (06/30/2012) – R$ Million
28.4 28.0 31.6
110.2
203.8
254.4
321.7 211.9
211.9
50.6 10.9
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Cash Dez/11 Cash flow Capex Cash flow Cash Jun/12 Short Term Long Term Total Debt Swap Cash Adjusted 3
from used in Net Debt
operations financing
Line Average Rate Due to Balance
BNDES 11.44% 16/11/12 42,0
FCO 10% 02/05/14 1,6
Finame 8,7% 15/07/16 1,3
BOND 4 FX + 10,25% 24/08/12 209,4
Total Debt 254,4
1.Includes interests from Refis (tax installments) of R$ 9.5 million
2.Net result from the FX swap to hedge the USD denominated debt [Notes 2017 (U.S.$ 100,000,000 9.25% Step-up Notes due 2017)]
3. Includes the net result from the FX Swap to hedge the USD denominated debt (R$31.6 million)
4. Debt denominated in USD with swap to hedge FX variation 9

11. What we have done, and our next steps
Iniciatives already implemented… …and thers to come
• Innovation and new product launching
• Shutdown of product lines not aligned with
Strengthening of key • New media campaign
Company’s strategy
brands • New marketing communication aligned with new product
positioning and pricing • Increase of innovation in our portfolio
• Beginning of our geographic expansion to raise our
Growth of distribution • Review of our go-to-market model
presence in areas close to our core market
network • Merchandising with dedicated team
• Continue to insulate São Paulo market
Excellence in
• Meritocracy in management, with systematic KPI’s tracking
Management and • Keep investing in our people’s development;
• With relevant know-how and external experience
Corporate • People , and Finance and Risk Committees;
• Majority of Board of Directors members are independent
Governance
• Product-specific Factories
State of art in • Capex in high potential growth categories • Quality Certification guaranteed in every factory;
Production processes • Milk producers fidelity program
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12. Our Vision
Big food Company, one of the biggest dairy companies in Brazil
• Development of innovation according to seasonal waves
Categories and Segments • Further development of Food Service segment
• Improve our presence in markets close to core market (SP)
Geographic expansion • Lower the company’s dependence of São Paulo market;
• Increase in productive capacity, with investments c.R$500 miilion in the
Investment Plan next years;
EBITDA Margin • Continuously increase in margins to surpass historic levels
• Increase stock liquidity
Capital Structure • Reduction of cost of capital
• Return on Invested Capital tor shareholders Policy
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13. THANK YOU!
Our Contact Details
Web: www.vigor.com.br/ir
E-mail: ri@vigor.com.br
Tel.: +(55 11) 2799-5807
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