Ambev S A : Resultados - Tabelas Excel 2T21

July 29, 2021 at 03:47 am EDT

Highlights

Financial highlights - Ambev consolidated	2Q20	2Q21	% As Reported	% Organic	YTD20	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	33,465.6	39,807.6	19.0%	19.0%	72,477.1	83,337.8	15.0%	15.0%
Net revenue	11,615.3	15,711.1	35.3%	36.2%	24,217.9	32,350.9	33.6%	32.5%
Gross profit	5,813.5	7,745.9	33.2%	34.7%	12,772.9	16,440.3	28.7%	28.4%
% Gross margin	50.0%	49.3%	-70 bps	-50 bps	52.7%	50.8%	-190 bps	-160 bps
Normalized EBITDA	3,348.3	5,289.2	58.0%	24.0%	7,580.8	10,616.4	40.0%	24.8%
% Normalized EBITDA margin	28.8%	33.7%	490 bps	-260 bps	31.3%	32.8%	150 bps	-180 bps
Profit	1,271.3	2,929.6	130.4%	2,482.6	5,662.9	128.1%
Normalized profit	1,372.6	2,962.7	115.9%	2,600.4	5,724.7	120.1%
EPS (R$/shares)	0.08	0.18	135.2%	0.15	0.35	137.6%
Normalized EPS (R$/shares)	0.08	0.19	119.8%	0.15	0.35	128.8%

Brasil

Brazil	2Q20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Volume ('000 hl)	23,103.2	- 0	- 0	- 0	3,616.3	26,719.4	15.7%	15.7%
IL-010	Net revenue	5,854.7	- 0	- 0	- 0	1,668.8	7,523.5	28.5%	28.5%
Net revenue/hl (R$)	253.4	- 0	- 0	- 0	28.2	281.6	11.1%	11.1%
IL-030	COGS	(2,981.3)	- 0	- 0	- 0	(1,120.3)	(4,101.6)	37.6%	37.6%
COGS/hl (R$)	(129.0)	- 0	- 0	- 0	(24.5)	(153.5)	19.0%	19.0%
COGS excl. deprec. & amort.	(2,583.7)	- 0	- 0	- 0	(1,100.6)	(3,684.3)	42.6%	42.6%
COGS/hl excl. deprec. & amort. (R$)	(111.8)	- 0	- 0	- 0	(26.1)	(137.9)	23.3%	23.3%
IL-040	Gross profit	2,873.4	- 0	- 0	- 0	548.5	3,421.9	19.1%	19.1%
% Gross margin	49.1%	45.5%	-360 bps	-360 bps
SG&A excl. deprec. & amort.	(1,684.4)	- 0	- 0	- 0	(775.2)	(2,459.6)	46.0%	46.0%
IM-105	..Deprec. & impairm. tangible - logistics	(132.7)	- 0	- 0	- 0	(51.8)	(184.5)	39.1%	39.1%
IM-107	..Amort & impairm. intangible - logistics	(2.5)	- 0	- 0	- 0	0.2	(2.3)	-6.9%	-6.9%
IM-109	..Deprec. & impairm. tangible - commercial	(68.2)	- 0	- 0	- 0	8.5	(59.7)	-12.5%	-12.5%
IM-111	..Amort & impairm. intangible - commercial	(60.6)	- 0	- 0	- 0	46.1	(14.6)	-76.0%	-76.0%
IM-113	..Deprec. & impairm. tangible - administrative	(35.5)	- 0	- 0	- 0	66.3	30.8	-186.6%	-186.6%
IM-115	..Amort & impairm. intangible - administrative	(34.8)	- 0	- 0	- 0	(9.1)	(43.9)	26.2%	26.2%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(7.3)	- 0	- 0	- 0	(27.1)	(34.4)	nm	nm
SG&A deprec. & amort.	(341.6)	- 0	- 0	- 0	33.0	(308.6)	-9.7%	-9.7%
IL-060	Distribution expenses	(931.4)	- 0	- 0	- 0	(330.3)	(1,261.7)	35.5%	35.5%
IL-070	Sales expenses	(540.6)	- 0	- 0	- 0	32.4	(508.2)	-6.0%	-6.0%
IL-080	Marketing expenses	(175.5)	- 0	- 0	- 0	(162.4)	(338.0)	92.5%	92.5%
IL-100	Administrative expenses	(378.5)	- 0	- 0	- 0	(281.9)	(660.4)	74.5%	74.5%
SG&A total	(2,026.1)	- 0	- 0	- 0	(742.2)	(2,768.2)	36.6%	36.6%
IM-120	Other operating income/(expenses)	140.9	- 0	- 0	1,219.2	1,219.2	29.9	1,389.9	nm	21.2%
Non-recurring items above EBIT	(35.9)	- 0	- 0	- 0	- 0	(6.4)	(42.3)	17.8%	17.8%
EBIT	952.3	- 0	- 0	1,219.2	1,219.2	(170.2)	2,001.3	110.1%	-17.9%
EBIT Margin	16.3%	0.0%	0.0%	0.0%	0.0%	26.6%	1030 bps	-590 bps
Normalized EBIT	988.2	- 0	- 0	1,219.2	1,219.2	(163.8)	2,043.6	106.8%	-16.6%
% Normalized EBIT margin	16.9%	27.2%	1030 bps	-590 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(397.5)	- 0	- 0	- 0	- 0	(19.5)	(417.0)	4.9%	4.9%
IM-103	..Amort & impairm. intangible - prod & pack	(0.1)	- 0	- 0	- 0	- 0	(0.2)	(0.3)	nm	nm
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	1,691.6	- 0	- 0	1,219.2	1,219.2	(183.5)	2,727.2	61.2%	-10.9%
EBITDA Margin	28.9%	0.0%	0.0%	0.0%	0.0%	0.0%	36.2%	730 bps	-890 bps
IM-095-V2	Non-recurring items above EBITDA	(35.9)	- 0	- 0	- 0	- 0	12.6	(23.3)	-35.1%	-35.1%
Normalized EBITDA	1,727.5	- 0	- 0	1,219.2	1,219.2	(177.1)	2,769.5	60.3%	-10.3%
% Normalized EBITDA margin	29.5%	36.8%	730 bps	-890 bps
Brazil	YTD20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	48,114.6	- 0	- 0	- 0	6,635.8	54,750.4	13.8%	13.8%
IL-010	Net revenue	12,379.8	- 0	- 0	- 0	3,368.9	15,748.7	27.2%	27.2%
Net revenue/hl (R$)	257.3	- 0	- 0	- 0	30.3	287.6	11.8%	11.8%
IL-030	COGS	(5,931.3)	- 0	- 0	- 0	(2,151.7)	(8,083.1)	36.3%	36.3%
COGS/hl (R$)	(123.3)	- 0	- 0	- 0	(24.4)	(147.6)	19.8%	19.8%
COGS excl. deprec. & amort.	(5,186.7)	- 0	- 0	- 0	(2,095.5)	(7,282.2)	40.4%	40.4%
COGS/hl excl. deprec. & amort. (R$)	(107.8)	- 0	- 0	- 0	(25.2)	(133.0)	23.4%	23.4%
IL-040	Gross profit	6,448.5	- 0	- 0	- 0	1,217.2	7,665.7	18.9%	18.9%
% Gross margin	52.1%	48.7%	-340 bps	-340 bps
SG&A excl. deprec. & amort.	(3,590.9)	- 0	- 0	- 0	(1,128.7)	(4,719.6)	31.4%	31.4%
IM-105	..Deprec. & impairm. tangible - logistics	(273.5)	- 0	- 0	- 0	47.6	(225.9)	-17.4%	-17.4%
IM-107	..Amort & impairm. intangible - logistics	(4.9)	- 0	- 0	- 0	0.1	(4.8)	-1.9%	-1.9%
IM-109	..Deprec. & impairm. tangible - commercial	(135.2)	- 0	- 0	- 0	14.1	(121.2)	-10.4%	-10.4%
IM-111	..Amort & impairm. intangible - commercial	(121.6)	- 0	- 0	- 0	92.4	(29.1)	-76.0%	-76.0%
IM-113	..Deprec. & impairm. tangible - administrative	(68.2)	- 0	- 0	- 0	(11.3)	(79.6)	16.6%	16.6%
IM-115	..Amort & impairm. intangible - administrative	(70.5)	- 0	- 0	- 0	(16.6)	(87.1)	23.5%	23.5%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(13.4)	- 0	- 0	- 0	(55.5)	(68.8)	nm	nm
SG&A deprec. & amort.	(687.4)	- 0	- 0	- 0	70.8	(616.6)	-10.3%	-10.3%
IL-060	Distribution expenses	(1,949.4)	- 0	- 0	- 0	(381.4)	(2,330.8)	19.6%	19.6%
IL-070	Sales expenses	(1,087.1)	- 0	- 0	- 0	78.3	(1,008.9)	-7.2%	-7.2%
IL-080	Marketing expenses	(456.6)	- 0	- 0	- 0	(90.1)	(546.7)	19.7%	19.7%
IL-100	Administrative expenses	(785.1)	- 0	- 0	- 0	(664.6)	(1,449.8)	84.7%	84.7%
SG&A total	(4,278.3)	- 0	- 0	- 0	(1,057.8)	(5,336.1)	24.7%	24.7%
IM-120	Other operating income/(expenses)	303.4	- 0	- 0	1,219.2	1,219.2	59.0	1,581.5	nm	19.4%
Non-recurring items above EBIT	(48.3)	- 0	- 0	- 0	- 0	(12.8)	(61.0)	26.4%	26.4%
EBIT	2,425.3	- 0	- 0	1,219.2	1,219.2	205.6	3,850.0	58.7%	8.5%
EBIT Margin	19.6%	24.4%	480 bps	-290 bps
Normalized EBIT	2,473.5	- 0	- 0	1,219.2	1,219.2	218.4	3,911.1	58.1%	8.8%
% Normalized EBIT margin	20.0%	24.8%	480 bps	-290 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(744.5)	- 0	- 0	- 0	- 0	(55.8)	(800.3)	7.5%	7.5%
IM-103	..Amort & impairm. intangible - prod & pack	(0.1)	- 0	- 0	- 0	- 0	(0.5)	(0.6)	nm	nm
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	3,857.2	- 0	- 0	1,219.2	1,219.2	191.1	5,267.4	36.6%	5.0%
EBITDA Margin	31.2%	33.4%	220 bps	-550 bps
IM-095-V2	Non-recurring items above EBITDA	(48.3)	- 0	- 0	- 0	- 0	21.5	(26.8)	-44.5%	-44.5%
Normalized EBITDA	3,905.5	- 0	- 0	1,219.2	1,219.2	203.8	5,328.5	36.4%	5.2%
% Normalized EBITDA margin	31.5%	33.8%	230 bps	-540 bps
Beer Brazil	2Q20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Volume ('000 hl)	17,951.6	- 0	- 0	- 0	2,274.0	20,225.6	12.7%	12.7%
IL-010	Net revenue	5,128.6	- 0	- 0	- 0	1,320.7	6,449.3	25.8%	25.8%
Net revenue/hl (R$)	285.7	- 0	- 0	- 0	33.2	318.9	11.6%	11.6%
IL-030	COGS	(2,573.6)	- 0	- 0	- 0	(869.9)	(3,443.6)	33.8%	33.8%
COGS/hl (R$)	(143.4)	- 0	- 0	- 0	(26.9)	(170.3)	18.8%	18.8%
COGS excl. deprec. & amort.	(2,226.7)	- 0	- 0	- 0	(852.7)	(3,079.5)	38.3%	38.3%
COGS/hl excl. deprec. & amort. (R$)	(124.0)	- 0	- 0	- 0	(28.2)	(152.3)	22.7%	22.7%
IL-040	Gross profit	2,555.0	- 0	- 0	- 0	450.7	3,005.7	17.6%	17.6%
% Gross margin	49.8%	46.6%	-320 bps	-320 bps
SG&A excl. deprec. & amort.	(1,420.5)	- 0	- 0	- 0	(697.3)	(2,117.8)	49.1%	49.1%
IM-105	..Deprec. & impairm. tangible - logistics	(110.2)	- 0	- 0	- 0	(48.9)	(159.1)	44.3%	44.3%
IM-107	..Amort & impairm. intangible - logistics	(2.1)	- 0	- 0	- 0	0.1	(2.0)	-6.8%	-6.8%
IM-109	..Deprec. & impairm. tangible - commercial	(65.8)	- 0	- 0	- 0	8.0	(57.8)	-12.1%	-12.1%
IM-111	..Amort & impairm. intangible - commercial	(60.6)	- 0	- 0	- 0	46.1	(14.6)	-76.0%	-76.0%
IM-113	..Deprec. & impairm. tangible - administrative	(31.4)	- 0	- 0	- 0	52.2	20.8	-166.5%	-166.5%
IM-115	..Amort & impairm. intangible - administrative	(29.0)	- 0	- 0	- 0	(8.1)	(37.1)	27.9%	27.9%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(6.2)	- 0	- 0	- 0	(24.7)	(30.8)	nm	nm
SG&A deprec. & amort.	(305.3)	- 0	- 0	- 0	24.8	(280.6)	-8.1%	-8.1%
IL-060	Distribution expenses	(782.2)	- 0	- 0	- 0	(272.2)	(1,054.4)	34.8%	34.8%
IL-070	Sales expenses	(487.0)	- 0	- 0	- 0	26.6	(460.5)	-5.5%	-5.5%
IL-080	Marketing expenses	(141.3)	- 0	- 0	- 0	(164.9)	(306.2)	116.7%	116.7%
IL-100	Administrative expenses	(315.3)	- 0	- 0	- 0	(262.0)	(577.3)	83.1%	83.1%
SG&A total	(1,725.8)	- 0	- 0	- 0	(672.5)	(2,398.4)	39.0%	39.0%
IM-120	Other operating income/(expenses)	117.2	- 0	- 0	1,048.5	1,048.5	24.0	1,189.6	nm	20.5%
Non-recurring items above EBIT	(35.9)	- 0	- 0	- 0	- 0	(6.1)	(42.0)	17.1%	17.1%
EBIT	910.4	- 0	- 0	1,048.5	1,048.5	(204.0)	1,754.9	92.8%	-22.4%
EBIT Margin	17.8%	0.0%	0.0%	0.0%	0.0%	0.0%	27.2%	940 bps	-680 bps
Normalized EBIT	946.3	- 0	- 0	1,048.5	1,048.5	(197.8)	1,797.0	89.9%	-20.9%
% Normalized EBIT margin	18.5%	27.9%	940 bps	-690 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(346.8)	- 0	- 0	- 0	- 0	(17.0)	(363.8)	4.9%	4.9%
IM-103	..Amort & impairm. intangible - prod & pack	(0.1)	- 0	- 0	- 0	- 0	(0.2)	(0.3)	nm	nm
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	1,562.6	- 0	- 0	1,048.5	1,048.5	(211.5)	2,399.6	53.6%	-13.5%
EBITDA Margin	30.5%	0.0%	0.0%	0.0%	0.0%	0.0%	37.2%	670 bps	-960 bps
IM-095-V2	Non-recurring items above EBITDA	(35.9)	- 0	- 0	- 0	- 0	12.6	(23.3)	-35.2%	-35.2%
Normalized EBITDA	1,598.5	- 0	- 0	1,048.5	1,048.5	(205.4)	2,441.6	52.7%	-12.8%
% Normalized EBITDA margin	31.2%	37.9%	670 bps	-960 bps
Beer Brazil	YTD20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	36,533.1	- 0	- 0	- 0	5,240.9	41,774.0	14.3%	14.3%
IL-010	Net revenue	10,583.2	- 0	- 0	- 0	2,990.9	13,574.1	28.3%	28.3%
Net revenue/hl (R$)	289.7	- 0	- 0	- 0	35.3	324.9	12.2%	12.2%
IL-030	COGS	(4,975.0)	- 0	- 0	- 0	(1,870.1)	(6,845.1)	37.6%	37.6%
COGS/hl (R$)	(136.2)	- 0	- 0	- 0	(27.7)	(163.9)	20.3%	20.3%
COGS excl. deprec. & amort.	(4,328.2)	- 0	- 0	- 0	(1,816.8)	(6,145.0)	42.0%	42.0%
COGS/hl excl. deprec. & amort. (R$)	(118.5)	- 0	- 0	- 0	(28.6)	(147.1)	24.2%	24.2%
IL-040	Gross profit	5,608.2	- 0	- 0	- 0	1,120.8	6,729.0	20.0%	20.0%
% Gross margin	53.0%	49.6%	-340 bps	-340 bps
SG&A excl. deprec. & amort.	(3,038.3)	- 0	- 0	- 0	(1,027.1)	(4,065.4)	33.8%	33.8%
IM-105	..Deprec. & impairm. tangible - logistics	(221.8)	- 0	- 0	- 0	28.6	(193.1)	-12.9%	-12.9%
IM-107	..Amort & impairm. intangible - logistics	(4.2)	- 0	- 0	- 0	0.1	(4.1)	-1.9%	-1.9%
IM-109	..Deprec. & impairm. tangible - commercial	(130.2)	- 0	- 0	- 0	12.8	(117.4)	-9.8%	-9.8%
IM-111	..Amort & impairm. intangible - commercial	(121.6)	- 0	- 0	- 0	92.4	(29.1)	-76.0%	-76.0%
IM-113	..Deprec. & impairm. tangible - administrative	(60.2)	- 0	- 0	- 0	(9.8)	(70.0)	16.3%	16.3%
IM-115	..Amort & impairm. intangible - administrative	(58.6)	- 0	- 0	- 0	(14.9)	(73.5)	25.3%	25.3%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(11.1)	- 0	- 0	- 0	(47.4)	(58.5)	nm	nm
SG&A deprec. & amort.	(607.7)	- 0	- 0	- 0	61.9	(545.8)	-10.2%	-10.2%
IL-060	Distribution expenses	(1,607.0)	- 0	- 0	- 0	(339.1)	(1,946.1)	21.1%	21.1%
IL-070	Sales expenses	(971.7)	- 0	- 0	- 0	54.2	(917.6)	-5.6%	-5.6%
IL-080	Marketing expenses	(403.9)	- 0	- 0	- 0	(86.5)	(490.4)	21.4%	21.4%
IL-100	Administrative expenses	(663.3)	- 0	- 0	- 0	(593.8)	(1,257.1)	89.5%	89.5%
SG&A total	(3,646.0)	- 0	- 0	- 0	(965.2)	(4,611.2)	26.5%	26.5%
IM-120	Other operating income/(expenses)	248.0	- 0	- 0	1,048.5	1,048.5	45.4	1,341.9	nm	18.3%
Non-recurring items above EBIT	(48.3)	- 0	- 0	- 0	- 0	(12.5)	(60.8)	25.8%	25.8%
EBIT	2,162.0	- 0	- 0	1,048.5	1,048.5	188.5	3,398.9	57.2%	8.7%
EBIT Margin	20.4%	25.0%	460 bps	-310 bps
Normalized EBIT	2,210.3	- 0	- 0	1,048.5	1,048.5	200.9	3,459.7	56.5%	9.1%
% Normalized EBIT margin	20.9%	25.5%	460 bps	-310 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(646.7)	- 0	- 0	- 0	- 0	(52.8)	(699.5)	8.2%	8.2%
IM-103	..Amort & impairm. intangible - prod & pack	(0.1)	- 0	- 0	- 0	- 0	(0.5)	(0.6)	nm	nm
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	3,416.5	- 0	- 0	1,048.5	1,048.5	179.8	4,644.8	36.0%	5.3%
EBITDA Margin	32.3%	34.2%	190 bps	-580 bps
IM-095-V2	Non-recurring items above EBITDA	(48.3)	- 0	- 0	- 0	- 0	21.5	(26.8)	-44.6%	-44.6%
Normalized EBITDA	3,464.8	- 0	- 0	1,048.5	1,048.5	192.3	4,705.5	35.8%	5.5%
% Normalized EBITDA margin	32.7%	34.7%	200 bps	-580 bps
NAB Brazil	2Q20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Volume ('000 hl)	5,151.6	- 0	- 0	- 0	1,342.3	6,493.9	26.1%	26.1%
IL-010	Net revenue	726.1	- 0	- 0	- 0	348.1	1,074.2	47.9%	47.9%
Net revenue/hl (R$)	140.9	- 0	- 0	- 0	24.5	165.4	17.4%	17.4%
IL-030	COGS	(407.6)	- 0	- 0	- 0	(250.4)	(658.0)	61.4%	61.4%
COGS/hl (R$)	(79.1)	- 0	- 0	- 0	(22.2)	(101.3)	28.1%	28.1%
COGS excl. deprec. & amort.	(356.9)	- 0	- 0	- 0	(247.9)	(604.8)	69.4%	69.4%
COGS/hl excl. deprec. & amort. (R$)	(69.3)	- 0	- 0	- 0	(23.8)	(93.1)	34.4%	34.4%
IL-040	Gross profit	318.4	- 0	- 0	- 0	97.7	416.2	30.7%	30.7%
% Gross margin	43.9%	38.7%	-520 bps	-520 bps
SG&A excl. deprec. & amort.	(263.9)	- 0	- 0	- 0	(77.9)	(341.9)	29.5%	29.5%
IM-105	..Deprec. & impairm. tangible - logistics	(22.4)	- 0	- 0	- 0	(2.9)	(25.4)	13.1%	13.1%
IM-107	..Amort & impairm. intangible - logistics	(0.4)	- 0	- 0	- 0	0.0	(0.4)	-7.2%	-7.2%
IM-109	..Deprec. & impairm. tangible - commercial	(2.4)	- 0	- 0	- 0	0.6	(1.9)	-22.8%	-22.8%
IM-111	..Amort & impairm. intangible - commercial	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
IM-113	..Deprec. & impairm. tangible - administrative	(4.2)	- 0	- 0	- 0	14.1	9.9	nm	nm
IM-115	..Amort & impairm. intangible - administrative	(5.8)	- 0	- 0	- 0	(1.0)	(6.8)	17.6%	17.6%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(1.1)	- 0	- 0	- 0	(2.4)	(3.5)	nm	nm
SG&A deprec. & amort.	(36.3)	- 0	- 0	- 0	8.3	(28.0)	-22.8%	-22.8%
IL-060	Distribution expenses	(149.2)	- 0	- 0	- 0	(58.0)	(207.3)	38.9%	38.9%
IL-070	Sales expenses	(53.5)	- 0	- 0	- 0	5.8	(47.7)	-10.9%	-10.9%
IL-080	Marketing expenses	(34.2)	- 0	- 0	- 0	2.4	(31.8)	-7.1%	-7.1%
IL-100	Administrative expenses	(63.2)	- 0	- 0	- 0	(19.9)	(83.1)	31.4%	31.4%
SG&A total	(300.2)	- 0	- 0	- 0	(69.6)	(369.9)	23.2%	23.2%
IM-120	Other operating income/(expenses)	23.7	- 0	- 0	170.7	170.7	5.9	200.3	nm	25.0%
Non-recurring items above EBIT	0.0	- 0	- 0	- 0	- 0	(0.3)	(0.2)	nm	nm
EBIT	42.0	- 0	- 0	170.7	170.7	33.7	246.4	nm	80.4%
EBIT Margin	5.8%	22.9%	1710 bps	120 bps
Normalized EBIT	41.9	- 0	- 0	170.7	170.7	34.0	246.6	nm	81.1%
% Normalized EBIT margin	5.8%	23.0%	1720 bps	130 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(50.7)	- 0	- 0	- 0	- 0	(2.5)	(53.2)	5.0%	5.0%
IM-103	..Amort & impairm. intangible - prod & pack	(0.0)	- 0	- 0	- 0	- 0	(0.0)	(0.0)	50.0%	50.0%
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	129.0	- 0	- 0	170.7	170.7	28.0	327.6	154.0%	21.7%
EBITDA Margin	17.8%	30.5%	1270 bps	-320 bps
IM-095-V2	Non-recurring items above EBITDA	0.0	- 0	- 0	- 0	- 0	(0.0)	(0.0)	-104.2%	-104.2%
Normalized EBITDA	129.0	- 0	- 0	170.7	170.7	28.2	327.9	154.3%	21.9%
% Normalized EBITDA margin	17.8%	30.5%	1270 bps	-320 bps
NAB Brazil	YTD20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	11,581.5	- 0	- 0	- 0	1,394.9	12,976.4	12.0%	12.0%
IL-010	Net revenue	1,796.6	- 0	- 0	- 0	378.1	2,174.7	21.0%	21.0%
Net revenue/hl (R$)	155.1	- 0	- 0	- 0	12.5	167.6	8.0%	8.0%
IL-030	COGS	(956.3)	- 0	- 0	- 0	(281.7)	(1,238.0)	29.5%	29.5%
COGS/hl (R$)	(82.6)	- 0	- 0	- 0	(12.8)	(95.4)	15.5%	15.5%
COGS excl. deprec. & amort.	(858.6)	- 0	- 0	- 0	(278.6)	(1,137.2)	32.5%	32.5%
COGS/hl excl. deprec. & amort. (R$)	(74.1)	- 0	- 0	- 0	(13.5)	(87.6)	18.2%	18.2%
IL-040	Gross profit	840.2	- 0	- 0	- 0	96.4	936.7	11.5%	11.5%
% Gross margin	46.8%	43.1%	-370 bps	-370 bps
SG&A excl. deprec. & amort.	(552.6)	- 0	- 0	- 0	(101.5)	(654.2)	18.4%	18.4%
IM-105	..Deprec. & impairm. tangible - logistics	(51.8)	- 0	- 0	- 0	19.0	(32.8)	-36.6%	-36.6%
IM-107	..Amort & impairm. intangible - logistics	(0.7)	- 0	- 0	- 0	0.0	(0.7)	-2.0%	-2.0%
IM-109	..Deprec. & impairm. tangible - commercial	(5.1)	- 0	- 0	- 0	1.3	(3.7)	-26.3%	-26.3%
IM-111	..Amort & impairm. intangible - commercial	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
IM-113	..Deprec. & impairm. tangible - administrative	(8.0)	- 0	- 0	- 0	(1.5)	(9.6)	19.2%	19.2%
IM-115	..Amort & impairm. intangible - administrative	(11.9)	- 0	- 0	- 0	(1.7)	(13.6)	14.7%	14.7%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(2.2)	- 0	- 0	- 0	(8.1)	(10.3)	nm	nm
SG&A deprec. & amort.	(79.7)	- 0	- 0	- 0	8.9	(70.8)	-11.2%	-11.2%
IL-060	Distribution expenses	(342.4)	- 0	- 0	- 0	(42.3)	(384.7)	12.4%	12.4%
IL-070	Sales expenses	(115.4)	- 0	- 0	- 0	24.1	(91.3)	-20.9%	-20.9%
IL-080	Marketing expenses	(52.7)	- 0	- 0	- 0	(3.5)	(56.3)	6.7%	6.7%
IL-100	Administrative expenses	(121.8)	- 0	- 0	- 0	(70.8)	(192.6)	58.1%	58.1%
SG&A total	(632.3)	- 0	- 0	- 0	(92.6)	(724.9)	14.6%	14.6%
IM-120	Other operating income/(expenses)	55.3	- 0	- 0	170.7	170.7	13.6	239.7	nm	24.6%
Non-recurring items above EBIT	0.0	- 0	- 0	- 0	- 0	(0.3)	(0.3)	nm	nm
EBIT	263.3	- 0	- 0	170.7	170.7	17.1	451.1	71.3%	6.5%
EBIT Margin	14.7%	20.7%	600 bps	-180 bps
Normalized EBIT	263.3	- 0	- 0	170.7	170.7	17.4	451.4	71.5%	6.6%
% Normalized EBIT margin	14.7%	20.8%	610 bps	-180 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(97.8)	- 0	- 0	- 0	- 0	(3.0)	(100.8)	3.1%	3.1%
IM-103	..Amort & impairm. intangible - prod & pack	(0.0)	- 0	- 0	- 0	- 0	(0.0)	(0.0)	55.6%	55.6%
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	440.7	- 0	- 0	170.7	170.7	11.2	622.7	41.3%	2.6%
EBITDA Margin	24.5%	28.6%	410 bps	-370 bps
IM-095-V2	Non-recurring items above EBITDA	0.0	- 0	- 0	- 0	- 0	(0.0)	(0.0)	nm	nm
Normalized EBITDA	440.7	- 0	- 0	170.7	170.7	11.6	623.0	41.4%	2.6%
% Normalized EBITDA margin	24.5%	28.6%	410 bps	-370 bps

Cons. Income Statement

Consolidated income statement	2Q20	IN	OUT	EXT	Scope	Currency Translation	IAS 29 3M Impact	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Net revenue	11,615.3	- 0	- 0	0.2	0.2	(280.1)	184.3	4,191.5	15,711.1	35.3%	36.2%
Cost of goods sold (COGS)	(5,801.9)	- 0	- 0	(0.1)	(0.1)	95.3	(80.9)	(2,177.7)	(7,965.3)	37.3%	37.6%
Gross profit	5,813.5	- 0	- 0	0.1	0.1	(184.8)	103.4	2,013.7	7,745.9	33.2%	34.7%
Selling, general and administrative (SG&A)	(3,832.3)	- 0	- 0	(0.1)	(0.1)	88.0	(46.5)	(1,360.9)	(5,151.8)	34.4%	35.6%
Other operating income/(expenses)	64.9	- 0	- 0	1,219.2	1,219.2	6.2	(0.8)	105.6	1,395.0	nm	163.2%
Normalized operating income (normalized EBIT)	2,046.1	- 0	- 0	1,219.2	1,219.2	(90.6)	56.1	758.4	3,989.1	95.0%	37.2%
Exceptional items above EBIT	(127.9)	- 0	- 0	- 0	- 0	7.8	(2.6)	37.1	(85.7)	-33.0%	-29.0%
Net finance results	(793.7)	(277.3)	-65.1%
Share of results of joint ventures	(16.2)	(9.0)	-44.4%
Income tax expense	163.1	(687.5)	nm
Profit	1,271.3	2,929.6	130.4%
Attributable to Ambev holders	1,226.8	2,885.8	135.2%
Attributable to non-controlling interests	44.5	43.8	-1.6%
Normalized profit	1,372.6	2,962.7	115.9%
Attributable to Ambev holders	1,327.5	2,964.1	123.3%
Normalized EBITDA	3,348.3	- 0	- 0	1,219.2	1,219.2	(147.9)	68.7	800.9	5,289.2	58.0%	24.0%
Consolidated income statement	YTD20	IN	OUT	EXT	Scope	Currency Translation	IAS 29 3M Impact	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Net revenue	24,217.9	- 0	- 0	6.6	6.6	252.2	7,874.1	32,350.9	33.6%	32.5%
Cost of goods sold (COGS)	(11,445.1)	- 0	- 0	(3.1)	(3.1)	(210.4)	(4,252.0)	(15,910.6)	39.0%	37.2%
Gross profit	12,772.9	- 0	- 0	3.5	3.5	41.8	3,622.1	16,440.3	28.7%	28.4%
Selling, general and administrative (SG&A)	(7,904.5)	- 0	- 0	(3.5)	(3.5)	(79.7)	(1,972.8)	(9,960.5)	26.0%	25.0%
Other operating income	236.2	- 0	- 0	1,219.2	1,219.2	6.4	111.2	1,572.9	nm	47.1%
Normalized operating income (normalized EBIT)	5,104.5	- 0	- 0	1,219.2	1,219.2	(31.5)	1,760.5	8,052.7	57.8%	34.5%
Exceptional items above EBIT	(152.0)	- 0	- 0	- 0	- 0	12.7	(17.8)	(157.1)	3.3%	11.7%
Net finance results	(2,330.6)	(1,341.6)	-42.4%
Share of results of joint ventures	(22.9)	(21.6)	-5.6%
Income tax expense	(116.5)	(869.6)	nm
Profit	2,482.6	5,662.9	128.1%
Attributable to Ambev holders	2,318.6	5,511.2	137.7%
Attributable to non-controlling interests	164.0	151.7	-7.5%
Normalized profit	2,600.4	5,724.7	120.1%
Attributable to Ambev holders	2,434.8	2,684.3	10.2%
Normalized EBITDA	7,580.8	- 0	- 0	1,219.2	1,219.2	(59.8)	1,876.2	10,616.4	40.0%	24.8%

CAC

CAC	2Q20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Volume ('000 hl)	2,089.7	- 0	- 0	- 0	1,310.0	3,399.7	62.7%	62.7%
IL-010	Net revenue	1,387.4	- 0	- 0	- 0	81.1	993.0	2,461.5	77.4%	71.6%
Net revenue/hl (R$)	663.9	- 0	- 0	- 0	23.9	36.2	724.0	9.1%	5.5%
IL-030	COGS	(659.9)	- 0	- 0	- 0	(39.8)	(471.5)	(1,171.2)	77.5%	71.4%
COGS/hl (R$)	(315.8)	- 0	- 0	- 0	(11.7)	(17.0)	(344.5)	9.1%	5.4%
COGS excl. deprec. & amort.	(546.7)	- 0	- 0	- 0	(37.3)	(477.2)	(1,061.2)	94.1%	87.3%
COGS/hl excl. deprec. & amort. (R$)	(261.6)	- 0	- 0	- 0	(11.0)	(39.6)	(312.1)	19.3%	15.1%
IL-040	Gross profit	727.6	- 0	- 0	- 0	41.3	521.5	1,290.4	77.4%	71.7%
% Gross margin	52.4%	52.4%	0 bps	10 bps
SG&A excl. deprec. & amort.	(268.9)	- 0	- 0	- 0	(19.5)	(186.7)	(475.2)	76.7%	69.4%
IM-105	..Deprec. & impairm. tangible - logistics	(23.5)	- 0	- 0	- 0	0.3	0.5	(22.6)	-3.8%	-2.3%
IM-107	..Amort & impairm. intangible - logistics	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
IM-109	..Deprec. & impairm. tangible - commercial	(16.5)	- 0	- 0	- 0	(0.8)	(1.1)	(18.4)	11.6%	6.8%
IM-111	..Amort & impairm. intangible - commercial	(0.4)	- 0	- 0	- 0	(0.0)	0.3	(0.1)	-86.1%	-86.8%
IM-113	..Deprec. & impairm. tangible - administrative	(6.7)	- 0	- 0	- 0	(0.4)	(1.0)	(8.1)	21.4%	15.1%
IM-115	..Amort & impairm. intangible - administrative	(7.0)	- 0	- 0	- 0	(0.0)	1.6	(5.4)	-21.6%	-22.3%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(0.2)	- 0	- 0	- 0	(0.0)	(0.0)	(0.3)	20.8%	17.3%
SG&A deprec. & amort.	(54.2)	- 0	- 0	- 0	(0.9)	0.3	(54.9)	1.2%	-0.5%
IL-060	Distribution expenses	(148.2)	- 0	- 0	- 0	(6.7)	(61.6)	(216.4)	46.1%	41.6%
IL-070	Sales expenses	(80.2)	- 0	- 0	- 0	(3.6)	(21.9)	(105.6)	31.7%	27.3%
IL-080	Marketing expenses	(19.0)	- 0	- 0	- 0	(1.6)	(30.2)	(50.8)	167.2%	158.9%
IL-100	Administrative expenses	(75.7)	- 0	- 0	- 0	(8.6)	(72.8)	(157.1)	107.5%	96.2%
SG&A total	(323.1)	- 0	- 0	- 0	(20.4)	(186.5)	(530.0)	64.0%	57.7%
IM-120	Other operating income/(expenses)	(18.4)	- 0	- 0	- 0	0.7	21.7	4.0	-121.6%	-118.0%
Non-recurring items above EBIT	(23.0)	- 0	- 0	- 0	0.0	10.8	(12.2)	-47.0%	-46.8%
EBIT	363.0	- 0	- 0	- 0	21.6	367.5	752.1	107.2%	101.2%
EBIT Margin	26.2%	0.0%	0.0%	0.0%	0.0%	0.0%	30.6%	440 bps	450 bps
Normalized EBIT	386.0	- 0	- 0	- 0	21.6	356.8	764.3	98.0%	92.4%
% Normalized EBIT margin	27.8%	31.1%	330 bps	340 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(113.1)	- 0	- 0	- 0	(2.6)	5.9	(109.7)	-3.0%	-5.3%
IM-103	..Amort & impairm. intangible - prod & pack	(0.0)	- 0	- 0	- 0	(0.0)	(0.2)	(0.2)	nm	nm
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	530.3	- 0	- 0	- 0	25.1	361.5	917.0	72.9%	68.2%
EBITDA Margin	38.2%	0.0%	0.0%	0.0%	0.0%	0.0%	37.3%	-90 bps	-70 bps
IM-095-V2	Non-recurring items above EBITDA	(23.0)	- 0	- 0	- 0	0.1	18.4	(4.5)	-80.5%	-80.0%
Normalized EBITDA	553.3	- 0	- 0	- 0	25.1	350.8	929.1	67.9%	63.4%
% Normalized EBITDA margin	39.9%	37.7%	-220 bps	-190 bps
CAC	YTD20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	4,837.8	- 0	- 0	- 0	1,586.6	6,424.4	32.8%	32.8%
IL-010	Net revenue	2,811.9	- 0	- 0	- 0	414.1	1,395.1	4,621.0	64.3%	49.6%
Net revenue/hl (R$)	581.2	- 0	- 0	- 0	64.5	73.6	719.3	23.8%	12.7%
IL-030	COGS	(1,338.2)	- 0	- 0	- 0	(196.5)	(651.8)	(2,186.6)	63.4%	48.7%
COGS/hl (R$)	(276.6)	- 0	- 0	- 0	(30.6)	(33.1)	(340.4)	23.0%	12.0%
COGS excl. deprec. & amort.	(1,137.7)	- 0	- 0	- 0	(176.8)	(651.6)	(1,966.1)	72.8%	57.3%
COGS/hl excl. deprec. & amort. (R$)	(235.2)	- 0	- 0	- 0	(27.5)	(43.3)	(306.0)	30.1%	18.4%
IL-040	Gross profit	1,473.6	- 0	- 0	- 0	217.6	743.2	2,434.4	65.2%	50.4%
% Gross margin	52.4%	52.7%	30 bps	30 bps
SG&A excl. deprec. & amort.	(584.6)	- 0	- 0	- 0	(85.5)	(220.4)	(890.5)	52.3%	37.7%
IM-105	..Deprec. & impairm. tangible - logistics	(40.0)	- 0	- 0	- 0	(5.1)	(13.1)	(58.3)	45.6%	32.9%
IM-107	..Amort & impairm. intangible - logistics	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
IM-109	..Deprec. & impairm. tangible - commercial	(29.3)	- 0	- 0	- 0	(3.7)	(2.2)	(35.2)	20.2%	7.6%
IM-111	..Amort & impairm. intangible - commercial	(0.8)	- 0	- 0	- 0	(0.0)	0.7	(0.1)	-87.5%	-89.0%
IM-113	..Deprec. & impairm. tangible - administrative	(11.5)	- 0	- 0	- 0	(1.5)	(1.6)	(14.6)	26.8%	13.5%
IM-115	..Amort & impairm. intangible - administrative	(12.5)	- 0	- 0	- 0	(0.9)	2.0	(11.4)	-8.8%	-16.4%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(0.5)	- 0	- 0	- 0	(0.0)	(0.0)	(0.5)	14.3%	5.6%
SG&A deprec. & amort.	(94.6)	- 0	- 0	- 0	(11.3)	(14.2)	(120.1)	27.0%	15.0%
IL-060	Distribution expenses	(302.1)	- 0	- 0	- 0	(40.3)	(83.5)	(426.0)	41.0%	27.7%
IL-070	Sales expenses	(174.9)	- 0	- 0	- 0	(22.0)	(18.1)	(215.0)	22.9%	10.4%
IL-080	Marketing expenses	(75.3)	- 0	- 0	- 0	(10.5)	(16.4)	(102.1)	35.7%	21.8%
IL-100	Administrative expenses	(126.9)	- 0	- 0	- 0	(24.1)	(116.4)	(267.5)	110.7%	91.7%
SG&A total	(679.2)	- 0	- 0	- 0	(96.8)	(234.5)	(1,010.6)	48.8%	34.5%
IM-120	Other operating income/(expenses)	(13.1)	- 0	- 0	- 0	0.7	16.4	4.0	-130.7%	-125.3%
Non-recurring items above EBIT	(26.8)	- 0	- 0	- 0	(2.4)	0.2	(29.1)	8.5%	-0.6%
EBIT	754.5	- 0	- 0	- 0	119.0	525.3	1,398.8	85.4%	69.6%
EBIT Margin	26.8%	0.0%	0.0%	0.0%	0.0%	0.0%	30.3%	350 bps	360 bps
Normalized EBIT	781.3	- 0	- 0	- 0	121.4	525.1	1,427.9	82.8%	67.2%
% Normalized EBIT margin	27.8%	30.9%	310 bps	330 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(200.5)	- 0	- 0	- 0	(19.6)	0.1	(220.1)	9.7%	-0.1%
IM-103	..Amort & impairm. intangible - prod & pack	(0.0)	- 0	- 0	- 0	(0.1)	(0.4)	(0.4)	nm	nm
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	1,049.7	- 0	- 0	- 0	150.0	539.7	1,739.4	65.7%	51.4%
EBITDA Margin	37.3%	0.0%	0.0%	0.0%	0.0%	0.0%	37.6%	30 bps	50 bps
IM-095-V2	Non-recurring items above EBITDA	(26.8)	- 0	- 0	- 0	(1.2)	15.0	(13.0)	-51.6%	-56.1%
Normalized EBITDA	1,076.4	- 0	- 0	- 0	152.5	539.6	1,768.4	64.3%	50.1%
% Normalized EBITDA margin	38.3%	38.3%	0 bps	10 bps

LAS

LAS	2Q20	IN	OUT	EXT	Scope	Currency Translation	IAS 29 3M Impact	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Volume ('000 hl)	5,383.3	- 0	- 0	- 0	1,442.5	6,825.8	26.8%	26.8%
IL-010	Net revenue	1,863.6	- 0	- 0	- 0	(951.5)	184.3	1,447.5	2,544.0	36.5%	78.9%
Net revenue/hl (R$)	346.2	- 0	- 0	- 0	(139.4)	23.8	142.2	372.7	7.7%	41.1%
IL-030	COGS	(1,119.7)	- 0	- 0	- 0	378.6	(80.9)	(559.3)	(1,381.2)	23.4%	50.5%
COGS/hl (R$)	(208.0)	- 0	- 0	- 0	55.5	(11.0)	(38.9)	(202.4)	-2.7%	18.7%
COGS excl. deprec. & amort.	(923.0)	- 0	- 0	- 0	315.1	(71.8)	(522.2)	(1,201.9)	30.2%	57.2%
COGS/hl excl. deprec. & amort. (R$)	(171.5)	- 0	- 0	- 0	46.2	(9.6)	(41.1)	(176.1)	2.7%	24.0%
IL-040	Gross profit	744.0	- 0	- 0	- 0	(572.9)	103.4	888.3	1,162.8	56.3%	122.0%
% Gross margin	39.9%	45.7%	580 bps	950 bps
SG&A excl. deprec. & amort.	(621.7)	- 0	- 0	- 0	269.5	(42.9)	(358.3)	(753.4)	21.2%	58.3%
IM-105	..Deprec. & impairm. tangible - logistics	(12.5)	- 0	- 0	- 0	4.1	(0.5)	(4.8)	(13.7)	9.3%	38.4%
IM-107	..Amort & impairm. intangible - logistics	(0.3)	- 0	- 0	- 0	0.2	(0.0)	(0.2)	(0.4)	12.1%	75.2%
IM-109	..Deprec. & impairm. tangible - commercial	(46.6)	- 0	- 0	- 0	9.9	(1.3)	8.4	(29.7)	-36.4%	-18.1%
IM-111	..Amort & impairm. intangible - commercial	(0.6)	- 0	- 0	- 0	2.2	(0.2)	(5.0)	(3.7)	nm	nm
IM-113	..Deprec. & impairm. tangible - administrative	(14.5)	- 0	- 0	- 0	3.1	(0.5)	(4.7)	(16.6)	14.7%	32.6%
IM-115	..Amort & impairm. intangible - administrative	(9.8)	- 0	- 0	- 0	6.0	(0.9)	(5.3)	(10.0)	1.9%	54.5%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(1.1)	- 0	- 0	- 0	0.2	(0.0)	0.4	(0.5)	-52.7%	-36.7%
SG&A deprec. & amort.	(85.4)	- 0	- 0	- 0	25.7	(3.6)	(11.2)	(74.4)	-12.8%	13.3%
IL-060	Distribution expenses	(315.9)	- 0	- 0	- 0	133.3	(23.7)	(123.0)	(329.3)	4.2%	39.4%
IL-070	Sales expenses	(212.3)	- 0	- 0	- 0	68.7	(8.4)	(62.7)	(214.8)	1.1%	29.8%
IL-080	Marketing expenses	(48.8)	- 0	- 0	- 0	33.2	(4.7)	(85.3)	(105.6)	116.2%	177.6%
IL-100	Administrative expenses	(130.0)	- 0	- 0	- 0	60.0	(9.6)	(98.6)	(178.3)	37.1%	76.5%
SG&A total	(707.1)	- 0	- 0	- 0	295.2	(46.5)	(369.5)	(827.9)	17.1%	52.8%
IM-120	Other operating income/(expenses)	(42.2)	- 0	- 0	- 0	4.7	(0.8)	37.1	(1.2)	-97.0%	-87.5%
Non-recurring items above EBIT	(32.9)	- 0	- 0	- 0	8.7	(2.6)	0.5	(26.4)	-19.8%	-1.4%
EBIT	(38.3)	- 0	- 0	- 0	(264.3)	53.5	556.3	307.3	nm	nm
EBIT Margin	-2.1%	12.1%	1420 bps	1810 bps
Normalized EBIT	(5.4)	- 0	- 0	- 0	(273.0)	56.1	555.9	333.7	nm	nm
% Normalized EBIT margin	-0.3%	13.1%	1340 bps	1730 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(196.0)	- 0	- 0	- 0	63.0	(9.0)	(36.8)	(178.8)	-8.8%	18.9%
IM-103	..Amort & impairm. intangible - prod & pack	(0.7)	- 0	- 0	- 0	0.4	(0.1)	(0.3)	(0.6)	-9.2%	43.6%
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	243.8	- 0	- 0	- 0	(353.4)	66.1	604.6	561.1	130.2%	nm
EBITDA Margin	13.1%	22.1%	900 bps	1280 bps
IM-095-V2	Non-recurring items above EBITDA	(32.9)	- 0	- 0	- 0	6.0	(2.3)	20.5	(8.7)	-73.4%	-62.5%
Normalized EBITDA	276.7	- 0	- 0	- 0	(362.1)	68.7	604.2	587.5	112.3%	nm
% Normalized EBITDA margin	14.8%	23.1%	830 bps	1200 bps
LAS	YTD20	IN	OUT	EXT	Scope	Currency Translation	IAS 29 3M Impact	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	14,717.2	- 0	- 0	- 0	2,611.7	17,328.9	17.7%	17.7%
IL-010	Net revenue	4,983.8	- 0	- 0	- 0	(1,251.2)	3,004.0	6,736.5	35.2%	60.3%
Net revenue/hl (R$)	338.6	- 0	- 0	- 0	(72.2)	122.3	388.7	14.8%	36.1%
IL-030	COGS	(2,534.3)	- 0	- 0	- 0	433.8	(1,384.5)	(3,485.0)	37.5%	54.6%
COGS/hl (R$)	(172.2)	- 0	- 0	- 0	25.0	(53.9)	(201.1)	16.8%	31.3%
COGS excl. deprec. & amort.	(2,159.3)	- 0	- 0	- 0	352.2	(1,296.0)	(3,103.0)	43.7%	60.0%
COGS/hl excl. deprec. & amort. (R$)	(146.7)	- 0	- 0	- 0	20.3	(52.7)	(179.1)	22.0%	35.9%
IL-040	Gross profit	2,449.5	- 0	- 0	- 0	(817.4)	1,619.4	3,251.6	32.7%	66.1%
% Gross margin	49.1%	48.3%	-80 bps	180 bps
SG&A excl. deprec. & amort.	(1,353.3)	- 0	- 0	- 0	355.0	(671.0)	(1,669.4)	23.4%	49.6%
IM-105	..Deprec. & impairm. tangible - logistics	(23.5)	- 0	- 0	- 0	5.0	(9.0)	(27.4)	16.7%	38.2%
IM-107	..Amort & impairm. intangible - logistics	(0.6)	- 0	- 0	- 0	0.3	(0.5)	(0.7)	30.6%	88.4%
IM-109	..Deprec. & impairm. tangible - commercial	(90.1)	- 0	- 0	- 0	12.8	12.5	(64.8)	-28.1%	-13.9%
IM-111	..Amort & impairm. intangible - commercial	(1.1)	- 0	- 0	- 0	2.9	(7.8)	(6.1)	nm	nm
IM-113	..Deprec. & impairm. tangible - administrative	(28.2)	- 0	- 0	- 0	3.2	(8.4)	(33.3)	18.2%	29.6%
IM-115	..Amort & impairm. intangible - administrative	(18.7)	- 0	- 0	- 0	8.9	(12.5)	(22.3)	19.2%	66.8%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(2.1)	- 0	- 0	- 0	0.3	0.7	(1.1)	-46.1%	-32.8%
SG&A deprec. & amort.	(164.2)	- 0	- 0	- 0	33.4	(25.0)	(155.8)	-5.2%	15.2%
IL-060	Distribution expenses	(682.2)	- 0	- 0	- 0	189.2	(306.2)	(799.2)	17.2%	44.9%
IL-070	Sales expenses	(436.0)	- 0	- 0	- 0	83.0	(74.8)	(427.8)	-1.9%	17.2%
IL-080	Marketing expenses	(148.6)	- 0	- 0	- 0	39.5	(109.2)	(218.3)	46.9%	73.5%
IL-100	Administrative expenses	(250.8)	- 0	- 0	- 0	76.8	(205.7)	(379.8)	51.4%	82.0%
SG&A total	(1,517.6)	- 0	- 0	- 0	388.4	(696.0)	(1,825.1)	20.3%	45.9%
IM-120	Other operating income/(expenses)	(25.6)	- 0	- 0	- 0	7.1	12.6	(5.9)	-76.8%	-49.2%
Non-recurring items above EBIT	(37.8)	- 0	- 0	- 0	16.3	(40.1)	(61.7)	63.0%	106.0%
EBIT	868.6	- 0	- 0	- 0	(405.7)	895.9	1,358.8	56.4%	103.1%
EBIT Margin	17.4%	20.2%	280 bps	470 bps
Normalized EBIT	906.4	- 0	- 0	- 0	(421.9)	936.0	1,420.5	56.7%	103.3%
% Normalized EBIT margin	18.2%	21.1%	290 bps	490 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(373.7)	- 0	- 0	- 0	81.0	(87.9)	(380.7)	1.8%	23.5%
IM-103	..Amort & impairm. intangible - prod & pack	(1.3)	- 0	- 0	- 0	0.6	(0.7)	(1.3)	4.7%	52.1%
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	1,407.8	- 0	- 0	- 0	(520.7)	1,009.5	1,896.6	34.7%	71.7%
EBITDA Margin	28.2%	28.2%	0 bps	210 bps
IM-095-V2	Non-recurring items above EBITDA	(37.8)	- 0	- 0	- 0	13.5	(12.7)	(37.1)	-1.9%	33.7%
Normalized EBITDA	1,445.7	- 0	- 0	- 0	(537.0)	1,049.6	1,958.3	35.5%	72.6%
% Normalized EBITDA margin	29.0%	29.1%	10 bps	220 bps

Canada

Canada	2Q20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Volume ('000 hl)	2,889.4	- 0	- 0	- 0	- 0	(26.8)	2,862.6	-0.9%	-0.9%
IL-010	Net revenue	2,509.6	- 0	- 0	0.2	0.2	590.2	82.2	3,182.1	26.8%	3.3%
Net revenue/hl (R$)	868.5	- 0	- 0	0.1	0.1	206.2	36.8	1,111.6	28.0%	4.2%
IL-030	COGS	(1,041.1)	- 0	- 0	(0.1)	(0.1)	(243.4)	(26.7)	(1,311.3)	26.0%	2.6%
COGS/hl (R$)	(360.3)	- 0	- 0	(0.0)	(0.0)	(85.0)	(12.7)	(458.1)	27.1%	3.5%
COGS excl. deprec. & amort.	(979.8)	- 0	- 0	(0.1)	(0.1)	(224.9)	(8.5)	(1,213.3)	23.8%	0.9%
COGS/hl excl. deprec. & amort. (R$)	(339.1)	- 0	- 0	(0.0)	(0.0)	(78.6)	(6.2)	(423.8)	25.0%	1.8%
IL-040	Gross profit	1,468.5	- 0	- 0	0.1	0.1	346.8	55.5	1,870.9	27.4%	3.8%
% Gross margin	58.5%	0.0%	0.0%	0.0%	58.8%	30 bps	30 bps
SG&A excl. deprec. & amort.	(723.7)	- 0	- 0	(0.1)	(0.1)	(176.9)	(67.3)	(968.0)	33.8%	9.3%
IM-105	..Deprec. & impairm. tangible - logistics	(4.9)	- 0	- 0	- 0	- 0	(0.6)	2.0	(3.6)	-28.1%	-40.8%
IM-107	..Amort & impairm. intangible - logistics	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
IM-109	..Deprec. & impairm. tangible - commercial	(12.8)	- 0	- 0	- 0	- 0	(1.6)	4.5	(10.0)	-22.2%	-34.8%
IM-111	..Amort & impairm. intangible - commercial	5.6	- 0	- 0	- 0	- 0	(0.0)	(5.6)	(0.0)	-100.1%	-100.1%
IM-113	..Deprec. & impairm. tangible - administrative	(22.3)	- 0	- 0	- 0	- 0	(3.4)	6.8	(18.9)	-15.3%	-30.5%
IM-115	..Amort & impairm. intangible - administrative	(16.3)	- 0	- 0	- 0	- 0	(2.1)	5.8	(12.6)	-23.0%	-35.7%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(1.5)	- 0	- 0	- 0	- 0	(2.2)	(8.9)	(12.6)	nm	nm
SG&A deprec. & amort.	(52.3)	- 0	- 0	- 0	- 0	(9.9)	4.6	(57.6)	10.2%	-8.8%
IL-060	Distribution expenses	(447.6)	- 0	- 0	(0.1)	(0.1)	(101.9)	(3.8)	(553.3)	23.6%	0.8%
IL-070	Sales expenses	(138.8)	- 0	- 0	(0.0)	(0.0)	(30.9)	(4.7)	(174.4)	25.6%	3.4%
IL-080	Marketing expenses	(91.8)	- 0	- 0	(0.0)	(0.0)	(28.1)	(30.9)	(150.8)	64.2%	33.6%
IL-100	Administrative expenses	(97.7)	- 0	- 0	(0.0)	(0.0)	(26.0)	(23.4)	(147.1)	50.5%	23.9%
SG&A total	(776.0)	- 0	- 0	(0.1)	(0.1)	(186.8)	(62.7)	(1,025.6)	32.2%	8.1%
IM-120	Other operating income/(expenses)	(15.3)	- 0	- 0	- 0	- 0	0.8	16.8	2.3	-114.8%	-109.7%
Non-recurring items above EBIT	(36.1)	- 0	- 0	- 0	- 0	(1.0)	32.3	(4.8)	-86.8%	-89.5%
EBIT	641.1	- 0	- 0	(0.0)	(0.0)	159.8	41.9	842.7	31.5%	6.5%
EBIT Margin	25.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	26.5%	100 bps	90 bps
Normalized EBIT	677.2	- 0	- 0	(0.0)	(0.0)	160.7	9.6	847.5	25.1%	1.4%
% Normalized EBIT margin	27.0%	0.0%	0.0%	0.0%	26.6%	-40 bps	-50 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(60.6)	- 0	- 0	- 0	- 0	(18.5)	(18.5)	(97.6)	61.0%	30.5%
IM-103	..Amort & impairm. intangible - prod & pack	(0.7)	- 0	- 0	- 0	- 0	(0.1)	0.3	(0.4)	-41.8%	-50.0%
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	754.7	- 0	- 0	(0.0)	(0.0)	188.2	55.4	998.3	32.3%	7.3%
EBITDA Margin	30.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.4%	130 bps	120 bps
IM-095-V2	Non-recurring items above EBITDA	(36.1)	- 0	- 0	- 0	- 0	(0.8)	33.2	(3.6)	-90.0%	-92.1%
Normalized EBITDA	790.8	- 0	- 0	(0.0)	(0.0)	189.2	23.1	1,003.1	26.8%	2.9%
% Normalized EBITDA margin	31.5%	0.0%	0.0%	0.0%	31.5%	0 bps	-10 bps
Canada	YTD20	IN	OUT	EXT	Scope	Currency Translation	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	4,807.5	- 0	- 0	6.5	6.5	20.1	4,834.1	0.6%	0.4%
IL-010	Net revenue	4,042.5	- 0	- 0	6.6	6.6	1,089.4	106.1	5,244.6	29.7%	2.6%
Net revenue/hl (R$)	840.9	- 0	- 0	0.2	0.2	225.4	18.5	1,084.9	29.0%	2.2%
IL-030	COGS	(1,641.2)	- 0	- 0	(3.1)	(3.1)	(447.7)	(63.9)	(2,156.0)	31.4%	3.9%
COGS/hl (R$)	(341.4)	- 0	- 0	(0.2)	(0.2)	(92.6)	(11.8)	(446.0)	30.6%	3.5%
COGS excl. deprec. & amort.	(1,526.1)	- 0	- 0	(3.1)	(3.1)	(416.3)	(59.2)	(2,004.6)	31.4%	3.9%
COGS/hl excl. deprec. & amort. (R$)	(317.4)	- 0	- 0	(0.2)	(0.2)	(86.1)	(10.9)	(414.7)	30.6%	3.4%
IL-040	Gross profit	2,401.2	- 0	- 0	3.5	3.5	641.6	42.2	3,088.6	28.6%	1.8%
% Gross margin	59.4%	58.9%	-50 bps	-50 bps
SG&A excl. deprec. & amort.	(1,334.7)	- 0	- 0	(3.5)	(3.5)	(347.0)	13.2	(1,672.0)	25.3%	-1.0%
IM-105	..Deprec. & impairm. tangible - logistics	(9.3)	- 0	- 0	- 0	- 0	(1.4)	3.9	(6.8)	-26.9%	-42.1%
IM-107	..Amort & impairm. intangible - logistics	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
IM-109	..Deprec. & impairm. tangible - commercial	(25.3)	- 0	- 0	- 0	- 0	(4.8)	7.1	(23.0)	-9.1%	-28.0%
IM-111	..Amort & impairm. intangible - commercial	9.0	- 0	- 0	- 0	- 0	(0.0)	(9.0)	(0.0)	-100.1%	-100.1%
IM-113	..Deprec. & impairm. tangible - administrative	(41.7)	- 0	- 0	- 0	- 0	(7.1)	14.7	(34.0)	-18.4%	-35.4%
IM-115	..Amort & impairm. intangible - administrative	(24.7)	- 0	- 0	- 0	- 0	(5.9)	2.3	(28.2)	14.2%	-9.5%
IM-578-V2	Deprec & impairm right-of-use assets commercial	(2.9)	- 0	- 0	- 0	- 0	(5.1)	(16.7)	(24.7)	nm	nm
SG&A deprec. & amort.	(94.7)	- 0	- 0	- 0	- 0	(24.3)	2.3	(116.6)	23.1%	-2.5%
IL-060	Distribution expenses	(760.7)	- 0	- 0	(2.5)	(2.5)	(193.8)	22.6	(934.4)	22.8%	-3.0%
IL-070	Sales expenses	(300.7)	- 0	- 0	(0.1)	(0.1)	(68.6)	39.5	(329.9)	9.7%	-13.1%
IL-080	Marketing expenses	(183.5)	- 0	- 0	(0.1)	(0.1)	(50.8)	(10.0)	(244.4)	33.2%	5.5%
IL-100	Administrative expenses	(184.5)	- 0	- 0	(0.8)	(0.8)	(58.0)	(36.6)	(279.9)	51.7%	19.8%
SG&A total	(1,429.4)	- 0	- 0	(3.5)	(3.5)	(371.3)	15.5	(1,788.6)	25.1%	-1.1%
IM-120	Other operating income/(expenses)	(28.5)	- 0	- 0	- 0	- 0	(1.4)	23.2	(6.7)	-76.4%	-81.3%
Non-recurring items above EBIT	(39.1)	- 0	- 0	- 0	- 0	(1.1)	34.9	(5.3)	-86.5%	-89.3%
EBIT	904.2	- 0	- 0	0.1	0.1	267.9	115.9	1,288.0	42.4%	12.8%
EBIT Margin	22.4%	24.6%	220 bps	220 bps
Normalized EBIT	943.3	- 0	- 0	0.1	0.1	269.0	81.0	1,293.3	37.1%	8.6%
% Normalized EBIT margin	23.3%	24.7%	140 bps	140 bps
IM-101	..Deprec. & impairm. tangible - prod & pack.	(114.5)	- 0	- 0	- 0	- 0	(31.2)	(4.5)	(150.2)	31.3%	4.0%
IM-103	..Amort & impairm. intangible - prod & pack	(0.7)	- 0	- 0	- 0	- 0	(0.2)	(0.2)	(1.1)	54.2%	22.1%
IM-129	Impairment of goodwill	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	0.0%	0.0%
EBITDA	1,114.1	- 0	- 0	0.1	0.1	323.6	118.2	1,556.0	39.7%	10.6%
EBITDA Margin	27.6%	29.7%	210 bps	210 bps
IM-095-V2	Non-recurring items above EBITDA	(39.1)	- 0	- 0	- 0	- 0	(0.8)	36.2	(3.6)	-90.7%	-92.7%
Normalized EBITDA	1,153.2	- 0	- 0	0.1	0.1	324.7	83.3	1,561.2	35.4%	7.2%
% Normalized EBITDA margin	28.5%	29.8%	130 bps	130 bps

LAN

LAN

ERROR:#REF!

OUT

EXT

Scope

Currency Translation

Organic Growth

ERROR:#REF!

% As Reported

% Organic

Organic

Scope

R$ million

Growth/HL

IN Int/HL

OUT/HL

Check soma - DREs Brazil e CAC

Check Soma

Volume ('000 hl)

ERROR:#REF!

- 0

IL-010

Net revenue

ERROR:#REF!

Net revenue/hl (R$)

ERROR:#REF!

IL-030

COGS

ERROR:#REF!

COGS/hl (R$)

ERROR:#REF!

COGS excl. deprec. & amort.

ERROR:#REF!

COGS/hl excl. deprec. & amort. (R$)

ERROR:#REF!

IL-040

Gross profit

ERROR:#REF!

% Gross margin

ERROR:#REF!

SG&A excl. deprec. & amort.

ERROR:#REF!

IM-105

..Deprec. & impairm. tangible - logistics

ERROR:#REF!

IM-107

..Amort & impairm. intangible - logistics

ERROR:#REF!

IM-109

..Deprec. & impairm. tangible - commercial

ERROR:#REF!

IM-111

..Amort & impairm. intangible - commercial

ERROR:#REF!

IM-113

..Deprec. & impairm. tangible - administrative

ERROR:#REF!

IM-115

..Amort & impairm. intangible - administrative

ERROR:#REF!

IM-578-V2

Deprec & impairm right-of-use assets commercial

ERROR:#REF!

SG&A deprec. & amort.

ERROR:#REF!

IL-060

Distribution expenses

ERROR:#REF!

IL-070

Sales expenses

ERROR:#REF!

IL-080

Marketing expenses

ERROR:#REF!

IL-100

Administrative expenses

ERROR:#REF!

SG&A total

ERROR:#REF!

IM-120

Other operating income/(expenses)

ERROR:#REF!

Non-recurring items above EBIT

ERROR:#REF!

EBIT

ERROR:#REF!

EBIT Margin

ERROR:#REF!

Normalized EBIT

ERROR:#REF!

% Normalized EBIT margin

ERROR:#REF!

IM-101

..Deprec. & impairm. tangible - prod & pack.

ERROR:#REF!

IM-103

..Amort & impairm. intangible - prod & pack

ERROR:#REF!

IM-129

Impairment of goodwill

ERROR:#REF!

EBITDA

ERROR:#REF!

EBITDA Margin

ERROR:#REF!

IM-095-V2

Non-recurring items above EBITDA

ERROR:#REF!

Normalized EBITDA

ERROR:#REF!

% Normalized EBITDA margin

ERROR:#REF!

LAN

ERROR:#REF!

OUT

EXT

Scope

Currency Translation

Organic Growth

ERROR:#REF!

% As Reported

% Organic

Organic

Scope

R$ million

Growth/HL

IN Int/HL

OUT/HL

Check soma - DREs Brazil e CAC

Check Soma

Volume ('000 hl)

ERROR:#REF!

- 0

IL-010

Net revenue

ERROR:#REF!

Net revenue/hl (R$)

ERROR:#REF!

IL-030

COGS

ERROR:#REF!

COGS/hl (R$)

ERROR:#REF!

COGS excl. deprec. & amort.

ERROR:#REF!

COGS/hl excl. deprec. & amort. (R$)

ERROR:#REF!

IL-040

Gross profit

ERROR:#REF!

% Gross margin

ERROR:#REF!

SG&A excl. deprec. & amort.

ERROR:#REF!

IM-105

..Deprec. & impairm. tangible - logistics

ERROR:#REF!

IM-107

..Amort & impairm. intangible - logistics

ERROR:#REF!

IM-109

..Deprec. & impairm. tangible - commercial

ERROR:#REF!

IM-111

..Amort & impairm. intangible - commercial

ERROR:#REF!

IM-113

..Deprec. & impairm. tangible - administrative

ERROR:#REF!

IM-115

..Amort & impairm. intangible - administrative

ERROR:#REF!

IM-578-V2

Deprec & impairm right-of-use assets commercial

ERROR:#REF!

SG&A deprec. & amort.

ERROR:#REF!

IL-060

Distribution expenses

ERROR:#REF!

IL-070

Sales expenses

ERROR:#REF!

IL-080

Marketing expenses

ERROR:#REF!

IL-100

Administrative expenses

ERROR:#REF!

SG&A total

ERROR:#REF!

IM-120

Other operating income/(expenses)

ERROR:#REF!

Non-recurring items above EBIT

ERROR:#REF!

EBIT

ERROR:#REF!

EBIT Margin

ERROR:#REF!

Normalized EBIT

ERROR:#REF!

% Normalized EBIT margin

ERROR:#REF!

IM-101

..Deprec. & impairm. tangible - prod & pack.

ERROR:#REF!

IM-103

..Amort & impairm. intangible - prod & pack

ERROR:#REF!

IM-129

Impairment of goodwill

ERROR:#REF!

EBITDA

ERROR:#REF!

EBITDA Margin

ERROR:#REF!

IM-095-V2

Non-recurring items above EBITDA

ERROR:#REF!

Normalized EBITDA

ERROR:#REF!

% Normalized EBITDA margin

ERROR:#REF!

LAN (PORT)

LAN	ERROR:#REF!	IN	OUT	EXT	Escopo	Conversão de Moeda	Crescimento Orgânico	ERROR:#REF!	% Reportado	% Orgânico
R$ milhões
Volume ('000 hl)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-010	Receita líquida	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
ROL/hl (R$)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-030	CPV	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
CPV/hl (R$)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
CPV excl. deprec.& amort.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
CPV/hl excl. deprec.& amort. (R$)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-040	Lucro bruto	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
% Margem bruta	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
SG&A excl. deprec. & amort.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-105	..Deprec. & impairm. tangible - logistics	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-107	..Amort & impairm. intangible - logistics	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-109	..Deprec. & impairm. tangible - commercial	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-111	..Amort & impairm. intangible - commercial	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-113	..Deprec. & impairm. tangible - administrative	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-115	..Amort & impairm. intangible - administrative	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-578-V2	Deprec & impairm right-of-use assets commercial	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
SG&A deprec. & amort.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-060	Distribution expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-070	Sales expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-080	Marketing expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-100	Administrative expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
SG&A total	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-120	Outras receitas/(despesas) operacionais	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Non-recurring items above EBIT	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBIT	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBIT Margin	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBIT ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
% Margem EBIT ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-101	..Deprec. & impairm. tangible - prod & pack.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-103	..Amort & impairm. intangible - prod & pack	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-129	Impairment of goodwill	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBITDA	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBITDA Margin	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-095-V2	Non-recurring items above EBITDA	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBITDA ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
% Margem EBITDA ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
LAN	ERROR:#REF!	IN	OUT	EXT	Escopo	Conversão de Moeda	Crescimento Orgânico	ERROR:#REF!	% Reportado	% Orgânico
R$ milhões
Volume ('000 hl)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-010	Receita líquida	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
ROL/hl (R$)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-030	CPV	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
CPV/hl (R$)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
CPV excl. deprec.& amort.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
CPV/hl excl. deprec.& amort. (R$)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-040	Lucro bruto	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
% Margem bruta	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
SG&A excl. deprec. & amort.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-105	..Deprec. & impairm. tangible - logistics	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-107	..Amort & impairm. intangible - logistics	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-109	..Deprec. & impairm. tangible - commercial	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-111	..Amort & impairm. intangible - commercial	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-113	..Deprec. & impairm. tangible - administrative	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-115	..Amort & impairm. intangible - administrative	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-578-V2	Deprec & impairm right-of-use assets commercial	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
SG&A deprec. & amort.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-060	Distribution expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-070	Sales expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-080	Marketing expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IL-100	Administrative expenses	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
SG&A total	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-120	Outras receitas/(despesas) operacionais	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Non-recurring items above EBIT	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBIT	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBIT Margin	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBIT ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
% Margem EBIT ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-101	..Deprec. & impairm. tangible - prod & pack.	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-103	..Amort & impairm. intangible - prod & pack	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-129	Impairment of goodwill	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBITDA	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBITDA Margin	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
IM-095-V2	Non-recurring items above EBITDA	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
EBITDA ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
% Margem EBITDA ajustado	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!

Ambev Consolidado

Ambev	2Q20	IN	OUT	EXT	Scope	Currency Translation	IAS 29 3M Impact	Organic Growth	2Q21	% As Reported	% Organic
R$ million
Volume ('000 hl)	33,465.6	- 0	- 0	- 0	- 0	- 0	- 0	6,342.0	39,807.6	19.0%	19.0%
IL-010	Net revenue	11,615.3	- 0	- 0	0.2	0.2	(280.1)	184.3	4,191.5	15,711.1	35.3%	36.2%
Net revenue/hl (R$)	347.1	- 0	- 0	0.0	0.0	(7.0)	4.4	50.3	394.7	13.7%	14.5%
IL-030	COGS	(5,801.9)	- 0	- 0	(0.1)	(0.1)	95.3	(80.9)	(2,177.7)	(7,965.3)	37.3%	37.6%
COGS/hl (R$)	(173.4)	- 0	- 0	(0.0)	(0.0)	2.4	(1.9)	(27.2)	(200.1)	15.4%	15.7%
COGS excl. deprec. & amort.	(5,033.2)	- 0	- 0	(0.1)	(0.1)	53.0	(71.8)	(2,108.5)	(7,160.6)	42.3%	42.0%
COGS/hl excl. deprec. & amort. (R$)	(150.4)	- 0	- 0	(0.0)	(0.0)	1.3	(1.7)	(29.1)	(179.9)	19.6%	19.4%
IL-040	Gross profit	5,813.5	- 0	- 0	0.1	0.1	(184.8)	103.4	2,013.7	7,745.9	33.2%	34.7%
% Gross margin	50.0%	49.3%	-70 bps	-50 bps
SG&A excl. deprec. & amort.	(3,298.8)	- 0	- 0	(0.1)	(0.1)	73.1	(42.9)	(1,387.6)	(4,656.3)	41.2%	42.2%
SG&A deprec. & amort.	(533.5)	- 0	- 0	- 0	- 0	14.9	(3.6)	26.7	(495.5)	-7.1%	-5.0%
SG&A total	(3,832.3)	- 0	- 0	(0.1)	(0.1)	88.0	(46.5)	(1,360.9)	(5,151.8)	34.4%	35.6%
IM-120	Other operating income/(expenses)	64.9	- 0	- 0	1,219.2	1,219.2	6.2	(0.8)	105.6	1,395.0	nm	163.2%
Normalized EBIT	2,046.1	- 0	- 0	1,219.2	1,219.2	(90.6)	56.1	758.4	3,989.1	95.0%	37.2%
% Normalized EBIT margin	17.6%	25.4%	780 bps	10 bps
Exceptional items above EBITDA	(127.9)	- 0	- 0	- 0	- 0	7.8	(2.6)	37.1	(85.7)	-33.0%	-29.0%
Net finance results	(793.7)	(277.3)	-65.1%
Share of results of joint ventures	(16.2)	(9.0)	-44.4%
Income tax expense	163.1	(687.5)	nm
Profit	1,271.3	2,929.6	130.4%
Attributable to Ambev holders	1,226.8	2,885.8	135.2%
Attributable to non-controlling interests	44.5	43.8	-1.6%
Normalized profit	1,372.6	2,962.7	115.9%
Attributable to Ambev holders	1,327.5	2,964.1	123.3%
Normalized EBITDA	3,348.3	- 0	- 0	1,219.2	1,219.2	(147.9)	68.7	800.9	5,289.2	58.0%	24.0%
% Normalized EBITDA margin	28.8%	33.7%	490 bps	-260 bps
Ambev	YTD20	IN	OUT	EXT	Scope	Currency Translation	IAS 29 3M Impact	Organic Growth	YTD21	% As Reported	% Organic
R$ million
Volume ('000 hl)	72,477.1	- 0	- 0	6.5	6.5	- 0	- 0	10,854.3	83,337.8	15.0%	15.0%
IL-010	Net revenue	24,217.9	- 0	- 0	6.6	6.6	252.2	- 0	7,874.1	32,350.9	33.6%	32.5%
Net revenue/hl (R$)	334.1	- 0	- 0	0.1	0.1	3.0	- 0	51.0	388.2	16.2%	15.2%
IL-030	COGS	(11,445.1)	- 0	- 0	(3.1)	(3.1)	(210.4)	- 0	(4,252.0)	(15,910.6)	39.0%	37.2%
COGS/hl (R$)	(157.9)	- 0	- 0	(0.0)	(0.0)	(2.5)	- 0	(30.5)	(190.9)	20.9%	19.3%
COGS excl. deprec. & amort.	(10,009.8)	- 0	- 0	(3.1)	(3.1)	(240.9)	- 0	(4,102.2)	(14,355.9)	43.4%	41.0%
COGS/hl excl. deprec. & amort. (R$)	(138.1)	- 0	- 0	(0.0)	(0.0)	(2.9)	- 0	(31.2)	(172.3)	24.7%	22.6%
IL-040	Gross profit	12,772.9	- 0	- 0	3.5	3.5	41.8	- 0	3,622.1	16,440.3	28.7%	28.4%
% Gross margin	52.7%	50.8%	-190 bps	-160 bps
SG&A excl. deprec. & amort.	(6,863.6)	- 0	- 0	(3.5)	(3.5)	(77.6)	- 0	(2,006.8)	(8,951.4)	30.4%	29.2%
SG&A deprec. & amort.	(1,040.9)	- 0	- 0	- 0	- 0	(2.1)	- 0	34.0	(1,009.0)	-3.1%	-3.3%
SG&A total	(7,904.5)	- 0	- 0	(3.5)	(3.5)	(79.7)	- 0	(1,972.8)	(9,960.5)	26.0%	25.0%
IM-120	Other operating income/(expenses)	236.2	- 0	- 0	1,219.2	1,219.2	6.4	- 0	111.2	1,572.9	nm	47.1%
Normalized EBIT	5,104.5	- 0	- 0	1,219.2	1,219.2	(31.5)	- 0	1,760.5	8,052.7	57.8%	34.5%
% Normalized EBIT margin	21.1%	24.9%	380 bps	30 bps
IM-095-V2	Exceptional items above EBITDA	(152.0)	- 0	- 0	- 0	- 0	12.7	- 0	(17.8)	(157.1)	3.3%	11.7%
Net finance results	(2,330.6)	(1,341.6)
Share of results of joint ventures	(22.9)	(21.6)
Income tax expense	(116.5)	(869.6)
Profit	2,482.6	5,662.9	128.1%
Attributable to Ambev holders	2,318.6	5,511.2	137.7%
Attributable to non-controlling interests	164.0	151.7	-7.5%
Normalized profit	2,600.4	5,724.7	120.1%
Attributable to Ambev holders	2,434.8	2,684.3	10.2%
Normalized EBITDA	7,580.8	- 0	- 0	1,219.2	1,219.2	(59.8)	- 0	1,876.2	10,616.4	40.0%	24.8%
% Normalized EBITDA margin	31.3%	32.8%	150 bps	-180 bps

Other Operating Income

3.9%	ERROR:#DIV/0!	ERROR:#DIV/0!
Other operating income/(expenses)	1Q20	1Q21	2Q20	2Q21	3Q20	3Q21	4Q20	4Q21	YTD20	YTD21
R$ million
Government grants/NPV of long term fiscal incentives	156.6	171.6	118.0	178.6	274.6	350.2
Credits/(debits) taxes extemporaneous	- 0	- 0	1,219.2	1,219.2
(Additions to)/reversals of provisions	(2.6)	(9.0)	(25.7)	(12.5)	(28.2)	(21.5)
Gain/(loss) on disposal of fixed assets, intangible assets and operations in associates	16.0	12.7	(17.2)	(1.3)	(1.3)	11.3
Net other operating income/(expenses)	1.3	2.6	(10.2)	11.0	(8.9)	13.6
Other operating income/(expenses)	171.3	177.9	64.9	1,394.9	236.2	1,572.9

Exceptional Items

Exceptional Items	1Q20	1Q21	2Q20	2Q21	3Q20	3Q21	4Q20	4Q21	YTD20	YTD21
R$ million
Costs from business combination	(16.7)	(16.7)
Result from exchange transaction of shareholdings
Restructuring	(13.9)	(39.2)	(36.2)	(37.5)	(50.0)	(76.7)
Disposal of subsidiary
Aquisition of subsidiary
IAS 29/CPC 42 (hyperinflation) application effect	- 0	(1.2)	(0.5)	(2.7)	(0.5)	(3.9)
COVID-19 impact	(10.2)	(31.1)	(61.3)	(45.5)	(71.5)	(76.6)
Share based payment	- 0	- 0	- 0	- 0
Other	(13.3)	(13.3)
Exceptional Items	(24.1)	(71.4)	(127.9)	(85.7)	- 0	- 0	- 0	- 0	(152.0)	(157.1)

Net Finance Results

-30.7%	ERROR:#DIV/0!	ERROR:#DIV/0!
Net finance results	1Q20	1Q21	2Q20	2Q21	3Q20	3Q21	4Q20	4Q21	YTD20	YTD21
R$ million
Interest income	147.6	107.4	149.8	520.2	297.4	627.5
Interest expenses	(426.5)	(334.6)	(432.2)	(303.6)	(858.7)	(638.2)
Gains/(losses) on derivative instruments	(945.4)	(770.9)	(202.6)	(300.2)	(1,148.0)	(1,071.1)
Gains/(losses) on non-derivative instruments	(206.4)	(165.4)	(150.4)	(110.0)	(356.8)	(275.4)
Taxes on financial transactions	(86.6)	(11.4)	(48.9)	(57.3)	(135.5)	(68.7)
Other financial income/(expenses), net	(99.7)	(141.2)	(194.3)	(178.4)	(294.0)	(319.6)
Exceptional financial income/(expenses), net	- 0	- 0	- 0	- 0	- 0	- 0
Hyperinflation Argentina	80.1	251.8	84.8	152.0	164.9	403.8
Net finance results	(1,536.9)	(1,064.3)	(793.7)	(277.3)	(2,330.6)	(1,341.6)

Debt breakdown

Debt breakdown	December 31, 2020	June 30, 2021
R$ million	Current	Non-current	Total	Current	Non-current	Total
Local Currency	2,232.7	1,622.1	3,854.8	675.4	1,755.6	2,431.0
Foreign Currency	506.1	431.4	937.4	179.4	380.3	559.6
Consolidated Debt	2,738.8	2,053.5	4,792.2	854.8	2,135.8	2,990.6
Cash and Cash Equivalents less Bank Overdrafts	17,090.3	13,175.3
Current Investment Securities	1,700.0	1,245.6
Net debt/(cash)	(13,998.1)	(11,430.3)

Income tax and social contribution	1Q20	1Q21	2Q20	2Q21	3Q20	3Q21	4Q20	4Q21	YTD20	YTD21
R$ million
Profit before tax	1,490.9	2,915.4	1,108.2	3,617.1	2,599.1	6,532.5
Adjustment on taxable basis
Non-taxable other income (i)	- 0	- 0	- 0	- 0	- 0	- 0
Government grants (VAT)	(405.0)	(398.5)	(349.4)	(408.1)	(754.4)	(806.6)
Share of results of joint ventures	6.6	12.5	16.2	9.0	22.9	21.6
Expenses not deductible	12.0	15.5	22.1	27.0	34.1	42.5
Foreign profits taxed in Brazil	- 0	- 0	- 0	- 0	- 0	- 0
Taxation in universal basis	(34.1)	(80.8)	(1.4)	21.2	(158.8)	(112.1)
1,070.5	2,464.2	795.7	3,266.2	1,742.8	5,677.9
Aggregated weighted nominal tax rate	29.3%	28.3%	24.0%	28.9%	26.6%	28.6%
Taxes - nominal rate	(314.2)	(697.6)	(190.7)	(944.9)	(462.9)	(1,624.6)
Adjustment on tax expense
Income tax incentive	15.1	43.2	16.2	37.7	31.3	80.9
Tax benefit - interest on shareholders' equity	141.4	592.7	534.0	438.5	675.3	1,031.1
Tax benefit - amortization on tax books	19.4	19.4	19.4	19.4	38.7	38.7
Withholding income tax	(241.6)	(289.0)	(173.4)	(23.9)	(415.0)	(312.9)
Argentina's hyperinflation effect	(19.6)	(14.4)	(10.0)	(46.6)	(29.6)	(61.0)
Other tax adjustments	119.8	163.7	(32.2)	(167.5)	45.6	(21.7)
Income tax and social contribution expense	(279.7)	(182.1)	163.1	(687.5)	(116.5)	(869.6)
Effective tax rate	18.8%	6.2%	-14.7%	19.0%	4.5%	13.3%

Shareholder Structure

Ambev S.A.'s shareholding structure
ON	% Outs
Anheuser-Busch InBev	9,728,911,349	61.8%
FAHZ	1,609,987,301	10.2%
Market	4,398,262,483	27.9%
Outstanding	15,737,161,133	100.0%
Treasury	4,294,062
TOTAL	15,741,455,195
Free float B3	2,910,153,631	18.5%
Free float NYSE	1,488,108,852	9.5%

EBITDA Reconciliation

Reconciliation - Profit to EBITDA	1Q20	1Q21	2Q20	2Q21	3Q20	3Q21	4Q20	4Q21	YTD20	YTD21
R$ million
Profit - Ambev holders	1,091.8	2,625.4	1,226.8	2,885.8	2,318.6	5,511.2
Non-controlling interest	119.5	107.9	44.5	43.8	164.0	151.7
Income tax expense	279.7	182.1	(163.1)	687.5	116.5	869.6
Profit before taxes	1,490.9	2,915.4	1,108.2	3,617.1	2,599.1	6,532.5
Share of results of joint ventures	6.6	12.5	16.2	9.0	22.9	21.6
Net finance results	1,536.9	1,064.3	793.7	277.3	2,330.6	1,341.6
Exceptional items	24.1	71.4	127.9	85.7	152.0	157.1
Normalized EBIT	3,058.5	4,063.7	2,046.1	3,989.1	5,104.5	8,052.7
Depreciation & amortization - total	1,174.0	1,263.5	1,302.2	1,300.1	2,476.2	2,563.7
Normalized EBITDA	4,232.5	5,327.2	3,348.3	5,289.2	7,580.8	10,616.4

Segment - Quarter

Ambev - Segment financial information	Brazil	CAC	LAS	Canada	Ambev
Organic results	Beer	NAB	Total	Consolidated
2Q20	2Q21	%	2Q20	2Q21	%	2Q20	2Q21	%	2Q20	2Q21	%	2Q20	2Q21	%	2Q20	2Q21	%	2Q20	2Q21	%
Volume (000 hl)	17,951.6	20,225.6	12.7%	5,151.6	6,493.9	26.1%	23,103.2	26,719.4	15.7%	2,089.7	3,399.7	62.7%	5,383.3	6,825.8	26.8%	2,889.4	2,862.6	-0.9%	33,465.6	39,807.6	19.0%
R$ million
Net revenue	5,128.6	6,449.3	25.8%	726.1	1,074.2	47.9%	5,854.7	7,523.5	28.5%	1,387.4	2,461.5	71.6%	1,863.6	2,544.0	78.9%	2,509.6	3,182.1	3.3%	11,615.3	15,711.1	36.2%
% of total	44.2%	41.0%	6.3%	6.8%	50.4%	47.9%	11.9%	15.7%	16.0%	16.2%	21.6%	20.3%	100.0%	100.0%
COGS	(2,573.6)	(3,443.6)	33.8%	(407.6)	(658.0)	61.4%	(2,981.3)	(4,101.6)	37.6%	(659.9)	(1,171.2)	71.4%	(1,119.7)	(1,381.2)	50.5%	(1,041.1)	(1,311.3)	2.6%	(5,801.9)	(7,965.3)	37.6%
% of total	44.4%	43.2%	7.0%	8.3%	51.4%	51.5%	11.4%	14.7%	19.3%	17.3%	17.9%	16.5%	100.0%	100.0%
Gross profit	2,555.0	3,005.7	17.6%	318.4	416.2	30.7%	2,873.4	3,421.9	19.1%	727.6	1,290.4	71.7%	744.0	1,162.8	122.0%	1,468.5	1,870.9	3.8%	5,813.5	7,745.9	34.7%
% of total	43.9%	38.8%	5.5%	5.4%	49.4%	44.2%	12.5%	16.7%	12.8%	15.0%	25.3%	24.2%	100.0%	100.0%
SG&A	(1,725.8)	(2,398.4)	39.0%	(300.2)	(369.9)	23.2%	(2,026.1)	(2,768.2)	36.6%	(323.1)	(530.0)	57.7%	(707.1)	(827.9)	52.8%	(776.0)	(1,025.6)	8.1%	(3,832.3)	(5,151.8)	35.6%
% of total	45.0%	46.6%	7.8%	7.2%	52.9%	53.7%	8.4%	10.3%	18.5%	16.1%	20.2%	19.9%	100.0%	100.0%
Other operating income/(expenses)	117.2	1,189.6	20.5%	23.7	200.3	25.0%	140.9	1,389.9	21.2%	(18.4)	4.0	-118.0%	(42.2)	(1.2)	-87.5%	(15.3)	2.3	-109.7%	64.9	1,395.0	163.2%
% of total	180.5%	85.3%	36.6%	14.4%	217.1%	99.6%	-28.4%	0.3%	-65.0%	-0.1%	-23.6%	0.2%	100.0%	100.0%
Normalized EBIT	946.3	1,797.0	-20.9%	41.9	246.6	81.1%	988.2	2,043.6	-16.6%	386.0	764.3	92.4%	(5.4)	333.7	nm	677.2	847.5	1.4%	2,046.1	3,989.1	37.2%
% of total	46.2%	45.0%	2.0%	6.2%	48.3%	51.2%	18.9%	19.2%	-0.3%	8.4%	33.1%	21.2%	100.0%	100.0%
Normalized EBITDA	1,598.5	2,441.6	-12.8%	129.0	327.9	21.9%	1,727.5	2,769.5	-10.3%	553.3	929.1	63.4%	276.7	587.5	nm	790.8	1,003.1	2.9%	3,348.3	5,289.2	24.0%
% of total	47.7%	46.2%	3.9%	6.2%	51.6%	52.4%	16.5%	17.6%	8.3%	11.1%	23.6%	19.0%	100.0%	100.0%
% of net revenue
Net revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
COGS	-50.2%	-53.4%	-56.1%	-61.3%	-50.9%	-54.5%	-47.6%	-47.6%	-60.1%	-54.3%	-41.5%	-41.2%	-50.0%	-50.7%
Gross profit	49.8%	46.6%	43.9%	38.7%	49.1%	45.5%	52.4%	52.4%	39.9%	45.7%	58.5%	58.8%	50.0%	49.3%
SG&A	-33.7%	-37.2%	-41.4%	-34.4%	-34.6%	-36.8%	-23.3%	-21.5%	-37.9%	-32.5%	-30.9%	-32.2%	-33.0%	-32.8%
Other operating income/(expenses)	2.3%	18.4%	3.3%	18.7%	2.4%	18.5%	-1.3%	0.2%	-2.3%	-0.0%	-0.6%	0.1%	0.6%	8.9%
Normalized EBIT	18.5%	27.9%	5.8%	23.0%	16.9%	27.2%	27.8%	31.1%	-0.3%	13.1%	27.0%	26.6%	17.6%	25.4%
Normalized EBITDA	31.2%	37.9%	17.8%	30.5%	29.5%	36.8%	39.9%	37.7%	14.8%	23.1%	31.5%	31.5%	28.8%	33.7%
Per hectoliter - (R$/hl)
Net revenue	285.7	318.9	11.6%	140.9	165.4	17.4%	253.4	281.6	11.1%	663.9	724.0	5.5%	346.2	372.7	41.1%	868.5	1,111.6	4.2%	347.1	394.7	15.7%
COGS	(143.4)	(170.3)	18.8%	(79.1)	(101.3)	28.1%	(129.0)	(153.5)	19.0%	(315.8)	(344.5)	5.4%	(208.0)	(202.4)	18.7%	(360.3)	(458.1)	3.5%	(173.4)	(200.1)	15.7%
Gross profit	142.3	148.6	4.4%	61.8	64.1	3.7%	124.4	128.1	3.0%	348.2	379.5	5.5%	138.2	170.4	84.0%	508.2	653.5	4.7%	173.7	194.6	14.7%
SG&A	(96.1)	(118.6)	23.3%	(58.3)	(57.0)	-2.3%	(87.7)	(103.6)	18.1%	(154.6)	(155.9)	-3.1%	(131.4)	(121.3)	25.3%	(268.6)	(358.3)	9.1%	(114.5)	(129.4)	14.9%
Other operating income/(expenses)	6.5	58.8	-93.7%	4.6	30.9	-149.5%	6.1	52.0	-112.3%	(8.8)	1.2	-111.0%	(7.8)	(0.2)	-88.9%	(5.3)	0.8	-109.8%	1.9	35.0	-179.6%
Normalized EBIT	52.7	88.8	-42.3%	8.1	38.0	-40.5%	42.8	76.5	-44.6%	184.7	224.8	18.3%	(1.0)	48.9	nm	234.4	296.1	2.4%	61.1	100.2	8.0%
Normalized EBITDA	89.0	120.7	-30.0%	25.0	50.5	-30.7%	74.8	103.7	-32.0%	264.8	273.3	0.4%	51.4	86.1	170.7%	273.7	350.4	3.9%	100.1	132.9	0.1%

Segment - YTD

Ambev - Segment financial information	Brazil	CAC	LAS	Canada	Ambev
Organic results	Beer	NAB	Total	Consolidated
YTD20	YTD21	%	YTD20	YTD21	%	YTD20	YTD21	%	YTD20	YTD21	%	YTD20	YTD21	%	YTD20	YTD21	%	YTD20	YTD21	%
Volume (000 hl)	36,533.1	41,774.0	14.3%	11,581.5	12,976.4	12.0%	48,114.6	54,750.4	13.8%	4,837.8	6,424.4	32.8%	14,717.2	17,328.9	17.7%	4,807.5	4,834.1	0.4%	72,477.1	83,337.8	15.0%
R$ million
Net revenue	10,583.2	13,574.1	28.3%	1,796.6	2,174.7	21.0%	12,379.8	15,748.7	27.2%	2,811.9	4,621.0	49.6%	4,983.8	6,736.5	60.3%	4,042.5	5,244.6	2.6%	24,217.9	32,350.9	32.5%
% of total	43.7%	42.0%	7.4%	6.7%	51.1%	48.7%	11.6%	14.3%	20.6%	20.8%	16.7%	16.2%	100.0%	100.0%
COGS	(4,975.0)	(6,845.1)	37.6%	(956.3)	(1,238.0)	29.5%	(5,931.3)	(8,083.1)	36.3%	(1,338.2)	(2,186.6)	48.7%	(2,534.3)	(3,485.0)	54.6%	(1,641.2)	(2,156.0)	3.9%	(11,445.1)	(15,910.6)	37.2%
% of total	43.5%	43.0%	8.4%	7.8%	51.8%	50.8%	11.7%	13.7%	22.1%	21.9%	14.3%	13.6%	100.0%	100.0%
Gross profit	5,608.2	6,729.0	20.0%	840.2	936.7	11.5%	6,448.5	7,665.7	18.9%	1,473.6	2,434.4	50.4%	2,449.5	3,251.6	66.1%	2,401.2	3,088.6	1.8%	12,772.9	16,440.3	28.4%
% of total	43.9%	40.9%	6.6%	5.7%	50.5%	46.6%	11.5%	14.8%	19.2%	19.8%	18.8%	18.8%	100.0%	100.0%
SG&A	(3,646.0)	(4,611.2)	26.5%	(632.3)	(724.9)	14.6%	(4,278.3)	(5,336.1)	24.7%	(679.2)	(1,010.6)	34.5%	(1,517.6)	(1,825.1)	45.9%	(1,429.4)	(1,788.6)	-1.1%	(7,904.5)	(9,960.5)	25.0%
% of total	46.1%	46.3%	8.0%	7.3%	54.1%	53.6%	8.6%	10.1%	19.2%	18.3%	18.1%	18.0%	100.0%	100.0%
Other operating income/(expenses)	248.0	1,341.9	18.3%	55.3	239.7	24.6%	303.4	1,581.5	19.4%	(13.1)	4.0	-125.3%	(25.6)	(5.9)	-49.2%	(28.5)	(6.7)	-81.3%	236.2	1,572.9	47.1%
% of total	105.0%	85.3%	23.4%	15.2%	128.4%	100.5%	-5.5%	0.3%	-10.8%	-0.4%	-12.1%	-0.4%	100.0%	100.0%
Normalized EBIT	2,210.3	3,459.7	9.1%	263.3	451.4	6.6%	2,473.5	3,911.1	8.8%	781.3	1,427.9	67.2%	906.4	1,420.5	103.3%	943.3	1,293.3	8.6%	5,104.5	8,052.7	34.5%
% of total	43.3%	43.0%	5.2%	5.6%	48.5%	48.6%	15.3%	17.7%	17.8%	17.6%	18.5%	16.1%	100.0%	100.0%
Normalized EBITDA	3,464.8	4,705.5	5.5%	440.7	623.0	2.6%	3,905.5	5,328.5	5.2%	1,076.4	1,768.4	50.1%	1,445.7	1,958.3	72.6%	1,153.2	1,561.2	7.2%	7,580.8	10,616.4	24.8%
% of total	45.7%	44.3%	5.8%	5.9%	51.5%	50.2%	14.2%	16.7%	19.1%	18.4%	15.2%	14.7%	100.0%	100.0%
% of net revenue
Net revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
COGS	-47.0%	-50.4%	-53.2%	-56.9%	-47.9%	-51.3%	-47.6%	-47.3%	-50.9%	-51.7%	-40.6%	-41.1%	-47.3%	-49.2%
Gross profit	53.0%	49.6%	46.8%	43.1%	52.1%	48.7%	52.4%	52.7%	49.1%	48.3%	59.4%	58.9%	52.7%	50.8%
SG&A	-34.5%	-34.0%	-35.2%	-33.3%	-34.6%	-33.9%	-24.2%	-21.9%	-30.4%	-27.1%	-35.4%	-34.1%	-32.6%	-30.8%
Other operating income/(expenses)	2.3%	9.9%	3.1%	11.0%	2.5%	10.0%	-0.5%	0.1%	-0.5%	-0.1%	-0.7%	-0.1%	1.0%	4.9%
Normalized EBIT	20.9%	25.5%	14.7%	20.8%	20.0%	24.8%	27.8%	30.9%	18.2%	21.1%	23.3%	24.7%	21.1%	24.9%
Normalized EBITDA	32.7%	34.7%	24.5%	28.6%	31.5%	33.8%	38.3%	38.3%	29.0%	29.1%	28.5%	29.8%	31.3%	32.8%
Per hectoliter - (R$/hl)
Net revenue	289.7	324.9	12.2%	155.1	167.6	8.0%	257.3	287.6	11.8%	581.2	719.3	12.7%	338.6	388.7	36.1%	840.9	1,084.9	2.2%	334.1	388.2	15.2%
COGS	(136.2)	(163.9)	20.3%	(82.6)	(95.4)	15.5%	(123.3)	(147.6)	19.8%	(276.6)	(340.4)	12.0%	(172.2)	(201.1)	31.3%	(341.4)	(446.0)	3.5%	(157.9)	(190.9)	19.3%
Gross profit	153.5	161.1	4.9%	72.6	72.2	-0.5%	134.0	140.0	4.5%	304.6	378.9	13.3%	166.4	187.6	41.1%	499.5	638.9	1.3%	176.2	197.3	11.6%
SG&A	(99.8)	(110.4)	10.6%	(54.6)	(55.9)	2.3%	(88.9)	(97.5)	9.6%	(140.4)	(157.3)	1.3%	(103.1)	(105.3)	23.9%	(297.3)	(370.0)	-1.5%	(109.1)	(119.5)	8.7%
Other operating income/(expenses)	6.8	32.1	-49.6%	4.8	18.5	-21.9%	6.3	28.9	-43.7%	(2.7)	0.6	-119.1%	(1.7)	(0.3)	-56.9%	(5.9)	(1.4)	-81.3%	3.3	18.9	-39.3%
Normalized EBIT	60.5	82.8	-10.5%	22.7	34.8	-11.8%	51.4	71.4	-10.3%	161.5	222.3	25.9%	61.6	82.0	72.6%	196.2	267.5	8.1%	70.4	96.6	13.9%
Normalized EBITDA	94.8	112.6	-11.5%	38.1	48.0	-12.6%	81.2	97.3	-11.3%	222.5	275.3	13.0%	98.2	113.0	46.6%	239.9	323.0	6.8%	104.6	127.4	6.4%

Balance sheet

CONSOLIDATED BALANCE SHEET
R$ million	December 31, 2020	June 30, 2021
Assets
Current assets
Cash and cash equivalents	17,090.3	13,269.3
Investment securities	1,700.0	1,245.6
Derivative financial instruments	505.9	900.1
Trade receivables	4,303.1	3,702.2
Inventories	7,605.9	9,583.4
Income tax and social contributions receivable	1,759.2	1,501.8
Other taxes receivable	1,527.9	1,363.4
Other assets	850.1	1,140.0
Assets held for sale	- 0	- 0
35,342.6	32,705.7
Non-current assets
Investment securities	213.9	196.0
Derivative financial instruments	3.4	1.1
Income tax and social contributions receivable	4,495.0	4,072.7
Deferred tax assets	4,560.8	4,578.8
Taxes receivable	5,695.8	7,381.8
Other assets	2,141.6	1,971.2
Employee benefits	33.6	33.2
Investments in joint ventures	337.4	310.6
Property, plant and equipment	24,768.4	25,702.0
Intangible	7,580.6	7,603.2
Goodwill	40,023.5	39,883.8
89,854.0	91,734.5
Total assets	125,196.6	124,440.1
Equity and liabilities
Current liabilities
Trade payables	19,339.2	18,818.4
Derivative financial instruments	329.8	301.1
Interest-bearing loans and borrowings	2,738.8	854.8
Bank overdrafts	94.1
Payroll and social security payables	925.5	1,695.2
Dividends and interest on shareholder´s equity payable	2,454.7	1,227.4
Income tax and social contribution payable	1,167.3	1,325.8
Taxes and contributions payable	4,549.5	2,318.2
Other liabilities	1,848.1	1,983.1
Provisions	124.9	173.6
33,478.0	28,791.5
Non-current liabilities
Trade payables	655.9	618.9
Derivative financial instruments	0.02
Interest-bearing loans and borrowings	2,053.5	2,135.8
Deferred tax liabilities	3,043.4	2,849.4
Income tax and social contribution payable	1,912.7	1,816.8
Taxes and contributions payable	684.3	686.3
Put option granted on subsidiary and other liabilities	4,226.7	3,615.7
Provisions	447.1	412.7
Employee benefits	3,544.0	3,411.0
16,567.5	15,546.8
Total liabilities	50,045.5	44,338.3
Equity
Issued capital	57,899.1	58,006.3
Reserves	80,905.6	80,953.3
Comprehensive income	(64,989.0)	(66,622.7)
Retained earnings	6,552.9
Equity attributable to equity holders of Ambev	73,815.6	78,889.8
Non-controlling interests	1,335.5	1,212.0
Total Equity	75,151.1	80,101.8
Total equity and liabilities	125,196.6	124,440.1

P&L

CONSOLIDATED INCOME STATEMENT	1Q20	1Q21	2Q20	2Q21	3Q20	3Q21	4Q20	4Q21	YTD20	YTD21
R$ million
Net revenue	12,602.6	16,639.8	11,615.3	15,711.1	24,217.9	32,350.9
Cost of goods sold	(5,643.2)	(7,945.3)	(5,801.9)	(7,965.3)	(11,445.1)	(15,910.6)
Gross profit	6,959.4	8,694.4	5,813.5	7,745.9	12,772.9	16,440.3
Distribution expenses	(1,851.3)	(2,129.6)	(1,843.1)	(2,360.8)	(3,694.4)	(4,490.4)
Sales and marketing expenses	(1,555.5)	(1,445.0)	(1,307.1)	(1,648.1)	(2,862.7)	(3,093.1)
Administrative expenses	(665.3)	(1,234.1)	(682.0)	(1,142.9)	(1,347.4)	(2,376.9)
Other operating income/(expenses)	171.3	177.9	64.9	1,395.0	236.2	1,572.9
Normalized EBIT	3,058.5	4,063.7	2,046.1	3,989.1	5,104.5	8,052.7
Exceptional items	(24.1)	(71.4)	(127.9)	(85.7)	(152.0)	(157.1)
Income from operations (EBIT)	3,034.4	3,992.3	1,918.1	3,903.4	4,952.5	7,895.7
Net finance results	(1,536.9)	(1,064.3)	(793.7)	(277.3)	(2,330.6)	(1,341.6)
Share of results of joint ventures	(6.6)	(12.5)	(16.2)	(9.0)	(22.9)	(21.6)
Profit before income tax	1,490.9	2,915.4	1,108.2	3,617.1	2,599.1	6,532.5
Income tax expense	(279.7)	(182.1)	163.1	(687.5)	(116.5)	(869.6)
Profit	1,211.3	2,733.3	1,271.3	2,929.6	2,482.6	5,662.9
Equity holders of Ambev	1,091.8	2,625.4	1,226.8	2,885.8	2,318.6	5,511.2
Non-controlling interest	119.5	107.9	44.5	43.8	164.0	151.7
Basic earnings per share (R$)	0.07	0.17	0.08	0.18	0.15	0.35
Diluted earnings per share (R$)	0.07	0.17	0.08	0.18	0.15	0.35
Normalized Profit	1,227.8	2,761.9	1,372.6	2,962.7	2,600.4	5,724.7
Normalized basic earnings per share (R$)	0.07	0.17	0.08	0.19	0.15	0.35
Normalized diluted earnings per share (R$)	0.07	0.17	0.08	0.18	0.15	0.35
Nº of basic shares outstanding (million of shares)	15,731.4	15,735.6	15,733.1	15,737.0	15,732.3	15,736.3
Nº of diluted shares outstanding (million if shares)	15,861.2	15,870.1	15,872.0	15,861.5	15,871.2	15,860.8

DFC

-1.4%	103.2%	ERROR:#DIV/0!	ERROR:#DIV/0!
CONSOLIDATED STATEMENT OF CASH FLOWS	1Q20	1Q21	2Q20	2Q21	3Q20	3Q21	4Q20	4Q21	YTD20	YTD21
R$ million
Profit	1,211.3	2,733.3	1,271.3	2,929.6	- 0	- 0	- 0	- 0	2,482.6	5,662.9
Depreciation, amortization and impairment	1,174.0	1,263.5	1,302.2	1,300.1	- 0	- 0	- 0	- 0	2,476.2	2,563.7
Impairment losses on receivables and inventories	53.5	27.3	137.2	48.6	- 0	- 0	- 0	- 0	190.8	75.8
Additions/(reversals) in provisions and employee benefits	19.4	26.2	88.9	67.2	- 0	- 0	- 0	- 0	108.3	93.4
Net finance cost	1,536.9	1,064.3	793.7	277.3	- 0	- 0	- 0	- 0	2,330.6	1,341.6
Loss/(gain) on sale of property, plant and equipment and intangible assets	(27.3)	(27.8)	2.9	(14.5)	- 0	- 0	- 0	- 0	(24.4)	(42.4)
Loss/(gain) on sale of operations in subsidiary	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Loss/(gain) on sale of operations in associates	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Gains on exchange transaction of shareholdings	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Equity-settled share-based payment expense	51.8	105.1	52.2	94.4	- 0	- 0	- 0	- 0	104.0	199.5
Income tax expense	279.7	182.1	(163.1)	687.5	- 0	- 0	- 0	- 0	116.5	869.6
Share of result of joint ventures	6.6	12.5	16.2	9.0	- 0	- 0	- 0	- 0	22.9	21.6
Other non-cash items included in the profit	(346.8)	(427.2)	(379.4)	(319.7)	- 0	- 0	- 0	- 0	(726.2)	(746.9)
Cash flow from operating activities before changes in working capital and provisions	3,959.0	4,959.4	3,122.2	5,079.5	- 0	- 0	- 0	- 0	7,081.2	10,038.8
(Increase)/decrease in trade and other receivables	2,665.9	1,464.8	(1,302.0)	(1,706.0)	- 0	- 0	- 0	- 0	1,363.8	(241.2)
(Increase)/decrease in inventories	(1,142.7)	(1,722.2)	10.0	(518.1)	- 0	- 0	- 0	- 0	(1,132.7)	(2,240.3)
Increase/(decrease) in trade and other payables	(2,518.3)	(523.9)	360.5	(419.7)	- 0	- 0	- 0	- 0	(2,157.8)	(943.6)
Cash generated from operations	2,963.9	4,178.1	2,190.7	2,435.7	- 0	- 0	- 0	- 0	5,154.5	6,613.7
Interest paid	(133.0)	(56.2)	(82.6)	(177.6)	- 0	- 0	- 0	- 0	(215.6)	(266.9)
Interest received	133.7	54.3	137.9	56.5	- 0	- 0	- 0	- 0	271.7	110.7
Dividends received	0.9	2.7	3.6	0.0	- 0	- 0	- 0	- 0	4.5	2.8
Income tax and social contributions paid	(1,421.5)	(1,342.0)	(410.8)	(441.0)	- 0	- 0	- 0	- 0	(1,832.4)	(1,783.0)
Cash flow from operating activities	1,544.1	2,836.9	1,838.8	1,873.5	- 0	- 0	- 0	- 0	3,382.8	4,677.3
Proceeds from sale of property, plant, equipment and intangible assets	30.2	39.7	16.8	21.9	- 0	- 0	- 0	- 0	47.1	61.6
Proceeds from sale of operations in subsidiaries	- 0	0.4	0.4
Acquisition of property, plant, equipment and intangible assets	(1,346.3)	(1,327.3)	(807.1)	(1,639.7)	- 0	- 0	- 0	- 0	(2,153.5)	(2,967.1)
Acquisition of subsidiaries, net of cash acquired	(279.3)	(89.0)	(20.7)	(43.9)	- 0	- 0	- 0	- 0	(300.0)	(132.9)
Acquisition of other investments	- 0	(2.6)	(4.3)	(2.7)	- 0	- 0	- 0	- 0	(4.3)	(5.3)
(Investments)/net proceeds of debt securities	(75.3)	(349.1)	0.3	809.4	- 0	- 0	- 0	- 0	(74.9)	460.4
Net proceeds/(acquisition) of other assets	- 0	5.0	(0.1)	- 0	- 0	- 0	- 0	4.9
Cash flow used in investing activities	(1,670.7)	(1,722.9)	(814.9)	(855.1)	- 0	- 0	- 0	- 0	(2,485.6)	(2,578.0)
Capital increase	- 0	0.5	3.0	- 0	- 0	- 0	- 0	3.4
Capital increase in non-controling	0.7	- 0	- 0	- 0	- 0	- 0	0.7
Proceeds/(repurchase) of shares	(4.5)	(38.4)	(1.5)	(4.4)	- 0	- 0	- 0	- 0	(6.0)	(42.8)
Acquisition of non-controlling interests	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Proceeds from borrowings	86.5	107.1	3,374.0	41.6	- 0	- 0	- 0	- 0	3,460.5	148.7
Repayment of borrowings	(46.9)	(434.7)	(56.9)	(1,779.9)	- 0	- 0	- 0	- 0	(103.8)	(2,214.6)
Cash net finance costs other than interests	(8.1)	54.7	(1,191.3)	(1,842.1)	- 0	- 0	- 0	- 0	(1,199.5)	(1,787.4)
Payment of lease liabilities	(128.7)	(225.8)	(133.4)	(114.1)	- 0	- 0	- 0	- 0	(262.1)	(306.9)
Dividends and interest on shareholders' equity paid	(46.5)	(1,241.1)	(4.7)	(231.9)	- 0	- 0	- 0	- 0	(51.3)	(1,473.0)
Cash flow from financing activities	(147.6)	(1,777.8)	1,986.1	(3,927.9)	- 0	- 0	- 0	- 0	1,838.5	(5,672.6)
Net increase/(decrease) in Cash and cash equivalents	(274.2)	(663.8)	3,009.9	(2,909.5)	- 0	- 0	- 0	- 0	2,735.7	(3,573.3)
Cash and cash equivalents less bank overdrafts at beginning of period	11,900.6	17,090.3	13,204.5	17,286.1	- 0	- 0	- 0	- 0	11,900.6	17,090.3
Effect of exchange rate fluctuations	1,578.0	859.5	533.8	(1,201.3)	- 0	- 0	- 0	- 0	2,111.9	(341.7)
Cash and cash equivalents less bank overdrafts at end of period	13,204.5	17,286.1	16,748.2	13,175.3	- 0	- 0	- 0	- 0	16,748.2	13,175.3

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AmBev SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 07:46:03 UTC.

Market Closed - Sao Paulo Other stock markets 04:07:56 2024-04-19 pm EDT			5-day change	1st Jan Change
11.95 ^BRL	-5.38%		-1.40%	-12.96%

Mar. 04	Barclays Downgrades Ambev to Equalweight From Overweight, Adjusts Price Target to $3 From $3.50	MT
Feb. 29	Transcript : Ambev S.A., Q4 2023 Earnings Call, Feb 29, 2024

Barclays Downgrades Ambev to Equalweight From Overweight, Adjusts Price Target to $3 From $3.50	Mar. 04	MT
Transcript : Ambev S.A., Q4 2023 Earnings Call, Feb 29, 2024	Feb. 29
Ambev's Q4 Normalized Earnings, Revenue Decline	Feb. 29	MT
Ambev S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	Feb. 29	CI
Ambev S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	Feb. 29	CI
Ambev S.A. Announces Distribution, Payable on December 28, 2023	Dec. 13	CI
Ambev Shares Rise 2.5% After Report of Proposed Change to Remuneration	Nov. 30	DJ
Transcript : Ambev S.A. - Special Call	Nov. 23
Jefferies Starts Ambev With Hold Rating, $2.86 Price Target	Nov. 22	MT
Transcript : Ambev S.A., Q3 2023 Earnings Call, Oct 31, 2023	23-10-31
Lower costs, FX boost Brazil's Ambev net profit in Q3 as sales dip	23-10-31	RE
Ambev Shares Rise 3.8% After Positive 3Q Results	23-10-31	DJ
Sector Update: Consumer Stocks Gain Premarket Tuesday	23-10-31	MT
Ambev Profit Rose on Lower Aluminum Cost	23-10-31	DJ
Ambev Q3 Normalized Earnings Up, Revenue Decreases	23-10-31	MT
Ambev S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	23-10-31	CI
UBS Adjusts Ambev Price Target to $3.20 From $3.50, Maintains Buy Rating	23-10-20	MT
Transcript : Ambev S.A., Q2 2023 Earnings Call, Aug 03, 2023	23-08-03
Ambev 2Q Profit Declined on Higher Costs, Expenses	23-08-03	DJ
Brazil's Ambev Q2 net profit falls 15%, misses estimates	23-08-03	RE
Ambev S.A. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-08-03	CI
Latin America Blended Cap ETFs See -2.74% Performance Amidst Market Volatility	23-07-07	TI
Bernstein Initiates Ambev at Outperform With $3.74 Price Target	23-05-24	MT
Ambev S.A. announces an Equity Buyback for 13,000,000 shares, representing 0.3% of its issued share capital.	23-05-19	CI
Ambev S.A. authorizes a Buyback Plan.	23-05-18	CI

	1st Jan change	Capi.
AMBEV S.A.	-12.96%	35.79B
ANHEUSER-BUSCH INBEV SA/NV	-5.92%	115B
DELTA CORPORATION LIMITED	+384.45%	67.41B
HEINEKEN N.V.	-2.50%	53.06B
CONSTELLATION BRANDS, INC.	+7.84%	47.29B
HEINEKEN HOLDING N.V.	-2.61%	22.14B
CARLSBERG A/S	+9.54%	18.16B
ASAHI GROUP HOLDINGS, LTD.	+0.78%	17.46B
BUDWEISER BREWING COMPANY APAC LIMITED	-31.33%	16.87B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	-5.56%	13.61B

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