1. No category

1Q15
Earnings
May 8, 2015
2
Key Accomplishments in 1Q15

23% growth in net revenue, driven by double-digit growth in
all business units year-on-year, driven by 83% of overall
revenues denominated in currencies other than the BRL.

International units reached 70% of the consolidated revenue.

Keystone and Moy Park continued to deliver excellent results,
accounting for 59% of revenue.

Adjusted EBITDA margin of 7.8%, reflects the good performance
of international units and the challenging first quarter faced in the
Beef Brazil operation, as anticipated.
3
Key Accomplishments in 1Q15

Increase in market share of Brazil beef exports in the quarter, by
300 bps in volume and 130 bps in value, compared to 1Q14.

Decrease in SG&A expenses by 60 bps from 4Q14 and by 170 bps
from 1Q14.

Moy Park sales volume grew 8% year-on-year mainly in the UK &
Ireland retail and food service channels.

Keystone registered 35% year-on-year sales volume growth in
APMEA.
4
Financial Targets| Consolidated
Net Revenue
1Q15
Achieved
R$23 to25
R$5.9
8.0% - 9.0%
7.8%
R$650
R$149
R$100 to R$200
-R$88
billion
Adjusted
EBITDA Margin
(2)
CAPEX
Free Cash
Flow to
Shareholders
Target Range
2015 (1)
million
(3)
million
billion
million
million
Note:
(1) In BRL based on the exchange rates of R$2.70/US$1.00 and R$4.30/£1.00.
(2) Adjusted by non-recurring events.
(3) Operating cash flow after investments, variations in working capital, interest expenses and income tax.
5
Financial Performance| Consolidated

Net Revenue
7.5%
4,788
357
7.2%
5,118
369

(R$ million)
6.9%
5,239
361
6.4%
5,929
5,883
5.8%
378
23%
342
Breakdown by Business – 1Q15
(%)
+ 17%
41%
26%
+ 37%
33%
1Q14
1T14
1T14
2Q14
2T14
2T14
3Q14
3T14
4Q14
4T14
1Q15
1T15
1T15
+ 17%
MOY PARK
KEYSTONE
MARFRIG BEEF
Growth vs. 1Q14:

Moy Park: Benefited from exchange rate variation (11%), higher sales of fresh poultry in the retail and food service
channel and consolidation of Marfrig Beef Brazil’s business in Europe. Despite lower commodity prices, depreciation in the
Euro against the GBP impacting sales value to Europe, and lower export prices.

Keystone: Driven by exchange variation (21%), double-digit growth in sales volume to APMEA (35%), particularly China,
and double-digit growth (12%) in volumes sold to Key Accounts in the USA.

Marfrig Beef: Domestic sales growth in Brazil, strong performance registered by the Uruguay/Chile operation, in both
domestic and export markets.
6
Financial Performance| Consolidated

Gross Profit and Gross Margin
(R$ million and %)
7.5%
12.9%
357
619
7.2%
12.2%
369
625
6.9%
12.4%
361
649
13.0%
6.4%
772
378

Breakdown by Business – 1Q15
(%)
5.8%
10.7%
25%
342
631
54%
21%
2%
1Q14
1T14
1T14
2Q14
2T14
2T14
3Q14
3T14
3T14
4Q14
4T14
4T14
1Q15
1T15
MOY PARK
KEYSTONE
MARFRIG BEEF
Decrease vs. 1Q14:

Moy Park  -80 bps: Reallocation of costs with operational support areas from SG&A to COGS, and lower export prices,
partially offset by ongoing initiatives to capture efficiencies and curb operating costs.

Keystone  -120 bps: Benefit in 1Q14 from unrealized gain from mark-to-market adjustments to grain hedges, compared
to the unrealized MTM loss in 1Q15; higher outside meat costs per pound, industry-wide lower prices for leg quarters on
the closing of export markets to the U.S., higher operating costs due to the extreme winter weather in eastern United
States.

Marfrig Beef  -340 bps: Higher costs of raw materials (fed cattle), which were partially offset by the decline in production
costs achieved by the many initiatives implemented under the Productivity Agenda Project at production facilities in Brazil.
7
Financial Performance| Consolidated

SG&A and SG&A/NOR
(R$ million and %)
7.5%
357
7.2%
369
6.9%
361
6.4%
2Q14
2T14
3Q14
3T14
378
4Q14
4T14
Breakdown by Business – 1Q15
(%)
5.8%
33%
342
-4%
1Q14
1T14

1Q15
1T15
54%
13%
MOY PARK
KEYSTONE
MARFRIG BEEF
Lower SG&A/NOR compared to 1Q14:

Moy Park  -110 bps: Reallocation of operational support costs from SG&A to COGS (as mentioned earlier) and
increased revenue productivity.

Keystone  -70 bps: continued focus on cost control and benefited by a non-recurring insurance-related benefit in the
quarter.

Marfrig Beef  -230 bps: Ongoing process to improve expense/cost management launched in mid-2Q14 (Productivity
Agenda Project) that involves a series of initiatives at production facilities in Brazil, resulting in R$14 million in savings
in 1Q15.
8
Financial Performance| Consolidated

Adjusted EBITDA and Margin
(R$ million and %)
7.5%
8.4%
7.2%
7.8%
6.9%
8.3%
9.2%
6.4%
548
357
403
369
398
435
361
378
7.8%
5.8%

14%
(%)
+ 27%
461
342
Breakdown by Business – 1Q15
44%
26%
+ 26%
30%
+ 2%
1Q14
1T14
1T14
2Q14
2T14
3Q14
3T14
4Q14
4T14
4T14
1Q15
1T15
1T15
Compared to 1Q14:



Moy Park  + 60 bps to 7.8%
Keystone  - 70 bps to 7.3%
Marfrig Beef  - 120 bps to 8.3%
MOY PARK
KEYSTONE
MARFRIG BEEF
9
Net Income - Consolidated

Net Income and Margin
(R$ million)
1T14
1Q14
-96
-2.0%
2T14
2Q14
3T14
3Q14
4T14
4Q14
-303
-285
1T15
1Q15
-55
-1.1%
-5.8%
-4.8%
-562
-9.6%

Exchange rate variation impacted net income by R$506 million in 1Q15.
10
Moy Park | 1Q15 Highlights


Net Revenue
(R$ million)
1,504
1,321
1,338
Adjusted EBITDA and Margin
(R$ million and %)
1,543
1,345
17%
7.2%
95
7.0%
94
7.1%
8.3%
7.8%
125
120
96
27%
1Q14




2Q14
3Q14
4Q14
1Q15
1Q14
2Q14
3Q14
4Q14
1Q15
Exchange variation (11% vs. 1Q14).
Growth of fresh poultry sales volume in the retail and food service channels.
Consolidation of the Marfrig Beef Brazil’s operations in Europe.
Negative impact from lower export prices, which, on the other hand, gained a brighter outlook for volumes
and prices at the end of the quarter with the reopening of the South African market.
11
Keystone Foods | 1Q15 Highlights


Net Revenue
(R$ million)
Adjusted EBITDA and Margin
(R$ million and %)
1,908
1,678
1,391
1,414
8.0%
1,412
7.1%
6.1%
37%
111
1Q14




2Q14
3Q14
4Q14
1Q15
1Q14
100
87
2Q14
3Q14
8.3%
7.3%
140
140
26%
4Q14
1Q15
Exchange variation (21% vs. 1Q14).
Strong double-digit growth in volumes sold in APMEA (35%), primarily China.
Increase in volumes sold to Key Accounts in the USA.
Negative impact on EBITDA from unrealized loss from MTM adjustments to gain hedges contract, lower
leg quarter price (dark meat) at U.S. Key Accounts.
12
Marfrig Beef | 1Q15 Highlights


Net Revenue
(R$ million)
7.5%
2,075
357
7.2%
6.9%
2,365
2,482
369
361
6.4%
2,748
378
Adjusted EBITDA and Margin
(R$ million and %)
7.5%
9.5%
7.2%
8.6%
10.2%
6.9%
10.3%
6.4%
357
197
369
203
361
253
284
378
5.8%
2,432
342
17%
8.3%
5.8%
342
202
2%
1Q14
2Q14
1T14 2T14
2T14
1T14
3Q14
3T14
3T14
4Q14
4T14
4T14
1Q15
1T15
1T15




Revenue growth in the Brazilian domestic market.

Potential opening of U.S. and Chinese markets.
1T14
1Q14
1T14
2T14
2Q14
2T14
3Q14
3T14
4T14
4Q14
4T14
1T15
1Q15
1T15
Strong domestic and export performance registered by the Uruguay/Chile operation.
Higher raw-material costs (fed cattle).
Ongoing process to improve expense/cost management launched in mid-2Q14 in Brazil (Productivity
Agenda Project), resulting in R$14 million in savings in 1Q15.
13
Liquidity and Debt| Consolidated

Debt
(R$ million)
Long Term
13,400
9,255
10,600
11,061
9.359
9.400
2,668
Short Term
9,390
11.226
10,732
7.960
8.336
1,295
1,054
1,242
1,661
2,174
1Q14 Gross
Debt
2Q14 Gross
Debt
3Q14 Gross
Debt
4Q14 Gross
Debt
1Q15 Gross
Debt
1Q15 Cash & 1Q15 Net Debt
Equiv

Strong BRL depreciation at end-1Q15 increased net debt, with no cash effect.

BRL depreciation of 21% from R$2.66/US$ at end-4Q14 vs. R$3.21/US$ at end-1Q15.

The operating result has yet to capture the steady weakening of the BRL in the quarter. The average
exchange rate in 1Q15 was R$2.86/US$, down 13% from the rate at the end of the previous quarter of
R$3.21/US$.
14
Liquidity and Debt| Consolidated
Indicators
4Q14
1Q15
3.42
3.36
3.83
5.82
Net Debt / EBITDA LTM ***
4.98
6.20
Net Debt / Total Assets
0.42x
0.49x
Leverage:
Net Debt / EBITDA LTM (Xfx)
Net Debt / Annualized Adjusted
EBITDA***
Liquidity:
Cash and Equivalents/ Short
Term Debt
Current Liquidity*
Duration and Cost:
Duration (months)
Average Cost** (p.a.)
Debt:
Short Term
Long Term
In BRL
Other Currencies
1.60x
1.23x
1.79
1.59
49
7.7%
47
7.7%
15.0%
85.0%
16.2%
83.8%
8.4%
91.6%
6.5%
93.5%

Leverage ratio for banking and
market related
financings, which
excludes the effects of exchange
rate variation, ended 1Q15 at 3.36x.

The operating result has yet to
capture the steady weakening of the
BRL in the quarter.

The average exchange rate in
1Q15 was R$2.86/US$, down
13% from the rate at the end of the
previous quarter of R$3.21/US$.
*Current Liquidity = Current Assets / Current Liabilities
** Excludes the interest paid on the mandatorily convertible debentures
***Operating result has yet to capture the steady weakening of the BRL in last twelve months and in the quarter.
15
Liquidity and Debt| Consolidated

Maturity Schedule in 1Q15
(R$ million)
3,090
3,065
2,668
2,453
Short Term: R$ 2.2 bn
956
689
310
Cash
Caixa
2Q15
2T15
3Q15
3T15
757
781
2016
2017
1,081
220
4Q15
4T15
1Q16
1T16
2018
2019
2020
2021

Short-term debt as a ratio of total debt remained within planned levels: 16.2%.

In April, Moy Park re-tapped its bond issue in the UK market with an additional
£100 million placement and Marfrig´s credit facilities maturing in 2Q15 have
already been refinanced.
16
Cash Flow| Consolidated

Cash Flow Bridge – 1Q15
(R$ million)

Negative free cash flow of R$88 million in 1Q15, mainly due to the weaker
operating results contributed by Marfrig Beef.
17
Consolidated Cash Flow

Free Cash Flow (after CAPEX and Interest)
(R$ million)

Negative free cash flow of R$88 million in 1Q15 was in line with expectations.

Our 2015 guidance includes improvements in operating performance and gains
on working capital.
18
Final Remarks

The Focus to Win strategy remains unchanged.

We achieved the budget for the quarter, which indicates that we are in line to
deliver the Guidance for the year.

Despite the negative cash flow in the quarter, we continue to focus on delivering
our guidance, including free cash flow.

1Q15 proved challenging for the Brazil Beef operation.

We see important opportunities for strengthening export demand by the end of
this year.

The potential opening of the United States and China to Brazilian beef could
represent a significant volume driver in the medium term, while providing access
to other relevant destinations.
19
Final Remarks

Our international operations continue to post top-line growth coupled with
gains, attesting to the strength of our diversified geographic footprint.

Moy Park registered sales volume growth mainly in the UK & Ireland retail
and food service channels.

Keystone registered sales volume growth in APMEA. We continue to believe
that there is excellent potential for further growth in the region.

We were once again successful in cutting SG&A expenses this quarter and
continue to pursue further reductions.

We continue to work to strengthen our capital structure and, subject to
market conditions, we will carry out the Moy Park IPO in the second half of
2015.
Disclaimer
This material is a presentation of general information about Marfrig Global
Foods S.A. and its consolidated subsidiaries (jointly the “Corporation”) on the
date hereof. The information is presented in summary form and does not
purport to be complete.
No representation or warranty, either expressed or implied, is made regarding
the accuracy or scope of the information herein. Neither the Company nor any
of its affiliated companies, consultants or representatives undertake any
responsibility for any losses or damages arising from any of the information
presented or contained in this presentation. The information contained in this
presentation is up to date as of March 31, 2015, and, unless stated otherwise,
is subject to change without prior notice. Neither the Corporation nor any of its
affiliated companies, consultants or representatives have signed any
commitment to update such information after the date hereof. This
presentation should not be construed as a legal, tax or investment
recommendation or any other type of advice.
The data contained herein were obtained from various external sources and
the Corporation has not verified said data through any independent source.
Therefore, the Corporation makes no warranties as to the accuracy or
completeness of such data, which involve risks and uncertainties and are
subject to change based on various factors.
This presentation includes forward-looking statements. Such statements do
not constitute historical fact and reflect the beliefs and expectations of the
Corporation’s management. The words “anticipates,” “hopes,” “expects,”
“estimates,” “intends,” “projects,” “plans,” “predicts,” “projects,” “aims” and
other similar expressions are used to identify such statements.
Although the Corporation believes that the expectations and assumptions
reflected by these forward-looking statements are reasonable and based on
the information currently available to its management, it cannot guarantee
results or future events. Such forward-looking statements should be
considered with caution, since actual results may differ materially from those
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IR Contacts
Address
Telephone
E-mail
Avenida
Chedid Jafet, 222
Bloco A 5º andar São Paulo - SP
SP: +55 (11) 3792-8650
ri@marfrig.com.br
@
Website
www.marfrig.com.br/ri