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    ABEV3   BRABEVACNOR1

AMBEV S.A.

(ABEV3)
  Report
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Ambev S A : Resultados - Tabelas Excel 2T21

07/29/2021 | 03:47am 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! IN OUT EXT Scope Currency Translation Organic Growth ERROR:#REF! % As Reported % Organic Organic Scope Scope
R$ million Growth/HL IN Int/HL OUT/HL Check soma - DREs Brazil e CAC Check Soma
Volume ('000 hl) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
- 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
IL-010 Net revenue ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Net revenue/hl (R$) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
IL-030 COGS ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
COGS/hl (R$) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
COGS excl. deprec. & amort. ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
COGS/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! ERROR:#REF!
IL-040 Gross profit ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
% Gross margin 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
IM-120 Other operating income/(expenses) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! 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! 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! 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!
Normalized EBIT ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
% Normalized EBIT margin 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! 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! 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! 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! 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! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Normalized EBITDA ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
% Normalized EBITDA margin ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
LAN ERROR:#REF! IN OUT EXT Scope Currency Translation Organic Growth ERROR:#REF! % As Reported % Organic Organic Scope Scope
R$ million Growth/HL IN Int/HL OUT/HL Check soma - DREs Brazil e CAC Check Soma
Volume ('000 hl) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
- 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
IL-010 Net revenue ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Net revenue/hl (R$) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
IL-030 COGS ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
COGS/hl (R$) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
COGS excl. deprec. & amort. ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
COGS/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! ERROR:#REF!
IL-040 Gross profit ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
% Gross margin 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! 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! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
IM-120 Other operating income/(expenses) ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! 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! 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! 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!
Normalized EBIT ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
% Normalized EBIT margin 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! 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! 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! 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! 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! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Normalized EBITDA ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
% Normalized EBITDA margin ERROR:#REF! ERROR:#REF! ERROR:#REF! 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)
IR
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.


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Financials
Sales 2021 67 398 M 12 757 M 12 757 M
Net income 2021 10 955 M 2 073 M 2 073 M
Net cash 2021 15 735 M 2 978 M 2 978 M
P/E ratio 2021 22,8x
Yield 2021 3,23%
Capitalization 248 B 46 662 M 46 883 M
EV / Sales 2021 3,44x
EV / Sales 2022 3,20x
Nbr of Employees 50 000
Free-Float 27,9%
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Technical analysis trends AMBEV S.A.
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 15,74 BRL
Average target price 17,64 BRL
Spread / Average Target 12,1%
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Managers and Directors
Jereissati Jean Neto Chief Executive Officer
Fernando Mommensohn Tennenbaum Director
Lucas Machado Lira Chief Financial & Investor Relations Officer
Victório Carlos de Marchi Co-Chairman
Michel Dimitrios Doukeris Co-Chairman
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